Apr 5, 2011

Freight shipping oversupply squeezes rates

Making forecasts about dry bulk ocean freight rates have always been a tricky business. This is because forecasters have to consider diverse factors.
Among other things, how the economies in different parts of the world would behave, and the expected growth in seaborne trade of coal and iron ore, constituting nearly 60 per cent of dry bulk cargoes. Also, global movement in food articles.
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Source: Business Standard
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Global Container Traffic Hits All Time High

Global ocean container traffic reached an all-time high of 560 million 20-foot equivalent units in 2010, driven by surging volume at Chinese ports, according to Alphaliner.
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Source: Journal of Commerce
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New shipbuilding activity still activity, but below 2010 levels

The latest reports from shipbrokers and analysts suggest that ship owners have started to moderate their pace of newbuilding ordering, as a result of a hefty orderbook for most ship types, combined with the uncertain state of most freight markets.
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Source: Hellenic Shipping News
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Daewoo Shipbuilding: High Material Costs May Weigh On 2011 Profitability

SEOUL (Dow Jones)–Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said high raw material costs may weigh on its profitability this year due to potential supply constraints following the March 11 earthquake and tsunami in Japan.
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Source: gCaptain
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DSIC inks more jack-up rigs

China's Dalian Shipbuilding Industry Offshore (DSIC Offshore) has secured two more jack-up drilling rigs plus additional option contracts.
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Source: Asiasis
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Samsung secures LNG carriers

South Korea's Samsung Heavy Industries has clinched an order for four LNG (liquefied natural gas) carriers.
Golar LNG has booked four 160,000-cbm LNG carriers at the shipyard for just under $800m in total.
[Read More]
Source: Asiasis
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Japan: Export-ship inquiries drop

The combined ship export inquiries of Japan's top six shipbuilders during the February of 2011 came to nine cases, falling in half compared with the previous month.
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Source: Asiasis
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STX grabs ethylene carriers

Korea's STX Offshore & Shipbuilding (STX O&S) announced yesterday it has won an additional new order from an European shipowner to build three 6,500-cbm ethylene carriers for $93m.
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Source: Asiasis
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Premier Oil: East Fyne appraisal well

Premier is pleased to announce that it has exercised its option, as announced on 7 October 2010, to drill the East Fyne appraisal well in the UK Central North Sea under the Joint Venture and Earn-In Agreement with Antrim Energy Inc. (“Antrim”).

Under the terms of the agreement, Premier will have a 39.9 per cent operated interest in Block 21/28a containing the Fyne field in return for carry of up to US$50 million towards the development costs, including the East Fyne appraisal well. The licence assignment and transfer of operatorship under the Agreement is subject to partner approval and to the usual UK government approvals.

Antrim retains 35.1 per cent interest in the block and a 100 per cent working interest in the adjacent Blocks 21/28b, 21/29c, 21/24b and 21/29d (Greater Fyne Area). First Oil Expro Limited retains an interest of 25 per cent in Block 21/28a.

The agreement also provides Premier with the option to participate at a working interest of up to 50 per cent alongside Antrim in a planned drilling programme scheduled to start as early as the second quarter of 2011 in the Greater Fyne Area.

The East Fyne appraisal well is designed to de-risk the eastern extent of the Fyne Field in Block 21/28a and is expected to be drilled in the second half of 2011.

Simon Lockett, Chief Executive Officer, commented:

“Where Premier sees good opportunities, we will continue to invest in the North Sea. This agreement is an excellent example of our ability to utilise our strong financial and operating capabilities to build in our core areas.”
Source: Premier Oil
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Statoil's Snoehvit gas field to shut for repairs

Statoil (STL.OL: Quote) plans to suspend production at its Snoehvit gas field in the Barents Sea for 30 to 40 days starting in late April as part of a scheduled maintenance project, the company said on Tuesday.
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Source: Reuters
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Wood Group awarded major brownfield engineering contract by Woodside

Wood Group, the international energy services company, has been awarded a non-exclusive major services agreement by Woodside Energy Limited for brownfield project delivery for a number of Woodside's onshore and offshore facilities.

The services comprise a wide range of engineering, from studies and concept, through to design and implementation for Woodside's Production Project Group (PPG). The contract has an initial three-year term with three one-year extension options.

This award builds on Wood Group's recent success in November 2010 when the Group secured a separate three-year engineering services agreement with Woodside's Projects Development Group.

