Cummins Marine, a division of Cummins Inc., and Mercury Marine, a division of Brunswick Corporation, announced the formation of a 50/50 joint venture to supply integrated diesel propulsion systems to the worldwide recreational and commercial marine markets. The joint venture, Cummins MerCruiser Diesel Marine LLC, will be headquartered in Charleston, S.C. Under the terms of the agreement, Cummins will supply diesel engines 15 liters and below, including certain electronic displays and other hardware. Mercury Marine will supply the Mercury 1.7 liter, 2.8 liter, 4.2 liter and 7.3 liter diesel engines, drive units for sterndrive applications and their SmartCraft(R) electronic integration hardware. The joint venture aims to become the premier worldwide supplier of integrated diesel marine propulsion units.
DSME and the Nigerian National Petroleum Company (NNPC) have signed a Joint Venture Agreement to establish a world class shipping company. The shipping joint venture company will be called Nigeria Daewoo Shipping Ltd. (NIDAS). The scope of NIDAS will be local and international transportation of merchant goods, crude oil and petroleum products. The initial capital of NIDAS will be $10 million. The equity interests of DSME and NNPC in the shipping company will be 49% and 51% respectively
Shipping and logistics company Eimskip, Lithuania's Kursiu Linija and Finnish shipping and container company Container Finance Ltd have joined forces to create a door-to-door logistics providers. The new joint-venture company Containerships Group will be based in Helsinki and will operate eleven ships on services linking east and west Europe, the Baltic States and Russia. It will be the cornerstone of a much larger alliance including the services of its parent companies.
Wärtsilä and Hyundai Heavy Industries Co. Ltd (HHI) signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (Liquefied Natural Gas) carriers. The total investment in the company will be EUR 58 million, Wärtsilä's share being EUR 29 million. The name of the company will be Wärtsilä Hyundai Engine Company Ltd and the intended location is in South Korea. The technology shift towards dual-fuel machinery in LNG carriers has significantly
Marine salvage and response companies Donjon Marine Co., Inc. (Hillside, NJ) and SMIT Americas (Houston, TX) announced a new joint venture known as Donjon-SMIT, An OPA-90 Alliance. This new response organization has been created specifically for compliance and response services as required by the Oil Pollution Act of 1990 (OPA-90). The Joint Venture will begin providing services on December 31, 2004. Donjon and SMIT will continue to provide non-OPA-90 salvage and related services
Partnership will pioneer technical developments for marine, offshore industries. ABS signed a strategic cooperation agreement with CSBC Corp., Taiwan (CSBC) to support CSBC in vessel and offshore asset construction. The agreement creates an opportunity to form joint development projects in such areas as design optimization, energy efficiency management and design and fabrication of offshore support vessels, bulk carriers, oil tankers, ice-classed vessels and floating production units
Keppel FELS Limited (KFELS), the marine and offshore construction, conversion and repair company of the Keppel Group of Singapore has formed a joint venture with the PEM SETAL Group of Brazil to serve the increasing market of oil and gas exploration and production activities in Brazil and in the west coast of Africa. The joint venture company, FELS SETAL, has signed an agreement yesterday to sublease a Brazilian yard currently named Verolme.
STX Finland Oy and United Shipbuilding Corporation (USC) have formed a joint venture company, which will specialize in arctic shipbuilding technology. An agreement for the formation of the new company, Arctech Helsinki Shipyard Oy, was signed today in in a meeting with the Russian Prime Minister Vladimir Putin and the Finnish Prime Minister Mari Kiviniemi. According to the agreement both founding companies will hold equal shares of Arctech Helsinki Shipyard Oy
Serdijn Ship Repair (SSR) and Zwagerman Offshore Services join forces into a new company under the name Rotterdam Offshore Group BV (ROG). Both companies have a strong reputation for finding innovative solutions for complex jobs. Their ideas and activities are complementary, so a complete portfolio can be offered to clients. Alongside the jetties there are lay-by facilities for vessels up to 190 mtr and 9,5 mtr of depth, with sufficient crane capacity
Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition. “We are pleased to have found a form of cooperation that has ensured good quality data sets and low acquisition costs. This warrants rethinking and exploring new business approaches and forms of cooperation in order to reduce costs and work more efficiently also elsewhere,” says Jan Helgesen
Norwegian Energy Company ASA announces that it has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields
Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production, signed a memorandum of understanding (MoU) on July 2nd in Vilnius
China Merchants Energy Shipping (CMES), a Chinese international oil tanker operator, projects doubled profit in the first half of 2015 from a year ago. The Shanghai-listed Chinese ship-owner predicted on Friday that its net profits attributable to its shareholders would rise 110-130
At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework Agreement on cooperation in the area of small scale LNG was signed by the two parties
A U.S. Coast Guard (USCG) helicopter crew rescued four sports fishermen from a platform after their vessel sank about 41 miles east of Venice, La., Tuesday. Watchstanders at the 8th Coast Guard District received a call from one of the sports fishermen stating their vessel sank and they
China’s total international shipping volume will reach 6.2bn tons, which will account for 17% of the world’s shipping volume, says 2030 China Shipping Development Outlook report published by the Shanghai International Shipping Institute.
The second stage of Russia-China "Joint Sea 2015" maritime exercises are taking place on June 8-11 in Russia’s Far Eastern Primorsky Territory, according to a statement from the Russian Defense Ministry’s Eastern Military District press service.
PSA International (PSA) established itself as the first and only Global Terminal Operator in the Guangxi-Beibu Gulf region by signing a Joint Venture Agreement with Beibu Gulf Port Group (BPG) and Pacific International Lines (PIL) to operate a new container terminal in Qinzhou City
Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today. Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases
CMRE participates in the annual NATO-led Coalition Warrior Interoperability eXploration, eXperimentation, eXamination, eXercise (CWIX), ongoing at the Joint Force Training Center (JFTC) in Bydgoszcz (Poland). From June 9-25, 2015, NATO STO CMRE (Center for Maritime Research and
The National Shipping Company of Saudi Arabia (Bahri) and Saudi Electricity Company (SEC) signed a Memorandum of Understanding (MoU) for a period of five years, appointing Bahri to transport all the equipment, tools, spare parts and products imported from outside by SEC.
Sometimes less is more. That’s also true for the size and weight of pre-assembly devices that are predominantly used at construction sites. They need to have compact designs but nevertheless work precisely, fast and safe, just like the new VOSSForm 100 Compact forming machine.
Anadarko Petroleum is in talks with newly formed Japanese joint-venture vehicle Jera, set to become the world's biggest buyer of liquefied natural gas (LNG), to sell long-term supply from its Mozambique export scheme. The U.S. oil major's gas finds in Area 1 of Mozambique's Rovuma
More than 800 customers and stakeholders will receive the new DNV GL rules today as part of an external hearing process before their publication and entry into force. According to DNV GL, the rules are the signature of the classification society
Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally. The two companies have combined to create the new customizable package which will focus exclusively on “below the hook” operations