Abu Dhabi fund sues Norway over pipeline tariff cuts

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NewBase 02 February 2014 Khaled Al Awadi
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Abu Dhabi fund part of lawsuit against Norway government
By Staff Writer , Arabian Business.com
Abu Dhabi is part of a group of investors in Norway's offshore gas pipeline system who have filed
lawsuits against the Oslo government over a plan to reduce tariffs for using the network, a move
which would dramatically reduce the estimated return on investment.
Companies representing several
international investment funds, such as
the Abu Dhabi Investment Authority, the
Canadian Pension Fund and German
insurer Allianz, have spent $5.1 billion in
recent years acquiring stakes in
Norwegian pipelines, then considered a
solid investment bet.
The government said at the end of June it
would stick to an earlier announced plan
to lower the tariffs by 90 percent for new
gas contracts, a move it said was
intended to encourage higher production
in mature fields and exploration in the
frontier areas of the Arctic.
However, the move will lower investors
return to 4 percent, when the group had
projected a minimum return of 7 percent,
and result in the income investors’
expected to make dropping by around
$6.5bn. Infinity Investments SA, a unit of
the Abu Dhabi Investment Authority, is
part of the investors in Solveig Gas
Norway AS, which owns 24.8 percent of
Gassled.
“We’re looking forward to getting this tried in the legal system,” Solveig CEO Trygve Pedersen told
Bloomberg by phone this week. The tariff cuts are “without legal foundation and should be declared invalid
with any resulting loss compensated,” Solveig added in the statement. Njord Gas Infrastructure AS, which is
owned by the UBS International Infrastructure Fund and CDC Infrastructure SA, also filed suits January 16,
along with three other investors in the project.
s
tres

The investors together hold almost 39 percent of Gassled venture. Norway's state-owned Petoro is the major
stakeholder with 45.8 percent. In 2012, Norway overtook Russia to become the European Union's biggest
gas supplier, delivering 106 billion cubic metres of gas.
About Gassled
is a partnership to own the offshore natural gas transportation infrastructure on behalf of oil and gas
companies operating at Norwegian continental shelf of North Sea. Gassled was created on 20 December
2002 and it became operational on 1 January 2003. Gassled partners are Petoro, Solveig Gas Norway, Njord
Gas Infrastructure, Silex Gas Norway, Infragas Norway, Statoil Petroleum, Norsea Gas, ConocoPhillips
Scandinavia, DONG E&P Norway, GDF Suez E&P Norway, and RWE Dea Norway. Though Gassled has a
board, it has no employees or operations. Its pipelines are operated by Gassco.
Originally, Gassled owned Aasgard Transport, Statpipe, Europipe II, Zeepipe, Franpipe, Oseberg Gas
Transport, Vesterled and Norpipe, as also the gas treatment complex at Kårstø, and three receiving terminals
at Emden in Germany and one at St Fergus in the United Kingdom. Later, also ownership of the receiving
terminals at Zeebrugge in Belgium and Dunkerque in France, Europipe I, Kvitebjoern pipeline, Norne Gas
Transport System, Langeled pipeline and terminal, and Kollsnes gas processing plant were merged into
Gassled.
About Solveig Gas
Solveig Gas Norway AS is a significant shareholder in Gassled (24.756 %), the infrastructure for transporting
gas from the Norwegian shelf to the European market. In addition Solveig Gas AS holds a 35,25% shareholding
in Norsea Gas as. Our total direct and indirect Gassled ownership is 25,55%. Solveig Gas AS was established in
the summer of 2011 and is based in Stavanger. Our vision is that we will become recognised as the leading, most
competent, and most reliable infrastructure partner.

