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Maersk Drilling Mulls Leviathan Contracts

Picture by Maersk Drilling

Jonas Bjork, commercial manager Maersk Drilling Denmark, a subsidiary of Maersk Group, says that Israel is in his radar in the near future and hinted that his company targets Leviathan contracts, reports Globes.  Bjork added that the Israeli government may make things difficult, but it is also willing to listen and to learn. His impression is that the regulation in Israel in the natural gas sector is difficult, but the government is prepared to study the energy field, is open to change, and is flexible.   According to Bjork, he came to Israel to investigate whether there is a market for drilling here. He knows that the Leviathan reservoir will need rigs for both drilling and production of gas and oil, he pointed out.   The expectation is that 8 wells will be drilled at Leviathan. The drilling alone will take a year, and the entire contract will be for 2-3 years, because there are other things to do beyond the drilling activity. Developing Leviathan, for example, includes the construction of a floating facility to produce and store the condensed gas at sea. Establishing such a facility take much longer than the drilling itself.   He says Maersk Drilling is a contractor of sorts. Maersk carries out the actual drilling, and the gas company pays it a daily rate, regardless of whether or not gas or oil is found


Igor Sechin discusses Rosneft with Putin

President of the Russian Federation Vladimir Putin (Pic by Russian Federation)

  The President of the Russian Federation Vladimir Putin held a working meeting on Wednesday with the Head of Rosneft Igor Sechin, who reported on the Company’s 2014 operational results to the President of the country. The overall hydrocarbons production at year-end was approximately 252 mln toe, which is amounts to a 4.6% organic growth compared to 2013 levels. Daily production level exceeds 5 mln boe, which is by one third higher than ExxonMobil’s level


Aker Solutions Report Solid, Not Spectacular Financial Progress

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share.


Australian Tugboat Crewing Dispute Escalates

Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated. "Increasingly we are seeing overseas towage companies tendering for towage contracts in our ports," said Adsteam Marine Ltd. CEO Clay Frederick, noting that comparable offshore ports operated with mostly three man crews. "I don't think our customers are going to cop the fact that we are there with four men


Aker Solutions Reports 4Q 2011 Results

AkerSolutions_Logo_RGB.jpg

Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry.   Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago


Nakilat Seeks $2.5b for Tankers

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas. Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits.


Caterpillar Maintains Dividend Rate

Doug Oberhelman, Caterpillar Chairman and CEO Photo credit Caterpillar

The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable August 20, 2016, to stockholders of record at the close of business on July 20, 2016. “Our balance sheet and operational performance are strong, even after several years of challenging market conditions. We are maintaining an attractive dividend for our stockholders and positioning the company for growth once our


Greek Shipowners Hit by Tax Changes

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet


Caterpillar Maintains Dividend Rate

Caterpillar Center

  The Board of Directors of Caterpillar Inc. voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable November 20, 2015, to stockholders of record at the close of business on October 26, 2015.  “I am pleased to announce we are maintaining Caterpillar’s dividend,” said Caterpillar Chairman and CEO Doug Oberhelman. “Even in this challenging environment


Royal Caribbean Cruises Implements Fuel Supplement

In an effort to deal with the sharp increase in fuel prices, Royal Caribbean Cruises Ltd. announced the implementation of a fuel supplement of $5 per guest per day for sailings that depart on or after February 1, 2008. The company has taken measures to soften the impact of this decision. For example, the company will not apply the supplement on any bookings where the guest has already paid the full cost of the cruise


Sovcomflot Profits slip

Projects - The company services large-scale energy projects in Russia and abroad, including Sakhalin-1, Sakhalin-2, Prirazlomnoye, Varandey, Tangguh and Peregrino.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and


Another Hurdle for The Ocean Alliance

William P. Doyle (Photo: FMC)

Commissioner William P. Doyle of the U.S. Federal Maritime Commission today voted in favor of requesting additional information from The Ocean Alliance parties.   The Request for Additional Information (RFAI) effectively stops the clock on the agreement until such time as the filing parties


The Economics of Ship Breaking & Scrapping

Photo Credit iStock rajami2

Sometimes being an industry supplier offers interesting insights – your business is touched by the ups and downs of the charter market, but you are never so involved in it that you lose sight of the big picture. Some of our clients have been hit hard by the market’s general downturn;


Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore, according to an internal government memo.   If that happens, it could make the operations more expensive and strain talks


Babcock Noell’s Scrubbers Making Waves

Image: Babcock Noell

With two far-reaching events scheduled to take place in the coming weeks, September 2016 will be a special month for Babcock Noell GmbH as the company announced new scrubber installations and its debut at SMM in Hamburg.   In the last couple of months the Würzburg-based company has


US Fines Korean Shipper for 2nd Pollution Violation

United States District Court Judge Leslie E. Kobayashi accepted the guilty plea of Doorae Shipping Co., LTD, a South Korean maritime operations company, and sentenced the company to pay a fine of $275,000, and a term of three years of probation for the failure to maintain an accurate oil record


Philly Shipyard to Pay Extraordinary Dividend

Photo Philly Shipyard

In its second quarter report Philly Shipyard ASA announced that additional extraordinary dividend would be paid following the deliveries of Hulls 024 and 025. Subsequent to the delivery of Hull 024 to Crowley and the buy-out of the Company's joint venture interest in that vessel by Marathon


Hong Kong Shipowner Issues Funds to Detained Vessel

Image: Hong Kong Shipowners Association

 The owners of Five Stars Fujian have at last paid for much-needed supplies to the Hong Kong vessel, which has been detained by the Australian Maritime Safety Authority since August 12, reports local media.   The Five Stars Fujian has been detained off the port of Gladstone in  by


Swan Sells 60% of FLNG Terminal Capacity

Pic: Swan Energy Ltd

 Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC)  and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast.  


Kiel Port Marks 2,500th Cruise Ship Visit

Port of Kiel marks 2500th cruise ship visit

Kiel is today (Saturday, 13th Aug.) celebrating the arrival of its 2,500th cruise ship visitor Cunard Line’s “Queen Elizabeth”, which berthed this morning to mark the event. The President of the City of Kiel, Hans-Werner Tovar paid tribute to the occasion during a reception at


Otto Marine Launches Second Arbitration Proceedings

Photo: Otto Marine

 Singapore-based offshore marine group Otto Marine, which is in the midst of a takeover offer by its chairman, has taken a second legal action against payment default, reports Strait Times.    Otto Marine said it has commenced arbitration proceedings against Vettal Mega Services


Court Orders Swiber to Stop Payment of Bank Guarantees

File photo: Swiber

Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed.  


DSME to Build Two VLCCs for BW Group

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received a 200 billion won (US$179.2 million) order to build two oil tankers for Singapore-based oil and gas transporter BW Group.   According to Yonhap


ISC Files for Chapter 11 Protection

Photo: International Shipholding Corporation

 International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.    


No Clues on Hanjin's Financial Health

Photo: Hanjin Shipping Co.

 Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.1 shipping line has come under growing pressure from its creditors to secure more money






 
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