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Golar LNG has acquired New Fortress Energy's (NFE) stake in FLNG Hilli - also known as Hilli Episeyo. "In return for NFE’s 50% Common Unit holding in Golar Hilli LLC, Golar has transferred its remaining 4.1 million NFE shares to NFE, paid NFE $100 million in cash, and assumed approximately $323 million of FLNG Hilli debt," Golar LNG said. FLNG Hilli (Hilli Episeyo) is currently located offshore Kribi, Cameroon. Its customers are oil and gas company Perenco and Cameroon’s national oil firm, Société Nationale des Hydrocarbures (SNH).

As we close out another year, sub-continent markets remain suspended at their weakest point for some time now. Pricing remains firm (given the historical price average has been around $350/LDT or so), but sentiments and conditions on the ground across all locations remain somewhat precarious.While Bangladesh has been the main proponent of such concern – given the ongoing financial crisis that has resulted in the Bangladeshi government restricting the sanctioning of new Letters of Credit (L/Cs) for even the smallest purchases of $1 million and below – this week…

Hamburg Süd is now exclusively represented by its own offices in Italy and Spain after business was previously partially handled by agents and joint-venture organizations. Furthermore, in Egypt the company has taken full management of Hamburg Süd Egypt.“We are thereby investing in the Mediterranean markets that have traditionally been of strategic importance to Hamburg Süd,” says Poul Hestbaek, General Manager of Hamburg Süd’s Region Europe. “By having owned organizations, we…

ION Geophysical Corporation, a provider of geoscience technology, services, and solutions for the oil and gas industry, has entered into a multi-client agreement with Colombia’s National Hydrocarbon Agency (ANH), granting rights to reprocess existing data and acquire new 2D and 3D multi-client programs offshore Colombia’s Caribbean coast.In February, the ANH announced a series of reforms to encourage investment in exploration and production, such as a permanent license round and a more attractive tax regime, to boost declining production and increase reserves.The data is intended to enable better understanding of hydrocarbon potential…

Ghanaian tugboat masters in Denmark to acquire new tools of the trade - A team of tugboat masters just finished a training program in Denmark as part of the strategic sector cooperation between Denmark and Ghana.The training has provided the tugboat masters with new tools on how to carry out tugboat missions in the Port of Tema – one of the biggest and busiest ports on the West African coastline.The tugboat masters have shared in kind their views and experiences from tug operations in their own territorial waters.Charlotte Ahrendt Steen, Deputy Director at the Danish Maritime Authority said: “The two weeks of training in Denmark is a…

Saudi Arabia’s International Maritime Industries (IMI) has signed a vessel purchase agreement (VPA) with the National Shipping Company of Saudi Arabia (Bahri) and a subsequent sub-contract agreement with South Korean shipbuilder Hyundai Heavy Industries (HHI) to build one very large crude carrier (VLCC).Hyundai Heavy will transfer architectural designs and related technological know-how for the building of very large crude carriers (VLCCs) to IMI. It will build one 319,000 DWT Class Crude Oil Carrier  with delivery expected in October 2021."This project award further strengthens the business relationship between IMI and its shareholders…

The National Shipping Company of Saudi Arabia (Bahri) has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry.The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region, said a press release from the logistics and transportation company.The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company, to market their offerings, acquire new clients, serve existing clients, and channelize the communications. Bahri has plans to expand the services of its other business units to the APAC region in the future.

A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally, as well as from onshore shale basins and Mexico's waters in the Gulf.Oil companies had lobbied for lower royalty payments for deepwater acreage because of the projects' high cost and long lead time before production can begin.

New legislation approved by the U.S. House of Representatives on Wednesday aims to address maritime transportation safety issues raised by the El Faro sinking, promote the U.S. Coast Guard’s awareness of technologies that could help improve service mission performance, and reduce marine debris.The Save Our Seas Act (S. 756), which was approved in the House by voice vote, combines several pieces of bipartisan legislation recently approved by the Transportation and Infrastructure Committee.

The Fohnsdorf Training Center is located in Styria, Austria. To train welders, it uses a virtual welding system – the Virtual Welding simulator from Fronius, the Austrian technology leader. The simulator employs a virtual trainer to provide 1:1 training for the center’s students, an approach that has a positive impact on training quality.A young student carefully guides the welding torch. The weaving motions she makes as she welds the single-V butt weld in front of her appear very composed, an impression that is confirmed by the consistently positive feedback from her trainer.

In his final State of the Coast Guard Address, Adm. Paul Zukunft outlined the diverse successes and ongoing challenges facing the smallest branch of America’s military. Zukunft, who has served as commandant of the U.S. Coast Guard since 2014, delivered his fourth State of the Coast Guard Address on Thursday at the National Press Club in Washington, D.C. The outgoing commandant, set to retire June 1, highlighted Coast Guard’s evolving role in national security as its duties continue…

Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of approx. EUR 352 million. They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.

Reuters report quoting South Korea government sources that the country is planning  to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies. The government would provide financing of 6.5 trillion won ($5.67 billion) in total so that local shipping firms could acquire new vessels. New vessel orders won by South Korean shipbuilders between January-September fell by 87 percent compared to the same period in the previous year. The government has announced measures to support struggling local shipbuilding and shipping industries following the collapse of Hanjin Shipping Co Ltd, which applied for court receivership in August.