Solar shines a light on UAE's opportunities
Emirates News Agency, WAM
The development of sustainable energy is an important plank of the UAE's future vision, a UAE daily has said.
"Many new buildings - including the twin Al Bahar Towers in the capital and the new Dubai Electricity and Water
Authority (Dewa) office in Al Quoz - have been built with sustainability in mind. Even Mawaqif's parking
machines in Abu Dhabi operate on solar energy. But, until now, that technology's possibilities have not been
fully exploited," the Abu Dhabi based English language 'The National' said in its editorial yesterday.
The paper went on to say private homes and
business premises in Dubai will soon be allowed to
erect their own solar panels to generate their own
electricity, which might also be fed back into the
power grid. This will be enabled under legislation
expected to come into effect in the emirate in the
second half of this year. While the complete
transition to greener homes and businesses will take
time to occur on a large scale, this is certainly an
important step towards a more environmentally
friendly nation.
"If all buildings had even a small amount of solar generation capacity, a huge amount of energy would be saved.
And it doesn't just have to be photovoltaic (PV) panels. Most houses and villas could lower their bills by installing
solar water heaters.
With its abundance of sunlight, the UAE and solar energy would seem to be a natural fit. Indeed, the Shams 1
solar plant in Al Gharbia, Abu Dhabi, is already
generating energy and will eventually have the
capacity to power 20,000 homes. However, it
operates on concentrated solar power technology,
where sunlight is used to heat a liquid and then drive
turbines rather than directly generate electricity as is
the case at the Mohammed bin Rashid Al Maktoum
Solar Park in Dubai that uses PV technology," it
added.
According to the paper, there are technological
hurdles with the use of PV in the Middle East,
because the dust generated in the desert limits their
effectiveness. But, of course, where there is a challenge, there is also an opportunity - and in this case there is
scope for UAE enterprises to lead the way in the nascent industry of producing self-cleaning solar panels.
"With both solar and nuclear energy entering the mix, the UAE is reducing its reliance on carbon-based
electricity generation, delivering on its vision for a sustainable future and exploring technological frontiers," the
paper concluded. –

Chevron suffers 18% profit fallBill Lehane , http://www.upstreamonline.com/live/article1351002.ece
US supermajor Chevron has reported sharp falls in both quarterly and annual net profit. The San Ramon,
California-headquartered giant said it earned $21.4 billion in 2013, down 18% on the
previous year’s $26.2 billion.
The explorer earned $4.9 billion net in the fourth quarter of 2013, a decrease of 32% on
the year-ago period’s $7.2 billion which had included a $1.4 billion gain on an asset
exchange with Shell in Australia. Chief executive John Watson laid the primary blame
for the drop on lower global crude oil prices and tighter refining margins, while also
citing higher expenses and lower gains on asset sales.
He also hinted at further tough numbers to come, predicting that both Gorgon and Wheatstone LNG would
see peak capital investment in 2014 as they move closer to production. Watson nonetheless insisted: “We
continue to have an advantaged portfolio, and we have maintained our industry-leading position in upstream
earnings per barrel for the past four years.”
2013 saw both upstream and downstream earnings fall significantly, with upstream earnings decreasing
from around $23.78 billion to around $20.8 billion, and downstream falling from around $4.3 billion to
$2.23 billion. Cash flow from operations fell from $38.8 billion in 2012 to $35 billion last year, during a
period when capital expenditure ramped up from $34.2 billion to $41.9 billion.
The explorer’s draft reserve figures for last year show an 85% reserve replacement ratio, with around 800
billion barrels of oil equivalent added. Fourth-quarter production dipped to 2.58 billion barrels of oil
equivalent from 2.67 billion boe in the year-ago period, in a slip put down to normal field declines and
lower cost recovery volumes having outweighed project ramp-ups in the US and Nigeria.
In the last three months of 2013 in the US, Chevron saw average crude oil and natural gas liquids prices
slide from $91 a barrel to $90 during the same period in 2012, while gas prices rose from $3.22 per
thousand cubic feet to $3.35 per mcf over the same timeframe. Internationally, oil and natural gas liquids
prices rose for Chevron in the fourth quarter to $101 a barrel from $100 a year earlier while gas was down
to $5.75 per mcf from the year-ago period's $5.97.

