Converteam Delivers First Aircraft Carrier Motor for the Queen

Power conversion specialist Converteam has completed delivery of the first of the propulsion motors for the Royal Navy's Queen Elizabeth Class (QEC) aircraft carriers as a part of the company's contract to design and supply major components of the electric propulsion systems for the two new ships.
At 65,000 tons each the two aircraft carriers will be the largest ships ever built for the Royal Navy and they will be propelled by a Converteam designed Integrated Full Electric Power (IFEP) system. Each ship is designed with two shaft lines, each driven by two of Converteam’s Advanced Induction Motors (AIMs).

The first AIM, weighing approximately 110 tons, recently left Converteam’s Rugby factory on a 72 wheel trailer for a three day journey to BAE Systems’ Govan shipyard where it was craned into position in one of the construction blocks of Queen Elizabeth almost immediately.
Converteam’s electrical propulsion expertise is also being brought to bear via further critical elements of the IFEP system including the six generators, four high voltage (11kV) switchboards, twelve VDM25000 variable speed drives, the harmonic filters and the Electrical Power Control and Management System (EPCAMS).
Mark Dannatt, Director Naval at Converteam, commented. “To date we have delivered all equipment to meet the program dates; a real credit to everyone involved. The remaining three propulsion motors for Queen Elizabeth are complete and ready to go and I am also pleased to announce that work is now starting on the construction of the four motors for the second ship; the Prince of Wales.”
Converteam UK is a founder member of the Power and Propulsion Sub Alliance along with Rolls Royce, Thales UK and L3 Communications. This partnership has brought together these leading companies in their specific fields in order to provide the most cost effective mechanism for delivery of an integrated power and propulsion system for Queen Elizabeth and Prince of Wales.
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Source: Converteam

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VIDEO ZIM Shekou blocked Suez Canal

On April 3 2011 Suez canal traffic was blocked for 3 hours after boxship ZIM Shekou ran aground due to engine failure. Vessel ran aground at 43 km mark, with no damages reported.
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Source: Sea News

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Singapore takes over counter piracy task force

Singapore has taken over command of a multinational counter-piracy task force in the Gulf of Aden.
This is the second time Singapore is commanding the task force, known as the Combined Task Force (CTF) 151.
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Source: Channelnewsaia

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New European container company by Maersk

Maersk Line has launched a new inter-European container shipping company called Seago Line, based in Copenhagen, that will cover all Europe, the Baltic Sea and the Mediterranean.
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Source: Greenmed Journal

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Rescue of pirated ship marks watershed in UAE policy, analyst says

DUBAI // The Saturday rescue of the UAE-owned bulk carrier the MV Arrilah-I marks the opening salvo of a tougher Federal tack against piracy, a Dubai-based security expert has said.
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Source: The National

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German shipper to resume calls at Tokyo port, radiation fears ease

Hapag-Lloyd , the world's fifth biggest container shipper, will resume operations to the ports of Tokyo and Yokohama this week as radiation worries from Japan's quake-crippled nuclear plant eased.
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Source: Reuters

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European Group Launches Standard Shipping Contract

The United Kingdom's Freight Transport Association unveiled a standard maritime contract on Monday the shipper-focused group believes can bring more structure to shipper-carrier relationships that have been strained under a volatile market.
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Source: Journal of Commerce

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DryShips Announces Proposed Private Offering of Senior Unsecured Bonds by Ocean Rig UDW Inc.

DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced today that its majority-owned subsidiary Ocean Rig UDW Inc. ("Ocean Rig"), announced today that it intends to offer through a private placement, subject to market and other conditions, approximately $500 million of Senior Unsecured Bonds due 2016 (the "Bonds"). The offering will be made to Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulation 10-2 to 10-4, to non-United States persons in offshore transactions in reliance on Regulation S under the Securities Act of 1933, as amended (the "Securities Act") and in a concurrent private placement in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

The proceeds of the offering are expected to be used to finance Ocean Rig's newbuilding drillships program and general corporate purposes.

