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Tuesday, July 23, 2019

Sembcorp Marine News

Image: Quark Expeditions

Quark Expeditions Intros Ultramarine

Polar adventures specialist Quark Expeditions is to introduce new livery on Ultramarine, it’s latest expedition cruise vessel, which will debut in time for the 2020-2021 season in Antarctica.The 200 passenger polar expedition ship is under construction at Croatia’s Brodosplit shipyard. The 128 meter vessel is being built to a design by Sembcorp Marine’s Bergen, Norway, headquartered subsidiary LMG Marin.The renderings showcase new livery featuring Quark Expeditions’ distinctive yellow “Q” logo spanning the full height of the ship…

Open-air Bath (Photo: NYK Line)

Cruise: Asuka II Makeover in 2020

Asuka II, operated by NYK Cruises Co. Ltd., will undergo a 45-day makeover at the Sembcorp Marine Admiralty Yard in Singapore from the middle of January 2020. Asuka II is the nation’s largest cruise ship flying the Japanese flag (tonnage: 50,142 GT; capacity: 872 passengers).Features to be added during the dry dock include a large open-air bath, Western-style rooms featuring traditional Japanese-style tatami-mat sleeping areas, and a reading lounge where guests can enjoy a little quite time with books, smart devices, and computers.

Photo: BSCS

BSCS Wins Cruise Ship Management Deal

Bernhard Schulte Cruise Services (BSCS) was awarded technical management of Jalesh Cruises’ new vessel, MS Karnika. (formerly Pacific Jewel).The 70,285-ton, 2,000-passenger Crown Princess-class cruise ship is presently undergoing comprehensive refurbishment at Sembcorp Marine Admiralty Yard in Singapore prior to entering service from Mumbai, India in mid-April 2019. MS Karnika will operate cruises from India and Dubai for the duration of 2019.BSCS Managing Director Les Royle and Deputy Managing Director Martin Springer worked closely with Jalesh Cruises on the new partnership.

LNG bunkering vessel supplying a containership. Pic: MOL

MOL Signs LNG Charter with Pavilion Gas

Mitsui O.S.K. Lines (MOL) has announced that it has signed a long-term charter contract to operate Asia's largest (12,000m3-class) LNG bunkering vessel in Singapore, the world's largest fuel supply port, with Pavilion Gas, a wholly-owned subsidiary of Pavilion Energy.Demand for LNG as bunker fuel is expected to grow on a global scale as stricter SOx regulations take effect in January 2020. Singapore's Maritime and Port Authority (MPA) is focusing considerable effort on development…

Costa Fortuna, operated by Costa Crociere, sailed away from Sembcorp Marine Admiralty Yard on 16 December 2018 after repairs at the yard. Photo: Sembcorp Marine

Sembcorp Retains Asia's Top Cruise Ship Repair Position

Singapore-based shipbuilder Sembcorp Marine cemented its position as Asia’s top cruise ship repair and upgrade solutions provider in 2018 with the successful completion of repairs on the Costa Fortuna – the Group’s 10th and final cruise ship project this year.Operated by Costa Crociere, the 1,358-cabin vessel sailed away from Sembcorp Marine’s Admiralty Yard yesterday, joining a bevy of luxury liners that underwent repairs and upgrades at Sembcorp Marine facilities in the past 12 months.These included six vessels from leading cruise brands and long-term partners Carnival Cruises…

Image: Sembcorp Marine

SembMarine Sinks into USD 21.75 mln Loss in 3Q

Singapore-based rig builder Sembcorp Marine (Sembmarine) has reported a loss of S$30 million (US$21.75 million) in the third quarter of the year amid lower revenues and reduced activity. For the nine months to September 30, 2018 the loss is $80.1 million, compared to restated earnings of $142.9 million in the same period previous year.According to a stock exchange annoucement from the Asian company based in Singapore, the net loss for both 3Q and 9M periods were mainly due to…

Image: Sembcorp Marine Ltd

Sembcorp Marine to Sell West Rigel

Sembcorp Marine announced that its wholly-owned subsidiary Jurong Shipyard Pte Ltd (JSPL) has signed an agreement for the sale of the semi-submersible rig West Rigel (Rig) to a buyer at a price of US$500 million. Under the terms of the agreement, the Sale is subject to conditions precedent being met by both parties before the delivery of the Rig and the payment of the price. Once the conditions precedent are fulfilled, the buyer will take delivery of the Rig but the Rig will remain in the Company’s yard for certain works to be undertaken for reactivation.

Floaters. Photo: Sembcorp Marine Ltd.

Sembmarine Inks LoI with Shell for FPU

Sembcorp Marine announced that its wholly-owned subsidiary Sembcorp Marine Rigs & Floaters has signed a Letter of Intent (LOI) with Shell Offshore for the construction of the hull and topside as well as the integration of the Vito floating production unit (FPU). If the project moves forward, the Vito FPU will be a new facility located in the Mississippi Canyon, approximately 150 miles south of New Orleans, Louisiana, USA, in water depth of 4,050 ft. Comprising a single topside module supported by a 4-column semisubmersible floating hull…

Photo: Sembcorp Industries

Keppel, Sembcorp Merger on the Cards ?

