Phoenix Tanger outlet mall appears dead

Phoenix Business Journal - by Lynn Ducey

A proposal to build a Tanger outlet mall in the West Valley has been withdrawn from the City of Phoenix Planning and Zoning Commission, effectively killing the deal.

According to Phoenix Planning and Zoning Commission Spokesman Michael Hammett, the project was slated to appear in front of the Maryvale Village Planning Committee Wednesday night. It would have sought to rezone about 50 acres of land near 99th Avenue and Campbell Avenue, but developers pulled the rezoning application.

The application was required to get the project built. Hammett said developers do not need to provide a reason to pull the application from consideration.

A Tanger spokesman wasn’t immediately available Thursday afternoon for comment and didn’t respond to an email asking about the status of the deal. A message left for Stephen Earl, of Phoenix-based Earl, Curley and Lagarde, P.C., the zoning attorney for the application, wasn’t immediately returned.

Tanger announced earlier this month that it would build two retail outlet centers locally -- one on each side of the Valley.

The East Valley project is to be built on land owned by the Salt River Pima-Maricopa Indian Community.

There is no word yet on whether that project has also been mothballed.

Hammett said developers can re-submit a rezoning application at any time, but would have to begin the rezoning process again.

Top 3 Drivers in Ralph Lauren's Factory store success.

by Trefis Team - Forbes

About Ralph Lauren Factory Stores
Ralph Lauren factory stores in the U.S., Europe and Japan offer selections of men’s wear, women’s wear, children’s apparel, accessories, home furnishings and fragrances. The company also sells excess and out-of-season products through its factory stores.  Factory stores cater primarily to value-conscious customers.


Key Drivers of Factors Stores Profitability

1. Revenue per Square Foot of Factory Stores
Revenue per square foot at Ralph Lauren factory stores has increased from $743 in 2005 to about $1,020 in 2010, an annual growth rate of 6.5% due in part to a sharp rise in 2010. We [Trefis Team] anticipate continued annual growth at a high single digit rate.

2. Number of Ralph Lauren Factory Stores
The number of Ralph Lauren factory stores has increased from 144 in 2005 to 192 in 2010 with new stores added in North America, Asia Pacific and Europe.

Going forward, we [Trefis Team] anticipate that the number of Ralph Lauren factory stores will continue its growth trend towards 250 by the end of our forecast period.

3. Ralph Lauren Factory Stores EBITDA Margin
EBITDA margin for Ralph Lauren factory stores decreased from about 15% in 2006 to 12% in 2008 before recovering towards 16% in 2010. We [Trefis Team] estimate roughly flat EBITDA margin for Ralph Lauren factory stores EBITDA going forward.

Mayor and Governor speak about Opry Mills reopening

The mall will open in spring 2012 but will continue to pursue a lawsuit seeking more insurance proceeds from a consortium of 16 insurers over some $150 million in flood damages, the mall’s owners said Tuesday morning.

SOURCE: The Tennessean

Sal to transport drilling templates for offshore exploration

SAL was awarded a contract for the transport, loading and discharging of eight drilling templates for the Goliat offshore exploration project in Hammerfest, Norway.

In March 2011, SAL’s new building of type 183, MV "Svenja", loaded the first lot of four drilling templates in Egersund, Norway. The cargo consisted of two units of 311 mtons each, dimensions of 33.40 m x 23.09 m x 16.50 m and another two units of 299 mtons each and dimensions of 33.40 m x 23.09 m x 13.50 m. With its outstanding crane outreach of 38 m, the new building was able to load the oversize cargo.

The second shipment of the remaining four templates has been completed in mid April.
Source: SAL

Dockwise sales mv Explorer

Dockwise Ltd. announces the sale of type IV vessel MV Explorer to optimize the composition of the company's fleet with an increasing focus on value add cargoes. MV Explorer has been sold to an undisclosed buyer, who previously bought MV Enterprise as well. MV Explorer will be delivered to the buyer end of July 2010 following its assignment to the Mediterranean.

