Marine link
 

Company Pay

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


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


Ecuador Pays $112 mln Award to Chevron

Courtesy Chevron Corporation

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that


GTT Cuts Outlook on Ship Construction Delays

French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results on Thursday but cut its 2016 revenue outlook, blaming delays in the construction of some ships.  


Shipping Oversupply Persists Despite Scrapping Increase: Drewry

file image: a containership underway (credit: Marad)

A record number of around 150 container vessels are expected to be scrapped in 2016 but it will not be enough for an industry battling over capacity, low demand and falling rates, consultancy firm Drewry said. In 2015, demolitions were less than half of the expected 2016 level but it will not


Philly Shipyard to pay Dividend

Philly shipyard aerial view Photo Philly Shipyard

Philly Shipyard, a U.S. commercial shipyard constructing vessels for operation in the Jones Act market has announced acash dividend to be paid by PHLY.   The schedule is as follows: Dividend amount: USD 0.25 per share Declared currency: USD


BOURBON to Pay Dividend for 2015

Bourbon - A world leader in marine services for offshore oil and gas Photo Bourbon

The Annual General Meeting of BOURBON shareholders held on May 26, 2016 approved the payment of the dividend for 2015 of €1.00 per share and that each shareholder can choose to receive the dividend either in cash or in new shares. The period for exercising the option ran from June 15


Top Rolls-Royce Power Systems Suppliers Honored

For the tenth year in a row, Rolls-Royce Power Systems has commended the top suppliers of its subsidiaries MTU, L’Orange and MTU Onsite Energy. The winners from 2015 are Harz Guss Zorge from Lower Saxony in Germany, the UK’s Helical, Centa from North Rhine-Westphalia, Zsnojemské Strojírnsi from the Czech Republic and Hotstart from the US. Photo Rolls-Royce)

Rolls-Royce Power Systems has honoured its five best suppliers for outstanding performance in quality, logistics, environmental protection and cooperation in 2015. For the tenth year in a row, Rolls-Royce Power Systems has commended the top suppliers of its subsidiaries MTU


Extension and Enhancement to the Maritime Singapore Green Initiative

Photo: Maritime and Port Authority of Singapore (MPA)

 The Maritime Singapore Green Initiative (MSGI), launched by the Maritime and Port Authority of Singapore (MPA) in 2011, has received strong support from the maritime industry.     The Green Ship Programme (GSP), a voluntary programme under MSGI sees more than 50% of qualifying


Diana Shipping Contract for M/V Oceanis With Nidera

M/v Oceanis. Photo: Diana Shipping Inc.

 Diana Shipping Inc.  has announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Nidera S.P.A., Roma, for one of its Panamax dry bulk vessels, the m/v Oceanis.    The gross charter rate is US$5,200 per day


CMA CGM Crosses 91.05% Ownership Threshold of NOL

File Pic: Neptune Orient Lines Ltd

 CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,376,715


Diana Shipping Enters Contract with SwissMarine

Crystalia. Photo: Diana Shipping Inc.

 Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia.    The gross charter rate is US$6,250 per day


The Historical Passage of Cosco Shipping Panama

An aerial view of COSCO Shipping Panama in the upper chamber of the Cocoli Locks. Photo by Panama Canal Authority

 The Chinese giant Cosco Shipping  has made the inaugural transit on Sunday June 26, 2016  through the expanded Panama Canal expansion project , event appreciated by thousands of people in Agua Clara lock province of Colon.  


Maersk's New CEO Appointment Raises Prospect of Break-up

Soren Skou (Photo: Maersk Line)

Danish shipping and oil group A. P. Moller-Maersk could split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive.   Maersk shares rose more than 10 percent on the news with investors betting on a break-up


Greece's Competition Commission Okays OLP-COSCO Deal

Photo: Port of Piraeus

 The Competition Commission approved the sale of a majority stake in Piraeus Port (OLP) to China’s COSCO during its meeting on Wednesday, saying it is in line with Greek competition laws.   According to Greek national news agency AMNA


US Offshore Regulator to Unveil Tougher Environmental Safeguards

The Discoverer Enterprise, Q4000 and many other vessels work around the clock cleaning up the Deepwater Horizon oil spill in the Gulf of Mexico. (Photo: SGT Casey Ware, U.S. Army)

The U.S. government agency created after the 2010 Deepwater Horizon oil spill plans in coming weeks to unveil tougher financial requirements for offshore oil producers aimed at protecting taxpayers from the risk of cleaning up abandoned oil rigs, an agency executive told Reuters.  






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright