September 28

TechnipFMC Picks Frames Package for Eni Merakes Field

first_imgOil and gas process equipment supplier Frames has been awarded a contract to supply TechnipFMC with the hydraulic control systems for subsea wells and subsea isolation valves in the Eni Merakes field tie-back to the existing Jangkrik Floating Production Unit in offshore East Kalimantan, Indonesia.The field’s subsea wells, and the construction and installation of subsea systems and pipelines, will be connected to the Jangkrik FPU. The gas will then be shipped through the existing pipelines from the Jangkrik FPU to the Bontang LNG Processing facility.Frames is supplying a Production HPU (PHPU), a Topside Umbilicial Termination Unit (TUTU) and a Subsea Isolation Valve control panel (SSIV Panel). Together these systems will enable control and operation of the subsea wells and subsea isolation valves for the Merakes field.“This is a fast track project where close collaboration is essential,” says Thomas de Wolf, Product Specialist Wellsites, HIPS and Hydraulics, Frames. “We have worked with Technip-FMC on many similar projects and so they know our extensive experience and capability with these systems.”last_img read more

August 15

Stocks Soar on Feds Move to Save Global Financial System

first_img Share in Government, Origination, Secondary Market, Servicing A bold move to shore up global financial liquidity by the “”Federal Reserve””: and central banks from five other countries inspired shares to soar for the nation’s four biggest U.S. lenders as stocks ended the day on the highest note since early 2009.[IMAGE]The Dow Jones Industrial Average jumped nearly 500 points to crest at 12,045.68 by end of day, the largest single gain since March 2009, with “”Citigroup””: leading the way in a 8.87-percent climb that inspired shares to hit $27.48.””JPMorgan Chase””: followed close behind on a 8.44-percent path upward that saw shares for the mortgage lender hit $30.97 each.””Wells Fargo””: and “”Bank of America””: rounded out the steep climb in shares by hitting strides of 7.39 percent and 7.30 percent, respectively, with shares rising to $25.86 and $5.44.The rally on Wall Street follows a rescue plan for the global financial system orchestrated by the Federal Reserve, the [COLUMN_BREAK]””European Central Bank””:, and central banks from economic heavyweights Canada, England, Japan, and Switzerland.The central banks released a joint statement in which each agreed to lower prices for U.S. dollar liquidity swaps by 50 basis points, starting Monday and ending February 2013.Swaps describe currency exchanges between countries. Fixing dollar swaps at lower rates will make it less expensive for central banks to borrow on the dollar and ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the hope goes ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô encourage lenders to push loans at a time when the euro zone continues to flinch from debt crises.The European Central Bank ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the financial institution scrambling to buttress debt-ridden euro zone countries like Italy and Spain in recent weeks ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô said in a statement that the action “”will enable the Eurosystem to provide euro to those central banks when required… and [enable] the Eurosystem to provide liquidity operations, should they be needed,”” in dollars, francs, yen, and sterling.Market watchers remain worried that toxic assets and tight credit could result if euro zone nations default on debt obligations, further crimping lending behavior across the Atlantic and hurting the exports industry.The Fed said in the same statement that U.S. financial institutions “”currently do not face difficulty obtaining liquidity in short-term funding markets,”” adding that it could use “”a range of tools available to provide an effective liquidity backstop for such institutions”” in the event that a liquidity crisis spreads.Asked whether the Fed’s move will bolster U.S. housing markets, Walter Molony, a spokesperson with the “”National Association of Realtors””:, demurs by chalking up concerns to “”jobs, consumer confidence, and issues beyond lending and appraisals.”” Agents & Brokers Appraisals Bank Failure Bank of America Citigroup Confidence Debt Crisis Dow Jones Industrial Average Euro European Union Federal Reserve Housing Affordability Inflation Investment Investors JPMorgan Chase Lenders & Servicers Mortgage Rates National Association of Realtors Processing Service Providers Shares Stocks Underwriting Standards Wells Fargo 2011-11-30 Ryan Schuettecenter_img Fed,Stocks Soar on Fed’s Move to Save Global Financial System November 30, 2011 484 Views last_img read more