GE Agrees to Buy John Wood's Submersible Pump Unit for About $2.8 Billion

General Electric Co. agreed to buy the well-support division of John Wood Group Plc for about $2.8 billion, adding equipment that helps extract more oil and gas from mature fields to round out its offerings. [Read more] Source: Bloomber...

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Malaysia is Asia's 1st to charge Somali pirates

Malaysian prosecutors filed charges that carry the death penalty Friday against seven Somali pirate suspects in an attack on a Malaysian-operated ship, in the first such charges in Asia against the African sea bandits. [Readr More] Source: The Hi...

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Maersk Group Announce Expansion Of Break Bulk And Container Freight Carrier Fleet

DENMARK-– ASIA – AFRICA – Danish shipping group A.P. Moller Maersk has released details of the direction being taken by subsidiary Safmarine which it believes will open up an expanding market between Asia and Africa. With the recent delivery of the MV Safmarine...

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Fate of ailing Croatian yards to be decided soon

The European Commission is expected to soon announce whether a ban preventing Croatian shipyards from taking new orders will be lifted. [Readr More] Source: Baird Marit...

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Pirates seize IRISL bulker

An IRISL-owned bulk carrier has become the latest victim of pirates operating in the Arabian Sea. The 52,500-dwt Sinin (built 2005) was hijacked off the coast of Oman on Saturday evening, TradeWinds has learned. [Readr More] Source: TradeWi...

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TNK-BP Says BP Offered It Rosneft Deal Role

BP has offered its Russian venture TNK-BP a chance to join its partnership with Rosneft, TNK-BP's deputy chief executive said Friday, signaling a possible resolution to a dispute. "We had an offer from BP … about its agreements with Rosneft. Obviously a partnership...

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Container ship Boxford collided with fishing boat

A collision between two vessels 30 miles south of Start Point in Devon left two fishermen in the water, both of whom have now been recovered. [Readr More] Source: Sea N...

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Cheniere Signs MOU for LNG Sales to Basic Energy, a Dominican Republic Power Generator

Cheniere Energy Partners, L.P. announced today that its subsidiary, Sabine Pass Liquefaction, LLC, has signed memoranda of understanding with Empresa Generadora de Electricidad Haina, SA and Compania de Electricidad de San Pedro de Macoris, companies managed by Basic Energy, (hereafter referred to as...

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Venezuela To Receive Four Aframax tankers from Japan

Venezuela will receive four Aframax-sized oil tankers from a Japanese company, state-run oil giant Petroleos de Venezuela, or PDVSA, said in a statement Thursday. [Readr More] Source: Wall Street Jour...

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UK unveils marine sector growth strategy

The UK’s marine industries contribute £3.7 billion to the UK economy each year, according to figures released by the Marine Industries Leadership Council. [Readr More] Source: Maritime Jour...

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No penalties in Hythe well blowout

A natural gas well blowout that burned for two weeks in northern Alberta last year will not result in any penalties for owner Canadian Natural Resources, Ltd. The determination was made by the Energy Resources Conservation Board which investigated the Feb. 24,...

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Mysterious South Korean merchant vessel

Feb 11, Colombo: The Sri Lanka Navy seized a South Korean merchant vessel in the early hours of today close to Indian waters and brought it to Sri Lanka on suspicion of attempted murder of a member of the ship's crew. The Sri Lanka Navy detained the ship following the rescue of a sailor of the ship...

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Nato seizes 'pirate mother ship' off Somalia

A Nato warship has captured a suspected pirate mother ship off Somalia, Nato's counter-piracy mission has said. It said Denmark's warship fired warning shots on Saturday, forcing the vessel to stop and its crew to surrender. [Readr More] Source: BBC N...

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Ottawa to study PetroChina’s bid for Canadian shale gas

Ottawa will review PetroChina’s proposed $5.4-billion bid for a chunk of an Encana shale-gas project to ensure the deal is good for Canada, Industry Minister Tony Clement said Friday. Under the Investment Canada Act, Clement must review any foreign direct investment...

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New certification rules for seafarers to grab EU market

The government has prepared new rules for the seafarers as per the International Maritime Organisation (IMO) conditions amid strong opposition by coastal and fishing sea men, officials said Thursday. [Readr More] Source: Financial Expr...

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Global transport financing heading East

The centre of global transport financing is set to be heading East as transport financing firm DVB Bank said it expects more business to come from Asia in the coming years. [Readr More] Source: Channelnewsa...

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Shanghai to launch new marine fund

Shanghai has launched a 50 billion yuan ($7.6 billion) fund to invest in its shipping industry, as part of the city's plan to become an international shipping center by 2020, the local government said on Friday. [Readr More] Source: China Da...

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Munich Re warns against arms race in pirate defence

Installing sharpshooters on oil tankers to fight off pirates as some shippers have suggested risks provoking more aggressive attacks, a senior executive at reinsurer Munich Re warned. [Readr More] Source: Reut...

