Willbros Group Q3 Profit Rises

(RTTNews) - Willbros Group Inc. (WG: News ) reported third quarter earnings from continuing operations of $36.0 million or $0.71 per share, compared to $1.68 million or $0.04 per share in the prior year quarter. [Read more] Source: RTTNew...

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Tony Hayward on BP oil crisis: 'I'd have done better with an acting degree'

Tony Hayward, the former chief executive of BP, has said that if he had a degree in acting from "Rada rather than a degree in geology I may have done better" in handling the fallout from the Gulf of Mexico oil disaster. [Read more] Source: The Guard...

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Shell unloads a third of its Woodside Petroleum shares for $3.3 billion

ROYAL Dutch Shell stunned investment markets yesterday when it announced it was unloading a third of its long-cherished holding in Australia's major oil and gas company Woodside Petroleum and pocketing $3.31 billion. The move to sell 10 per cent of Woodside, which Shell has twice tried to take over,...

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Burleson Energy Limited Re-commence Heintschel Field Drilling

Sydney, Nov 9, 2010 (ABN Newswire) - Burleson Energy Limited (ASX:BUR) is pleased to advise that a rig has been contracted to drill two wells and is expected to be moved onto location on 18 November 2010, with the first well spudded shortly thereafter. This rig...

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AWE hails Perth Basin results

Oil and gas producer AWE Ltd says a large potential resource has been identified at its Perth Basin shale gas play. The company said analysis of one core result showed estimated gross gas in place of 13 to 20 trillion cubic feet. [Read more] Source: The Sydney Morning Heral...

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LNG project gets Qld govt approval

The Queensland government has granted conditional approval for a new liquefied natural gas (LNG) project that could reap $15 billion for the state in its first five years. Australia Pacific LNG has been granted approval, subject to 600 conditions, to progressively develop a gas field between Injune...

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Pirate human shields feared

PIRATES might be using human shields in escalating their war against shipping. EU NAVFOR said today that pirates on the general cargo ship Izumi, which was seized on 10 October, were holding hostages aboard when they attacked the 2,570dwt ro-ro Petra 1 on 6 November. [Read More] Source: Safety at ...

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Korean yard bribery scandal unfolds

A couple of bribery scandals have rocked Korea’s shipbuilding industry. [Read More] Source: Seatrade Asia Onl...

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Floating crane delivered

A delivery ceremony of a floating crane takes place on Shanghai's Changxing Island yesterday. Shanghai Zhenhua Heavy Industry Co delivered the floating crane, which has a maximum lifting capacity of 8,000 tons, to South Korea's Samsung Heavy Industries. Zhenhua...

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S.KOREA'S STX PAN OCEAN CLINCHES US$297MLN SHIPPING CONTRACT

Northrop Grumman christened the eighth submarine of the Virginia class, California (SSN 781), at the company's Shipbuilding sector in Newport News, Va. Mrs. Donna Willard, the ship's sponsor, performed the traditional honor of breaking a bottle of American sparkling wine across the submarine's hull....

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Northrop Grumman Christens Virginia-Class Submarine

Northrop Grumman christened the eighth submarine of the Virginia class, California (SSN 781), at the company's Shipbuilding sector in Newport News, Va. Mrs. Donna Willard, the ship's sponsor, performed the traditional honor of breaking a bottle of American sparkling...

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Stena’s latest superferry goes top by 6cm

Stena Line’s latest addition to its fleet of superferries was named Stena Britannica in a ceremony at Harwich last month performed by Mrs Susan Hammond, wife of Philip Hammond, the UK Secretary of State for Transport. [Read More] Source: Maritime Jour...

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Somali pirates extort record ransom

The owner, Samho Shipping, reportedly paid a ransom of more than $9 million -- the largest amount thus far extorted from a shipowner by Somali pirates. [Read More] Source: Marine...

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Boskalis clinches huge contracts in Africa

Dutch dredging and maritime infrastructure company Royal Boskalis Westminster has been awarded three contracts on the African subcontinent with a total value of approximately EUR100 million (US$140 million). [Read More] Source: Baird Marit...

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Evergreen Marine in talks to buy 10-12 container ships

Taiwan's Evergreen Marine, which operates the world's fifth largest container fleet, is in talks to buy 10 to 12 container ships on top of 20 it ordered earlier this year, its chairman said on Monday. [Read More] Source: Reut...

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Sailing across choppy freight markets

Shipping companiesare upbeat on medium- to long-term prospects and are going ahead with expansion plans. Shipping companies may have seen marginal gains in net earnings during the second quarter this fiscal compared with the corresponding quarter last fiscal,...

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Capesize market on the red on China's reduced iron ore imports, but hopes for a recovery still exist

Strong headwinds have once again plagued the dry bulk market, as the Baltic Dry Indexx began the week down by 0.52% to 2,482 points, with the only surviving segment being the Panamax one. Still, the BDI has now been falling for seven straight session. The dry bulk market edged down throughout the previous...

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Cargotec signs order for MacGregor anchor-handling systems

Cargotec has secured Euros 10 million order from the Sinopacific Group in China for the supply of a further 16 shipsets of anchor-handling systems for Bourbon's newbuildings. [Read More] Source: Offshore Shipping Onl...

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OOCL steps forward to support forwarders awards

Orient Overseas Container Line (OOCL) has signed up to become the final category sponsor of the British International Freight Association's Freight Service Awards 2010. The shipping line will sponsor the Project Forwarding category at the industry-leading annual awards ceremony, which is open to providers...

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Dockwise new ship to cater for cargoes of 100,000 tonnes

Subject to approval by a Special General Meeting of shareholders to authorise the proposed USD100 million rights issue to part-finance the investment, Dockwise Ltd has announced its intention to commission a newbuild vessel to serve the emerging demand for ocean...

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Jack-up construction vessel ‘Nora’

Drydocks World (DW) recently launched a highly versatile, self-contained jack-up construction vessel at its Graha shipyard, formerly known as Labroy Shipyard Batam, in Indonesi...

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Jurong Shipyard Achieves Key Milestone with Singapore’s Largest Harsh-environment Ultra-deepwater Semi-submersible SeaDragon I

Jurong Shipyard, a wholly owned subsidiary of Sembcorp Marine, has achieved a key milestone with the construction success of SeaDragon I, the largest ultra-deepwater semi-submersible drilling rig to be completed in Singapore. SeaDragon I, the first of two identical...

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ABG Shipyard bags orders for two new rigs

Mumbai: India’s largest private sector shipbuilder ABG Shipyard has bagged a Rs20bn ($450m) order from Drilling & Offshore Pte Ltd for building two jack-up rigs capable of operating in water depths of 30,000ft. ABG's combined offshore and shipping orderbook...

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China is expected to help finance, with $5 billion shipping fund, the purchase of Chinese ships by Greek shipping companies

With details about the recent deal signed between the Greek Prime Minister George Papandreou and his Chinese counterpart, Wen Jiabao about the setting up of a $5 billion shipping fund still scarce, Hellenic Shipping News Worldwide spoke with Mr. George Xiradakis, head of business consultants XRTC, who...

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ABS breaks 170 million gt barrier

The ABS-classed fleet has broken through the 170 million gross tons threshold with the latest statistics showing the fleet as standing at 11,055 vessels aggregating 170.29 million gt representing an increase of more than 9 million gt to date in 2010.The ABS fleet has sustained consistent year-on-year...

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FAIRSTAR HVY TRNSP : HEAVY TRANSPORT announces NOK 300 million unsecured Bond issue

Fairstar Heavy Transport NV (FAIR) has appointed ABG Sundal Collier ASA, Carnegie ASA, and DnB NOR Markets as joint-lead book runners to arrange an unsecured NOK Bond. The proceeds of the Bond will be used to finance the 50,000DWT semi-submersible vessel FINESSE. Fairstar...

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Petrobras Aims to Raise $40 Billion in Five Years

Nov. 8 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, plans to raise $40 billion in the next five years through bank loans and bond sales. Petrobras also needs to refinance $38 billion in debt that is due through 2014, Chief Executive Officer Jose Sergio Gabrielli said...

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McDermott Profit Drops 82% On Charges

(RTTNews) - Engineering and construction firm McDermott International Inc. (MDR: News ) said Monday after the markets closed that its third quarter profit dropped 82% from last year, hurt mainly by non-cash impairment and related charges. However, the company's...

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Ocean Power Technologies Expands Relationship with Mitsui Engineering & Shipbuilding

Ocean Power Technologies, Inc. ("OPT" or the "Company") is pleased to announce that it has expanded its relationship with Mitsui Engineering & Shipbuilding Co. Ltd. ("MES") with the signing of a new contract to develop OPT's PowerBuoy technology for its application...

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PA RESOURCES : ' Board proposes delisting of the company's shares on Oslo Stock Exchange

PA Resources AB's Board gives notice of an Extraordinary General Meeting on 23 November 2010 to decide upon the approval of the Board's proposal to apply for delisting from the Oslo Stock Exchange. The reasons include the substantial decrease in trading in the company's shares on the Oslo Stock Exchange...