The Bonds have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to or for the benefit of U.S. persons unless so registered except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws in other jurisdictions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of the Bonds will be made only by means of a private placement memorandum.

In the European Economic Area, with respect to any Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") the information in respect of the Bonds offering is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
Source: Dryships

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PARAGON SHIPPING INC. ANNOUNCES FILING OF IPO REGISTRATION STATEMENT BY ITS WHOLLY-OWNED SUBSIDIARY BOX SHIPS INC.

Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes and containers, announced today that its wholly-owned subsidiary, Box Ships Inc. ("Box Ships"), has filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC") for an initial public offering (the "Offering") of 10,000,000 shares of common stock of Box Ships. Immediately following the closing of the offering, the Company will own approximately 22.7% of the issued and outstanding shares of Box Ships' common stock, assuming that the underwriters do not exercise their overallotment option.

The joint book-running managers are UBS Investment Bank and Morgan Stanley & Co. Incorporated. Cantor Fitzgerald & Co., ABN AMRO Bank N.V., Stifel, Nicolaus & Company, Incorporated, Lazard Capital Markets LLC and UniCredit Capital Markets, Inc. are acting as co-managers of the offering.

When available, copies of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from UBS Investment Bank at 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department; phone: (888) 827-7275, or from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone (866) 718-1649, or by e-mailing prospectus@morganstanley.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.
Source: Paragon Shipping

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Dry bulk market down on first day of second quarter

The dry bulk market began the second quarter on a downward pattern, with the industry’s benchmark, the Baltic Dry Index (BDI) shedding 1.45 percent and ending the session down to 1,498 points, or about half of where it stood a year back.
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Source: Hellenic Shipping News

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Maersk Oil acquires shares in three production licences in Norway

Maersk Oil has acquired shares in three production licences in Norway from Marathon Petroleum Norge A/S, a wholly-owned subsidiary of Marathon Oil Corporation (NYSE: MRO), in exchange for Maersk Oil’s financial contribution to the Earb South exploration well.

Marathon Petroleum Norge A/S is currently drilling the well on the Earb South Prospect in the South Viking Graben. Drilling is expected to be completed in May.

As a result of the deal, Maersk Oil will have a 15 percent share in Production Licences PL505 and PL505BS, where Marathon Petroleum Norge A/S remains the operator (35%) with Lundin Petroleum (30%) and VNG (20%) as partners.

Maersk Oil will also have a 10% share in Production Licence PL570, operated by VNG (40%) with Marathon Petroleum Norge A/S (20%) and Lundin Petroleum (30%).

“This is quality acreage which helps our goal of building a strong portfolio in this part of the North Sea” said Maersk Oil Managing Director in Norway, Morten Jeppesen.

“We believe Maersk Oil’s experience in similar plays in both Norway and across the border in the UK could be extremely useful in appraising this acreage, which we believe has a significant potential,” Jeppesen said.

The transaction is subject to the necessary authority approvals.

Maersk Oil will now have a total of ten production licences, three operated, in Norway.
Source: Maersk Oil

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AMEC to programme manage BP’s North Sea projects

Aberdeen, United Kingdom (4th April 2011) - AMEC, the international engineering and project management company, has been selected by BP Exploration and Production to programme manage their existing portfolio of onshore and offshore projects in the North Sea, estimated to be worth £60 million over the four year contract.

As part of the BP-AMEC onshore global agreement announced last year, this ‘evergreen’ award will see AMEC providing engineering and project management services to BP’s North Sea Region.  The projects are located to the west of Shetland, Northern North Sea, Southern North Sea and the Norwegian sector of the North Sea.

Under this long-term, performance-based contract, AMEC’s work will range from front-end engineering design (FEED) through to construction management for multiple EPC (engineering, procure, construct) projects.

“I am extremely pleased that we are continuing to strengthen our already good relationship with BP,” said John Pearson, Managing Director of AMEC’s Europe & West Africa business.  “This major award in the North Sea demonstrates BP’s ongoing confidence in our project delivery and programme management capabilities.”

Andrew Tozer, BP’s North Sea Projects General Manager said: “This new contract with AMEC will enable the BP North Sea Region Projects team to work as an integrated team delivering a significant portfolio of projects in the North Sea. AMEC has a strong team and access to high-quality engineering, project and construction management resources, which is key to the team's project delivery objectives. We look forward to building our relationship with AMEC, and to the delivery of safe and compliant projects over the mid to long term.”
Source: amec

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K Line: Acquires 100% Ownership of SAL Group

Kawasaki Kisen Kaisha, Ltd. ("K" Line) via its European subsidiary company possesses 50% share of SAL Group in 2007, which engages in heavy lift transportation headquartered in Germany, and 2 executive officers were dispatched from "K" Line to work with the 3 existing partners. "K" Line has reached a basic agreement with joint venture partners on purchasing all (in total 50%) of the shares of SAL Group at the end of June 2011. With this transaction, "K" Line will become 100% owner of SAL Group.

With the current economic rebound, heavy lifter business is considered an essential tool for the development of big projects such as those in the oil and gas industry, which is expected to grow even further. Particularly, 2 most-advanced vessels having the largest lifting capacity in the world of 2,000 tons and equipped with DP (Dynamic Positioning System) were delivered in December 2010 and March 2011. These vessels are equally as suited to service-demanding offshore projects within the oil and gas industry as they are in assisting in the installation of foundations for offshore wind parks. By further building up in this field, "K" Line will create a new synergy with offshore support vessel and drill ship business department. "K" Line concluded to make this purchase because acquiring 100% share of SAL Group was considered a favorable opportunity for the build-up of Heavy Lifter Business, which, by taking advantage of "K" Line's extensive worldwide network, will result in a synergy that is in line with "K" Line's corporate policy to increase the ratio of its non-container business sector.

After acquiring 100% ownership of SAL, "K" Line expects to keep the trading name of SAL, location of head office and employment of all current staff; especially "K" Line would like current staff to continuously play an important role in SAL. Mr. Lars Rolner, who is one of the existing partners, will remain as CEO after the sale of his share.

The "K" Line group has a firm intention to develop heavy lifter business as a core business of "K" Line with the established trade name of SAL and combining abundant experiences and know-how of management and staff of SAL in heavy lifter business.

SAL Group was founded by the Heinrich Family, its company history going back to 1865 when first vessel SS "Amoenitas" built by Sietas Shipyard in Germany came into the world. SAL has a staff of almost 120 onshore, and about 100 German and 400 Philippines crew members on vessels worldwide. The SAL Group of companies provides a large array of services including sales/project management, vessel operation and ship management engineering and crewing. SAL possesses and operates 16 heavy lift carriers which have lifting capacity of 600 - 2,000 tons offering 20-knot navigation speed, fastest in the heavy lift industry. And SAL is also the first heavy lift specialist to be certified for HSE (OHASAS18001 and ISO14001), as well as having an environmental passport and meets all highest environmental standards. Its high- spec fleet and highly-skilled officers and crews have an excellent reputation in the market.

Source: Kawasaki Kisen Kaisha

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Ithaca Announces UK North Sea Asset Acquisitions

Ithaca Energy Inc. (TSX Venture: IAE, LSE AIM: IAE) announces that the Company has entered into an agreement to acquire a 28.46% non-operated interest in the Cook oil field (“Cook”) and a 7.41% non-operated interest in the Maclure oil field (“Maclure”) from Hess Limited (“Hess”) for a consideration of US$74.5 million and the transfer from Ithaca to Hess of a 10% interest in each of exploration Blocks 42/25b, 43/16a and 43/21c (“the SNS blocks”) in the Southern North Sea (the "Acquisition").

Cook, operated by Shell, lies in Block 21/20a in the Central North Sea.   Gross average production from the field for 2010 was 7,940 barrels of oil equivalent per day (“boepd”) of mainly oil (2,260 boepd net to Hess interest) (source: Hess and Department of Energy and Climate (“DECC”), Note : Gas production figures have been converted using the oil equivalent conversion factor below).

