Jumbo Offshore to install protection structures in Shetland island fields

In June, 2011, Jumbo Offshore’s DP2 heavy lift vessel Fairplayer is set to install four subsea protection structures for production flowlines at water depths of 600 m in the Laggan and Tormore fields, 125 km off the north-west of the Shetland islands. These fields, owned by Total and Dong Energy, contain around 17 percent of the remaining UK oil and gas reserves.
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Source: Heavy Lift

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CMA CGM borrows another $945 million

CMA CGM has borrowed a further US$945 million through the sale of bonds, and it will be restructured for a second time in the space of a year.

The French carrier initially hoped to raise around $800 million, but because demand for the bond issue was high, the initial offering was increased to $945 million.
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Source: ifw

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Norway: Seismic acquisition around Jan Mayen this summer

The Norwegian Petroleum Directorate (NPD) will carry out acquisition of 2D seismic data in the waters around Jan Mayen this summer. The acquisition activity will start around 10 June and will last up to three months.

Last fall, the Norwegian government resolved that an impact assessment would be made of the maritime zones off Jan Mayen, with a view to future petroleum activity. The NPD’s acquisition of seismic data is part of this impact assessment. Seismic data acquisition around Jan Mayen is also planned for next summer.

The data acquisition will take place using the vessel R.V. Harrier Explorer operated by PGS, and with the aid of PGS’ Geostreamertechnology. This is a new technology for seismic acquisition, characterised in part by the fact that the streamer, which in this case is eight kilometres long, is towed somewhat deeper in the water than is the case in conventional seismic acquisition. This means that the streamer can withstand higher waves, thus making the acquisition activity less dependent on weather and consequently more efficient.

 

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SeaHold GeoShips Agreement with Hallin Marine & NCS Survey

Aberdeen-based SeaHold GeoShips Limited (GeoShips) has chartered its first new multi-purpose offshore vessel in partnership with Hallin Marine UK Ltd and NCS Survey.  The contract is worth in the region of £15-£20 million and will result in the creation of new job opportunities within all three companies.

The Stril Explorer has been chartered from Mokster A/S until 31^st August 2012.  To enable GeoShips to offer a full suite of services from this and future vessels, GeoShips have entered into agreements with both Hallin Marine UK Ltd a leading ROV services provider and NCS Survey a leading survey and positioning contractor. Agreements are in place for a fixed period of three years initially with the prospect of a further two years subject to market conditions.

Formed in 2003, GeoShips has a strong focus on offshore renewable energy projects, whilst also being able to offer services in support of subsea oil and gas related projects. The company is anticipating good growth in 2011 and expects to add one more vessel to its medium term fleet this year, to be followed by a similarly sized vessel in Q1/2012.  The new agreements mean that Hallin Marine UK Ltd and NCS Survey will also provide their respective services on the two future GeoShips controlled vessels.

Kenny Macleod, GeoShips chairman said: “We are delighted to be working with both Hallin and NCS Survey on the provision of comprehensive support services from our vessels.  The Stril Explorer and our future planned vessels enable our partnership to support both the growing offshore renewable energy market and the subsea oil and gas sector worldwide but particularly the European market. Chartering the Stril Explorer clearly kicks off an exciting time for GeoShips with plans to expand our team, add to our fleet of vessels, and together with our operating partners increase the spectrum of services on offer.”

 Mike Arnold, Hallin Marine West Division managing director commented, “Hallin are delighted to be joining forces with GeoShips and NCS for this prestigious project. Our combined services will enable the group to provide a one stop Subsea solution for our client’s requirements.”

 Andy Gray, chief executive of NCS Survey  added: “NCS Survey are very pleased to join GeoShips and Hallin in providing a vessel spread with comprehensive built-in capability to address all facets of the subsea industry. This combined approach will provide many of our clients with a high specification solution for their projects.”

 The 76m dynamically positioned (DP2) vessel has a unique design - it boasts two ROV hangars, the main one of which dominates midships and stretches the breadth of the vessel. This gives the company the opportunity to potentially install larger subsea equipment as opposed to two standard WROVs. The other smaller hangar is designed for an observation class ROV or air diving spread. A 60 tonne swl knuckle-boom crane is fitted to the vessel which allows a working depth of 1500m with the option of going to 2000m.