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Indo-US sign deals on clean energy technology

Clean energy technologies, disease detection and weather forecasting remained high on the agenda as India and the United States signed six memorandums of agreement (MoUs) on Monday. More than half of India's electricity is generated from thermal power using coal and nuclear and hydro electricity still...

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Hungary MOL ends test of oil well in Iraqi Kurdistan

BUDAPEST Nov 8 (Reuters) - Hungarian oil and gas group MOL(MOLB.BU: Quote) said on Monday that it has finished the testing of its first well in the Akri-Bijeel Block in the Kurdistan Region of Iraq, during which it found both oil and gas. MOL, which conducts tests in the Iraqi block jointly with Gulf...

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U.S. sends first gas to NW Europe in 50 years

(Reuters) - The United States is set to supply gas to Britain for the first time in half a century, with a liquefied natural gas (LNG) tanker expected to arrive from Louisiana in late November. U.S. gas prices have fallen more than 30 percent since the beginning of the year, pressured by a surge in...

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Dockwise new ship to cater for cargoes of 100,000 tonnes

The shipping company has been studying the feasibility of investing in a new semi-submersible monohull vessel, bigger than its current largest vessel, the Blue Marlin . This so-called ' Type 0 ' vessel, with capacity of more than 100,000 tonnes, and a decksize...

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Songa Offshore SE: October fleet update

Songa Venus achieved operating efficiency of 99% during the month, the rig completed its work and moved over to the third firm well for Shell Development (Australia).  The rig is scheduled to start 1st Optional well for MEO Australia during mid November.. Songa Mercur achieved operating efficiency...

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2 Americans among those kidnapped in raid on Nigerian oil rig

(CNN) -- At least two Americans, two Frenchmen and one Canadian were kidnapped early Monday by an armed group that raided an oil rig off the Nigerian coast. Two crew members are in stable condition at a shore-based clinic, where they were airlifted after being...

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Saudi Aramco extends gas work bid deadline

State oil company Saudi Aramco has extended the deadline for companies to bid for offshore work at non-associated gas fields related to its Wasit programme by one month to December 7, industry sources said. Wasit is Aramco's second project to develop gas fields...

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Oil spill: BP 'did not sacrifice safety to save money'

An inquiry ordered by US President Barack Obama into the BP oil spill has given support to many of the company's own findings, challenging claims BP sacrificed safety to save money. [Read more] Source: ...

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Production starts from Gjoa field off Norway

HOUSTON, Nov. 8 -- Production started from Gjoa oil and gas field in Blocks 35/9 and 36/7 off Norway on Nov. 7.  Statoil operated the project during the development phase and GDF Suez E&P Norge AS will assume operatorship during the production phase.  The semisubmersible production unit...

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Higher Gas Prices Lift Gazprom's Profit

MOSCOW—Russia's OAO Gazprom on Monday posted a 67% rise in first-half net profit, boosted by higher domestic prices, despite continued weak European demand.  The world's largest producer of natural gas said net profit for the January-to-June period was 494.68...

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STX Plans IPOs for Cruise-Ship Builder, China Yard Amid Rebound

STX Group, the Korean shipbuilder that sold stock in an offshore-vessel unit last week, may hold initial public offerings for a Chinese yard and a cruise-ship maker as orders recover from the global recession. “We want to be in the market when momentum is starting to build, not when the industry is...

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GE Oil & Gas Wins $120 Million DSME Contracts for Brazil Deepwater Equipment

GE Oil & Gas' drilling and production business has been awarded two contracts totaling more than $120 million by Daewoo Shipbuilding & Marine Engineering Co. (DSME) of South Korea, a specialized shipbuilding and offshore contractor. In a release, GE said that under the first contract, it will...

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Stratic Announces Closing of Plan of Arrangement with EnQuest PLC

CALGARY AND LONDON, Nov. 8, 2010 (Canada NewsWire via COMTEX News Network) --  Stratic Energy Corporation (TSX Venture: 'SE', AIM: 'SE.') ("Stratic" or the "Company") announces closing of the previously announced plan of arrangement (the "Arrangement") with EnQuest PLC (LSE: ENQ and NASDAQ OMX...

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Gun, oil and phone groups set for Aim

A trio of companies, including a machine gun manufacturer, a mobile phone marketing company and an oil exploration company, is set to float on Aim in the coming weeks.  Madagascar Oil, the oil explorer, is planning to raise $80m via an initial public offering for a drilling campaign in Madagascar.  [Read...

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