Maclure, operated by BP, is located in Block 9/19 in the Northern North Sea. The field produces mainly oil; gross average production from the field for 2010 was 5,857 boepd (434 boepd net to Hess interest) (source: Hess and DECC, Note : Gas production figures have been converted using the oil equivalent conversion factor below).

Maclure production is temporarily suspended.  Production is routed through the third party owned Gryphon Floating Production Storage and Offloading vessel (the “FPSO”), which broke some of its moorings in February 2011.  The operator of the FPSO is taking measures to investigate and repair the mooring system.

The acquisition of Maclure is subject to pre-emption within 30 days of notification of the transaction by other parties in the Maclure field.

The Company has commissioned Sproule International  Ltd (“Sproule”) to provide a Reserves Audit Opinion on Cook and Maclure.  The opinion from Sproule is anticipated in approximately 40 days from this announcement and, on receipt, the Company expects to make a further, more detailed announcement including information on reserves and other potential upsides associated with the Acquisition together with details, if any, of pre-emption by any Maclure parties.

Following completion of the transaction, Ithaca plans to engage Sproule to undertake a further comprehensive evaluation of the new assets in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGEH”) reserves definitions and evaluation practices and procedures as specified by National Instrument 51-101 (“NI 51-101”).
Source: Ithaca

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Aibel: Major Ekofisk contracts

ConocoPhillips has awarded Aibel several contracts for modification work at the Ekofisk field. The value of the contracts is approximately NOK 280 million.
Aibel is carrying out modifications on several of the platforms at the Ekofisk field in order to hook up a new wellhead platform (2/4-Z) in 2013.

Aibel is also hooking up the bridges between the Ekofisk complex and the new wellhead platform, and a new living quarter (2/4-L). In addition, a contract for upgrading of the flare system on the existing platform (2/4-J) has also been awarded.

The projects will be managed from Aibel’s main office in Stavanger, and the fabrication will be done at the yard in Haugesund.

The work includes project management, engineering, procurement, construction and installation. It starts immediately, and finishes at the end of 2013.

‘Approximately 200 employees in Aibel will be engaged in the work,’ says President and CEO in Aibel AS, Jan Skogseth.

I 2009 Aibel signed an agreement with ConocoPhillips (Norway Capital Projects) for larger modification work in the Ekofisk Area. Todays’ awarded contracts are part of this agreement.
Source: Aibel

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EMGS to mobilise third crew

Electromagnetic Geoservices ASA (EMGS) has entered into an agreement with North Sea Shipping to charter the vessel Atlantic Guardian for six months from 25 April 2011, with optional extensions of up to six months. EMGS will equip the Atlantic Guardian with its custom-designed acquisition set, which will give the vessel the ability to acquire the same high-quality 3D EM data as is obtained using the company's two purpose-built 3D EM vessels.

EMGS has secured nearly 5 months backlog, at an estimated value of USD 20 million, for its third vessel. The company is currently pursuing further opportunities, which it is confident will result in full contract coverage for the firm charter period. The Atlantic Guardian will start its campaign in the North Sea in early May before heading to the Americas to perform additional projects.

Roar Bekker, EMGS chief executive officer, commented:

"It is exciting to see that recent technology innovations have expanded the application of 3D EM beyond traditional de-risking of drilling decisions and into areas like frontier scanning, shallow water applications, delineation and appraisal, as well as imaging of high resistive geological layers such as salt and basalt. We see these trends as a strong indication of increased industry adoption of our EM technology worldwide.

