Sea Trucks secures funds for new vessels

Sea Trucks Group has raised $200 million via an offering of secured convertible bonds. The offshore installation contractor plans to use part of the proceeds to finance its capital expenditure program. This involves expanding the company’s multi-purpose fleet...

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Demand for offshore vessels will drive India’s shipbuilding/repair market

The shipbuilding and repair market in India is poised to pick up momentum with the increasing penetration of Indian shipbuilding companies in the offshore vessels (OSVs) segment, found a report from Frost and Sullivan. [Read More] Source: Ba...

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Arms more present in piracy waters

Although a vast majority still believes that arming civilian seafarers is a bad idea, acceptance has increased for armed security personnel on ships transiting pirate infested waters. Stena Bulk is one of the owners that recently has announced its decision to provide armed guards after having had incidents...

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Arctic short-cut shipping to leap in 2011 -Russia

Russia predicted on Tuesday a surge in voyages on an Arctic short-cut sea route in 2011 as a thaw linked to climate change opens the region even more to shipping and oil and mining companies. [Read More] Source: Maritime Sun New...

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Rongsheng is to receive 10bn funds

Shanghai: Jiangsu Rongsheng Heavy Industries Group Co, a privately-owned Chinese shipbuilder is likely to achieve RMB10bn (US$1.5bn) funding deal with China Everbright Bank. Rongsheng has also secured additional credit worth RMB50bn from other Chinese banks that will be finalised in the first half of...

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MAN PrimeServ gets 10 year EMC contract for Nakilat LNG fleet

Shell Trading and Shipping Company (STASCO) has signed an EMC (engine management concept) contract with MAN PrimeServ covering Nakilat's wholly-owned fleet of LNG ships. STASCO manages the ships for Qatari-owned Nakilat, which operates one of the world's largest LNG tanker fleets. The contract with...

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Royal Caribbean may be ready to build new cruise ship

In a conference call with investors today, Royal Caribbean Chariman and CEO Richard Fain said that the company may be ready to look to building a new cruise ship. "We feel time may now be right for such a move," he said.  The new ship would be a new class...

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Singapore Asphalt tanker sinks crew rescued

A Singapore-registered asphalt tanker was reported to have sunk off the east coast of Pulau Bintan, Indonesia this afternoon. [Read More] Source: Sea N...

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Centuries of Sailors Weren't Wrong: Looking at the Horizon Stabilizes Posture

Everybody who has been aboard a ship has heard the advice: if you feel unsteady, look at the horizon. For a study published in Psychological Science, a journal of the Association for Psychological Science, researchers measured how much people sway on land and at sea and found there's truth in that advice;...

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Admiral calls for counterterror approach to piracy

The U.S. and its allies should put more pressure on Somali pirates on shore, before they reach commercial ships off the Somali coast, a top Navy commander said Wednesday. Vice Adm. Mark Fox, who is commander of the U.S. Navy's Bahrain-based Central Command fleet,...

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Company supports charged N.L. ferry captain

A company that hired a captain charged with failure to keep a proper watch after his vessel struck an anchored boat , says it's standing behind its employee. Matthew Whalen was charged after the Marine Voyager — a southwestern Newfoundland ferry — struck a five...

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Watchkeeper: “Master’s orders on Pilot’s advice”

Why do so many accidents occur in pilotage waters, often with a pilot embarked? This is an age-old question which seems designed to raise the hackles of any pilot who might be in earshot. And of course in some respects it is as silly a question as “why are there...

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S. Korea says Oman bars ship with Somali pirates

A South Korean ship carrying five Somali pirates captured in a dramatic commando raid has not been allowed to berth in Oman, Seoul officials said Thursday. South Korean navy commandos last Friday stormed the hijacked 11,500-ton freighter Samho Jewelry and rescued...

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Maersk Shares Advance After Chief Lifts 2011 Container Market Forecast

A.P. Moeller-Maersk A/S rose to the highest price in more than two years in Copenhagen trading after the world’s largest container line said the global market will grow more than previously forecast. [Read More] Source: Bloomb...

