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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


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


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.


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


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


Washington State Collects Civil Penalty for Spill

The Washington State Department of Ecology has negotiated an agreement by which Unix Line Private Ltd. of Singapore will pay $34,000 for negligently releasing 50 gallons of oily waste into Commencement Bay from the chemical tanker KAEDA. The company will also pay $5,194 for investigation and cleanup costs for the spill, which occurred on October 22, 2002.


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


Royal Caribbean Raises Dividend

Royal Caribbean Cruises Ltd. directors raised the quarterly dividend to $0.13 per share from the $.011 paid previously. The company said the dividend will be paid Sept. 29 to shareholders of record Sept. 18 and noted this is the 28th consecutive quarter directors have voted to declare a dividend to common stock shareholders.


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


DHT Adjusts Senior Notes Conversion Price

DHT Holdings, Inc. announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on November 26, 2014 to stockholders of record as of the close of business on November 20, 2014, (ii) cash dividend of $0


PSC, BP Claims Against Transocean Resolved

Photo of GSF Galaxy III courtesy Transocean

  Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP")


HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter. Germany's Manager Magazin reported earlier on Thursday that the city of Hamburg was


NAVTOR AS, Nautic AB Launch Complete Navigation Solution

NAVTOR Managing Director Tor A. Svanes, Johan Traung, Managing Director of Nautic Holding AB, and Henrik Bergius, who will lead the new company, NAVTOR NAUTIC AB

E-navigation specialist NAVTOR has joined forces with Nautic AB, a provider of navigational equipment, charts and publications to the Swedish market, to launch NAVTOR NAUTIC AB.   This jointly owned operation, based in Gothenburg, Sweden


GasLog Proft Doubles, But Misses Forecast

 Picture: GasLog

 Monaco-based liquefied natural gas carrier owner GasLog has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging.   Group net profits jumped to $13.8 million in 1Q15 from $6


Diana Shipping fixes Post-Panamax

mv  ALCMENE

  Diana Shipping Inc. announced today that through a separate wholly owned subsidiary, it entered into a time charter contract with ADM International Sarl, Rolle, Switzerland, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene


Aker Philadelphia to Pay Dividend

Aker Philadelphia Shipyard

  On 6 May 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 12 May 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous


EU: Former Operator of Portugal Shipyard Must Repay Aid

The former operator of Portugal's largest shipyard Estaleiros Navais de Viana do Castelo (ENVC) must pay back around 290 million euros ($329.79 million) in public support, the European Commission said on Thursday. It said the new operator WestSea did not need to pay the money as it purchased


Germany Subsidizes Warships Sale to Israel

Israel bought four German-made corvette warships on Monday to help secure its Mediterranean gas rigs, with Berlin heavily subsidizing the deal, Israel's Defence Ministry said on Monday. The ships, worth 430 million euros ($480 million), will be built by Thyssen Krupp and delivered within five


NASSCO Starts Building APT’s 4th ECO Tanker

Congresswoman Susan Davis measures the first piece of steel for the fourth American Petroleum Tanker. (Photo: General Dynamics NASSCO)

Ceremony signaled the start of construction for APT-4 ECO Tanker, the fourth of five Jones Act tanker ships to be constructed at NASSCO for American Petroleum Tankers.   General Dynamics NASSCO signaled the start of construction of the fourth of five “ECO” tankers to be built


NOIA Welcomes BOEM Shell's Plan Conditional Approval

NOIA President  Randall Luthi

  NOIA President Randall Luthi issued the following statement on BOEM's conditional approval of Shell's revised Chukchi Sea exploration plan: The BOEM's (Bureau of Ocean Energy Management) decision to conditionally allow Shell to proceed with the carefully planned and coordinated drilling


Hanjin Swings to the Black

Photo: Hanjin Shipping Co

 South Korea's leading shipping line Hanjin Shipping Co has swung to the black in the first quarter from a year earlier thanks to lower fuel costs and better streamlined shipping routes.   Net profit came to 22.91 billion won (US$21 million) in the January-March period


Essar Ports Acquires Vizag Port's Iron Ore Complex

Vishakhapatnam Port Trust’s Iron Ore Handling Complex on a Build-Operate-Transfer basis

  Essar Ports Ltd. (EPL) today announced the taking over of Vishakhapatnam Port Trust’s (VPT) Iron Ore Handling Complex on a Build-Operate-Transfer (BOT) basis, for a period of 30 years. Essar Vizag Terminals Ltd. (EVTL), a wholly owned subsidiary of EPL


Tidewater Declares Quarterly Dividend

Board of Directors

  Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today that its Board of Directors has approved an


ICTSI Shows Interest in Greece's Port

ICTSI port management company currently involved in the operations and development of marine terminals and port projects worldwide. Map by ICTSI

 Philippines head quartered International Container Terminal Services Inc. has expressed interest in a majority stake in Piraeus port in Greece, says a report in AFP.   “Yes. We are now reviewing this opportunity,” ICTSI vice president and treasurer Rafael Consing Jr






 
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