"The decision to mobilise a third crew is made in response to these developments and to the growing demand we are witnessing for our services. We look forward to building on the momentum we have gained and to further develop the Marine EM market."
Source: EMGS

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FAIRSTAR HEAVY TRANSPORT N.V. Wins New Contracts for FJORD and FJELL in 2011

Fairstar Heavy Transport N.V. (FAIR) has signed two marine heavy transportation contracts with GAC in Aberdeen Scotland. Fairstar's semi-submersible vessels FJORD and FJELL will transport a flotilla of 42 tug boats from Singapore to Maracaibo, Venezuela in April and May of 2011. Both vessels are now mobilizing to Singapore. Chris Muilwijk of the Fairstar Client Services Group provided some additional details. "The safe, secure loading and transport of these tug boats from Singapore, around The Cape of Good Hope to Venezuela requires precise planning and seamless operational execution. We are delighted to have been chosen by GAC and take their trust in our company very seriously. The combined skills of our Operations Team with our experienced Team on board FJORD and FJELL will be a significant factor in performing the complex maneuvers required to safely load and unload such a multitude of floating objects. This is an unusual assignment for our Team, but we are determined to exceed the expectations of our client for safety and reliability." stated Muilwijk.

Ingmar den Blanken, Fairstar's Treasurer and Financial Controller, highlighted the financial contribution of these two contracts for Fairstar in 2011. "Fairstar is now projecting minimum operating revenues of USD 40 million for our 2011 Financial Year as a result of these new contracts. We expect to formalize the recently announced LOI for the transport of fertilizer plant modules from Kenai, Alaska to Koko, Nigeria in the next ten days. This USD 25.5 million contract as well as the previously signed transportation contract with DSME, relating to the CLOV FPSO project in Q4 of approximately USD 4.7 million, combined with 2011 Q1 revenues of USD 1 million will exceed USD 40 million for the year. There are still some gaps in our schedule for the rest of 2011 which may allow further improvement. We are projecting USD 40 million operating revenues as our minimum guidance for 2011.”

Fairstar's Chief Executive Officer Philip Adkins summarized the importance of the two new contracts by stating "The doldrums of the current spot market for marine heavy transport continue to be characterized by a shortage of cargoes, excess capacity, and savage discounting by our competitors. Our financial performance and low vessel utilization rates in Q4 of 2010 and Q1 of 2011 reflected this dangerous and unsustainable situation. These new contracts with GAC have an immediate impact on our vessel utilization and cash flow. It is a relief to see the remaining three quarters of 2011 are now filling in and we are less than a year away from starting our work on the USD 90 million, multi-voyage, multi-vessel Gorgon LNG Project."
Source: Fairstar

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Wärtsilä to support Crisis Management Initiative as Lead Partner

Wärtsilä, a leading provider of power solutions to marine and energy markets, has entered into co-operation with Crisis Management Initiative, an independent Finnish non-profit organisation, which works to resolve conflicts and to build sustainable peace. As lead partner, Wärtsilä supports the activities of CMI and creates partnership programmes with CMI in selected areas across the globe.

CMI Chairman, Nobel Peace Prize laureate Martti Ahtisaari explains that corporate support is essential for CMI to grow and become more effective. Only with proper core funding can the organisation develop truly effective projects.

CMI specializes in resolving conflicts through peace mediation and confidence-building measures. The aim is to consolidate peace processes and produce lasting, sustainable peace with long-term engagement. It has ongoing operations in Africa, the Middle East, the Black Sea region, Central Asia and Aceh, Indonesia.

“Wärtsilä’s commitment and focus on sustainability and responsible business conduct will be strengthened through this partnership with Crisis Management Initiative. We are honoured to join forces with CMI, which has a decade of experience in making the world a better place by supporting conflict resolution and creating more solid governance,” says Marko Vainikka, Director, Sustainability at Wärtsilä Corporation.

Wärtsilä has delivered power solutions to more than 160 countries. In many developing countries Wärtsilä technology is a key element in the energy infrastructure, and a prerequisite for economic and social development. The lifecycle of Wärtsilä’s installations often spans more than 30 years and the company is at times bound to operate in weak governance zones. In such areas Wärtsilä strives to contribute to building stronger governance and responsible business conduct, and there CMI can make a difference.