Energy supermajors need a period of less risk and more reward
By Telegraph staff
All the so-called energy giants are thinking very carefully about the quality of some of their existing assets
and the need to rein in capital expenditure
Risk versus reward is the perennial dilemma that faces every oil company chief executive. Pumping tens of
billions of dollars into discovering oil and gas resources hidden deep under the world’s oceans and deserts
requires long-term thinking and nerves of steel because invariably it can take decades for the investment to
pay off.
Royal Dutch Shell
new chief executive,
Ben van Beurden, is
close to making one
of those long-term
strategic decisions
after he revealed that
the company was
reviewing all of its
options concerning
the future of its
operations in the
Alaskan Arctic. Legal
problems and
environmental
concerns mean that
drilling is called off
for another year
anyway, but there is a
hint that Shell’s
interest in the region
has waned.
It would not be the
first time that Shell
has turned its back on
a region that
eventually turned into
a hot prospect. In the 1970s, the company discovered Qatar’s giant North Field, the world’s single largest
natural gas reservoir, only to step back and watch US rival Mobil step in to sign the first big liquefied
natural gas deals with Doha. Shell eventually returned and is today the major player in global liquefied
natural gas, with much of it coming from the North Field in the Arabian Gulf, but that has come at a
staggering cost.
Mr Van Beurden will not be alone when it comes to oil company chief executives making big strategic
decisions on projects this year. All the so-called supermajors, such as Shell, ExxonMobil, BP (LSE: BP.L -
news) and Chevron (Amsterdam: CHTEX.AS - news) , are thinking very carefully about the quality of some
of their existing assets and the need to rein in capital expenditure, which, some experts say, has over the past
decade got out of control as producers chased additional barrels and reserves.

This quest for new resources over the past decade has taken the oil companies into new frontiers with
enormous risks, from the frozen Arctic tundra to the war-torn deserts of southern Iraq. The energy
revolution now under way in the shale formations of North America which, by 2015, is expected to push the
US past Russia and Saudi Arabia as the world’s largest producer of crude could see more oil companies
taking fewer risks.
This is especially true when the world appears to be comfortably supplied with crude. In an interview with
The Telegraph, Fatih Birol, chief economist at the International Energy Agency, said he still expects
“increased supply from the US and major producers” such as Iran and Iraq.
In this context, oil majors may be wiser to conserve their capital and keep the oil in the ground. This May,
the best of British creativity will be showcased in Istanbul at a three-day festival that is being described by
the organisers as “a trade show on steroids”. Some of the UK’s most innovative companies will be there,
pitching to 6,000 business leaders, entrepreneurs, high net-worth individuals and senior government
officials.
Around 100 SMEs will be flying to Turkey to take part in the event, which is part of the Great Festivals of
Creativity a rolling campaign to promote the UK’s reputation around the world. Events in Hong Kong and
Shanghai are also planned during the next 14 months.
So, what should the owners of “export-ready” SMEs, who UK Trade and Investment are encouraging to join
the trip to Istanbul, make of events that have unfolded this week? Emerging markets, such as Turkey, have
been taking a battering. Does it mean that, rather than spreading their horizons to the MINTS - the next
group of emerging economies to which SMEs are being encouraged to export they should instead play safe
and focus on more familiar markets closer to home?
No. For all the short-term turbulence, and deeply engrained issues of political and corporate governance, the
demographics of the MINTs are strongly in their favour. They have big populations, well-balanced between
youth and the elderly.
As Jim O’Neill, who coined the phrase for Mexico, Indonesia, Nigeria and Turkey, wrote in a recent
Telegraph column: “They do not need to do that much to grow by even faster rates in the decades ahead
whereas, elsewhere, most of us have to improve our productivity to generate stronger growth." It may not be
for the fainthearted but it’s an export challenge that can deliver rich rewards.

