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OFFSHORE VENTURES

Buccaneer's Jack-up Rig Mobilizes to Alaska

Australia-based Buccaneer Energy sees its 'Endeavour – Spirit of Independence' en route to Cook Inlet, Alaska. Buccaneer says it jack-up rig has been loaded on to the heavy lift vessel Kang Sheng Kou bound to drill for fossil fuels in waters off the coast of Alaska. The delivery of the Endeavour jack-up rig to the Cook Inlet will complete the first phase of Buccaneer’s business plan started almost 2 years ago. That plan included the acquisition of the Endeavour and the modification and repairs in Keppel FEL shipyard, which was managed by Buccaneer’s internal management team. The Endeavour project was funded through a joint venture company Kenai Offshore Ventures, LLC (“KOV”). With Buccaneer in the joint venture are Singapore listed Ezion Holdings Limited, that specializes in the development, ownership and chartering of strategic offshore assets and the provision of offshore marine logistics and support services to the offshore oil and gas industries, and the Alaska Industrial Development and Export Authority (“AIDEA”). AIDEA will be investing a total of US$23.65-million into KOV on completion of the mobilization phase. “We are very excited to finally have the Endeavour on its way to the Cook Inlet,” said Jim Watt, President of Buccaneer Alaska


Tidewater Provides Update on Sonatide Joint Venture

Tidewater Inc. announced today the following update with respect to its negotiations with Sonangol, the national oil company of Angola, regarding Sonatide, the joint venture between Sonangol and Tidewater through which Tidewater markets its boat services to energy companies for operation in the waters offshore Angola. Tidewater has a 49% ownership interest in Sonatide.   The Company has previously announced that its Sonatide joint venture agreement with Sonangol expires on March 31


Cuba Offers 59 Offshore Oil Blocks In Joint Venture

The Cuban government is reportedly offering 59 offshore oil blocks for joint venture projects with foreign companies as part of its bid to develop the local hydrocarbon industry and remedy national fuel shortages.


Golar LNG Limited Enters Joint Venture Agreement

Golar LNG Limited signed a share purchase agreement with OLT Energy Toscana SpA in November 2006 for the acquisition of 20% of shares in OLT Offshore LNG Toscana SpA (OLT-O). The purpose of the joint venture company OLT-O is the construction of the Livorno offshore LNG import and regasification terminal, which will be located approximately 20 kilometers off the coast. Source: CCN


Keppel Shipyard Delivers 9th FPSO

IMG_9751%20L_web.jpg

Keppel Shipyard Limited has delivered the floating production storage and offloading vessel (FPSO) Espirito Santo to SBM Offshore. The vessel has left Singapore for deployment in the Espirito Santo field in offshore Brazil. The FPSO is capable of processing 100,000 barrels of oil per day (bopd) with a maximum storage capacity of two million barrels of oil. It will be leased to the BC-10 Joint Venture, which is operated by Shell with ONGC Campos Ltda. and Petróleo Brasilieiro S.A


AMEC & Samsung Form Offshore Market J/V

AMEC forms a joint venture with Samsung Heavy Industries & Samsung Engineering to serve the offshore energy sector. AMEC will  carry out design engineering for fixed and floating offshore platforms, FPSOs and subsea pipelines for Samsung’s future offshore oil and gas projects. The joint venture, which is subject to final regulatory approvals, has been named AMEC Samsung Oil and Gas LLC (ASOG). It is 51 per cent-owned by Samsung and 49 per cent by AMEC and will be based in


Oceaneering and DNV Form Joint Venture

Oceaneering International, Inc. announced that its Norwegian subsidiary, Oceaneering AS, has entered into a joint venture agreement with Det Norske Veritas (DNV) to provide a new inspection service capability to the offshore oil and gas, shipping, and other vessel-related markets utilizing a unique combination of Remotely Operated Vehicles (ROV) and Resonance Thickness Measurement (RTM) technology. The 50/50 joint venture company, Argus RTM AS, will be headquartered in Stavanger, Norway


Nor-Shipping Launches 'Venture Initiative'

The intitiative is aimed to provide new opportunities for finance professionals and capital hungry maritime companies from around the world. To highlight more of the maritime value chain at its leading maritime event week, Nor-Shipping will enable copmanies to pair up, network and showcase themselves. The initiative includes “Venture Park” and “Venture Forum”. Venture Park Venture Park will provide 12 start-up companies with a platform for testing the market and


Qatar Shipyard, Nakilat, JV's Get US$160-million Funding

Signing ceremony: Image courtesy of Nakilat

Al Khalij Commercial Bank (al khaliji) QSC has provided financing for the two Nakilat shipyard joint ventures: Nakilat-Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ) for US $120m and US $40m respectively. Nakilat is a Qatari marine transport company providing the essential transportation link in the State of Qatar’s LNG supply chain. The company says its LNG shipping fleet is the largest in the world, comprising 56 LNG vessels


SBM Offshore Divests Stake in Turritella Project

FPSO Turritella (Image: SBM Offshore)

