The offshore support vessel (OSV) segment – over-capacity driving down utlilization and charter rates THE offshore support vessel (OSV) segment - touted as the bright spot where other traditional shipping markets are suffering - may entice tanker and bulk-carrier operators to jump ship, according to a recent Singapore Business Times article. However, OSV operators and owners are wary of such a crossover, and warn that if the sector gets more crowded, it may derail a recovery in charter rates that is expected to come about in two to three years' time. There are about 3,000 OSVs that support oil and gas offshore exploration - a sliver of the 70,000 merchant ships - but it is a sector that gained attention at a time when oil companies are expected to spend about US$600 billion in exploration and production activities. It is in an overcapacity situation, which has driven utilisation rates and charter rates down in the past years.
Leading contractor for deliveries of complete upstream oil & gas offshore platforms and onshore plants, Norway's Kværner ASA, reports operating revenues for the first quarter of 2014 wer NOK 3,489-million which is an increase of 31 percent compared to NOK 2 663 million in first quarter in 2013. The high activity and good utilisation of resources continued in first quarter 2014. The order intake in the first quarter of NOK 1
Shipping’s need to squeeze maximum value out of available assets is finding sharp focus, as the global maritime and offshore industries gather at Europort 2013, Rotterdam (Ahoy Rotterdam, November 5-8). In line with its stated aim to showcase Pioneers in Maritime Technology, Europort has tapped into the maritime industry’s state-of-the-art for 2013. Its Advanced Technology Conferences (ATC), organized by Ahoy in close collaboration with HME
Björn Rosengren President & CEO of Wärtsilä delivers his year 2012 financial results message to shareholders. Extracts from the message follow: "During 2012, we closed our largest ever acquisition with the purchase of Hamworthy. This acquisition supports our growth strategy in the marine gas, offshore and environmental solutions markets, and Hamworthy has performed well while being integrated to our Ship Power business.
Understanding Trends & Tendencies in the Gulf of Guinea Gulf of Guinea piracy presents a radically different picture compared with Somali piracy. Since decades it has been a kaleidoscopic mix of short duration hijackings, militant disruptions, kidnappings, robberies and thefts, depending on the location and the setting. It was not until recently, however, that piracy in the region attracted significant international media attention due to the increase in hijackings of product tankers in
Exxon Mobil Corporation announced the completion of the $2-billion Sable Offshore Energy Project off the coast of Nova Scotia, Canada, with the delivery of the first sales gas into the Maritimes & Northeast Pipeline. The project consists of three offshore platforms, a 125-mile subsea pipeline, natural gas-processing and fractionation plants and a 650-mile gas sales pipeline to New England, and is consistent with ExxonMobil's strategy of increasing gas and liquids production and expanding
Sakhalin Island currently is the oil and gas growth engine for Russia, which will rely on offshore regions for new production after 2010, the Oil & Gas Journal reported. By 2020, offshore fields could account for 20% of Russia's total oil and gas output. However, Russia must implement regulations and taxes before its offshore oil and gas assets can be developed since offshore royalty issues remain largely unaddressed
An effort to open Virginia's coast to offshore drilling gained new momentum in Congress when Virginia's senators introduced legislation giving states the option to drill for natural gas. The bill would give governors of coastal states the power to opt out of a federal moratorium that prohibits offshore drilling in most U.S. coastal waters. The new legislation comes one week after the Bush administration signaled its support for such proposals by calling for a study of potential gas and oil
BSEE Hurricane Response Team monitors offshore oil & gas operators' activities in Gulf of Mexico, post TS 'Isaac'. From operator reports, it is estimated that approximately 71.50 percent of the current daily oil production in the Gulf of Mexico has been shut-in. It is also estimated that approximately 55.62 percent of the current daily natural gas production in the Gulf of Mexico has been shut-in. The Bureau of Safety and Environmental Enforcement (BSEE) Hurricane Response Team
ONGC Videsh Ltd (OVL) has won three offshore exploration blocks in Myanmar. The contracts will be signed between OVL and Myanmar Oil and Gas Enterprise, a Government of Myanmar enterprise. The company succeeded in acquiring 100 per cent participating interests in these three deepwater blocks AD-2, AD-3 and AD-9 in Myanmar offshore. Currently, the total oil and gas production of Myanmar is about 10,000 barrel oil per day (bpd) and 820 million standard cubic feet per day (MMSCFD)
Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (MHI). The vessel is under construction at MHI and will serve Osaka Gas Co., Ltd.
Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte. Ltd. for $27.7 million (USD). Headquartered in Singapore
Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc. has merged with Sea3 Systems, Inc. to form Henderson, Hanes & Associates
SHI is ready to invest around $950 million in the overseas shipbuilding facility by 2017, according to SHI’s Chief Financial Officer Chun Tae Heung. Tankers, bulk ships and smaller container vessels might in the future be built in Malaysia, Indonesia or Vietnam, Chun said.
Langh Ship received final class approval from Germanischer Lloyd for its exhaust gas cleaning system on m/s Laura (pictured), a 1996-built a 6,500 DWT general cargo vessel equipped with a 6 MW main engine. Langh Ship is a shipping company that has developed its own closed loop scrubber
Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc. today announced that they have agreed to develop, construct
Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five AIPs for transportation of liquefied gases other than LNG. As an outcome of the shale gas revolution in the U.S
Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS. The transaction is expected to close end of October 2014
ABB, the leading power and automation technology group, has been awarded a $216 million contract to deliver a gas treatment plant to the South Tunisian Gas Project (STGP).The order was awarded by OMV Tunisie Production GmbH, a subsidiary of Austrian energy group OMV
Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs) for use by clients in the Asia-Pacific region. These new barges, which will be contracted and managed from the
To meet the growing demand in the region, DNV GL opened a new office in Malaysia. The official opening of the office coincided with the company’s celebration of a double milestone: 150 years of history as a world leader in classification and technical assurance services and its first year as
Almarin has supplied fourteen buoys to OAS constructor for the maritime beaconing of the works of GNL del Plata project in Uruguay. Almarin Spanish AtoN supplier has provided fourteen buoys to OAS for the marking of the works of GNL del Plata project in Uruguay. OAS, S.A
Siemens Blue Drive PLUSC Low Voltage Propulsion Solution providing reliability, Safety, increased fuel efficiency, reduced greenhouse gas emissions (Methane, NOX and SOX) and reduced maintenance costs. Siemens Industry announces it was awarded a contract to equip Otto Candies (OC) Subsea
EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth; Singapore public offer opens at 6.00 p.m. today and closes at 12.00 noon on 2 Oct 2014. EMAS Offshore Limited (“EMAS Offshore”
Aker Solutions today started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance