Chinese Navy Sails to Another First Off Somalia

A Chinese warship has completed its first escort of a World Food Program shipment along the pirate-infested coast of Somalia in another milestone for the Chinese military as it tries to enhance its operational experience – and its international image. [Read More] Source:...

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Asia-Europe Rates to drop below US$1,000 per TEU

Freight rates between Shanghai and North Europe have continued to fall 5.3 per cent to US$1,019 per TEU as of March 18 from $1,076 the previous week, and rates from Shanghai to Mediterranean ports decreased 3.9 per cent to $1,001 from $1,042, according to the...

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GE Energy to Acquire Converteam, Accelerating Momentum in High-Efficiency, Fully Electric Solutions

ATLANTA—March 29, 2011— GE (NYSE: GE) announced today that its Energy business has entered into an agreement to acquire approximately 90 percent of Converteam, a leading provider of electrification and automation equipment and systems, from a controlling shareholder...

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Idle containership fleet shrinks ahead of new service launches

THE number of idle containerships in the worldwide fleet stands at 84 vessels with a total capacity of 185,000 TEU, including 23 carrier-controlled ships. [Read More] Source: Sea N...

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Hamburg Süd: Port call of “Cap Isabel” in Tokyo cancelled at short notice

In all decisions concerning the current situation in Japan, Hamburg Süd is acting according to the maxim of, first and foremost, safeguarding the well-being of the seamen on the vessels it deploys and, at the same time, ensuring that Japan is not cut off from...

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Maersk deploys geared 4,500-TEU ship for west Africa string

MAERSK Line, the world's largest carrier, has announced it will deploy a 4,500-TEU newbuilding on the west Africa route at a naming ceremony at the Hyundai Heavy Industries shipyard in Ulsan, South Korea. [Read More] Source: Sea N...

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Taiwan: Shipbuilding market continues decline

Taiwan's shipbuilding market is still depressed despite recent economic growth and might not show a strong rebound until 2012, Taiwan's leading ship manufacturer said Wednesday. Industry prices which have fallen sharply since the economic recession took hold in...

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Shipowners need to change perception – LR

Lloyd’s Register says that looking for profit alone will not be enough in the future – ship owners and operators will need to concentrate on responsibilities to society as well as just making money. [Read More] Source: Motors...

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China COSCO H2 net beats f'cast, faces choppy water

China COSCO Holdings Co Ltd, the country's top shipping conglomerate, reversed losses to post a slightly better than expected net profit in the second half of 2010. But analysts say it is likely to face choppy waters ahead amid uncertain freight rates and rising...

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Japan Oil Ports Still Open to World’s Five Largest Tanker Lines

The world’s five biggest oil-tanker companies will still travel to the ports of Tokyo Bay, joining other shipping lines in judging them safe for crew and vessels. Mitsui O.S.K. Lines Ltd., Frontline Ltd., Teekay Corp., Nippon Yusen Kaisha and NITC Co., whose...

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Noble considers older rig selling

* CEO will consider potential for spin-off of older rigs * Rival Transocean also looking at spinning off older rigs Noble Corp (NE.N), owner of the second-largest offshore drilling fleet, is looking at potential sales of older, less-capable rigs in order to improve the overall fleet profile, its chief...

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Chevron expects Buckskin permit in a couple months

Chevron Corp (CVX.N) expects to get a permit for its Buckskin appraisal well in the Gulf of Mexico in a "couple months," having originally planned to drill last year, before the deepwater drilling moratorium. [Read More] Source: Reut...

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Shell Wins Approval for Deep-Water Drilling Permit in Gulf

Royal Dutch Shell Plc won a U.S. permit to drill a deep-water well in the Gulf of Mexico where exploration was banned after the BP Plc blowout 11 months ago. [Read More] Source: Bloomb...

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Brazil 'threatens' Asian floater sector

Brazil’s floating production sector could pose a threat to established Asian players in the coming years while the sector as a whole is poised for solid long-term growth, an offshore consultancy said in a new report. Local content requirements in Brazil have led...

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Singapore: Sembcorp, Teekay Ink Long Term Fleet Maintenance Agreement

Sembawang Shipyard, a wholly-owned subsidiary of Sembcorp Marine has signed a long-term alliance contract with Teekay Marine Services, Canada, to provide ship-repair, refurbishment, upgrading and related marine services for its fleet of 137 ships. Teekay Marine...

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Havyard builds vessels for Sartor Offshore

Sartor Offshore has ordered a Norwegian ship design developed from Havyard Ship Technology AS to approx. 300 million. The PSV, which will be built at shipyard in Sogn, is scheduled for delivery in January 2012. “The contract is based on optimism within...

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Severnaya Shipyard launches PSV for Norwegian customer

OJSC Shipbuilding plant "Severnaya Verf" has launched the offshore platform supply vessel (project VS 485 PSV) for the Norwegian company Solvik Hull Supplies II AS (part of the Solvik Offshore Group), the PortNews correspondent reports from the official launching...