 The vessel has multi level working decks resulting in over 900m² of workable deck areas. One and two man berths allow the vessel to accommodate 70 personnel and there is also a helideck, gym, jacuzzi, large control rooms, conference rooms and office facilities.
Source: SeaHold GeoShips

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Premier: Exploration and appraisal update

Premier is pleased to announce that it has successfully completed operations on the appraisal sidetrack CRD-2X-ST on block 07/03, offshore Vietnam. This sidetrack reached its planned total depth of 3,340 metres (m) in the Miocene section and intersected 18.3m of net oil pay. This compares with 34.4m of net oil pay intersected in the up dip CRD-1x well and 3.8m in the down dip CRD-2x well.

The sidetrack followed on from the CRD-2X well, as announced on 11 April 2011, which was drilled to a total depth of 3,785m and successfully tested gas and condensate in two reservoir zones in the Oligocene section. The total net condensate/gas pay in this well was 72m. This compares with 17m of net pay penetrated in the Oligocene section in the up dip CRD-1x well.

The CRD-2X-ST appraisal well completes this phase of drilling in Block 07/03 and the results will be incorporated into the assessment of the resource potential of the Cá Rống Ðo accumulation.

The CRD-2X well will now be plugged and abandoned before the Ocean General drilling rig moves to Indonesia to drill two exploration wells on the Tuna PSC operated by Premier. The first result from these wells is expected in May.

Cherry, Egypt (Premier 20%)
In Egypt, on the North Red Sea (NRS) block 1 licence, the NRS-2a exploration well has reached a total depth of 5200m and is being plugged and abandoned. The well encountered hydrocarbon shows whilst drilling but did not intersect reservoir quality sandstones. The results of the well will now be integrated with geologic, seismic and engineering data to determine if alternate opportunities exist elsewhere on the block.

Grosbeak, Norway (Premier 20%)
The Grosbeak appraisal well in Norwegian licence PL378 was spudded on the 24 April 2011 and is drilling ahead using the Songa Delta rig. The well will test previously discovered oil accumulations in Jurassic reservoir rocks as announced by Premier on 8 July 2009. Results from the appraisal well are expected in approximately three months.

Simon Lockett, Chief Executive Officer, commented
"The CRD-2x well and its sidetrack has provided valuable information to our overall understanding of the Cá Rống Ðo discovery. Further geoscience and engineering evaluations will now be undertaken before a decision is made on the commercial viability of Cá Rống Ðo.

The results from the well are encouraging both for further exploration in the block and also for our adjoining acreage in the Tuna PSC in Indonesia.

Whilst oil and gas shows in the Cherry well provide some encouragement, the results from the well need to be fully integrated into our analysis of the block before a decision can be made regarding Premier’s future participation in the licence."
Source: Premier Oil

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Statoil's Oseberg East to restart on Wed after leak

Statoil's (STL.OL: Quote) Oseberg East oil platform in the Norwegian North Sea, shut on Tuesday after a gas leak, was expected to return to production on Wednesday afternoon, the company said.

Statoil spokesman Oerjan Heradstveit said the leak occurred at 0816 GMT on Tuesday and that the situation "normalised" within the hour.
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Source: Reuters

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Vote on $7 bln Ensco/Pride deal set for end of May

Ensco plc (NYSE: ESV) and Pride International, Inc. (NYSE: PDE) jointly announced today that they each will hold special shareholder meetings on 31 May 2011 to vote on the merger of their companies, creating the world’s second largest mobile offshore drilling fleet. The Ensco and Pride joint proxy statement/prospectus has been finalized and soon will be distributed to shareholders of both companies. The Ensco and Pride boards of directors have recommended that their respective shareholders vote in favor of the merger at their respective special meetings.

“We look forward to completing this transaction and bringing our two companies together,” commented Ensco’s Chairman & CEO Dan Rabun. “This merger will create the world’s second largest mobile offshore drilling fleet and provide many benefits to customers, employees and shareholders.”

