Dim Q3 Forecast for Korean Shipyards
South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders. Yonhap News Agency, quoting data compiled by Yonhap Infomax, said that Hyundai Heavy Industries (HHI) is expected to log an operating income of 106 billion won (US$93.6 million) during the July-September period, compared with the previous year's operating earnings of 322 billion won.
Offshore Wind Energy Health & Safety Summit Planned
Offshore Wind Health and Safety Summit 2012 to consider how to ensure workers safety in this hazardous industry. The European offshore wind industry is growing exponentially. In the first half of 2012 alone offshore wind power was up 50% on the previous year; 523.2 MW compared to 348.1 MW. EWEA predict that 2012 will be the best ever year for the industry. Along with this installed capacity, 13 offshore wind farms were in construction in the first half of this year. This is great news for everyone in the industry, but the health and safety of those involved must be secured.
Michelsson to Join Evac
Waste, wastewater and water management systems provider Evac has appointed Tomas Michelsson as the President, Offshore and Merchant business area, effective January 8, 2018. Michelsson will replace the former President, Claes Rudling, who has retired during the summer. Michelsson previously worked as the Vessel Type Responsible (VTR) Global Sales Manager, Ro-Pax and Yachts, ABB Marine, and as the Director, Marine and Offshore business unit, Marioff.
Korea's STX Offshore Gets Emergency Loans
Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans. The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency. STX Offshore, the shipbuilding unit of STX Group, a South Korean shipping and shipbuilding conglomerate, has been suffering a credit crunch as demand for new ships has fallen sharply in the past few years. Source: Yonhap News Agency
Transocean Retires Six Floaters
Transocean announced its intent to retire the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner. All six rigs were previously cold stacked. The company will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 associated with these actions.
COSCO Singapore Doubles Chinese Yard Investment
Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China. Cosco has increased its investment by RMB300-million to RMB600-million. The other investors in the yard have also doubled their investment at the fast growing offshore complex so the shareholding structure remains the same, reports SinoShip News. Eight days ago Cosco Qidong announced it had won a contract for a harsh environment semi-sub rig from Axis Offshore, a joint venture between Danish shipowner, J.
Hasuly Joins The Shearer Group
The Shearer Group, Inc. (TSGI) announced a new addition to its naval architecture, marine engineering and marine surveying firm, Anne Hasuly, P.E. Hasuly has recently joined TSGI as a naval architect. She is a licensed Professional Engineer in the state of Texas and holds a B.S. in Naval Architecture & Marine Engineering from the University of New Orleans. Anne is also a member of the Society of Naval Architects & Marine Engineers and the Louisiana Engineering Society. Prior to joining TSGI, Hasuly worked for Aqualis Offshore as a senior naval architect.
Bill Includes $5M to Study Offshore Wind
According to an Oct. 5 report from the Bangor Daily News, a budget bill that appears headed for final passage in Congress includes $5m for research and development of offshore wind turbines at the University of Maine in Orono. The appropriation is contained in the 2010 energy and water budget bill that already has been approved by the House of Representatives. (Source: Bangor Daily News)
Study: O&G Setback Cost U.S. Jobs
figures. According to the study conducted by Quest Offshore Inc., the Gulf offshore oil and gas industry supported more than 240,000 jobs across the country while contributing more than $26 billion to the nation’s GDP in 2010. "The Gulf offshore oil and gas industry supports tens of thousands of jobs outside the Gulf of Mexico," said Randall Luthi, president of NOIA. But offshore industry-related jobs are down from 2008, the study shows, due in part to the poor economy, the deepwater moratorium, and the continuing slow pace of new drilling permits in the gulf.
CNOOC Mulls LNG Vessel Orders
CNOOC has it in mind to order 14 medium & small-sized LNG ships from Chinese shipyards. The Group is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. It mainly engages in exploration, development, production and sales of oil and natural gas. The Group’s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. In overseas, the Group has oil and gas assets in Asia, Africa, North America, South America and Oceania.
Shell's Arctic Drilling Hiatus
Both of Shell's offshore drill rigs used during last year's oil exploration season to be transported to Asian shipyards for inspection and repair. The decision suggests the Kulluk and the Noble Discoverer -- Shell's only drilling rigs for the Arctic -- need major work and calls into further question whether Shell will be able to resume drilling in the Chukchi and Beaufort seas this year. Two federal investigations are under way into Shell's Alaska operations, reports the 'Anchorage Daily News'.
SBM Offshore Responds to Brazilian Reports
The Company responds to news that CEO Bruno Chabas and member of the Supervisory Board Sietze Hepkema appear on a list of (former) Petrobras executives, former sales agents and (former) SBM Offshore executives who may be prosecuted in Brazil in relation to a corruption scandal. The Company will seek clarification on this news with the relevant authorities. The Company believes that allegations are without merit, based on what it heard so far. Bruno Chabas was appointed CEO effective January 1…
APPLY: Top 50 Marine Equipment Distributors
In addition to the East Coast, West Coast, Gulf and Great Lakes regions the Top 10 global distributors, as determined by the MR editorial staff, will be featured with a full page editorial profile. For your company to be considered for inclusion, you must apply, either online by clicking here https://distributors.maritimeequipment.com/Company or via email to firstname.lastname@example.org.
No Financial Aid for STX Shipbuilding, Say Creditors
Creditors of financially troubled STX Offshore & Shipbuilding are opposing financial aid for the shipyard citing the gloomy outlook of the shipbuilding industry, Korea’s Yonhap News has reported. Creditors of STX Offshore, led by the state-run Korea Development Bank (KDB), decided to provide 450bn won ($384m) in financial aid to the shipyard last week in return for a thorough restructuring. But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan citing the shipbuilding industry’s worsening business conditions.
