Sungdong wins 39-ship orders

Sungdong Shipbuilding & Marine Engineering announced today that it has secured new orders for 39 commercial ships worth $1.7bn so far this year. [Read More] Source: Asia...

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HHI first digitize shipbuilding welding

Hyundai Heavy Industries has recently developed a 'digital welding system' for ship welding for the first time worldwide. HHI has used analog welding method for the past 40 years since 1972. [Read More] Source: Asia...

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Pirates take tanker, ditch bulker

IRATES have hijacked a tanker in the Somali basin, while a bulker has avoided capture after it was boarded by pirates off Oman, according to EU NAVFOR. The 72,825dwt tanker Polar was seized on 30 October about 580 n-miles east of Socatra Island, the anti-piracy...

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Channel swim peril warned

P&O FERRIES warned Fairplay today that the Channel is getting too popular among open-water swimmers. But its PR chief Brian Rees splashed cold water on a French call to bar Channel crossings: “It would be a very sad day if the UK authorities tried to follow...

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Singapore’s LNG facility to have third tank

Singapore: A third liquefied natural gas tank will be built at the Lion Republic’s new LNG terminal on Jurong Island, where two tanks are already under construction. [Read More] Source: Seatrade Asia Onl...

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Gulf jack-up operator eyes strategic alternatives

BOEMRE Director Michael R. Bromwich may be in denial about its existence, but the de facto moratorium on issuance of new shallow water drilling permits looks to be real enough to be forcing Houston headquartered Seahawk Drilling, Inc. (Nasdaq:HAWK) to seek a buyer. The company,which owns and operates...

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Panamax size dry-bulk carrier market is strong

Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, due to factors including ones associated with the global economy. While some of the factors have caused a damper on demand, time charter average rates for...

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North P&I Club directors decide on 3% general premium increase

Shipowner directors of the 125 million GT North P&I club have decided on a modest 3% general premium increase for protection and indemnity (P&I) cover in 2011/12, reflecting their commitment to maintaining the ‘A’ rated club’s financial strength in an uncertain market. Chairman Albert Engelsman...

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Persian Gulf Lacks Sufficient Supertankers for First Time in Almost a Year

The Persian Gulf, the world’s biggest crude-oil loading region, has too few supertankers to haul the fuel for the first time in almost a year, potentially helping to sustain a rally in freight costs. There are 1 percent fewer very large crude carriers, or VLCCs,...

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Dry bulk market still top of investors' preferences

The latest monthly poll, organized by Hellenic Shipping News Worldwide among its readers, revealed in October that the dry bulk market is still the most desirable investment-wise. A total of 3,034 readers took part in last month’s poll, out of which 937 or almost 31% would invest in the dry bulk shipping...

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Delivery of Floatel’s second unit

Keppel FELS Limited (Keppel FELS) recently delivered Floatel International’s second semisubmersible accommodation rig, ‘Floatel Reliance’, 63 days early, within budget and without any lost-time incidents. Designed by Keppel O&M's Deepwater Technology Group,...

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NYK introduces latest green boxship

The latest newbuilding from NYK Line, ‘NYK Altair’ highlights the Japanese shipping company’s ongoing commitment to creating an environmentally friendly global transportation. Despite recent adverse trading conditions, NYK continues its investment of 70 billion...

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TAG Oil Announces Strong Results at Sidewinder-1 Flow Test and Updates Taranaki Basin Operations

VANCOUVER, Nov. 2 /PRNewswire/ - Canadian-listed, New Zealand oil and gas producer TAG Oil Ltd. (TSX-V: TAO), announces that the Sidewinder-1 discovery well, located in TAG's 100% controlled Permit 38748 in the Taranaki Basin, has been perforated and a 10-day sustained production test is now complete. Sidewinder-1...

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Saudi Aramco may sign $4 bln loan soon-IFR

State-run Saudi Aramco [SDABO.UL] could sign a $4 billion two-part revolver loan with banks next week, IFR Markets, a unit of Thomson Reuters, said on Tuesday quoting banking sources. [Read More] Source: Reut...

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Al Qaeda suspected in Yemen oil pipeline blast

Suspected al Qaeda militants blew up an oil pipeline run by Korea National Oil Corp (KNOC) in south Yemen on Tuesday as the country hunted those behind a plot to mail bombs to the United States. The explosion occurred early on Tuesday and caused a leak, the size...

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China shipbuilder set for splash

China Rongsheng Heavy Industries is tipped to become another hot favorite in the local initial public offering market, as it is expected to benefit from China's new Five-Year Plan and is priced reasonably.The firm yesterday introduced two more cornerstone investors - tycoon Cheng Yu-tung's Chow Tai...

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French and Russian, ship manufacturers form association

On Monday the United Shipbuilding Corporation (USC) of Russia and France's ship manufacturer DCNS entered into an accord to shape an association, in a stir that might fetch a awaiting helicopter transporter contract quicker to finishing point, as per the USC president. [Read...

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Bangladesh plans to develop dredging industry

Bangladesh has made rapid stride in the shipbuilding sector and we are now building small ships for the foreign countries. With the proper implementation and regulation of R&D, QC and safety measures, this sector could brighten up the economics of the nation. [Read More] Source: Steel G...

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S.Korea to build 8.2 billion-dollar offshore wind farm

SEOUL — South Korea said Tuesday it would build a massive offshore wind farm off the west coast by 2019 to develop new sources of renewable energy and help wind turbine exporters. Under the 9.2 trillion won (8.2 billion dollars) project, companies such as Hyundai...

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Concordia Maritime Finances Suezmax

Concordia Maritime (STO:CCORB) has now secured financing for the newly ordered Suezmax tanker Stena Supreme. The vessel, which will be built by the South Korean shipyard Samsung, is set for delivery in Q2, 2012. The financing, which will be jointly provided by the banks SEB and DnB NOR, amounts to...

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Wärtsilä and Russian yard group in joint set-ups

ärtsilä and the leading Russian yard group United Shipbuilding Corporation have signed a memorandum of understanding with the aim to “establish joint set-ups in the areas ........ [Read More] Source: Ship...

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Kuwait Energy, TPAO, KazMunaiGaz Get Iraq Gas Awards

Kuwait Energy Co., Turkiye Petrolleri AO and KazMunaiGaz National Co., Kazakhstan’s state fuel producer, won rights to develop three Iraqi natural-gas areas as the country seeks supplies for power plants and export. [Read More]  Source: Bloomb...

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ABG Shipyard Bags Rs.2,000 Cr. Order From Drilling & Offshore

ABG Shipyard said that company bagged an export order for construction of two jack-up rigs from M/s Drilling & Offshore Pte. Ltd. [Read More]  Source: RTT N...

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BG Group announces certified resources upgrade of 2.7 bboe to Tupi, Iracema and Guará fields, offshore Brazil

BG Group today announced a 2.7 billion barrels of oil equivalent (boe) upgrade to estimates of gross resources for the Tupi, Iracema, and Guará fields in the Santos Basin, offshore Brazil. BG Group’s new aggregate best estimate of economically recoverable gross resources* for these fields amounts to...

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Nigeria: Exxon Mobil announces offshore gas find

The Nigerian subsidiary of Exxon Mobil Corp. says the firm has discovered a rich gas condensate deposit off Nigeria's southeast coastline. [Read More] Source: Business W...

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Statoil awarded UK exploration acreage

Statoil has been awarded operatorship of three new exploration licenses on the UK continental shelf (UKCS). Statoil was awarded one licence which covers parts of blocks 8/15 and 9/11D, close to the Statoil-operated Mariner heavy oil discovery, and two licences near the Faroe border.“We are very...

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BP oil spill costs surge to $40 bln

Energy giant BP announced a return to profit on Tuesday but revealed new shock estimates for the cost of its Gulf of Mexico oil spill, putting the expected bill at close to $40 billion. The new figure is far higher than expected. BP said it had taken an additional...

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Subsea7 secures $100m North Sea contract with BP

30 month contract awarded for project management, engineering and remotely operated vehicle services for offshore inspection, repair and maintenance activitiesOil and gas industry engineering and construction group Subsea 7 has won a $100 million North Sea contract from BP. [Read More] Source: Busi...

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Desire Petroleum suffers another setback in drilling campaign

Oil exploration firm Desire Petroleum has suffered another setback in its drilling campaign in the Falkands after a mechanical failure. Shares in Malvern-based Desire (DES) remained depressed after the company admitted that the first effort at reaching target...

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BP Seeks $1.9 Billion From Mitsui Unit for Gulf Oil Spill Cleanup Costs

Mitsui & Co.’s oil exploration unit received a $1.9 billion bill from BP for costs involved in cleaning up the Gulf of Mexico oil disaster, the biggest offshore oil spill in U.S. history. Mitsui Oil Exploration Co., which has a 10 percent stake in the damaged...

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Worleyparsons awarded new contract

Worleyparsons Ltd (ASX:WOR) has announced that it has been appointed as a contractor for QGC’s Queensland Curtis LNG Project, in a deal that has potential revenue of over $580 million. QGC is a BG Group business that is developing coal seam gas in the Surat Basin of southern Queensland for domestic...

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BP Sends $4.5 Billion Bill to Partners for Mexico Gulf Cleanup

BP Plc sent bills for $4.5 billion to its partners in the Macondo oil well for what it says is their share of costs of cleaning up after the Gulf of Mexico oil disaster, the biggest offshore oil spill in U.S. history. Anadarko Petroleum Corp., a Texas oil company with a 25 percent stake in the well,...

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