Ensco and Pride previously announced a definitive merger agreement under which Ensco will acquire Pride in a cash and stock transaction. In preparation for the shareholder meetings, Ensco and Pride satisfied antitrust and securities regulatory requirements and Ensco successfully completed a $2.5 billion senior notes offering, the net proceeds of which will facilitate the Pride acquisition.

Holders of Ensco American depository shares (ADS) at the close of business on 11 April 2011 may vote their shares in connection with Ensco’s special meeting, which will be held on 31 May 2011 at 8:30 a.m. (London time) at 6 Chesterfield Gardens, London, W1J 5BQ. Pride stockholders who held Pride’s common stock at the close of business on 11 April 2011 may vote and attend Pride’s special meeting, which will be held on 31 May 2011 at 8:00 a.m. (Houston time) at the Hotel Granduca, 1080 Uptown Park Blvd., Houston, Texas77056.

Please note that votes for Ensco’s special shareholder meeting must be received by the 24 May 2011 cut-off date in order for the ADS depositary to properly record votes. For employees and directors holding shares in Ensco benefit plans, the cut-off date to vote is 19 May 2011.

Shareholders who have questions about the merger and/or the process to submit proxies or voting instructions may contact Ensco’s proxy solicitor, D.F. King at (800) 859-8509 or Pride’s proxy solicitor, Innisfree M&A Incorporated at (877) 825-8772. Additional copies of the proxy statement/prospectus and/or proxy card may be obtained from the proxy solicitors.

Shareholders of both companies are encouraged to read the proxy materials in their entirety as they provide, among other matters, a discussion of the reasons behind the recommendation of each company’s board of directors that shareholders vote “FOR” the approvals necessary to complete the proposed merger.

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. Ensco recently earned the top rating for overall customer satisfaction in the leading independent survey conducted by EnergyPoint Research with #1 rankings in eleven separate categories. To learn more about Ensco, please visit our website at www.enscoplc.com. Ensco plc is an English limited company (England No. 7023598) with its registered office and corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ.

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.

Source: Ensco plc

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ATWOOD Announces Six-Month Contract Extension for the Vicksburg

ATWOOD OCEANICS, INC., a Houston-based international offshore drilling contractor (NYSE: ATW), announced today that one of its subsidiaries has been awarded a six-month contract extension with a six-month option, both priced at the current dayrate of $90,000, with an affiliate of Nucoastal (Thailand) Limited for the company's jack-up Vicksburg. The option must be exercised by August 31, 2011. With the extension, the Vicksburg's firm commitment extends through December 31, 2011.
Source: Atwood

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Statoil: New light well intervention vessel

Light well intervention (LWI) vessel Island Constructor. (Photo: Island Offshore)

Statoil has awarded Island Offshore a framework agreement for a new light well intervention (LWI) vessel on the Norwegian continental shelf (NCS).

The third of its type in Statoil’s portfolio the vessel will help reduce the costs of well interventions and enhanced oil recovery.

Statoil has awarded Island Offshore a framework agreement for light well intervention (LWI) services from their vessel Island Constructor. The duration of the framework agreement is three years, with an option to extend for another year.

A first call-off has been made for 168 days at an approximate value of NOK 320 million, all services included.

Øystein Arvid Håland, senior vice president of drilling and well in Statoil.

”Light well intervention vessels are an important tool in Statoil’s toolbox to increase recovery from the fields on which we operate. We already have two similar vessels in our NCS portfolio operating year-around, and it is of high value to us, both in terms of efficiency and cost-reduction. Compared with conventional drilling units these LWI vessels reduce the cost of well interventions by 50 to 70 percent”, says senior vice president of drilling and well in Statoil, Øystein Arvid Håland. 

A growing number of discoveries on the NCS are developed via subsea installations. At the same time, production from mature fields is declining. Wells need workovers to maintain their output by removing deposits and halting water intrusion. But performing conventional jobs of this kind for subsea developments has been expensive. To address this, Statoil has put LWI vessels into service on a large scale.

