Construction and cranes have been a familiar sight over the inner city for the last three years. Picture: Richard WalkerTHE Reserve Bank has warned Australia risked an above average rise in dwellings being cancelled if market conditions deteriorate.The latest RBA board minutes, released Tuesday, expected to see a high level of dwelling investment over “the next year or so” but warned of “some risk” of above average cancellations.It said private dwelling investment had already “declined unexpectedly” in the September quarter, when “poor weather had disrupted construction”.“The large amount of work in the pipeline was expected to support dwelling investment at high levels over the next year or so, although there was some risk of more cancellations than usual if conditions in apartment markets deteriorated.”More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoRBA governor Philip Lowe arriving at a function in Sydney. Picture: James CroucherThe board, which is presided over by RBA governor Philip Lowe, has tread carefully in recent years in its attempts to prevent the housing boom from turning to bust. It found low interest rates and increased housing prices had driven a surge in dwelling investment nationally over the previous year, with Sydney and Melbourne pulling away from the rest of the market.RBA warned that increased supply and lower population growth had already depressed rents and apartment prices in Perth “and, increasingly, Brisbane”, while established housing markets in Sydney and Melbourne had picked up over the second half of 2016.The board noted “a small increase” in variable housing lending rates for investors but “little change in overall lending rates for owner-occupiers and in business lending rates”.The latest ASX RBA rate indicator was showing a 95 per cent market expectation of no change to the official 1.5 per cent cash rate at the next RBA board meeting on March 7.
The article below has been updated to include the duration and the value of the FPSO contract in Vietnam. New information emerged on Thursday afternoon. Malaysia’s Yinson has, through its Vietnam JV PTSC AP, entered into an interim contract with Vietnam’s PTSC to charter FPSO PTSC Lam Son for the petroleum operations within the Lam Son field, offshore Vietnam.PTSC AP is a joint venture company owned by Yinson and PetroVietnam Technical Services Corporation (PTSC) each holding 49% and 51% interest in it, respectively.To remind, the original contract PTSC AP had for the FPSO was terminated last year as LSJOC, the company that had contracted the FPSO for the operation at Lam Son field, was liquidated.In a statement this week, Yinson said that PTSC had on March 26 signed an interim deal with PetroVietnam for the time charter of PTSC FPSO Lam Son backdated to July 1, 2017, pending the appointment of PVEP as the official operator of Lam Son Field.Yinson did not initially say how long the vessel is expected to stay in Vietnam. Info found on the company’s website shows the FPSO as having a firm contract until 2021, with an option to extend until 2024.However, when pressed for more details by Bursa Malaysia, Yinson on Thursday said the interim contract would be effective from July 1, until December 31, 2018 (Maximum Tenure) or an earlier date if it is terminated “pursuant to termination of the time charter interim contract or if a new charter contract is executed (thereby superseding the interim contract).”Yinson said that the value of the interim contract is approximately $27.3 million, based on the December 31, 2018, expiration date.The Lam Son FPSO is capable of producing 15,000-20,000 barrels of oil per day (bopd) and has a storage capacity of up to 650,000 barrels of oil.While the Lam Son FPSO contract news is positive for PTSC AP, the JV is looking closely at Repsol and the Ca Ron Do field in Vietnam.Force majeureNamely, the joint venture’s $1 billion, ten-year, FPSO contract with Repsol in Vietnam might be in jeopardy following reports that Vietnam has ordered Repsol to halt work on Ca Rong Do field amid pressure from China.Repsol’s subsidiary Talisman Vietnam, the operator of the Ca Rong Do field, has informed PTSC of a force majeure event directing the oil company “not to carry out the scheduled work program on the CRD Project for the time being.”In a statement on Tuesday, Yinson, a partner in PTSC Ca Rong Do Ltd JV with Vietnam’s PTSC, said the JV sought clarification from Talisman on the nature of the alleged force majeure event, including particulars of how Talisman’s performance of its obligations under the FPSO has been affected.“PTSC CRD will continue to monitor the situation closely and will assert its rights under all relevant contracts and in laws, for any claims, liabilities, losses, and/or damages against or suffered by it in any way concerning this matter,” Yinson said on Tuesday.UK’s BBC has reported, citing a well-placed source, that PetroVietnam has ordered Repsol to suspend its Ca Rong Do work, to avoid confrontation with China due to the maritime border issue in the South China Sea. This could, a BBC source said, lead to Repsol losing $200m in investments already made.The Ca Rong Do field development, located in Block 07/03 offshore southern Vietnam, is planned for development using a tension leg wellhead platform (TLWP), a tender assisted drilling vessel, and a floating production storage and offloading (FPSO) vessel.Offshore Energy Today Staff