China manufacturing gauge falls to lowest level since July
http://www.gulf-times.com/business
An employee seals bottles of Maggi Seasoning on a machine at the Nestle factory in Dongguan. A Chinese manufacturing gauge
fell to a six-month low in January as output and orders slowed amid government efforts to rein in excessive credit.
A Chinese manufacturing gauge fell to a six-month low in January as output and orders slowed
amid government efforts to rein in excessive credit. The Purchasing Managers’ Index was at 50.5,
the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday
in Beijing. That matched the 50.5 median estimate of analysts surveyed by Bloomberg News and
compared with December’s 51 reading. Numbers above 50 signal expansion.
A separate manufacturing gauge released by HSBC Holdings and Markit Economics this week
pointed to the first contraction in six months, underscoring the risk of a deeper slowdown in the
world’s second-biggest economy. Communist Party leaders are wrestling with risks from a $6tn
shadow-banking industry and swelling local-government debt.“The economy has lost some
momentum,” said Wang Tao, chief China economist at UBS AG in Hong Kong, who previously
worked at the International Monetary Fund. Credit growth slowed in the second half and “that
impact is being felt,” she said.
Estimates for the official PMI from 31 economists ranged from 50 to 50.9. The benchmark
Shanghai Composite Index fell 0.8% on January 30, capping the worst start to a year since 2010,
on concern the economy is slowing as the US Federal Reserve cuts stimulus. China’s markets are
closed for the Lunar New Year holiday from January 31 to February 6.
A gauge of output in January fell to a four-month low of 53 from 53.9, while the new-orders index
declined to a six-month low of 50.9 from 52.0, according to government data. The survey
suggested manufacturing jobs are shrinking at a faster pace, with a gauge of employment
declining to 48.2, the lowest since February 2013. HSBC’s survey showed companies eliminating

jobs at the fastest rate in almost five years. HSBC’s broader index, which showed a reading of
49.5 for January, is based on responses from more than 420 manufacturers and is weighted more
toward smaller companies. The official PMI is based on questionnaires sent to about 3,000
companies.
“Growth may continue to slow in the next couple of quarters due to generally tighter credit
conditions, amid government efforts to contain local government debt and regulate shadow
banking,” said Ding Shuang, senior China economist at Citigroup Inc in Hong Kong, who
previously worked at the International Monetary Fund. Yesterday’s data suggest that a “gradual
deceleration of economic activity continued at the beginning of the year,” Ding said.
China’s government-sponsored PMI has stronger representation of large companies and state-
owned enterprises that serve the domestic market than the one prepared by Markit and HSBC,
according to Louis Kuijs, chief China economist at Royal Bank of Scotland Group in Hong Kong.
The decline in January’s PMI was mainly due to the approach of the Lunar New Year holiday,
Zhao Qinghe, a statistician at the statistics bureau, said in a statement yesterday. China’s
operating environment for
production will improve in 2014,
Zhao said.
Bank of America Corp analysts
urged reading the January and
February PMI figures “with a grain
of salt” because of production
slowdowns related to workers
returning home for the week-long
festival. “We do not think a notable
growth slowdown is evident at
present,” Hong Kong-based
economists Xiaojia Zhi, Ting Lu and
Sylvia Sheng wrote in a January 29
report.
Citigroup’s Ding said the decline in
January’s official PMI is “partially seasonal” because of the holiday, whose timing shifts every
year. Last year, the PMI fell to 50.4 in January and 50.1 in February, when the holiday took place.
The index rose to 50.5 in January 2012, when that year’s new year festival occurred, from
December 2011’s 50.3 and November 2011’s reading of 49.
Reports yesterday from China and South Korea point to a slowdown in global demand. China’s
PMI survey showed export orders shrinking at a faster pace, with a reading of 49.3, the lowest
since July. South Korea exports unexpectedly fell 0.2% last month from a year earlier, compared
with the median estimate for a 1.5% increase in a Bloomberg News survey of analysts.
China’s economy grew 7.7% in 2013, the same rate as in 2012. Growth is forecast to be 7.4%
this year, the slowest pace since 1990, based on the median estimate in a Bloomberg News
survey. China Credit Trust Co reached an agreement this week to repay bailed-out trust holders in
a high-yield product whose threatened failure spurred concern that financial stresses and defaults
will mount in the nation’s $1.7tn trust industry.

UK needs 40 frack wells to see if shale gas is viable, says Lord Browne
By Andrew Trotmanhttp://www.telegraph.co.uk/finance
Lord Browne believes utilising shale gas is a “national imperative” as it is the "solution to our
energy challenges"
Lord Browne, the chairman of Cuadrilla, has said it will take at least
five years and up to 40 fracking wells to discover whether the UK
has a viable shale gas industry. The drilling company last month
abandoned plans for future fracking in Sussex, saying that the rocks
it drilled into last summer are naturally fractured, making work at
the site unnecessary.
However, Lord Browne still believes utilising shale gas is a
“national imperative”, with 1,300 trillion cubic feet of gas estimated to be locked underground in the north
of England alone.
“We have an idea of the UK’s potential for shale, what we now need to do is figure out how much we can
produce economically and how fast, which means wells need to be drilled and need to be fracked. There is
no other way to do it,” the former BP chief executive told The Guardian on the fringes of a debate on
fracking held by the think tank Policy Exchange.
However, getting to the point where companies can start fracking for shale gas would take a long time
because of current UK planning laws, he believes. “We have very tight regulation, particularly on planning
permission,” Lord Browne added. Last month, Prime Minister David Cameron said fracking could create up
to 74,000 jobs and result in £3.5bn of investment. Meanwhile, the US has seen energy prices plummet after
its revolution in shale oil and gas, and Lord Browne is keen to see the same effect in Britain, where
households are grappling with rising bills.
“It is in the national interest of the UK to do something that is good for the UK and fits into the bigger
picture [of combating climate change globally],” he said. “The US has done this and I find it extraordinary
that we should step to one side and let the US and others get on with it. It is a national imperative.”
Fracking, which involves pumping water, sand and chemicals down the well at high pressure to fracture the
rock, is opposed by environmental campaigners, who fear it could cause earthquakes.
However, supporters say the process is greener than coal-fired power generation. Lord Browne said: “The
solution to our energy challenges is staring us in the face, and we don’t need to wait until the end of the
decade. It’s time to abandon the UK’s fossil fuel addiction and invest in energy efficiency and the nation’s
world-class renewable power potential.”

OMV Comes Up Dry with Matuku Well, New Zealand
Rigzone Staff , http://www.rigzone.com/news/oil_gas/
OMV New Zealand reported Friday that it has completed drilling operations on the Matuku-1 well in the
offshore Taranaki Basin, but that the well failed to find commercial quantities of hydrocarbons.
The Matuku-1 well was drilled some 15,900 feet into the Cretaceous Rakopi Formation. Although it
encountered sandstones in both its primary and secondary targets (Kapuni Group F-sands and the North
Cape Formation), it did not find commercial hydrocarbons. The well has now been plugged and
abandoned.
OMV said that a "vast amount" of logging and drilling data has been gathered that will now be used to
update geological models of the area. The firm said the data would help better predict where hydrocarbons
may have been generated and trapped.
"Although it is disappointing that we didn't discover a new major oil field, this is the nature of oil and gas
exploration. The probability of making a new discovery is typically well below 50 percent. To be a
successful explorer requires a long-term commitment and a willingness to continuously re-evaluate your
geological model based on new information becoming available," OMV New Zealand Managing Director
Peter Zeilinger said.
OMV added that the Kan Tan IV (DW semisub) rig will be handed over to AWE for its drilling campaign,
before OMV New Zealand takes the rig back to explore the Whio prospect in the PEP 51313 permit, south
of the producing Maari oilfield.

Blast hits Yemen's main oil pipeline.-Reuters
Armed tribesmen bombed Yemen's main oil pipeline on Saturday, halting crude flow to the country's main
export terminal less than a month after it was repaired, oil and local officials said.
The attack occurred in the Serwah district in the central oil-producing province of Maarib, they said, and
caused a huge fire that prompted the closure of the pipeline and stopped oil flow from the Maarib fields to
the Ras Isa oil terminal on the Red Sea.
Yemen, which relies on crude exports to
finance up to 70 per cent of its budget, has
suffered frequent bombings of its main
pipeline in recent years. The last one took
place on December 26 and the pipeline was
repaired on Jan. 5.
Disgruntled tribesmen stage these attacks to
pressure the government to provide jobs,
settle land disputes or free relatives from
prison.
Such lawlessness is a global concern,
particularly for the United States and its
Gulf Arab allies, because of Yemen's strategic position next to oil exporter Saudi Arabia and to main
shipping lanes. Yeman is also home to one of al Qaeda's most active wings.
Before a spate of attacks that began in 2011, the 270-mile Maarib pipeline carried around 110,000 barrels
per day to Ras Isa .

Pakistani Moving forward on Thar Coal
Published in The Express Tribune, February 2nd
, 2014
Ordinarily, when the government does something right after a significant delay, our attitude has been:
‘better late than never’. But with the recent groundbreaking at the Thar Coalfields by the Sindh Engro Coal
Mining Company, we are more inclined to say: ‘it’s about time’.
The scale and scope of the coalfields in
Thar was first discovered in the early
1990s. The Sindh government has
effectively been sitting on literally a
buried treasure of energy for more than 20
years. For the first decade and a half, they
at least had some legitimate excuses,
mostly to do with how little financial and
political autonomy they were granted by
the federal government (although even
this excuse is somewhat debatable). For
the past four years, however, that excuse
has not existed. Sindh had both the
financial and legal wherewithal to engage
in the project and a committed, well-
respected local investor in the form of
Engro Corporation practically begging
them for the go-ahead. At long last, the
serially inept Sindh government appears to have got its act together just long enough for work to start on the
coal mining project.
Yet, even now, there appear to be some hurdles that are left. We are disturbed to hear, for instance, that for a
project that is supposed to have achieved a financial close, its bankers still have concerns about providing
the loans for the project. When was the Sindh government planning on assuaging those fears? And why has
it not addressed them already? While this newspaper is sceptical of a national energy policy so thoroughly
reliant on coal, we do feel that coal is a necessary component of the solution to the medium-term crisis. And
unfortunately for the rest of the country, control over how successful the national coal policy will be rests
entirely in the hands of a Sindh government that does not appear to have grasped the urgency of the
situation. Perhaps, we should be more grateful that the project has at least started. It may indeed bring
much-needed investment and prosperity to Tharparkar, one of the poorest districts in Pakistan. But for that
to happen, the provincial government must change its ways.
Former president Asif Zardari, Prime Minister Nawaz Sharif and Sindh CM
Qaim Ali Shah unveil the 660MW coal power generation project at Thar.

National Oilwell Varco Report Strong Demand for Oilfield Equipment
Press Release NOV , Americas, National Oilwell Varco, News .
National Oilwell Varco, Inc. today reported that for the fourth quarter ended December 31,
2013 it earned net income of $658 million, or $1.53 per fully diluted share. Earnings
improved three percent compared to the third quarter of 2013, and were down two percent
compared to the fourth quarter of 2012.
Excluding $16 million in pre-tax transaction charges, net income was $670 million, or $1.56 per fully
diluted share, up 16 percent from the third quarter of 2013, and up five percent from the fourth quarter of
2012, excluding transaction charges from all periods.
Revenues reported for the full year 2013 were $22.77 billion, and net income was $2.33 billion, or $5.44 per
fully diluted share. Operating profit for the full year 2013 was $3.41 billion. Excluding $156 million in pre-
tax transaction charges and $102 million in pre-tax gains resulting from the settlement of an outstanding
legal claim, net income was $2.36 billion, or $5.52 per fully diluted share, and operating profit was $3.47
billion or 15.2 percent of sales, for the full year 2013.
Revenues for the fourth quarter increased nine percent sequentially to $6.17 billion. Operating profit for the
fourth quarter, excluding transaction charges, was $973 million or 15.8 percent of sales, up 14 percent from
the third quarter of 2013. Operating profit flow-through, or the change in operating profit divided by the
change in revenue, was 25 percent from the third quarter of 2013 to the fourth quarter of 2013, and was four