An aging rig fleet and securing sufficient fit-for-purpose rig capacity at a competitive and sustainable rig rate level are the main challenges in the NCS rig market. Several initiatives have been launched to address these challenges.

Jon Arnt Jacobsen, chief procurement officer in Statoil.

Statoil has made a substantial commitment to research and technology development in order to improve its drilling and well operations. The LWI vessels can improve drilling efficiency and also have the potential to offset rig capacity.

“We are pleased to secure additional capacity for LWI services with this new framework agreement. It is also an example of how we want to contract fit-for purpose units to assure that we use the right tools at the right time. We hereby address the need for well intervention without compromising on drilling capacity”, says chief procurement officer in Statoil, Jon Arnt Jacobsen.

Island Constructor is designed to operate in water depths of up to 600 meters. Plans call for the intervention unit to start its first operation for Statoil in November 2011.

Statoil has been pursuing riserless wirelining in subsea wells since 2003, and the technology has steadily improved.
Source: Staoil

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Nexen approves North Sea development plan

Nexen Inc. (NXY-T23.970.421.78%) approved plans to develop a $1.2-billion (U.S.) oil field in the North Sea, as the company seeks to invigorate its fortunes while distancing itself from a struggling oil sands project it once tagged as a major source of growth.

The decision to go ahead with the Golden Eagle project comes just one month after the United Kingdom raised taxes for energy companies there. Despite the tax increase, energy companies producing oil in Europe are enjoying an advantage since oil prices are trading substantially higher there than in North America due to supply constraints.
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Source: The Globe and Mail

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CNOOC Limited Announces First Quarter Results

CNOOC Limited (the “Company", NYSE: CEO, SEHK: 00883) is pleased to announce its results for the first quarter of 2011.

During the period, the Company achieved a total net production of 85.2 million barrels of oil equivalent (BOE), representing an increase of 26.6% year-on-year (YoY).

For the first quarter of 2011, the Company made five new discoveries and successfully drilled six appraisal wells offshore China. Within the period, Jinzhou 25-1 project offshore China commenced production successfully. Other major projects were progressing as planned.

In the first quarter of 2011, the Company purchased a 33.3% undivided interest in Chesapeake’s Niobrara project. In addition, the Company and Tullow Oil plc entered into agreements for the acquisition of its one-third interests in each of Exploration Areas 1, 2 and 3A in Uganda. The transaction is expected to be completed in the first half of 2011.

Benefiting from increased oil and gas production and higher realized prices, the total unaudited revenue of the Company amounted to approximately RMB48.51 billion for the first quarter of 2011, representing a significant increase of 59.1% YoY. During the period, the Company’s average realized oil price rose 32.7% YoY to US$99.98 per barrel. The Company’s average realized gas price was US$4.81 per thousand cubic feet, up 8.6% YoY.

For the first quarter of 2011, the Company's capital expenditure reached approximately RMB6.40 billion, representing an increase of 10.3% YoY.

Mr. Yang Hua, Chief Executive Officer of the Company commented,“ We have recorded excellent first quarter results driven by our efficient operation and higher realized oil prices. Meanwhile, we have made great progress in overseas development, which will provide a strong support for our reserve and production growth in the future.”
Source: CNOOC

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GE Completes Acquisition of John Wood Group PLC’s Well Support Division

GE (NYSE: GE) is pleased to announce it has completed the strategic acquisition of John Wood Group PLC’s Well Support Division, expanding GE Oil & Gas’ extensive drilling and surface manufacturing and services portfolio. 

The John Wood Group PLC Well Support division, which has over 3,800 employees globally and operates approximately 20 manufacturing and multiple sales and service centers worldwide, is comprised of three business platforms – ESP (electric submersible pumps), Pressure Control (surface wellheads and trees) and Logging Services - which, combined, recorded 2010 revenues of $947 million. 

The $2.8 billion transaction enables GE to capitalize on the fast-growing demand for enhanced oil recovery from mature oil fields using downhole pump ‘artificial lift’ in brownfield developments; as well as, expanding GE's high-technology product and service offering in unconventional oil and gas production, with significant applications for shale gas production. 