"We are delighted to have been awarded this contract by Woodside, as it provides the opportunity to further expand our delivery of engineering and implementation services to Woodside, the largest oil and gas operator in Western Australia", said Les Thomas, Board director responsible for Wood Group's Production Facilities business. "These awards further endorse Wood Group's strategic intent for continued expansion in Australia."
Source: Wood Group
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Expro: Subsea contract strengthens Expro presence in China


Following the successful association between international oilfield services companies, Expro, and China Oilfield Services (COSL) in the form of a China based joint venture, Husky Oil China Ltd has awarded the joint venture with a subsea and well testing contract worth in excess of $25million.
These services will be deployed by Expro and COSL’s joint venture, CETS, which is based in Shekou, Shenzhen South China. This service supports the second stage of Husky’s Liwan gas field subsea development in the South China Sea. The three-year contract includes a surface clean-up and flow-back package with the ability to flow and measure high gas rates.
Expro’s continued support of the joint venture with leading technology and project planning means that CETS is ideally placed to further support the on-going development in the area.
Expro’s market-leading subsea safety systems provide reliable and efficient in-riser landing strings for well interventions and completions. Expro is already well established in the deepwater regions of the world, including Africa, Gulf of Mexico and Brazil, with its superior technology and expertise in greater demand as development progresses in the world’s deepwater provinces.
CETS has installed surface equipment to handle the expected high flow rates while supplying Husky with accurate detailed data for further field appraisal. This pioneering work in the deeper waters of the South China Sea presents a number of challenges including readiness to unlatch at short notice during the typhoon season.
Expro’s modular process equipment measures the performance of a well with acute accuracy. Testing involves flowing the well through a temporary completion and production system in order to measure flow parameters, and to gather representative fluid samples for analysis. These measurements are used to determine commercial viability, as well as to plan potential future completion and production facilities.
Expro’s Express and ELSA in-riser electro hydraulic landing string system will allow the safe installation of all of Husky’s subsea completion operations from the assigned DP drilling rig guaranteeing fast and secure well isolation and system disconnect during the critical well clean-up operations and completion deployment.
Peter Quiatkowski, JV General Manager, said: “An award of this size demonstrates the combined strength that Expro and COSL bring to the market.  The joint venture is well equipped to meet the challenge and this contract is evidence of our capacity to deliver specialist services and provide the most accurate and reliable results.”
Graham Cheyne, Expro’s subsea sales director, said: “This is the first deployment of Expro’s large bore electro-hydraulic landing string systems in Asia and the first deepwater subsea development in China. This clearly shows our position as deepwater players in China and will further develop Expro’s commitment to working with Chinese nationals and enhance our relationship with our joint venture company.”
Source: Expro
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MMA buys platform supply vessel

The Directors of Mermaid Marine Australia Ltd (MMA) are pleased to announce that the Company has entered into a contract to purchase a new 75 metre DP II Platform Supply Vessel (PSV). The PSV is a MT 6009 MKII diesel electric design, which delivers a high level of reliability and fuel efficiency in operation.
PSV’s are purpose built to transport cargo to offshore rigs and platforms and can perform a variety of other tasks to support offshore oil and gas operations.
The vessel was purchased from Singapore Listed Company OTTO Marine and MMA will take delivery at their shipyard in May 2011.  
The purchase price of the vessel is US$31.5 million.  In November 2010, MMA successfully raised A$64 million specifically for the purpose of building a PSV capability within the organisation.
MMA Managing Director, Mr. Jeff Weber said of the new acquisition: “The PSV is the second of its type in our fleet and significantly expands the Company’s capabilities in relation to offshore drilling and construction support. This is an important step in delivering on our strategy.”
MMA is also pleased to report that the vessel will be chartered to Allseas to support the Gorgon Jansz Pipelay Project commencing Q4 2011.  The Allseas charter will run for approximately 12 months and involve general supply duties associated with the Project.
The Company was also awarded a contract with Allseas for the provision of supply base services to support the Gorgon Jansz Pipelay Project.  The contract is for the full range of supply base services to be provided out of the Mermaid Dampier Supply Base, including stevedoring, storage, loadout and fuel and water supply and is expected to continue for approximately three years.
Source: MMA
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Fugro has reached agreement with Reef Subsea AS to acquire Bluestone Offshore Pte Ltd and its subsidiaries.

Bluestone Offshore Pte Ltd is a specialist provider of geotechnical services in Southeast Asia and Australia and currently operates one chartered DP deepwater geotechnical vessel in the region. The staff of approximately 40 also provides laboratory and engineering services in their office in Singapore. The office will be consolidated into Fugro’s existing operations in Singapore.