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Dry-Bulk Shipping Customer Files for Bankruptcy, Industry Remains Weak

On Tuesday, ocean shipping firm Korea Line announced that it will file for bankruptcy protection due to decreased dry-bulk freight rates that drove operating losses and a resulting inability to service its debt. [Read More] Source: Morning S...

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Genco Puts Are Among Most Active on Most Bearish Bets Since 2009

Genco Shipping & Trading Ltd. put options trading rose to a record after Wells Fargo & Co. cut its rating on shares of the iron and coal ship operator. [Read More] Source: Bloomb...

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Charterparty clause – Financial security in respect of pollution

In 1990, in response to prospective oil pollution legislation in the United States of America, a recommended pollution charterparty clause was circulated to Members recommending that owners should not warrant in charterparties that they would comply with future unforeseen requirements regarding certificates...

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Dry bulk market closing in towards “crisis” levels

The trials and tribulations of the dry bulk market seem to have no end during the first month of 2011, as the industry’s benchmark, the Baltic Dry Index, is ending yet another week of violent falls, with yesterday’s session bringing the market down to just 1,186 points, losing an additional 3.89% on...

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Daewoo wins first-ever LNG-FPSO

Daewoo Shipbuilding & Marine Engineering has won a $2bn LNG-FPSO order for the first time. According to industry sources, the Korean shipbuilder and France's Technip are to sign a front-end engineering and design (FEED) contract for one LNG-FPSO with Malaysian...

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China delivers the most in 2010

Chinese shipbuilders delivered more than 61m dwt of newbuildings in 2010, a 70% increase on the 36m dwt delivered in 2009, as fresh yards ramped up output. [Read More] Source: Asia...

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Daewoo; "nothing clear on drillship order"

Korea's Daewoo Shipbuilding & Marine Engineering revealed yesterday through the disclose that "Nothing has been confirmed yet about the new drillship order from Norwegian shipowner." The yard says, "Regarding the drillship order placed by Norway's Aker Drilling, we signed a LOI on 16th December...

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Marathon Petroleum Sells $3 Billion of Debt in 3 Parts

Marathon Petroleum Corp. sold $3 billion of debt in three parts, the largest non-financial U.S. offering in almost three months, as it prepares to be spun off from Marathon Oil Corp. The company’s $750 million of five-year securities pay 155 basis points more than similar-maturity Treasuries. The $1...

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No end in sight for Horizon stop-work order

lberta government officials said on Thursday they are unable to say when they will lift a stop-work order placed on Canadian Natural Resources Ltd's Horizon oil sands upgrader, following a Jan. 6 fire. Investigators have just been able to reach the coker unit...

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Keppel wins $532 million rig deal

Keppel FELS, a shipyard of conglomerate Keppel Corp, has won a US$416 million ($532 million) contract to build two jackup rigs for Discovery Offshore. [Read More] Source: Today Onl...

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COSCO adds new giant to offshore fleet.

Encouraged by several years of successful, well supported service in the offshore Industry, COSCO Shipping Company is continuing to expand its semi-submersible heavy lift fleet. Recently, a newbuilding semi-submersible vessel - Xiang Yun Kou - was delivered to...

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LNG shares rise 10% on China sale

Shares in Liquefied Natural Gas are up over 10 per cent as the company confirmed it has agreed to sell a 20 per cent stake to Chinese state-owned oil and gas giant CNPC for around $25.6 million. LNG says CNPC subsidiary, China Huanqiu Contracting & Engineering Corporation, would become LNG's largest...

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Shipyard owner punished for defamation

High Court judges ordered the owner of a Sitakunda shipyard to remain standing inside the courtroom, saying he had defamed the court. Abul Qasem Master, owner of Mac International Corporation, was handed the punishment because judges said he had defied an order to halt work at his ship-breaking yard. [Read...

