Offshore Ventures News

Cash-strapped  South Korean shipbuilder Hanjin Heavy Industries & Construction (HHIC)  has signed a memorandum of understanding (MOU) with its creditors to receive a KRW 120bn ($103m) cash injection, and will sell off property and businesses worth KRW 2tr ($1.71bn) as part of its self-restructuring plans. The shipbuilder entered workout program with nine creditor institutions led by its main creditor Korea Development Bank (KDB), four months after it applied for the procedure to seek debt relief and bailout. HHIC filed a request to restructure its debt with its creditors in January, having been faced with liquidity shortage. "Under the deal, valid until 2018, the company will receive KRW 120 billion of new funding from its nine creditors.

Manufacturer of marine sunlight-readable displays, marine hardware and software products, Kessler-Ellis Products (KEP) Marine announce its new line of U.S.-manufactured, powerful, commercial-grade marine monitors and computers with Electronic Chart Display and Information System (ECDIS) type approval. Built for reliable performance even in the most extreme marine conditions, the rugged and rigorously tested suite of displays and computers comply with International Maritime Organization (IMO) regulations…

Buccaneer Energy contextualizes termination of its contract with Archer Drilling as project manager of work on one of its jack-up rigs. The contract was for Archer Drilling to act as project manager of modifications and repairs to the Endeavour-Spirit of Independence jack-up rig owned by Kenai Offshore Ventures, LLC, which is a joint venture between Buccaneer, Singapore based Ezion Holdings Limited and the Alaska Industrial Development and Export Authority (“AIDEA”). Buccaneer is the designated Manager of Kenai Offshore. Archer Drilling was engaged by Kenai Offshore in October 2011 under a Master Services Agreement (“MSA”) to provide project management services for the modifications and repairs required to be undertaken to the Endeavour to allow it to operate in the Cook Inlet, 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”).

Regardless of today’s economic and financial reality, wealth creation and oil prosperity go hand in hand. While the medium to long term prospects are good, it is a major challenge for the offshore and maritime communities to secure the financing that is required to respond to immediate market opportunities, and also re-finance the completion of existing projects, such as offshore supply vessel new-builds. The funding necessary to invest in leading-edge research & development, introduce alternative & renewable ocean energy sources, fully commercialize promising technology, fast-track the expansion & grow of companies, and restructure capital requirements for mergers & acquisitions…