IUMI: Offshore Energy Insurance Market “Sinking”
At annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”. His warning was based on declining total premium income set alongside upstream energy large losses for 2015-16 of USD 4.8 billion. McDonald explained: “In recent years it would appear that claims have exceeded the global premium base and the last two underwriting years have seen significant losses. The…
English Channel 700MW Windfarm Project
Plans for a giant wind farm off the coast near Brighton advance as developer E.ON submits initial planning application to the Government. The energy giant, which was granted the rights to the Hastings Round 3 offshore wind development zone back in 2010, withdrew its first application for a development consent order (DCO) late last year after it emerged it had failed to consult neighbouring councils in Sevenoaks and Surrey, reports REVE. However, the company yesterday confirmed…
Chevron Hires Viking Princess
Eidesvik Offshore has signed a contract for 19 months with Chevron UK employment for one platform supply vessel (PSV) Viking Princess. The vessel will be delivered to Chevron towards the end of June, and has been trading in the North Sea spot market for the past months. The Oslo-listed offshore vessel owner did not disclose the value of the deal but said in a statement it was agreed at “current market terms”. The Viking Princess is an LNG-powered vessel. It was named and delivered in 2012 and has been trading in the North Sea spot marked for the past months.
Van Oord to Acquire Activities of Ballast Nedam Offshore
Van Oord has reached agreement on the acquisition of the activities of Ballast Nedam Offshore. The acquisition consists of the assets of Ballast Nedam Offshore, the dedicated EPCI staff (Engineering, Procurement, Contracting and Installation), heavy lift installation vessel Svanen and the Westermeerwind project (144 MW). The activities will be integrated into Van Oord’s Offshore Wind Projects business unit. The acquisition will strengthen Van Oord’s leading position in the offshore wind market for north west Europe.
Signs of Shipping Sector Recovery
According to an April 27 report from The Business Times, there has been a slew of upgrades on the offshore and marine, and shipping sector on account of early signs of a pick-up in new-builds. Yangzijiang's stock has risen some 28 per cent this month on news that it was acquiring rig-builder PPL Shipping for $155m through a joint investment. Cosco's stock has surged some 48 per cent in the past three weeks following its announcement of new shipbuilding contracts worth a total of $106.6m. (Source: The Business Times)
World's Largest Shipyard Expects 54% Order Boost in '11
Hyundai Heavy Industries, the world’s largest shipyard, expects to boost orders 54 percent in 2011, driven by new ship and offshore demand, according to a recent report on Bloomberg. The news agency, citing a regulatory filing by HHI, reports that new contracts may total $26.6b, the highest since 2008. Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy, is reportedly targeting $3.3 billion of orders next year and sales of 4.2 trillion won, it said in a filing.
Korea Shipbuilders Win Orders Worth $1B
According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year finally paid off. (Source: The Chosun Ilbo)
Offshore Wind Demo Project
The U.S. Army Corps of Engineers (USACE) issued a notice stating that it intends to prepare a draft environmental impact statement for the proposed Duke Energy Carolinas, LLC Offshore Wind Demonstration Project for construction of up to three power generating wind turbines within Pamlico Sound, Dare County, North Carolina. A public scoping meeting will be held in Manteo, North Carolina on March 18. 75 Fed. Reg. 8047 (February 23, 2010). (Source: Bryant’s Maritime News)
MMS Completes Cape Wind Assessment
The Minerals Management Service (MMS) issued a notice stating that it has completed its Environmental Assessment (EA) and Finding of No New Significant Impact (FONNSI) regarding the proposed Cape Wind offshore wind farm. The documents state that no new information was found that would necessitate a reanalysis of any of the alternatives or the kinds, levels, or locations of the impacts by the Proposed Action upon the biological, physical, socio-economic, or cultural resources. 75 Fed. Reg. 10500 (March 8, 2010). (Source: Bryant’s Maritime News)
Pharos Offshore Hires Deepsea Worker
Pharos Offshore Group are in the process of mobilising the newly named DP2 Deepsea Worker with a Work Class ROV, an Observation Class ROV and a subsea excavation spread, ready for 2016/2017 operations. Aleron Subsea will be Pharos Offshore’s ROV partner during the period, providing a comprehensive vehicle support package, whilst Pharos operates the equipment. Amongst the equipment to become available on the vessel will be a full Pre-Lay Grapnel Run spread, boulder clearance spread and cable recovery spread.
Top 10 Maritime Nations: Ranked by Value
The March 2017 edition of Maritime Reporter & Engineering News focuses on SINGAPORE, as this maritime powerhouse struggles to maintain balance and influence through the offshore oil and gas downturn. Looking at the "Top 10 Nations" ranked by value from VesselsValue.com, Singapore ranks #5 with 2,662 vessels, comprising 64.03 million GT and a $41.7 billion valuation, just behind the United States at #4 (2,399 vessels, 55.92m GT, $46.5 billion valuation).
Great Lakes Windfarm Project Shelved
A new state blueprint presents a preference to focus wind farm developments off the Rockaways, in New York City, not the Lakes. The Cuomo administration, which last year scuttled as too expensive a plan to construct the nation’s first wind energy farm in the Great Lakes, is putting its offshore focus in an area 15 miles into the Atlantic Ocean off New York City., reports The Buffalo News. Now questions are arising about whether Lake Erie and Lake Ontario will ever be tried, at least by the current administration, as a source for the renewable form of energy generation.