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Hyundai Heavy Profit Rises on Higher Offshore Demand

Hyundai Heavy Industries Co., the world’s largest shipbuilder, said fourth-quarter profit jumped 47 percent to a record as it built more vessels and offshore platforms to meet demand from oil explorers and producers. [Read More] Source: Bloomb...

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Almi clinches bank finance for first half of mega-order

ALMI Tankers has sealed bank finance for the first half of its suezmax newbuilding series at Daewoo Shipbuilding & Marine Engineering, but the owner is sceptical about the average shipowner’s ability to borrow at present. [Read More] Source: Lloyd's L...

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ExxonMobil Says Natural Gas to Surpass Coal by 2030

Natural gas will surpass coal and emerge as the second-largest global energy source behind oil by 2030, forecasts ExxonMobil Corp. in its annual energy outlook, "Outlook for Energy: A View to 2030." As a lower-cost source than coal, natural gas will become a "particularly...

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Northrop Grumman awarded $794M Navy contract

A team led by Northrop Grumman Corp. was selected by the U.S. Navy Space and Naval Warfare Systems Command to compete for orders to provide shipboard, submarine and shore-based command, control, communications, computers and intelligence global installation support. [Read More] Source: Bloomb...

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Eagleford Energy Spuds Eagle Ford Shale Well on its Murphy Lease in Zavala County, Texas

Eagleford Energy Inc., announces that it spud its initial well, the Murphy/Dyami 1-H, on its 100% working interest Murphy Lease comprising 2,637 acres of land in Zavala County, Texas. The rig is currently drilling vertically and the Company intends to drill through...

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Odfjell Drilling wins EPC(I) contract on Veslefrikk

Odfjell Drilling has been awarded the EPC(I) contract for the Veslefrikk field with immediate start up. "We are looking forward to doing this job for Statoil," says Odfjell Drilling CEO Simen Lieungh. The contract includes upgrading the drilling system on Veslefrikk....

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Italy: Eni Named the Best International Company for Online Financial and Corporate Communications

Eni has been named the leading international company for online financial and corporate communications, in the fourteenth edition of Hallvarsson & Halvarsson’s survey of major international companies operating in 28 different industries.[Read more]Source:...

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Rosneft and BP sign a framework cooperation agreement at the Davos Forum

Rosneft and BP today signed a framework agreement on strategic cooperation during the World Economic Forum in Davos.This agreement is signed in continuation of Rosneft and BP announcement to form strategic alliance to jointly explore and develop hydrocarbon resources...

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Discovery Offshore orders two jackups from Keppel FELS

Discovery Offshore SA has awarded a contract worth $416 million to Keppel FELS Ltd. for construction of two harsh-environment jackup rigs. The KFELS Super A Class rigs are scheduled for delivery in 2013. Discovery Offshore has options to order two more jackups...

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China's CNOOC Ltd. sets 2011 output target higher at 365 mln BOE

China's largest offshore oil and gas producer, China National Offshore Oil Company Limited (CNOOC Ltd.), announced Thursday that its 2011 oil and gas output target is set at 355 to 365 million barrels of oil equivalent (BOE). It is higher than an estimated output...

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Technip Surges on Brazil Oil Pipe-Making Expansion Plans

Technip SA surged after Europe’s second-largest oilfield-services provider announced a plan to increase pipe manufacturing in Brazil, where development of offshore hydrocarbon reserves is set to expand. Technip plans to start building a manufacturing plant this...

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Statoil curbs output at Troll field

Production at the giant Troll oil and gas field will be curbed from Thursday for repairs that would last less than a week, while two other North Sea fields have resumed production, operator Statoil said. The news on Troll, the largest gas reservoir off Norway,...

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Statoil Canada Oil Sands SAGD Project Produces First Oil

Statoil today announced first oil production from its Leismer Demonstration Project (LDP) after initiating steam injection in September 2010, one month ahead of schedule.   "We are very pleased with the safe start up of this demonstration facility and first oil at Leismer," said Lars Christian...