Wärtsilä has a long tradition in sustainable business practices. The Wärtsilä Code of Conduct binds all employees, and Wärtsilä has also joined the UN Global Compact initiative. Partnering now with CMI, Wärtsilä emphasises the importance of business responsibility and support to the societies where it operates.
Source: Wärtsilä

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Agreement for the Construction of Two Additional Tankers at Aker Philadelphia Shipyard Successfully Closed

Aker Philadelphia Shipyard, Inc. (APSI), the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), announced today that yesterday the transactions contemplated by the agreement signed in mid-December 2010 between APSI and the Philadelphia Shipyard Development Corporation (PSDC), which agreement was disclosed in AKPS’s releases on January 2, 2011 and February 18, 2011, were formally closed. The closing of the transactions secures the yard’s ability to finance the construction of two product tankers, Ships 17 and 18.
Pursuant to the agreement, PSDC purchased certain shipyard assets from APSI for a purchase price of USD 42 million, payable in two equal tranches, with funds provided by the Commonwealth of Pennsylvania. APSI will lease back those same assets from PSDC subject to the terms of its shipyard lease and its agreement with PSDC. APSI will use the sale proceeds, in combination with construction period financing with private lenders and its own available funds, to construct Ships 17 and 18.

In conjunction with the closing, Aker ASA, which indirectly owns 71.2% of the shares of AKPS, has agreed to make a USD 30 million subordinated construction loan to APSI with funding to be in two tranches of USD 15 million each. The loan is subject to customary disbursement conditions. Interest will be paid at maturity and the interest rate is on market terms. The loan is secured by a lien on Ships 17 and 18. The loan can be repaid no sooner than upon sale and delivery of both Ships 17 and 18 and full repayment can be delayed further if certain sales price thresholds are not met.

Additionally, in conjunction with the transaction, PIDC Regional Center, XV LP (the Welcome Fund) agreed to restructure its USD 20 million loan to, among other things, extend its maturity and secure it with a lien on Ships 17 and 18. As restructured, USD 5 million will be paid at the original maturity date of March 27, 2012; a minimum of USD 5 million and a maximum of USD 15 million (subject to certain sales price thresholds being met) will be repaid upon the sale and delivery of Ship 17; and any remaining loan balance will be repaid upon the sale and delivery of Ship 18.

APSI has also received a commitment letter for up to USD 80 million in construction financing from a third party lender and anticipates the closing of this transaction to occur within Q2 2011.

In connection with the closing, the City of Philadelphia agreed to temporarily defer USD 8 million in tax payments due from APSI over the next three years.

Under the agreement with PSDC, APSI is obligated to construct Ships 17 and 18 in accordance with their current production schedules. If those ships are not completed before certain agreed-upon deadlines, as extended for events of force majeure, then PSDC may require APSI to pay liquidated damages of up to USD 70 million (reduced to USD 35 million if Ship 17 is completed). APSI’s obligation to pay the liquidated damages is guaranteed to PSDC by Aker ASA. As part of the transaction PSDC has released APSI and Aker ASA from the existing USD 20 million “employment guarantee”, provided to guarantee a minimum employment level at the shipyard through the end of 2014. In addition, APSI agreed to modifications to its lease with PSDC as described in the AKPS 2010 Annual Report.

Production activities on Ship 17 are currently underway and production activities on Ship 18 are expected to begin during the summer. Ship 17 is scheduled for delivery in Q3 2012, and Ship 18 is scheduled for delivery in Q1 2013.

Based upon the Company’s preliminary assessment of the structure and terms of the transactions, the primary accounting effects of the sale are that the proceeds will be proportionately recognized over the construction of Ships 17 and 18.
Source: Philadelphia

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Brittany Ferries and STX France team up to develop eco-friendly superferry

Leading French ferry operator, Brittany Ferries, and shipbuilder, STX France, are embarking on a joint project to develop a new generation of environmentally-friendly passenger ferries. Powered by dual fuel engines, which will burn liquefied natural gas (LNG) combined with a high efficiency electric propulsion system, the new vessel will reduce energy consumption and CO2 emissions by 15 - 20% compared to current ferries. Furthermore, pollution by nitrous and sulphurous oxides will be almost eliminated.

But the quest for innovation does not end simply with the use of LNG, as the structure will make use of lighter compound materials and high strength glues, together with advanced hull design.