Claudi Santiago, President and CEO, GE Oil & Gas said: “Given the reliability and quality of its technology and the expertise of its employees, the Well Support division is an excellent addition to GE Oil & Gas, strengthening our engineering capabilities and our extensive suite of advanced capital drilling and production solutions. Combined with our integrated portfolio, global supply-chain and footprint, the Well Support division adds further value for our customers and enhances GE’s position in rapid growth oil and gas industry segments and regions.” 

Jim Renfroe, the CEO of Wood Group PLC’s Well Support Division, said: “We are delighted to become part of the GE Oil & Gas family. The transaction positions GE Oil & Gas firmly to lead a new chapter in oil and gas unconventional production, expanding our combined customer base and providing significant new channels for advanced high-tech equipment and services around the world.” 

GE Energy has a proven record of acquiring, integrating, and growing companies, as demonstrated by the acquisitions of Nuovo Pignone (Oil & Gas), Jenbacher (Gas Engines), VetcoGray, and Hydril Pressure Controls (Oil & Gas). In the last six months GE Energy has announced approximately $11 billion of acquisitions, including Converteam, Dresser, Inc. and Lineage Power Holdings - all high-tech companies complementing GE Energy’s core technologies and enabling the business to broaden its offerings for critical industries. 

About GE 

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com 

About GE Energy 

GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy www.ge.com/energy - GE Power & Water, GE Energy Services and GE Oil & Gas - work together with more than 90,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs. 

About GE Oil & Gas 

GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and designs and manufactures wire-line and drilling measurement solutions for the oilfield services segment. GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 16,000 people worldwide and operates in over 100 countries.
Source: GE

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KBR Awarded Construction Contract for Chevron’s Base Oil Project in Pascagoula

April 27, 2011 — KBR (NYSE:KBR) today announced it has been awarded a $65 million contract by Chevron Products Company to execute a Base Oil expansion project at Chevron’s refinery in Pascagoula, MS. The construction project includes building a new lubes hydrocracker and a lube dewaxing / hydrofinishing unit. KBR intends to hire staff locally for the execution of this project. Work is expected to begin in May, and upon completion, the facility is expected to be one of the largest premium base oil plants in the world.

“We are proud to have been selected to execute the delivery of this project, helping Chevron become one of the world's largest producers of premium base oil,” said David Zimmerman, President, KBR Services. “KBR has a long history of executing major construction projects in this region and at this refinery. We look forward to continuing this tradition, using local resources to deliver a project that meets schedule and cost targets while maintaining KBR’s absolute commitment to safety excellence.”

KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets.
[Read More]
Source: KBR

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BP profits hit by Gulf oil spill

BP Pic reported a 2 percent drop in first-quarter profit, falling short of analysts' forecasts as the lingering effects of the oil spill frustrated Chief Executive Bob Dudley's attempts to turn around the oil major.
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Source: Reuters

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NEW VULKAN INTEGRATED SHAFT COUPLING DESIGN (ISC)

The high radial stiffness and the comparably low axial and bending stiffness makes the RATO DS suitable to work not only as a torsional coupling but also as an integrated misalignment coupling when rigidly connected to an intermediate shaft. At the rear end of the intermediate shaft a torsionally stiff misalignment coupling creates the second bending flexible pivot thus providing a double cardanic design. This new combination consisting of RATO DS and intermediate shaft is called VULKAN Integrated Shaft Coupling (ISC). 

It was found that the angular deflection of the RATO DS causes – even at high misalignment levels – a rather low strain level compared to the torque load and thus a low power loss. Therefore no misalignment coupling is required between RATO DS and shaft. The intermediate shaft can be directly connected to the inner ring of the coupling whereby the RATO DS is radially not supported. 

The mass of the intermediate shaft is limited by the radial natural frequency of half the shaft and the inner part of the RATO DS. The design radial natural frequency is selected not to be less than 120% of design rpm. In most cases a light weight VULKAN Composite shaft will be the preferred solution for the intermediate shaft.  In order to get a double cardanic design the intermediate shaft is connected at the rear end to a steel membrane or a METAFLEX coupling.