A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards, report local media quoting the Development Bank of Singapore (DBS). DBS said that with orders at a trough and expectations for only a modest recovery, a merger of Singapore's two major rigbuilders could create a global giant that is more competitive and resilient. “A merger could make sense to further streamline their operations, achieve cost synergies and eliminate competition in the medium term,” DBS said.

Deepwater Semi Rig Courtesy Tranocean

Transocean Delays Drillship Delivery

Transocean Ltd. (NYSE: RIG) announced today an agreement with Sembcorp Marine's subsidiary, Jurong Shipyard Ptd Ltd, to defer the delivery and related final payments of two dynamically positioned ultra-deepwater drillships. The proprietary Jurong Espadon 3T designed rigs are now scheduled to be delivered during the first and third quarter of 2020.

Image:  Sembcorp Industries

SembMarine Snaps up GraviFloat

Singapore’s Sembcorp Marine (Sembmarine) has increased its stake in Norway-based Gravifloat AS to 56%, which it intends to fully acquire eventually. In a statement on Wednesday, SembMarine says it acquired a 44% stake in Gravifloat for US$38 million ($52.6 million), in addition to the 12% stake it already owns. The agreement also allows Sembmarine to eventually increase its stake by a further 44% to 100% through an equity purchase at the same price. Gravifloat designs and holds parents for a suite of redeployable…

Photo: Sembcorp Marine Ltd

Slowdown, Brazil Impact Hit Sembcorp

The strain of low oil prices on the offshore and marine sector was in full display as  the world’s second-largest builder of oil rigs Sembcorp Marine Ltd posted its first quarterly loss in at least 12 years. The company took impairment charges and provisions of S$609 million for projects of its client Sete Brasil Participacoes SA and others. It’s the first quarterly loss since the company started reporting data in 2003, according to Sembcorp Marine’s website. Sete Brasil is a private company set up in 2010 to build, own and lease deepwater rigs to state-run oil producer Petrobras.

Image: Sembcorp Marine

Singapore Rig Builders in Crisis

After a decade-long boom, there were zero new orders globally for jack-up rigs last year on account of the current oil downturn. Singapore's largest rig builders finding it difficult to navigate safely, reports The Straits Times. With oil prices swooning, and rigs' daily rental rates having crashed to US$92,000 (S$132,000) from US$130,000 in 2014, there's a risk that 70 per cent of two Singaporean leaders - Keppel Corp and Sembcorp Marine's order book might get cancelled, especially if the Petrobras bribery scandal in Brazil deepens.

Photo: Sembcorp Marine Ltd

Sembcorp Marine Issues Q4 Profit Warning

Sembcorp Marine, one of the world's largest offshore drilling rig producers,  expects to record a net loss for the fourth quarter ending December, due to the challenging operating environment and customers deferring or seeking to defer their rig orders. The group told the Singapore Exchange that it expects its financial results to be "materially negatively impacted", in line with previous disclosures relating to the challenging operating environment as well as to customers deferring or looking to defer rig orders.

Image: PPL Shipyard Pte Ltd

Sembcorp - Marco Polo Dispute Update

Rig-builder Sembcorp Marine (SembMarine) is currently embroiled in a dispute with Marco Polo Marine over a US$214.3 million rig construction contract that Marco Polo wants terminated. In a statement on Monday, Macro Polo reiterated its position that it is not obliged to take delivery of the rig, as Sembcorp Marine unit PPL Shipyard had failed to comply with certain contractual obligations. A unit of Marco Polo Marine has found cracks on all three legs of the rig and is seeking a refund of about $21.4 million it paid initially from PPL.

Pic: Sembcorp Marine Ltd

Marco Polo Terminates Rig Contract with Sembmarine

Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary, on Tuesday said in a filing to the Singapore Exchange that it will terminate the contract for a jack-up rig under construction at PPL Shipyard.

Pacific Aria and Pacific Eden - Concurrent repair and upgrading of Pacific Aria and Pacific Eden at Sembcorp Marine Admiralty Yard in November 2015. Photo:  Sembcorp Marine Ltd

Sembcorp Upgrades of Pacific Eden and Pacific Aria for P&O Cruises

Sembcorp Marine, a global leader in cruise ship repair, refurbishment and conversion work, has successfully upgraded the Pacific Eden (formerly Statendam) and the Pacific Aria (formerly Ryndam) at its Admiralty Yard. The concurrent drydocking of these two cruise vessels at the same shipyard was a first for its operator P&O Cruises (Australia), which is part of the Carnival Corporation and a long-term partner of Sembcorp Marine. With the sailaway of the Pacific Aria last week, Sembcorp Marine has set a record of 12 cruise ships repaired, upgraded and refurbished in a single year.