percent from the fourth quarter of 2012 to the fourth quarter of 2013, excluding transaction charges from all
periods. The Company’s fourth quarter 2013 results included a record $1.5 billion in cash flow from
operations, 50 percent greater than the previous record set in the third quarter of 2013.
Backlog for capital equipment orders for the Company’s Rig Technology segment at December 31, 2013
was a record at $16.24 billion, up seven percent from the third quarter of 2013 and up 37 percent from the
end of the fourth quarter of 2012. New orders during the quarter were $3.61 billion, reflecting continued
strong demand for oilfield equipment.
Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, “The fourth quarter marked a strong
finish to a challenging, but solid year. For the year, the Company’s continued investments in technology,
products, facilities, and our people, enabled us to better support our customers, and ultimately led to a year
in which we set new annual records for revenues, capital equipment orders and backlog, and cash flow from
operations. I would like to thank our customers for their continued trust in us, and all of our dedicated
employees for their hard work and outstanding execution this year.
As we enter 2014, we recognize that there remain headwinds facing us in the North American land market.
However, we are excited to be entering the year with strong financial resources, a very solid backlog, and
an experienced group of employees at NOV that remains committed to delivering the highest quality of
products and services to our customers. We are also excited about the upcoming spin-off of NOV’s
distribution business from the remainder of the Company in 2014, which we believe will enable the
distribution business and the remainder of NOV to have the enhanced operational flexibility to focus on
their specific products, services and customers.”
Rig Technology
Fourth quarter revenues for the Rig Technology segment were $3.31 billion, an increase of 16 percent from
the third quarter of 2013 and an increase of 14 percent from the fourth quarter of 2012. Operating profit for
this segment was $697 million, or 21.1 percent of sales, an increase of 15 percent from the third quarter of
2013 and an increase of eight percent from the fourth quarter of 2012. Sequential operating profit flow-
through was 19 percent. Year-over-year operating profit flow-through was 12 percent. Revenue out of
backlog for the segment increased 20 percent sequentially and increased 14 percent year-over-year, to $2.52
billion for the fourth quarter of 2013.
Petroleum Services & Supplies
Revenues for the fourth quarter of 2013 for the Petroleum Services & Supplies segment were $1.93 billion,
up six percent compared to third quarter 2013 results and up 9 percent compared to fourth quarter 2012
results. Operating profit was $366 million, or 19.0 percent of sales, up 13 percent from the third quarter of
2013 and an increase of three percent from the fourth quarter of 2012. Sequential operating profit flow-
through was 36 percent. Operating profit flow-through was seven percent from the fourth quarter of 2012 to
the fourth quarter of 2013.
Distribution & Transmission
Fourth quarter revenues for the Distribution & Transmission segment were $1.25 billion, down seven
percent from the third quarter of 2013, and down one percent from the fourth quarter of 2012. Fourth quarter
operating profit was $60 million or 4.8 percent of sales.

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
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Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation forTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation forTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation forTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for
the GCC area via Hawk Energy Serthe GCC area via Hawk Energy Serthe GCC area via Hawk Energy Serthe GCC area via Hawk Energy Service as a UAE operations base , Most of the experiencevice as a UAE operations base , Most of the experiencevice as a UAE operations base , Most of the experiencevice as a UAE operations base , Most of the experiencessss were spent as the Gaswere spent as the Gaswere spent as the Gaswere spent as the Gas
Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & GGGGas compressor stations . Through the years , he hasas compressor stations . Through the years , he hasas compressor stations . Through the years , he hasas compressor stations . Through the years , he has
developed great experiences in thedeveloped great experiences in thedeveloped great experiences in thedeveloped great experiences in the designing & constructingdesigning & constructingdesigning & constructingdesigning & constructing of gas pipelines, gas metering & regulating stations and in the engineering ofof gas pipelines, gas metering & regulating stations and in the engineering ofof gas pipelines, gas metering & regulating stations and in the engineering ofof gas pipelines, gas metering & regulating stations and in the engineering of
gasgasgasgas supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along withsupply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along withsupply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along withsupply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with manymanymanymany
MOUs for the localMOUs for the localMOUs for the localMOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andauthorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andauthorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andauthorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy programEnergy programEnergy programEnergy program
broadcasted internationally , via GCC leading satellitebroadcasted internationally , via GCC leading satellitebroadcasted internationally , via GCC leading satellitebroadcasted internationally , via GCC leading satellite ChannelsChannelsChannelsChannels ....
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 02 February 2014 K. Al Awadi

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