The divestment of this type IV vessel followed from a cost-revenue analysis of the vessels' operation in market segments with a relatively low contribution to Dockwise Ltd’s result. For that same reason type IV vessels Enterprise, Dock Express 10 and 12 were sold by Dockwise in 2010 and 2009 respectively. Furthermore with MV Explorer having completed almost 30 years of service, maintenance to meet Dockwise's offshore equipment standards would require disproportionate investment in Life Time Extension. The sale of the vessel is in line with plans previously outlined to enhance the focus of the organization on value adding projects requiring the differentiated service potential of type I, II and III vessels. Like MV Enterprise, MV Explorer will upon delivery to the buyer be transformed into a floating power plant.

The Q1 2011 figures, to be announced on 13 May 2011, will include a (non-cash) loss of USD 4.2 million in order to set back the carrying amount of the MV Explorer as at 31 March 2011. Upon completion of the transaction in Q3 2011, the sales price of USD 2.6mln will be used for repayment of debt.

André Goedée, Chief Executive Officer of Dockwise Ltd, said: "With the sale of Explorer, Dockwise no longer operates type IV vessels. The focus areas of work for Dockwise require types 0, I, II and III vessels which create the highest value for our customers and shareholders. This divestment further optimizes the composition of the Dockwise fleet and increases focus on the premium end of the business, where we are best positioned."
Source: Dockwise

Subsea 7 S.A. awarded contract in the North Sea

Subsea 7 S.A. announced today the award of a SURF contract valued at approximately $70 million from Statoil on the Tordis Area in the North Sea.

This contract is for the engineering, procurement and installation of two 10” 12 km oil production pipelines, together with a pull-in to Gullfaks C and tie-in at the Tordis PLIM. Engineering will commence immediately with offshore operations in 2011 and 2012.
Source: Subsea 7

LUNDIN PETROLEUM AWARDED BARENTS SEA ACREAGE

Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded a new exploration license interest in the 21st Norwegian Licensing Round. The awarded license, PL609 is located in the Barents Sea.
Lundin Norway will be the operator of PL609 with 40 percent interest. The partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each with 30 percent interest.

PL609 covers an area of 1,180 km2, and is located immediately east of license PL532 where Statoil recently made a significant oil discovery on the Skrugard prospect (7220/8-1).

Lundin Norway AS has a strong acreage position in the area with four operated licenses and one partner-operated license in addition to the new award. Lundin Norway will drill a well on the Skalle prospect, well 7120/3-2, scheduled to be spudded in the second quarter 2011.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

CNOOC Limited Announces Wang Yilin as New Chairman

The Board of Directors ("the Board") of CNOOC Limited (the "Company", NYSE: CEO, SEHK: 0883) announced today that, Mr. Fu Chengyu has resigned as Chairman of the Board and non-executive director of the Company. Mr. Wang Yilin has been appointed as new Chairman of the Board and non-executive director of the Company. The aforementioned changes become effective from today.

Mr. Wang Yilin, the newly appointed Chairman of the Company commented, "With joint efforts of the Board, the management team and the entire staff, CNOOC Limited has grown into an outstanding company. In this new role, I will fulfill my duty with my best endeavor, to enhance the company's capability of value creation and sustainable growth. Meanwhile, on behalf the Board, I would like to thank Mr. Fu for his exceptional contribution to the development of CNOOC Limited."

Mr. Yang Hua, the Vice Chairman and CEO of the Company said, "Mr. Wang Yilin has abundant experiences in the oil and gas industry in China. With his leadership we will work more closely together to bring more value to our shareholders."

Wang Yilin

Born in 1956, Mr. Wang is a professor-level senior engineer. He graduated from ChinaUniversity of Petroleummajoring in petroleum geology and exploration and received a doctorate degree. He has nearly 30 years of working experience in China's oil and gas industry. From June 1996 to September 1999, Mr. Wang served as the deputy director and chief exploration geologist of Xinjiang Petroleum Administration Bureau. From September 1999 to May 2004, he served as the general manager of Xinjiang Oilfield Company. From June 2001 to May 2004, he served as the senior executive of Xinjiang Petroleum Administration Bureau. From July to December 2003, he served as the Assistant to General Manager of China National Petroleum Corporation ("CNPC"). From December 2003 to April 2011, he served as the Deputy General Manager of CNPC. From July 2004 to July 2007, he also served as the safety director of CNPC. From November 2005 to 14 April 2011, he served as a Director of PetroChina Company Limited, a company listed on the New York Stock Exchange, The Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange respectively. Since 8 April 2011, Mr. Wang serves as Chairman of China National Offshore Oil Corporation. Mr. Wang was appointed as Chairman and Non-executive Director of the Company with effect from 15 April 2011.
Source: PRNewswire