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Statoil and KazmunayGas sign agreement

Statoil and KazMunayGas have signed the Heads of Agreement (HoA) on the Abay block in the Kazakhstani sector of the Caspian Sea. Under the HoA, the parties plan to conduct evaluation of the hydrocarbon potential of the "Abay" block in the Northern Caspian...

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Iran to invest $90 billion in South Pars

The ministry has plans to invest about $90 billion in the upstream and downstream sector of the South Pars gas field in the current Iranian calendar year (started March 21), Iranian Petroleum minister, Dr. Mirkazemi announced here. He said that about $60...

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Siem Offshore entering submarine cable installation market

Siem Offshore Inc. (“the Company”) announces that it will enter into the business for submarine cable installation, repair and maintenance projects. The Company has identified the installation of submarine cables and associated services to be an emerging growing...

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Subsea production system deal awarded to Aker Solutions

 Aker Solutions has been awarded a letter of intent (LOI) by Statoil for the engineering, procurement and construction of a subsea production system for the Fossekall-Dompap project on the Norwegian continental shelf. Aker Solutions estimates the contract...

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Alexey Miller and Helge Lund highlight importance of timely delivery of Shtokman project

 The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Helge Lund, President and Chief Executive Officer of Statoil. The parties discussed the situation in the European energy market...

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Farstad: charter agreement with Petrobras

Farstad Shipping has been awarded the following charter contracts: Subsea vessel Far Saga (2001, UT 745L, 3.475 DWT) has been awarded a 6 month firm contract by Subsea 7 in Norway. The charter will commence immediately and include an option for further 15...

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Lansdowne contracts 3D Seismic Vessel for Survey in Celtic Sea

Further to the announcement made on 16 March 2011, Lansdowne Oil & Gas plc, (“Lansdowne”) is pleased to announce it has signed a contract with Polarcus Limited (“Polarcus”) for the acquisition of 3D seismic surveys over the Rosscarbery, Amergin and Midleton...

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Takes Delivery of Genco Rhone

NEW YORK, March 29, 2011 /PRNewswire/ — Genco Shipping & Trading Limited (GNK: 10.96 0.00 0.00%) today announced that it has taken delivery of the Genco Rhone, a Supramax newbuilding. The Genco Rhone is the final vessel to be delivered to the Company under...

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Shipyard De Hoop raises flag for large new order

Shipyard De Hoop has raised the flag for a large new order. Vantage Deluxe Travel from Boston has effectuated the order for 4 river cruise vessels. Three vessels will be of a brand new 135 design and one vessel will be of a new 110 meter design. The luxury...

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Kencana confirms Cendor EPC

Malaysia’s Kencana confirmed it was awarded an engineering, procurement and construction contract by UK operator Petrofac for the Cendor oilfield on Block PM 304, off Peninsular Malaysia.[Read More] Source: Upstream Onl...

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SBM OFFSHORE RECEIVES LETTER OF INTENT FOR THE EPCI SUPPLY OF FPSO OSX-2

The Company is pleased to announce that it has executed a Letter of Intent (LOI) with OSX 2 Leasing BV, an indirect subsidiary of OSX Brasil S.A. (“OSX”) and part of the EBX Group. This LOI will permit SBM to start project activities, including early engineering and procurement up to 25 million...

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Leed Petroleum requests trading suspension of its shares

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces its half yearly report for the six months ended 31 December 2010. Chairman and Chief Executive Officer's statement During the period...

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PTTEP quits Egyptian well

PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that PTTEP Sidi Abd El Rahman Company Limited (a subsidiary of PTTEP), has withdrawn the entire 30% participation interest from Sidi Abd El Rahman Offshore Project in the Arab Republic...

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CONSENT TO USE SCARABEO 5 ON BLOCK 6506/11

Statoil has been granted consent to use the mobile facility Scarabeo 5 for permanent plugging of well 6506/11-A-3H in the Norwegian Sea.The well is part of production licence 134B/C and is located on Morvin, about 20 kilometres north of the Kristin field and...

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Investing millions in oil spill contingency equipment in Finnmark

The oil industry has signed contracts with three suppliers for the purchase of new oil spill contingency equipment to protect the coast of Finnmark. 75 per cent of these investments will go to companies from northern Norway. The equipment will be located in depots...

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Hanjin Shipping adds new Pacific North West trade service

Hanjin Shipping has announced Wednesday a new service to the Pacific North West trade from 22 April 2011. The weekly voyage will cover the ports of Hong Kong, Yantian, Kaohsiung, Tacoma, Vancouver and Busan with five of 4,300 teu ships, jointly operated by Hanjin...

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STX Europe orders ShaftDesigner

STX Europe has purchased Machine Support’s ShaftDesigner software for the STX Finland yards in Turku and Rauma. This order is the result of an extensive technical and commercial investigation. The yard bought alignment and vibration calculations analyses from...

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