SBM Offshore has entered an agreement with Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) for the acquisition of a stake in the joint venture companies incorporated for the purpose of owning and operating Floating Production Storage and Offloading (FPSO) Turritella, the company announced today.   Mitsubishi Corporation (30 percent interest) and NYK Line (15 percent interest) have acquired a 45 percent combined stake in the joint venture companies


Trafigura's Impala Terminals Scraps Chinese Joint Venture

Commodity trader Trafigura said its logistics and warehouse unit Impala Terminals has scrapped plans for a metals warehousing joint venture in China and will also exit its refined base metals business.   Trafigura had announced a joint venture last October with Citics Global Trade


Ulstein Verft Launches its Largest Ship to Date

Measuring close to 160 meters in length, Yno 302 is the largest vessel built by Ulstein Verft so far (Photo: Ulstein)

On August25, shipbuilder Ulstein Verft launched from its dock hall a special offshore construction vessel, Yno 302, for Island Offshore and Edison Chouest Offshore.   The newbuild measures close to 160 meters in length with at beam of 30 meters


Break Bulk in Rotterdam on the Way Up

Liebherr mobile crane being delivered at the new break bulk terminal of Pacorini Metals in the Merwehaven.

  The opening of a new break bulk terminal is one of the many developments and investments in the break bulk sector in the port of Rotterdam; a sector that has been very much on the up in recent years. The new Liebherr crane helped Pacorini establish itself, on 1 August, on a 12


N-KOM: New VLCC Size Floating Dock

Donnelly Tankers vessel inside new VLCC size floating dock

Nakilat-Keppel Offshore & Marine (N-KOM), the joint-venture shipyard of Keppel Offshore & Marine and Nakilat, continues to see strong interest for its ship repair services in 2015, having already delivered more than 450 projects for shipping and oil and gas companies over the past four


Pipavav Defence Sings Pact with Russian Sub Repairing Firm

Image: Pipavav Defence & Offshore Engineering Co Ltd

 Pipavav Defence & Offshore Engineering Co Ltd (PDOC) has announced a joint venture (JV) with Russia's JSC Ship Repairing Centre Zvyozdochka for medium refits and life certification of eight EKM 877 submarines in the country.  


Hanjin to Support Smart Shipping

Seoul Head Office (KOREA). Photo: Hanjin Shipping Co

 Hanjin Group opened its creative economy innovation center in Incheon on Wednesday, hoping to develop the city into a distribution hub of Northeast Asia utilizing advanced shipping technologies.    As part of the center, Hanjin created a fund worth 159 billion won ($138 million)


Commerzbank Sells 18 Ships for $254.5mln

KKR & Co LP's Embarcadero Maritime unit will pay $254.5 million to buy 18 dry bulk and container ships from Commerzbank AG's Hanseatic Ship Asset Management GmbH, the companies said on Thursday.   U.S. private equity firm KKR and London-based independent ship operator Borealis Maritime


SEACOR Holdings Post 2Q Loss

Photo SEACOR

  SEACOR Holdings Inc. today announced its results for its second quarter ended June 30, 2015. For the quarter ended June 30, 2015, net income attributable to SEACOR Holdings Inc. was $0.7 million, or $0.04 per diluted share. For the six months ended June 30, 2015


SBM Offshore Completes $1.55 bln FPSO Financing

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history.    Project financing was secured by a consortium of 16 international banks with insurance cover


Korean Shipyards in Troubled Water

Photo: Hyundai Heavy Industries

 Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.   The Big Three shipbuilders in South Korea ventured into offshore oil rigs starting around


SBM Offshore First-half Beats Forecasts

FPSO Cidade de Ilhabela (Photo: SBM Offshore)

SBM Offshore, the Dutch oil and gas platform leasing company, reported better than expected first-half profit on Wednesday after slashing costs and said it would double annual savings at a time of low oil prices.   SBM Offshore, which has said it will cut 1,500 staff


JV for 3D seismic in Arctic

Photo: CGG

 Paris-listed seismic giant CGG and Russia's largest shipowner, SCF Group (Sovcomflot), have formally registered a joint-venture company focused on coldwater  surveys, reports Interfax.  The joint venture, to be called Arctic Geophysical Exploration (AGE)


Bluewater to Supply Turret Mooring System for Rosebank FPSO

Rosebank FPSO (Image: Chevron)

Bluewater Energy Services B.V. informs it was awarded a contract from shipbuilder Hyundai Heavy Industries (HHI) for the engineering, procurement, construction and integration (EPCI) of a turret and mooring system for a floating production, storage and offloading (FPSO) vessel to be part of the


Keppel Shipyard Wins FPSO Conversion Contract

Keppel Shipyard

Even as world energy prices continue to maintain low pricing levels, offshore contracts are there to be won. Keppel Offshore & Marine Ltd has secured a Floating Production Storage and Offloading (FPSO) conversion contract as well as three repair


Shell Lifts Force Majeure on Nigeria Gas

Shell said on Friday that its Nigerian joint venture lifted its force majeure on natural gas supplies to the Nigeria Liquefied Natural Gas Co (NLNG) after repairing a pipeline. The force majeure was put in place on Aug. 4 after the company discovered a leak on the Eastern Gas Gathering System






 
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