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. The University of Oslo has been chosen the main supplier in a project that will also involve other Norwegian research institutions. «Statoil’s history» will be a historical fact-based research project to be ready for the company’s 50th anniversary in 2022. The project aims to acquire new knowledge about Statoil and the petroleum activity’s significance to society through 50 years and convey it to the public. The project is also to be a professional training tool for coming generations. The end product will include a history in two volumes and a comprehensive website that will be integrated with the books and provide further images, films and sound.

India's troubled shipping sector has been passing through tumultuous waters in recent years with over 40 per cent of the country’s fleet older than 20 years and about 12 per cent of them being 12-15 years old, says the Economic Survey 2015-16 , tabled in Parliament by Finance Minister Arun Jaitley on Friday. The decline in the Baltic Dry Index, a freight index that depicts the robustness of trade, from 10,720 in May 2008 to 386 in January 2016 “is a reflection of the slowdown in India’s and the world’s merchandise trade as well as of overseas shipping services,” according to the statement tabled in Parliament. "The shipping sector has been passing through tumultuous waters in recent years... There is urgent need to increase India's shipping fleet.

Specifying for ballast water treatment systems can be a difficult process. Ian Hamilton, sales manager for marine electrical wiring control and instrumentation specialists CMR Group, offers guidance. Ballast water, which is used to maintain balance and stability when a ship is empty of cargo, has been identified as a key factor responsible for bringing invasive species of microorganisms into non-indigenous environments, causing a major threat to marine ecosystems. All ships in…

Sea Star Line, LLC said that it has increased its refrigerated container fleet by 25% in the past year to better serve the Puerto Rico trade. Sea Star is also in year two of a five year refrigerated equipment replacement plan. The replacement plan aims to reduce the average age of the entire Sea Star Line refrigerated container fleet to less than three years. Additionally, Sea Star Line recently entered into a five year agreement to acquire new gensets to support the increased reefer fleet. “We must begin transforming our equipment fleet to meet the needs of our customers and in preparation for our new LNG ships entering the Puerto Rico trade at the end of 2015,” said Jim Wagstaff, vice president of operations.

Taiwan's president, Ma Ying-jeou, reiterated Taiwan's determination to push ahead with its domestic submarine program to modernize its fleet and bolster the country's defense capabilities. "Submarines are the most significant weapon for a country in building naval defense capabilities. The military absolutely needs to acquire (new) submarines," Ma said at a ceremony at which two military vessels — Taiwan's first home-grown stealth missile corvette and a new supply ship — were put into service. Navy officials yesterday said the Ministry of National Defense will go ahead with its domestic submarine program, and several Taiwanese shipbuilders are seeking collaboration with foreign companies to undertake the work.

Rosneft, Seadrill Limited and North Atlantic Drilling Limited (NADL) signed a Framework Agreement that envisages long-term cooperation in the sphere of oilfield development projects. The document foresees the acquisition by Rosneft of NADL shares through an exchange of assets and investments in NADL charter capital. Moreover agreement’s options contemplate a possibility for Rosneft to increase its stake in NADL according to the development of the cooperation. The deal is implemented within the Rosneft’s strategy aimed at strengthening and expanding its service business potential, increasing its technological capabilities and will allow the Company to acquire a fleet of platforms and drilling rigs for the conduction of on and offshore drilling operations.

TOP Ships Inc. an international maritime shipping company that provides transportation services for petroleum products and dry bulk commodities, announced that it has entered into three stock purchase agreements with an affiliate of the AMCI Poseidon investment fund by which the company has agreed to sell the six shipowning subsidiaries which own the company's six vessels (Five Handymax product tankers and one dry bulk carrier), for an aggregate cash consideration of approximately…

Alion Canada was awarded a $1.3 million contract to assist the Ministry of Transportation in Ontario, Canada, in securing a replacement ferry for the Motor Vessel (MV) Pelee Islander. First launched in 1960, the current Pelee Islander runs from Pelee Island, Ontario north to Kingsville and Learnington, and south to Sandusky, Ohio. Alion Canada will serve as the Ministry’s “owner’s expert” and provide naval architecture, marine engineering and vessel construction expertise during vessel design and construction. Under the contract, Alion Canada will provide technical oversight from design through delivery of the replacement ferry. Two ferries currently operate on the island: The Pelee Islander is the older one and carries 196 passengers and 14 vehicles.

Miko Marine AS has opened a subsidiary in Morgan City, La. from where it will be able to supply ship operators and salvage companies throughout the United States with its range of products, including its magnetic patches to prevent ships from sinking. The magnetic patches, often used in conjunction with Kevlar reinforced flexible patches, create a durable water tight seal where ships’ hulls have been damaged by collision or grounding. Miko also produces high-power permanent magnets that can be used in conjunction with the patches.

The Hempel Group announced it delivered a record net profit in 2013, placing it in a strong position to achieve its targets through a combination of organic and external growth. The Hempel Group’s continued focus on efficiency and profitability ensured it delivered a net profit of €65 million in 2013, despite volume growth of only two percent. The Group also secured an EBITDA result of €165 million, the highest in its history. Pierre-Yves Jullien, Group President and CEO of Hempel A/S…