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Transocean To Seek Shareholder Approval For $1 Bln Dividend

Transocean Ltd. said Friday it would seek shareholder approval for a U.S. dollar-denominated dividend of about U.S. $1 billion out of additional paid-in capital and payable in four quarterly installments. The contract drilling service provider's plans to pay a similar dividend last year was blocked...

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Piracy a major threat to Cyprus shipping

THE CYPRUS Shipping Chamber (CSC) has urged all governments to combat piracy and Turkey’s illegal trade embargo on Cyprus-flagged vessels, warning that both posed serious problems for the European and international shipping industry. [Readr More] Source: Cyprus M...

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Growing ship bookings bolster Baltic sea index

The Baltic Exchange's main sea freight index .BADI, which tracks rates to ship dry commodities, rose for a fifth day on Friday as higher cargo bookings from China bolstered sentiment. [Readr More] Source: Reut...

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U.S. icebreakers can't handle Alaska oil spills

The U.S. Coast Guard does not have enough working icebreakers to respond to a major oil spill in Alaskan waters, the top official who oversaw the containment of the BP oil spill warned Congress on Friday. [Read more] Source: Reuter...

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Baltic Dry Index Sees Freight Rates Rise - At Last

The Baltic Dry Index took its first tentative steps upward this week when it closed yesterday at 1136 points, up from the dismal 1043 it bottomed out at a week ago. The index, which gives a picture of dry bulk freight carriage prices globally, has been plunging...

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Tanker freight rates to stay close to 2010 levels, bunker prices to average $510 pet ton says report

A new report from US-based Mcquilling Services said that tanker freight rates are expected to remain at or near 2010 levels (adjusted to 2011 WS flat rates) this year, while bunkers will average $510 per metric ton, so TCE revenues should be slightly less than last year. [Readr More] Source: Hellenic...

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Government Says Blowout Containment Remains Hurdle For New Deepwater Drilling Permits

Responding to oil industry criticism of perceived delays in approvals of deep-water drilling permits after the Obama administration’s lifting of a deepwater drilling ban several months ago, the director of the Bureau of Ocean Energy Management, Regulation and...

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Another cruise order for Meyer Werft

Royal Caribbean reports on its web site that it has signed a letter of intent with German shipyard Meyer Werft to build a 4,100-passenger cruise ship with an expected delivery in autumn 2014. [Readr More] Source: Motorsh...

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Posco enters China market with STX

A joint venture between Korea’s Posco and STX, Posco-PDCCP, established in Dalian in China, will enter into a full-scale operation from 15 Feburary. 
The joint venture, which Posco has 90% investment and STX 10%, will process 500,000 tons of steel per year and provide steel plates to nearby Chinese...

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Chevron notches key win in Ecuador pollution fight

International arbitrators ordered Ecuador to suspend enforcement of any judgment against Chevron Corp in its marathon rainforest pollution case, representing another important win for the U.S. oil company. [Read more] Source: Reuter...

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Remora HiLoad DP Completes Final Sea Trials with Kongsberg Maritime Dynamic Positioning in Control

The 27th January 2011 was a milestone in the development of the unique Remora HiLoad DP as it completed its final sea trials before live field implementation. HiLoad is a revolutionary deepwater offshore loading terminal, made possible by innovative vessel design...

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Petrobras approves order for 7 deepwater rigs for $4.64B

Petrobras’ board of directors approved the bidding process for the construction, in Brazil, of the first seven of a total of 28 offshore drilling rigs intended to meet its long-term drilling program with priority given to the pre-salt wells. The new rigs are expected...

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Future of Canadian shipping is in Chinese shipyards

Seven cargo vessels under construction in a Chinese shipyard represent the future of Niagara's shipping industry, says the head of Algoma Central Corp. [Readr More] Source: The Stand...

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Newbuilding prices set to fall?

Freight rates and secondhand-ship values are falling at the start of the new year and some are asking whether newbuilding prices are the next to face a way to south.  [Readr More] Source: Asias...

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DISNEY FANTASY Keel Laid

The first block of the 128,000 gt vessel was lowered into the graving dock and a coin was placed inside as part of a time-honored tradition that is supposed to bring good fortune to the ship, her passengers and crew. [Readr More] Source: Maritime Matt...

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Havila Shipping ASA Enters Long Term Charter Contract for Havila Subsea Vessel

Havila Shipping ASA has entered into a Charter contract with Subsea 7 for the vessel Havila Subsea for a fixed period starting in May 2011 ending 1st January 2013, with further options. Havila Subsea is of Havyard 855 design and currently under construction at...

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New FPSO work secured by Keppel FELS for Brazil

Singapore's Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary Keppel FELS Brasil, announced today that it had secured two contracts totalling R$500 million (approx. S$381.4 million) for Floating Production storage and Offloading (FPSO) units.  The contracts were signed with...

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Total 2010 profits jump on higher oil prices

France's Total unveiled a 32% rise in full-year profits, bolstered by stronger oil prices, and boosted its investments to USD 20 billion in 2011 to find new oil and gas projects amid flatening production. [Read more] Source: Moneycontrol....