Nido to Drill Commitment Well in SC63

Highlights:
- Nido Board approves the Company’s entry into the next Sub-Phase of its SC 63 exploration program.
- This Sub-Phase includes the drilling of a commitment well with Joint Venture partner, PNOC Exploration Corporation.

Nido Petroleum Limited (ASX: NDO), on behalf of the SC 63 Joint Venture, is pleased to announce Board approval to enter into the next Sub-Phase of the SC 63 exploration program.

Sub-Phase 2b of SC 63, commencing on 24 May 2011, carries a one well commitment to be drilled not later than 24 November 2012 and represents the next prospect in Nido’s five well exploration program. Nido’s Joint Venture partner in the block is PNOC Exploration Corporation (PNOC-EC). The Joint Venture will now finalise the selection of a drilling target, seek to confirm rig contracts and plan a drilling schedule. At this stage, the current drilling window identified by the Joint Venture is between December 2011 and March 2012.

SC 63 is located at the north-east end of the Tertiary-aged offshore fold and thrust belt, which is a prolific hydrocarbon province. The belt extends from Brunei through Sabah, Malaysia and into the southern Palawan basin, Philippines.

Nido holds a 50% working interest in the SC 63 block. During the previous Sub-Phase, subsurface work in SC 63 focused on the acquisition, processing and interpretation of the 754 sq km ‘Kawayan’ 3D seismic survey located over the southern sector of the block, around the Aboabo A-1X gas discovery (Phillips 1980).

The 'Kawayan' 3D seismic has substantially improved seismic image quality and greatly mitigated structural risk which is considered a key subsurface risk in the block. Consequently, numerous play types and structures are emerging from the 3D data set in a distinct subsurface fairway in water depths between 70 metres to 500 metres. Work is now focussed on maturing the top five Leads to Prospect status from which the drilling candidate can be selected during the year.

Jon Pattillo, Head of Exploration, commented: “The complex geological nature of the block has required Nido and partner PNOC-EC to spend considerable time and effort on the processing of the 3D seismic data in order to maximise seismic image quality. We have been able to achieve this important objective and it is paying dividends in terms of the potential prospectivity emerging as we progress our detailed subsurface interpretations”.

Nido intends to fund its 50% share of the campaign through its existing cash reserves and positive cashflow generation from Galoc production. Furthermore, the high equity interests that the Company owns in its other permits present significant farm-out opportunities.

Jocot de Dios, President and CEO, said: “SC 63 is an important block in our NW Palawan exploration strategy. The block features two of the prospects in our current five well program. Drilling will commence at our first prospect, Gindara-1, in the adjacent SC 54B, in May 2011. SC 63 covers highly-prospective acreage which is significantly under-explored and is located in close proximity to multiple commercial discoveries. We are excited to be drilling our well in SC63 with partner PNOC-EC. They have worked closely with our Company to mature the different prospects and leads in this block”.

Source: NIDO

SBM OFFSHORE SIGNS LOI WITH ENI FOR NEW LEASE CONTRACT FOR FPSO

SBM Offshore pleased to announce that on behalf of its Joint Venture companies with Sonangol it has received a Letter of Intent (LOI) for twelve year lease and operate contracts from ENI Angola SpA for the block 15/06 development, offshore Angola.

The development plan involves relocation of the existing FPSO Xikomba, which has been operating under contract for ExxonMobil in Angola since 2003. Following the notice of termination of the current contract by ExxonMobil the unit is scheduled to stop operation in the first half of 2011. The unit will then undergo a major upgrade in order to meet the new project specific requirements. Part of that work will be performed in the PAENAL yard in Angola.

The LOI covers the early phase of the project and allows SBM Offshore to commence engineering and procurement work. The full scope lease and operate contracts are expected to be signed in the coming months.
Source: SBM Offshore