Revenues for Bluestone Offshore for 2010 were in the order of USD 20 million.
Source: Furgo

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TTS Energy has signed contracts with DSIC Offshore in Dalian, China, for two new Drilling Equipment Packages.

These contracts are the execution of two, out of three, optional units in relation to similar contracts signed between DSIC Offshore and TTS Energy in November last year. So far, it brings the total number of drilling packes to be supplied by TTS Energy to the yard, to four.
The new contracts have a total value of approximately USD 80 million and include complete drilling equipment packages to be installed on two new F&G JU2000E Jack Up Rigs. The rigs are scheduled for delivery second half of 2013.
The prospects for the new-build rig market continues to look positive and these two new contracts with DSIC Offshore re-confirm TTS Energy’s competiveness in the high specification drilling market. It also confirms our success in long term cooperations with Chinese yards, says Johannes Neteland, CEO of TTS Group ASA.
TTS Energy is a supplier of high performance drilling and handling solutions to the international oil and gas industry.
Source: TTS
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Technip awarded North Sea contract by RWE Dea

Technip was awarded a full EPIC(1) contract by RWE Dea, for the Clipper South gas field development in the North Sea. The field is located 70 kilometers North-east of the Bacton gas terminal in 25 meters of water.

The contract covers full project management, detailed pipeline design, installation and tie-in of a 15.5 kilometer 12" production line and 3" methanol piggyback line from the new Clipper South platform to the existing LOGGS (Lincolnshire Offshore Gas Gathering system) platform.

The contract builds on past experience with RWE: in 2008 Technip provided pipelay and umbilical installation for the Topaz field development, located in the Southern gas basin.

Technip’s operating center in Aberdeen (Scotland) will execute this contract, which is scheduled to be completed in the fourth quarter of 2011. Genesis – a Technip Group company providing upstream oil and gas consultancy services – will also play a part in executing the contract through the provision of detailed pipeline design. Vessels from the Technip fleet will be used for the offshore installation campaign.
Source: Technip
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Colombian Drug Traffickers Now Using Subs to Transport Drugs

Until last month, the boat of choice for Colombian drug traffickers was the semisubmersible, which would float just below the water’s surface and only have the air and exhaust pipes above water. Now, however, the smugglers have graduated to full on submarines to covertly transport their drugs.
[Read More]
Source: Hispanically Speaking News
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HHI to build $30 mil. R&D center in Shanghai

Hyundai Heavy Industries (HHI), the world's biggest shipyard, plans to invest $30 million in China to build its first research facility in the biggest emerging market.
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Source: Korea Times
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Abu Dhabi Ship Building Launches Third Vessel For The UAE Navy

Abu Dhabi Ship Building, the leading shipbuilder and naval support services provider in the Gulf region and a strategic affiliate of Mubadala, has announced the launch of “Al Dhafra”, the third vessel of the Baynunah Corvette Class Program for the UAE Navy. Abu Dhabi Ship Building further revealed that it has now completed over 70 per cent of the ship, which is a significant milestone by naval shipbuilding standards for vessels at the launch stage.
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Source: abudhabicityguide
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Wagenborg: Launch Marietje Deborah 14th April

On Thursday 14th April, m.v. Marietje Deborah will be launched at Barkmeijer Shipyards in Stroobos. The Marietje Deborah is the third in a series of four 1A ice-classed nozzle fitted 8300 tons vessels Barkmeijer is building for the Danser-Van Gent family in Delfzijl.
Principal particulars: length overall 126,20 m., width 15,20 m., moulded depth 9,50 m., container capacity 305 TEU of which 125 on deck, main engine: 3060 kW B&W MAN-diesel.
The expected delivery of mv Marietje Deborah will be end of July.
Source: Wagenborg
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Steel cutting ceremony for Polarcus Adira

Polarcus Limited (OAX: PLCS) is pleased to announce that the official steel cutting ceremony of newbuild NB293, named POLARCUS ADIRA, took place in March 2011.    
POLARCUS ADIRA is the second of two newbuild 3D seismic vessels ordered from Ulstein Verft AS of Norway and announced by Polarcus on 18 November 2010. The vessels are being built to the ULSTEIN SX134 design and feature a high ice class ("ICE 1A super"), increased propulsion and other innovative efficiency enhancing features. Once delivered, these two high-end 3D seismic vessels will be capable of towing up to 14 solid streamers with 100m lateral separation between streamers.
Delivery of POLARCUS ADIRA is scheduled for Q2 2012.
Source: POLARCUS

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