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SOCAR launches drilling of new well on Guneshli offshore field

The State Oil Company of Azerbaijan has started drilling a new well on Guneshli offshore field. According to a statement in the company, well No 240 is drilled from offshore stationary platform No 13. [Read more] Source: News...

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ELECTROMAGNETIC : EMGS awarded USD 8.5 million contract offshore Mozambique

Electromagnetic Geoservices ASA (EMGS) has today been awarded a contract worth USD 8.5 million by a repeat customer to acquire 3D EM data offshore Mozambique. The vessel BOA Galatea will be mobilized in early February, following completion of her current work...

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Tullow Oil Sees Higher FY10 Revenues On Increased Commodity Prices

British oil explorer Tullow Oil Plc Thursday said it expects higher year-over-year revenues in fiscal 2010, as realized commodity prices improved from last year. The company's working interest production in 2010 averaged in line with its previous guidance and...

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PGS and SeaBird in strategic cooperation for deep water node seismic

Petroleum Geo‐Services ASA (PGS) and SeaBird Exploration Plc (SeaBird) have signed a strategic cooperation agreement to further develop ocean bottom node solutions for deep water. CEO Jon Erik Reinhardsen of PGS says: “This agreement enables the two companies...

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Tap Oil announces Zola-1 Well Drilling Update

Tap Oil Limited provides the following update on the Zola-1 exploration well, offshore Carnarvon Basin, Western Australia. Location / Proposed Depth The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon...

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Crest Subsea Vessels, Orange Partner for Satellite System for Marine Communications

Looking to improve communication infrastructure of its diving support vessels, Crest Subsea has chosen Orange Business Services. According to the agreement, Orange Business Services will combine and manage a VSAT satellite communication system specially developed for marine communications. [Read more] Source:...

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Teekay Offshore Partners L.P. Declares Distribution and Receives Offer to Acquire Remaining 49 Percent of Teekay Offshore Operating L.P.

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., has declared a cash distribution of $0.475 per unit for the quarter ended December 31, 2010, payable on February 14, 2011 to all unitholders of record on February 7, 2011. The Partnership...

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SIEM OFFSHORE: CONTRACT EXTENSION FOR MRSV

Marine Platforms Limited (“MPL”) and Siem Offshore have agreed to extend the initial interim period for the MRSV (Multi Role Support Vessel) Siem Marlin by an additional firm period of one year until April 2012. MPL has options to extend the charter by 2 + 1 year. The...

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Noble Corporation Reports 2010 Earnings of $3.02 per Share on Revenues of $2.8 Billion

Noble Corporation today reported fourth quarter 2010 earnings of $99 million, or $0.39 per diluted share, versus $446 million, or $1.72 per diluted share, for the fourth quarter of 2009. Contract drilling services revenues for the fourth quarter of 2010 were $614...

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Chevron Announces Senior Leadership Changes

Chevron Corporation announced a series of senior management moves in key corporate and upstream leadership positions. These executive appointments are effective March 1, 2011. James Blackwell has been named executive vice president, Technology and Services. Blackwell,...

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Pioneering £500,000 Underwater Tool Nears Completion for Ecosse Subsea Systems

Work is nearing completion on a six figure pioneering underwater tool which is to be exhibited at next month’s Subsea 2011 event in Aberdeen.After five years of development and investment of £500,000, Ecosse Subsea Systems’ SCAR specialist trenching plough is...

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China: Fuel reserve project moves into new phase

China's strategic petroleum reserve capacity is expected to reach 274 million barrels by 2012. However, that figure will not be confirmed for nearly two years, at the completion of the second phase of the reserve project for the fuel, according to the China Petroleum...

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Samson Oil & Gas announces joint venture for Hawk Springs Project

Samson Oil & Gas Limited advises that it has entered into a three-party participation agreement with Halliburton Energy Services, Inc. and its existing private company partner for the evaluation and development of the Niobrara Formation and other conventional targets in the northern Denver-Julesburg...

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