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Ulstein lands contract with Eidesvik Offshore

ULSTEIN has signed a contract for delivering an offshore IMR/ construction vessel of the ULSTEIN SX148 design to Eidesvik Offshore. Working closely with Eidesvik Offshore and their partner Subsea 7, ULSTEIN won the contract against stiff competition from several...

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Subsea 7 S.A. awarded a five-year contract from Statoil AS

Subsea 7 S.A. announced the award of a five year Frame Agreement Contract, plus two 1 year options by Statoil ASA. The contract will cover provision of a dedicated vessel on full time basis, and associated project management and engineering support, for ROV based...

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Colombo Dockyard gets fresh orders for $240 mln to build more ships

Colombo Dockyard PLC (CDPLC) has come of age in the ship building industry, building so far 217 various types sea vessels over the years. The company has completed and ready for commissioning its 11th large and highly complex vessel – 78m “Greatship Rohini” with...

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Imtech Marine Target 2015: Doubling Revenue Up To 1 Billion Euro

Imtech Marine (the marine division of technical services provider Imtech) announces its new 2011 - 2015 growth strategy. Imtech Marine targets to double its revenue up to 1 billion euro in 2015. Growth will be achieved by organic growth and by means of acquisitions. [Read more] Source: The Maritime...

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BG Norge AS Receives Go-ahead for exploration Drilling in the Norwegian Sea

BG Norge AS has been granted consent to carry out exploration drilling of well 6604/2-1 in the Norwegian Sea with the mobile facility Aker Barents. The well will be drilled in production licence 522, 374 kilometres west of Brønnøysund. The water depth at the site...

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New Century Shipbuilding to raise HKD 7 billion from HK IPO

China Knowledge reported that New Century Shipbuilding Co Ltd China largest private shipbuilding enterprise by size plans to raise approximately HKD 7.8 billion from an initial public offering in Hong Kong. [Readr More] Source: Steel G...

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Siemens and Saudi Aramco sign strategic procurement agreement

Siemens and Saudi Aramco, one of the world's largest oil companies headquartered in Dhahran, Saudi Arabia, have signed a corporate procurement agreement (CPA). This corporate-level agreement will strengthen the cooperation between the two companies. In addition,...

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Statoil awards Aker Solutions LOI for subsea workover system offshore Norway

Aker Solutions has been awarded a letter of intent (LOI) from Statoil for the engineering, procurement and construction of a subsea workover system for the Vigdis North East development on the Norwegian Continental Shelf. Aker Solutions estimates that the contract...

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The Netherlands: Vroon Takes Delivery of VOS Venturer Vessel

Vroon  announces that yesterday, Thursday 10 February 2011, Vroon took delivery of VOS Venturer. The VOS Venturer is a field-support vessel, built at the Astilleros Zamakona Shipyard, Pasaia. The vessel is the newest addition to Vroon’s growing fleet of modern...

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Oil companies curtail chopper use over rough seas off Newfoundland

Offshore oil companies are grounding helicopter flights over rough seas off Newfoundland as recommended by the Transportation Safety Board of Canada. Paul Barnes of the Canadian Association of Petroleum Producers said this week that Cougar Helicopter flights will...

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Miclyn Express Offshore investing in new vessels

Miclyn Express Offshore Ltd has confirmed that funds received from its recent vessel sales, including the sale of Miclyn Constructor II, are earmarked for deployment into expansion opportunities in other classes of offshore vessel and continued fleet renewal and...

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NuStar acquires majority stake in Turkish products terminals

NuStar Energy LP has closed on a joint venture with Turkish companies S-Oil and Aves giving NuStar majority ownership and operational control of two petroleum terminals in Turkey. NuStar will acquire a 75% ownership stake in the joint venture for about $54 million. [Read...

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Scana-contract for components to offshore mooring systems

Scana Industrier ASA has through it's daughter company Scana Steel Stavanger won contracts for supplying molded components for offshore mooring systems. The contracts are signed with Bardex Corporation and Oil States in USA. Contract value is approximately 30...

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Rutter secures $US 1.3 million order for Oil Spill Detection Systems

Canadian based Rutter Technologies, a division of Rutter Inc., has entered into an agreement to provide its Oil Spill Detection and Management Systems for deployment in the U.S. offshore oil industry. This latest commitment is in addition to an original system...

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ABB Completes New Testing Facilities For Oil And Gas Drive Systems

ABB, the leading power and automation technology group, announced today the completion of its new, world-class electromechanical equipment test facilities at CESI's headquarters in Milan, Italy. These facilities will be used to test the load capacity and reliability...

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APACHE ELECTS CHANSOO JOUNG, SCOTT JOSEY TO BOARD OF DIRECTORS

Apache Corporation announced the election of Chansoo Joung, a senior advisor at Warburg Pincus LLC, and Scott Josey, former chairman and chief executive officer of Mariner Energy, to its board of directors. Joung, who joined Warburg Pincus in 2005, provides advice on new and existing investments in...

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