The new ship will not only be clean but large and fast, being able to accommodate 2,400 passengers, 650 cars and 40 lorries and have a maximum speed of 25 knots.

Announcing this joint venture Jean-Marc Roué, Brittany Ferries' Chairman said: "Our company has a history of innovation having built a fleet of luxury cruise-style ships that serve our passengers well on the Western Channel routes between the UK, France, Spain and Ireland. Also, as a company founded by farmers, largely owned by farmers and based in Brittany, an area with a rich maritime history, we have a profound respect for the environment and a deep understanding of the need to preserve scarce resources. We therefore are particularly proud to be a partner with STX, a shipyard based in St. Nazaire, on a project which will set new standards in environment-friendly ferry development."
Source: Brittany Ferries

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Pride International, Inc. agreed with Samsung to extend of option for drillships

Pride International, Inc. (NYSE: PDE) today announced that the company has reached agreement with Samsung Heavy Industries, Ltd. to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by Pride of a fifth ultra-deepwater drillship. The option may be exercised by the company on or before April 30, 2011, unless further extended on mutually agreed terms.

Pride International, Inc., headquartered in Houston, Texas, operates a fleet of 26 mobile offshore drilling units, consisting primarily of floating rigs (semisubmersibles and drillships) that address deepwater drilling programs around the world. The company has one of the youngest and most technologically advanced deepwater drilling fleets in the offshore industry, with five drillships, including three delivered since the beginning of 2010, six semisubmersible rigs and two managed deepwater rigs. Two additional deepwater drillships are currently under construction with expected deliveries in 2011 and 2013. The company's fleet also includes six other semisubmersible rigs and seven jackup rigs. Pride International's floating rig fleet operates primarily offshore Brazil and West Africa where the company has a long-standing presence.

Statements regarding planned shipyard projects and expected shipyard deliveries, as well as any other statements that are not historical facts in this press release are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Source: Pride

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Veolia Water Solutions & Technologies is Awarded the Contract for two FPSO Seawater Treatment Packages Offshore Angola

VWS Westgarth, a subsidiary of Veolia Water Solutions & Technologies (VWS), has been awarded a multi-million dollar contract by Daewoo Shipbuilding & Marine Engineering Co. (DSME) for the design, supply and delivery of an Ultrafiltration system and a Sulphate Removal Package (SRP) system. The two treatment units, designed for DSME's Floating Production Storage and Offloading vessel (FPSO), will be installed in the Cravo-Lirio-Orquidea-Violeta (CLOV) Fields, located Offshore Angola. The project completion is expected in January 2012.

The ultrafiltration and sulphate removal packages will be installed on the FPSO topsides to provide the necessary seawater treatment for subsea well injection. The ultrafiltration unit, which is the pre-treatment step to the SRP, will have a capacity of 66,208 m3/day (391,288 barrels of water per day (BWPD)) and the sulphate removal package will treat 59,496 m3/day (374,230 BWPD).

The fine filtered seawater (nominally 0.01µm) from the ultrafiltration system provides the feed for the sulphate removal package. Ultrafiltration provides a significant weight/footprint reduction and improved water quality compared with multi-media seawater filtration technology.

The SRP removes sulphates and other divalent ions from injection water to enhance oil recovery using Dow Filmtec membranes. The removal of these ions reduces the tendency of barium sulphate and strontium sulphate scale to form in the reservoir, and enhances oil recovery.

This second collaboration with DSME can be attributed to the success of the previous SRP project executed for the company, in which VWS Westgarth demonstrated the ability to effectively work with and support the DSME project teams.

The contract will be project managed and engineered in VWS Westgarth's office in East Kilbride, situated near Glasgow, Scotland, where the company has more than 160 skilled staff dedicated to providing design and build projects and field support services for both the onshore and offshore upstream oil and gas industry. As part of a specialised network of Veolia Water Solutions & Technologies business units, the company is able to provide complete produced water and wastewater solutions for the oil and gas industry and is a world leader in sulphate removal technology for sea water applications.
Source: VWSWestgarth

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