ABCO INDUSTRIES LIMITED

Aker Floating Production Wins $1b Contract

Aker Floating Production ASA said it had won a 10-year contract from Reliance Industries Limited worth $1.1b. Aker said Reliance Industries Limited had exercised an option to call a 10-year bare boat contract with Aker's subsidiary Aker Contracting for the FPSO (floating production, storage and offloading vessel) Aker SMART 1.

LLMC Increases – ICS Supports IMO Agreement

The International Chamber of Shipping (ICS), which represents all sectors and trades and over 80% of the global shipping industry, and leads shipowner representation at the International Maritime Organization (IMO) Legal Committee, has expressed strong support for the agreement reached by IMO this week to increase the limits of liability under the Limitation of Liability for Maritime Claims Convention 1996 (LLMC), by 51%.  

Keppel Hitachi Zosen To Buy Selected Businesses

Keppel Hitachi Zosen Limited (KHZ) has agreed to purchase the shiprepair/shipbuilding and related businesses of Keppel Marine Industries Limited (KMI) for $167 million in cash. Total net assets include $69 million, resulting in a gain of $4 million for KMI. KHZ will acquire all of KMI's investments in Keppel Singmarine Dockyard Pte, Eagle Engineering Company (100 percent), Keppel Philippines Marine (11.6 percent) and Penguin Boat International (16.5 percent)

Danaos Upgrades Vessel Sizes

Danaos Corporation agreed with China Shipbuilding Trading Company Limited the upgrading of its earlier order for four 6,800 TEU containerships to four 8,400 TEU vessels and signed the amendments to the relevant shipbuilding contracts. These vessels will be built by the Shanghai Jiangnan Changxing Heavy Industry Company Limited and are expected to be delivered to Danaos during 2010. The total capital expenditure commitment for this project is in the region of $500 million and is expected

Vice Chairman of Schlumberger Limited Retires

Schlumberger Limited announced today that vice chairman Victor Grijalva will retire at the end of the year. The milestones in Grijalva's successful 37-year career with Schlumberger are mirrored in the company's success over nearly four decades. Commemorating Grijalva's longstanding leadership, chairman, president and CEO Euan Baird remarked, "In an impressive series of management positions around the world, Victor has

Boat Manufacturer Introduces Warranty Scheme

Smoker Craft Inc. give warranty on hull & superstructure, other components on most of its models An industry leading warranty gives even more reliability to the confidence in the Smoker Craft family of boats. The warranty includes a limited lifetime warranty on the hull and structure, and a six-year warranty on all components, carpet, upholstery and electronics on most models. It is fully transferable to a second owner, and includes parts and labor. 

Keppel Corp. appoints Tow Heng Tan as Director

Keppel Corporation Limited (Keppel Corporation) announced the appointment of Mr Tow Heng Tan, Managing Director of Strategic Development (ASEAN Investments) of Temasek Holdings (Private) Limited(Temasek Holdings), as Director. He will also serve as a member of the Executive Committee and Remuneration and Share Option Committee. Mr Tow, aged 48, has an extensive 29-year business career spanning the management consultancy, investment banking and stockbroking industries.

East Germany Shipyards Seek Quota Break

The prime minister of the German state of Mecklenburg-Western Pomerania asked the European Commission to ease capacity limits imposed on eastern German shipyards as a condition for receiving state aid grants. State premier Harald Ringstorff told EU Competition Commissioner Mario Monti an increase would prevent the yards' improved productivity leading to further job losses. "Any such proposal will be looked at with the utmost care and attention

IBIA Announces Success at IMO

The International Bunker Industry Association (IBIA) reported a number of significant, positive developments for the bunker industry following the meeting in London last week of the IMO Bulk Liquids & Gases (BLG) subcommittee. Firstly, the subcommittee agreed to streamline proposals designed to reduce sulphur emissions from marine fuel oil. Three options now remain on the table, for discussion at MEPC 57 starting on March 31, 2008

MAN B&W Tier-II Engine Ready for Delivery

The first Tier-II compliant MAN B&W engine has finished production at HHI-EMD (Hyundai Heavy Industries Engine & Machinery Division) in Korea and is ready for delivery. The low-speed, two-stroke MAN B&W 6S50ME-C7 type engine will power a shuttle tanker (hull number 1749), currently under construction by Samsung Heavy Industries Co., Ltd., and ordered by Teekay, global provider of marine services to the oil and gas industry. Ship delivery is planned for July this year.