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Announces Completion

Govan Yard Under The Gun

BAE Systems Plc warned that future employment prospects at its Govan shipyard near Glasgow are wholly dependent on new orders being won. The group was announcing completion of the $3.6 million rescue acquisition of Govan from Norway's Kvaerner agreed in July. BAE has agreed a 20 year lease of the land and buildings in a joint deal with port services group Clydeport Plc, which will own the site.


STELLA B1 Well Flow Test Completed

04 Stella North Drill Centre Manifold Installation Operations (149)

  Ithaca Energy Inc. announced completion of flow test operations on the third development well on the Stella field, with the well achieving a flow rate of 12,492 barrels of oil equivalent per day. Well 30/6a-B1Z (“B1”) is the third development well drilled on the Stella field.  The well was drilled to a total measured depth subsea of 16,185 feet, with a 2,147 foot gross horizontal reservoir section completed in the Palaeocene Andrew sandstone reservoir


Genco Shipping to Acquire Six Drybulk Vessels

Genco Shipping & Trading Limited announced that it has agreed to acquire six drybulk vessels with an average age of approximately 2 years from affiliates of Evalend Shipping Co. S.A. for an aggregate purchase price of approximately $336m. The acquisition is subject to the completion of customary additional documentation and closing conditions. Genco plans to finance the acquisition through borrowings under its $1.4b revolving credit facility.


Neptune Orient Lines Sells Logistics Business

Photo: APL Logistics

Neptune Orient Lines sells APL Logistics to Kintetsu World Express   Neptune Orient Lines Limited (NOL) announced that it has completed the sale of its logistics business, APL Logistics Ltd (APLL), to Kintetsu World Express, Inc. (KWE) for an aggregate purchase price of $1.2 billion, subject to adjustments for the net cash and net working capital of APLL and its subsidiaries as at the completion date.   NOL said it will announce the final purchase price after such adjustments


PortMiami Dredging Clears Way for Mega Ships

Dredger in PortMiami (Photo: Port Miami)

PortMiami Deep Dredge gives businesses the infrastructure necessary for growth The completion of the PortMiami deep dredge project, which deepens the port’s main harbor channel from 42 feet to a depth of 52 feet to accommodate Post-Panamax ships, was announced by Florida Governor Rick Scott. Of the total $220 million cost for the channel deepening, the state of Florida invested $112 million and Miami-Dade County invested $108 million


Canyon’s Quest ROV Awarded Drill Support Contracts

Canyon Offshore, Inc., has announced that it has been awarded drill support contracts on board the drilling rig Rowan Midland for its new electric Work Class ROV, Quest #3. In June, Canyon mobilized the new built Quest #3 on board the rig for Energy Resource Technologies, Inc. (ERT) to support ERT’s re-entry well work on East Cameron block 374. Upon completion of the ERT contract, Canyon will provide ROV services to Remington Oil & Gas at East Cameron 377 to support drilling and completion


Entertainment Cruises Plans Cruise Boat Renovation

Spirit of New Jersey Schedules $1.5 Million Renovation for Completion in Spring 2012.   Entertainment Cruises, the largest harbor cruise company in the United States, today announced that plans are underway for a $1.5 million renovation of the Spirit of New Jersey, scheduled for completion in time for the spring/summer season. It will feature quality improvement initiatives aimed at modernizing the vessel and providing a fresh and trendy dining and entertainment experience.  


Vitol Buys Stake in Sargeant Marine

  The Vitol Group and Sargeant Marine, an asphalt trading, storage and transportation business, announced that Vitol will acquire a 50 percent interest in Sargeant Marine for an undisclosed sum.   Sargeant Marine comprises a global trading operation, which distributes asphalt to customers worldwide, and two terminals in Rotterdam, Netherlands and Constantza, Romania.   On completion, it is anticipated that the new, combined business will trade circa 1


NGSS Completes Acceptance Trials on USS Ronald Reagan

Northrop Grumman Corporation announced that the nation's newest and most advanced nuclear-powered aircraft carrier, Ronald Reagan (CVN 76), has successfully completed acceptance sea trials. The Reagan is the ninth Nimitz-class carrier built by Northrop Grumman's Newport News sector. The acceptance trials are conducted with representatives of the U.S. Navy Board of Inspection and Survey for testing and evaluation of the ship's systems and performance.


Golar LNG Sells Newbuild

Golar LNG announced an agreement to sell its existing interest in new building DSME hull number 2244 to Maran Gas for $92.5m, this represents an implicit vessel price of $201 million. Golar estimates that its book cost of investment in this vessel at completion of the sale will be approximately $51.5 million and this transaction therefore represents a significant return on investment for shareholders.


Deployment: The Transpacific Trade Steps Up To The Plate

Graph: Clarksons Research

 In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which looks poised to drive key changes in containership deployment, with the expansion of the Panama Canal due to open in late


Cheniere to Roll Out Second LNG Unit

Photo: Cheniere Energy, Inc

 Cheniere Energy Inc. plans to start exporting liquefied natural gas in August from a second plant at its Sabine Pass terminal in Cameron Parish, according to a report from Bloomberg News.    Cheniere began exporting LNG in February from its first unit at Sabine Pass


DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to be compliant with rules allowing investors in the United States to participate, will price at 237


Cheoy Lee Joins the Robert Allan Ltd. ‘Century Club’

(Photo: Robert Allan Ltd.)

On April 26, 2016, China’s Cheoy Lee Shipyards launched its 100th vessel built to a Robert Allan Ltd. design, becoming the second shipyard worldwide to do so, following Sanmar’s achievement in 2013. The cooperation between Robert Allan Ltd


Cheoy Lee Joins Robert Allan “Century Club”

Cheoy Lee Shipyards launched the 100th vessel it has built to a Robert Allan Ltd. design Photo Robert Allan Ltd

On April 26, 2016, Cheoy Lee Shipyards launched the 100th vessel it has built to a Robert Allan Ltd. design, becoming the second shipyard worldwide to do so, after Sanmar’s initial achievement of this milestone in 2013. This epic tug, Hull Number 5098 at Cheoy Lee


TNPA Invests in Port of Ngqura

(Photo: TNPA)

Two new landmarks at the Port of Ngqura, which are part of ongoing developments to position the port as a container transhipment hub for Sub-Saharan Africa, were officially launched by Transnet National Ports Authority (TNPA) today.    


ASIS's 7.5m RIBs Get Their Sea Legs

Photo: ASIS Boats

ASIS Boats announced the completion of the first of the new production series 7.5m Asis RIBs to be equipped with Sealegs System 60 amphibious technology.   The 7.5m Asis Midi will include the two-wheel drive and automatic braking systems as well as power steering and high quality


MOL Clinches FSRU Charter Deal

Gas Sayago President César Briozzo, right,and Lakler President, (MOL Director, Senior Managing Executive Officer) Takeshi Hashimotoat the signing ceremony Photo MOL

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that Lakler S.A., 100% subsidiary of MOL has officially agreed to conclude a charter contract, with an eye toward reaching a final deal in June this year, with Gas Sayago


Yamal LNG Over 50% Complete

Photo: NOVATEK

 Novatek deputy chairman and CFO Mark Gyetvay said the Yamal LNG project in Russia have now passed the 50 percent overall completion mark.   Gyetvay noted that 100 percent of the Yamal LNG’s production capacity has been sold.  


Cosco Sinks into the Red

Image: COSCO Corporation (Singapore)

 Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015.  


Canadian Navy Frigate Refit Program Completed

Seaspan joined Harjit S. Sajjan, Canada’s Minister of National Defense, at an official ceremony today to celebrate the completion of the Halifax-Class Modernization/Frigate Life Extension (HCM/FELEX) Refit Program on the West Coast, and transfer of the HMCS Regina from Seaspan’s


Subsea 7 Profits Dip in Q1

Photo: Subsea 7

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period. Adjusted EBITDA meanwhile was $284 million with an Adjusted EBITDA margin of 38 percent


AccessESP Installs First Access375 Systems

Photo AccessESP

AccessESP, a leading provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has successfully installed two of its new Access375 systems on the North Slope of Alaska, the first commercial deployments of this system.


Genting Completes Purchase of 3 shipyards

Logo

Genting Hong Kong, announced the completion of the acquisition of Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, Germany for the consideration of 230.6 million Euros. The deal will give Genting Hong Kong the core expertise, manpower


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  






 
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