The advantages of the new ISC design are a significant reduction of parts, bearing less design and weight saving. This leads to reduced installation and alignment efforts. Moreover with the ISC design there is no noise transmission path over metallic or bearing parts between engine and gearbox. The ISC provides excellent sound isolation against structure borne noise due to the RATO DS rubber element.
Source: VULKAN

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ULSTEIN LAUNCH OF FIRST PX106 IN BRAZIL

The first of two platform supply vessels (PSVs) of the PX106 type design was successfully launched from Alianca shipyard in Brazil mid-April.

The vessel is the first of four X-BOW® vessels for offshore shipowner CBO to be built at Alianca. After the launch, the superstructure was lifted onto the vessel and assembled in a smooth and problem-free operation.
CBO (Compania Brasileira de Offshore) ordered two PX106 and two PX105 designs from ULSTEIN at the end of 2009. The contracts include delivery of design, engineering, main equipment and building follow-up. The four PSVs are the first vessels with the X-BOW® to be constructed in Brazil. The vessels will enter into eight-year contracts, with options for extension, for the Brazilian state oil company Petrobas.
Source: ULSTEIN

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Qingshan Shipyard launches a 57,000dwt bulker ordered by FESCO

Chinese Qingshan Shipyard launched on April 23 the second vessel of a series of bulk carriers being built for FESCO Group, the Russian operator’s press service reports. The ship was named FESCO Simferopol.

The FESCO Simferopol’s dimensions:  LOA – 189,99 m, breadth overall – 32,26 m, hull height - 18 m, draft – 12,8 m, DWT – 57,000, the ship’s five cargo holds capacity - 71,500 cbm. The series vessels are equipped with 4 cranes of lifting capacity of 30 tons each.
[Read More]
Source: Port News

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Changxing Shipyard Accomplishes Repair Works on M.V. “Lagonda”

The repair of motor vessel “Lagonda” had been successfully accomplished by CIC Changxing Shipyard recently. The owners had expressed their satisfaction on production quality, repair period as well as business services provided by the shipyard and were willing to continue further cooperation with CIC-Shipyard with great pleasure.

M.V. “Lagonda” is a bulk carrier managed by a Greek shipping company. This is the first time that the vessel’s repair was undertaken by CIC Changxing Shipyard. The owners had paid high attention to this project. Technical representatives from the ship’s owner and Management Company were sent to assist the supervision of the project. CIC-Shipyards had carried out lots of preliminaries to win this tender, including adjusting the dock slot in advance on the pre-condition of tight dock spaces, etc. Depending on good brand advantage, excellent yard facilities & equipment, and powerful technical strength, CIC-Shipyards finally stood out among several well-known domestic shipyards. The vessel’s work scope was routine dry-docking jobs, cargo holds surface treatment, and main engine and deck crane repair. In the light of the principle of serving the owners with quality and quantity guaranteed, CIC Changxing shipyard had made every possible effort to re-deliver the vessel in due time. The groundwork was thus laid for further exploration of the ship repair market in the future.
Source: CIC

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Evergreen and Yang Ming to Build Mega Ships

Taipei, April 27, 2011 (CENS)--In line with the trend in the global shipping market, Evergreen Marine and Yang Ming Marine, Taiwan`s two leading shippers, have planned to build large-scale container ships, according the Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN).
[Read More at CENS]

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Shipbuilding to ride wave of offshore supply vessel orders

The Indian shipbuilding and repair market is estimated to double from its 2010 revenue of $1.6 billion in the next five years.

The primary driver of this growth will be increasing penetration of Indian shipbuilders and repairers in the offshore supply vessels (OSVs) segment. “Indian companies have established strong credentials in the building and repair of OSVs, resulting in a spike in orders for such vessels. The limited capacities in the OSV segment in leading shipbuilding nations such as Japan and South Korea are resulting in diversion of orders to India, driving up the fortunes of Indian shipbuilders,” a recent study by Frost & Sullivan says.
Source: Business Line

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