Singapore’s offshore platform and rig builder Sembcorp Marine sees improvements in global spending on offshore exploration and production, however, it does not expect this to reflect on its near-term business volume. The company will focus on offshore production units as this is where it sees an increasing number of inquiries.Petrojarl Varg FPSO; Image source: Teekay OffshoreThe rig builder on Wednesday reported a net profit of $6 million for the fourth quarter of 2018, compared to a profit of $117 million in the fourth quarter a year ago. Worth reminding, the 4Q profit in 2017 was boosted by contract termination fees for three rigs, and the sale of Cosco shares.“The lower net profit of $6 million reported in 4Q 2018, compared with 4Q 2017, was due to the continued low overall business volume, impairment of an asset and accelerated depreciation costs. This was partially offset by increased margin recognition from the newly secured floater projects and the write-back of provisions for completed projects,” Sembcorp Marine said.For the full year, Sembmarine reported a net loss of $74 million, compared with a net profit of $260 million in FY 2017. New orders worth $1.2 billion were secured in FY 2018, bringing Sembmarine’s total net order book to $6.21 billion as at end December 2018.Wong Weng Sun, President & CEO at Sembcorp Marine said: “The improved outlook for the offshore and marine sector continues. Offshore rigs utilization and day rates for most segments have continued to stabilize or improve, underpinned by more drilling activities.“Offshore capex spending continues to improve with more production projects moving towards final investment decision (FID) stage.”Wong Weng Sun said that while offshore drilling activities have increased, offshore rig orders will take some time to recover as the market remains oversupplied.The CEO said: “While the overall industry outlook continues to improve, significant time and effort for project co-development with potential customers are required before new orders are secured, and competition remains intense.”“Offshore production units are expected to dominate orders pipeline and Sembcorp Marine is responding to increasing inquiries and tenders for innovative engineering solutions.”As reported earlier this week, Rystad Energy expects 33 floating, production storage and offloading (FPSO) vessels to be sanctioned from 2019 to 2021 as oil and gas activity picks up in the offshore sector.Sembcorp Marine has significant experience in this segment. It is currently working to finalize to the agreement signed in October last year for engineering, procurement and construction works relating to the modification, repair and life extension of the Petrojarl Varg FPSO, in a deal valued $166 million.The Singapore-based firm is also currently working on the construction of three offshore production units, two of which are FPSOs. The first newbuild FPSO hull and living quarters project is for Equinor, for the Johan Castberg field development in the Barents Sea, and the second is a newbuild FPSO hull, living quarters and topside modules, for TechnipFMC for deployment in the Energean-operated Karish and Tanin deepwater field in the Eastern Mediterranean.The third production unit SembMarine is currently building is not an FPSO but a TLP platform for Shell’s Vito development in the Gulf of Mexico.Apart from the production units, SembCorp is currently also busy with the construction of Sleipnir, the world’s largest semi-submersible crane vessel (SSCV) for Heerema; and the construction of two high-specification ultra-deepwater drillships for Transocean.Overall, the CEO said on Wednesday that the business volume and activity for the Group, while stabilizing, is expected to remain relatively low.“We will continue to take steps to manage our costs, cash flows and gearing to address our balance sheet to capitalize on new business opportunities,” Weng Sung said.Offshore Energy Today Staff
Anthony Joshua has revamped his sparring with new and improved partners ahead of his rematch with Andy Ruiz Jr, says promoter Eddie Hearn.Joshua “struggled” to identify appropriate sparring partners before his defeat to Ruiz Jr, who replaced original opponent Jarrell Miller, according to Hearn. But it has been a key area of focus before the second fight with Ruiz Jr on December 7, with the IBF, WBA and WBO heavyweight titles on the line.“We’ve got that under control,” Hearn told Sky Sports about recruiting sparring partners for Joshua.“Sparring is something we’ve been working at. First time around we only had four weeks, and three weeks of sparring. We found guys but probably not the guys we really wanted.“Now the sparring is top class. He is focused and looking great. Eight weeks to go.“We’re not interested in looking at Tyson Fury, Deontay Wilder or anything else. It’s just about winning one of the biggest heavyweight events of all time.”Joshua denied rumours that he had been knocked down in sparring before the first Ruiz Jr fight, and told AJ: The Untold Truth about his frustrations.Speaking about previous sparring partners Joshua said: “I feel like people are more interested in their five minutes of fame.“Even in sparring, everyone wants to be famous, rather than a good fighter.“You can’t even enjoy your training and work on things without someone trying to make up false allegations, and trying to get five minutes of fame.