Page 12 - MEOG Week 45 2021

MEOG NEWS IN BRIEF MEOG

POLICY Iran later celebrated its capture of the vessel COMPANIES
in dramatic footage aired on state television,
Vietnamese tanker seized the day before the 42nd anniversary of the ADNOC Drilling announces
1979 seizure of the US Embassy in Tehran.
by Iran now free in open United Against a Nuclear Iran, a New York- strong Q3 results
The Sothys had been on the radar of
waters based advocacy group long suspicious of ADNOC Drilling announced its financial
the Islamic Republic. In a letter dated Oct.
results for the third quarter and first nine
A Vietnamese oil tanker earlier seized by Iran 11 addressed to the Vietnam Maritime months of 2021.
was free in open water Wednesday, ending Administration, the group said its analysis of In the first quarterly disclosure since its
the latest maritime confrontation involving satellite photos showed the Sothys received a record listing on the Abu Dhabi Securities
Tehran amid stalled negotiations over its ship-to-ship transfer of oil in June from an oil Exchange (ADX) in early October 2021,
tattered nuclear deal with world powers. tanker called the Oman Pride. ADNOC Drilling delivered strong and
The Sothys left a position off Iran’s Bandar The US Treasury identified the Oman resilient top line growth, with revenue for the
Abbas port and had reached international Pride in August as being used to transport first nine months of 2021 increasing 12% to
waters in the nearby Gulf of Oman early Iranian oil as part of a smuggling scheme to $1.7 billion compared to the same period last
Wednesday, data analyzed by The Associated enrich the Guard’s expeditionary Quds Force. year.
Press from MarineTraffic.com showed. The That Iranian oil ends up being sold into East The Company reported EBITDA of
vessel appeared anchored there, but there was Asia, the Treasury alleged, without identifying $785 million, surpassed targets, with a very
no information about its crew. a specific country. healthy margin of 46%, and net profit of
Shahrokh Nazemi, a spokesperson for Iran’s seizure of the Sothys would be the $460 million for the period, up 9% year-on-
Iran’s mission to the United Nations, told the latest in a string of hijackings and explosions year. For the third quarter, ADNOC Drilling
AP on Wednesday that “Sothys left Iranian to roil the Gulf of Oman, which sits near reported revenues of $571 million, up 11%
waters last night after transferring the oil.” the Strait of Hormuz, the narrow mouth of year-on-year, and EBITDA of $285 million,
Later Wednesday, Iran’s state-run IRNA the Persian Gulf through which a fifth of all representing a 50% margin in the quarter.
news agency confirmed the report and said traded oil passes. ADNOC Drilling reported strong and
the country’s powerful Revolutionary Guard The US Navy blamed Iran for a series of resilient revenue growth across its drilling
had released the Vietnamese tanker after limpet mine attacks on vessels that damaged operations, driven in particular by the
draining the Iranian oil from it, under a court tankers in 2019, as well as for a fatal drone Onshore segment and Oilfield Services.
order. The report did not elaborate on the attack on an Israeli-linked oil tanker that Onshore: Revenue for the nine-month
time. killed two European crew members earlier period was $847 million, up 10% compared
Vietnamese officials could not be this year. Just a few months ago, Iranian to the same period last year, largely driven by
reached for comment, though its officials hijackers stormed and briefly captured a new rigs and the reactivation of rigs in 2021.
earlier acknowledged trying to obtain more Panama-flagged asphalt tanker off the United Third quarter 2021 revenue was $279 million,
information about the seizure from Iran. Arab Emirates. up 9% year-on-year.
The US Navy’s Mideast-based 5th Fleet Tehran denies carrying out the attacks, Offshore - Jackup: Revenue increased
declined to comment. but a wider shadow war between Iran and the during the nine-month period to $450 million
Iran’s powerful paramilitary Revolutionary West has played out in the region’s volatile (Nine-Month 2020: $443 million), supported
Guard troops on Oct. 24 took control of the waters since then-President Donald Trump by an increase in operating activity of its jack-
MV Sothys, a vessel that analysts suspect of withdrew the US from Iran’s nuclear deal in up rigs. Third quarter 2021 revenue was $157
trying to transfer sanctioned Iranian crude oil 2018 and imposed crushing sanctions on the million, down 2% year-on-year.
to Asia. US forces had monitored the seizure country. Offshore - Island: Revenue was up 11% to
but ultimately didn’t take action as the vessel AP $166 million for the first nine months of 2021
sailed into Iranian waters. compared to the same period last year. Third

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