Pic: Sembcorp Marine

Sembcorp Marine Opens Largest Fabrication Unit in Southeast Asia

Sembcorp Marine launched its new state-of-the-art steel structure fabrication workshop – the largest of its kind in Southeast Asia – which is set to boost the company’s steel fabrication capacity for its future needs. Officially opened by Economic Development Board Chairman Dr Beh Swan Gin today, the 120,000-square-metre facility at Sembcorp Marine’s Tuas Boulevard Yard is fully covered. Comprising five bays for pre-treatment, cutting and assembly, the workshop is ergonomically designed to facilitate a seamless work flow.

Photo: Keppel Corporation

Brazil Deepens Bribery Probe

Brazil’s Parliamentary Commission of Inquiry (CPI) has recommended the deepening of investigations into 10 companies - including Keppel, SembCorp Marine and Kawasaki Heavy-  involved in the alleged bribery transactions with Petrobras and Sete Brasil. The investigations follow allegations by a former engineering manager at Petrobras, which is caught up in a massive procurement corruption scandal that has contributed to efforts to impeach Brazilian President Dilma Rousseff. Singapore rig builder Keppel Corp.

Image: Sembcorp Marine

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean field development project in the North Sea. Sembcorp Marine subsidiary SMOE construction contract  will cover the topsides for the central processing facility, wellhead platform and utilities and living quarter platform, and two connecting bridges. The facility will installed in the UK sector of the Central North Sea. The three-platform complex will be installed in 90 m (295 ft) of water.

Contract includes the building of the Central Processing Facility plus 2 connecting bridges, Wellhead Platform and Utilities & Living Quarters Platform Topsides for the Culzean Field Development

Sembcorp Unit Wins $1 bln Maersk North Sea Deal

Sembcorp Marine subsidiary SMOE Pte Ltd has secured an Engineering, Procurement and Construction (EPC) contract worth over USD One billion (including long lead items) from Maersk Oil North Sea UK Limited. The contract includes the building of the Central Processing Facility plus 2 connecting bridges, Wellhead Platform and Utilities & Living Quarters Platform Topsides for the Culzean Field Development. The facility will be installed at a water depth of some 90 meters in UK sector of the Central North Sea.

Image: SembCorp Marine

Sembcorp Marine Posts 17% Fall in Q2

Low oil prices and muted sentiment in the industry continued to take a toll on Sembcorp Marine's second-quarter earnings. The rigbuilder has announced that net profit for the three months ended June 30 sank 17 per cent to to $79.58 million (SGD 109 million), compared to $96.37 million (SGD 132 million) a year ago. Turnover dipped 10 percent during this period to $882.0 million (SGD 1.208 billion) compared to $979.10 million (SGD 1.341 billion) in 2Q 2014. But this was offset by higher contribution from offshore and conversion projects as well as its ship-repair business.

Image: Sembcorp Marine

SembCorp Bags US$1bn Semi-sub Deal

Sembcorp Marine has signed an engineering and construction contract worth about US$1 billion to build the world's largest semi-submersible crane vessel for a unit of Netherlands-based Heerema Offshore Services B.V. Scheduled for delivery in the fourth quarter of 2018, the DP3 semi-submersible crane vessel (NSCV) is designed for the installation and decommissioning of major offshore facilities. The contract follows a letter-of-intent to build the vessel signed between Sembmarine's wholly owned subsidiary Jurong Shipyard Pte Ltd and Heerema Offshore Services in March this year.

Image: Transocean Ltd

Transocean Delays Drillships

Transocean Ltd, the world’s largest offshore driller, has delayed delivery of two new ultra-deepwater drillships, the company announced. The company amended its drillship construction contracts ($540 million each) with Jurong Shipyard, a subsidiary of Sembcorp Marine, by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively. Transocean has won contracts worth $109 million from mid-May to mid-June.

Image: Offshore Engineering by Jurong Shipyard Pte Ltd

Universal LNG, Sembcorp Marine Pact for West Africa LNG Development

Universal LNG Holdings has launched West Africa LNG Development, a ground-breaking solution partnership between Universal LNG Holdings and Sembcorp Marine Group Company. With Sembcorp Marine's wholly owned subsidiary Jurong Shipyard participation, West Africa LNG Development is poised to set a new, greener standard for global oil production and supply Africa with needed energy resources. By addressing the offshore associate gas needs of the African continent, West Africa LNG Development will reduce pollution globally and improve lives regionally.

Image: Sembcorp Marine Ltd

Sembawang Bags Teekay's FSO Conversion Project

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured a Floating Storage and Offloading (FSO) conversion contract worth S$56 million from Teekay for the Gina Krog Field in the North Sea. Sembawang Shipyard will work closely with Teekay to convert the shuttle tanker Randgrid into an FSO. The yard will also fabricate and install new living quarter decks on the vessel. The ship is expected to arrive at Sembawang Shipyard in June 2015, with completion in 11 months, Sembcorp Marine said.