“You bring someone into your training camp to do them a favour, you’re paying them, nothing like [the knock-down rumour] in that nature has happened, you beat them up in every round, then they go and do an interview.“It just happens all the time in boxing, there is just a lot of envy.”Hearn previously explained: “It’s so difficult to replicate the style of Andy Ruiz. The guy is 6’1”, he’s 19st, and he’s got speed like a middleweight.“It’s one thing getting a sparring partner in, it’s getting them to let their hands go against Anthony Joshua. Would you want to do it? You’ve got to be mad to even spar with him, let alone fight him.“Last time we tried to get the sparring in, we struggled a little bit, no excuses, but this time around the preparation has got to be spot on.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
Roberts is one of the best in the business. Maybe if she’d had more time she could have sounded out Mahomes about Hill.But you can’t argue with the numbers posted by ABC, a network that still has a great sports heritage. Don’t forget this network was once the ground-breaking home of ABC Sports, “Wide World of Sports” and “Monday Night Football.”Look for these two Disney siblings to work more closely together in the future. Especially if ABC and ESPN can help each other fend off NFL competitors like Fox, CBS and NBC. The NFL Draft’s first round coverage combined for 11.101 million viewers on ABC/ESPN/NFL Network. That’s down 2% from last year when Fox/ESPN/ESPN2/NFL Network combined for 11.337 million viewers.— John Ourand (@Ourand_SBJ) April 26, 2019The 30% boost in viewers should send champagne corks popping at sister networks ABC and ESPN and their corporate parents at Disney. Why? Because it could help ESPN beat back challengers like Fox that want a piece of the draft. It also helps position ABC for “Monday Night Football” and, dare we say it, a Super Bowl during the next round of NFL contract negotiations.SN’s NFL DRAFT HQ:Live pick tracker | Day 1 winners & losers | Best availableESPN was shocked to its core when Fox got its foot in the door of NFL draft coverage last season. A fledgling ESPN discovered the NFL Draft as a TV property way back in 1980 when even the league didn’t know what it had — and it hogged coverage all for itself the next 25 years. The league added its own NFL Network cable channel to the coverage in 2006, but ESPN was still the place to go when it came to watching and following the NFL Draft spectacle.Over 11 million viewers for the NFL Draft:ESPN: 4.864MABC: 4.539MNFLN: 1.698— SportsTVRatings (@SportsTVRatings) April 26, 2019Ever since Fox got its camel’s nose under the draft tent last year, ESPN has been plotting ways to reclaim what had been lost. ESPN aced out Fox this year by offering sister network ABC as the broadcast replacement for Fox. Then producing an ABC draft special aimed more at casual fans than hard-core pigskin fanatics.I thought ABC’s coverage was up and down. The “College GameDay” crew did a fine job. They know these college football players better than anybody. Adding Kirk Herbstreit and Co. to the draft mix last year may have been the game-changing move that won broadcast rights back from Fox. ABC’s production values and direction were excellent. Nashville provided an incredible backdrop, with 100,000 fans thronging in the streets of Music City.MORE: Peyton Manning passes on ESPN’s ‘Monday Night Football’But some of ABC’s entertainment-oriented coverage reeked more of “Dick Clark’s New Year’s Rockin’ Eve” than a football show. Host Robin Roberts of “Good Morning America” was joined by singers like Taylor Swift and Luke Bryan. In short, it seemed more like a draft special aimed at viewers who read “People,” not “ProFootballTalk.”My biggest beef was when Roberts failed to ask special guest Patrick Mahomes of the Chiefs up front about the explosive child abuse tape featuring teammate Tyreek Hill, which leaked publicly about an hour before the draft started (the Chiefs suspended Hill early Friday morning).ESPN declined to comment for this column. But sources in Bristol argued the Hill story had been covered in ESPN’s pregame coverage and during Sam Ponder’s interview of NFL commissioner Roger Goodell.The Chiefs didn’t own a pick in the first round, or else ESPN might have discussed the Hill story in more detail. Look for them to go deeper when the Chiefs go on the clock during Day 2 coverage, said a source.FROM MONOPOLY TO MONOTONYInside ESPN’s ‘Monday Night Football’ mid-life crisisPonder’s Goodell interview was taped before the explosive audio hit the internet, so Goodell was easily able to fend her off with non-answer answers.Still, I would have been a lot more interested in Mahomes’ feelings about Hill than Swift’s big promise to reveal the name of her new single at the stroke of midnight.”I have been giving some clues. But there are more clues to come,” Swift said with a knowing smile.”Ooh, that’s what you call a tease,” Roberts said.So was ABC’s coverage. ABC scored a touchdown with its maiden NFL Draft coverage.The broadcast network’s coverage of Day 1 of the 2019 NFL Draft drew a 1.2 rating among adults 18-49 and 4.88 million average viewers, according to TV By The Numbers. That’s up 9.1% and 30.5% respectively from the 1.1 and 3.74 million viewer averages on Fox last year.