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Grand Banks

Grand Banks Yachts Moves

Grand Banks Yachts has moved its worldwide offices to Seattle while worldwide sales headquarters remain in the company’s long-standing Norwalk, Conn. Facility. Global marketing services, headed by recently-appointed VP Marketing Rob Livingston, are now situated at 2100 Westlake Avenue North, Suite 107, Seattle 98109, located directly on the west side waterfront of Lake Union. Vice President of Sales Ed Roberts continues to manage the Norwalk offices, overseeing worldwide sales along with the American service support staff. Grand Banks also maintains both west coast and European sales offices.


First Orphan Basin Oil Exploration for mid-August

In mid-August, Chevron Canada will drill the first exploratory well in the Orphan Basin. According to industry experts, the exploration of the Orphan Basin could mean the beginning of a new and potentially lucrative phase of Newfoundland and Labrador’s offshore oil industry. The basin is in an area that has not been explored before, where the weather is harsh and the water is deep. However, the potential is massive — the Orphan Basin could hold more oil than the Jeanne D'Arc Basin on the


Grand Banks Yachts Swings Back into Black

Photo: Grand Banks Yachts

 The builder of luxury yachts Grand Banks Yachts swung to a net profit of $1.2 million for the first quarter ended Sept 30 compared to a net loss of $1.3 million for the year-ago period.   Following restructuring efforts after a major acquisition, gross profit margin increased to 24.5% from 9.5% a year ago.    The SGX Mainboard-listed builder yachts said net profit rose after introducing initiatives to integrate design


Halifax Wins Another Order

Halifax Shipyard won another offshore contract. The Irving Shipyard in Halifax, Nova Scotia has landed a contract to modify and refit the Glomar Grand Banks semi-submersible drill rig. The work will be completed at the Irving facility in Woodside. The job, which was commissioned by Global Sante Fe of Houston, Texas, will employ 350 people for a minimum of three months starting in January. The Rig will tie up at Woodside Facility on the December 19, and prepare for the upgrade


International Ice Patrol Opens Annual Ice Season

A Coast Guard International Ice Patrol team conducts initial ice patrols for the 2015 ice season on Feb. 5, 2015. The International Ice Patrol opened the annual ice season on Feb. 3, 2015. (U.S. Coast Guard photo contribute

The U.S. Coast Guard International Ice Patrol opened the annual ice season February 3 to detect and track icebergs in the North Atlantic Ocean. The IIP deployed its first Ice Reconnaissance Detachment (IRD) to Newfoundland, Canada, to meet with Canadian partners and to conduct the initial aerial patrols of the season. The IIP conducts iceberg reconnaissance using HC-130J Hercules aircraft from U.S. Coast Guard Air Station Elizabeth City, North Carolina


TGS, PGS Team Up on Eastern Canada Seismic

Eastern Canada 2016_Landscape Image courtesy TGS

TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS, utilizing two vessels during the 2016 acquisition season. The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016


Is it a Ship or Iceberg?

Small iceberg off the port bow of Canadian Coast Guard ship Louis St-Laurent. (Photo: Canadian Coast Guard)

Developing the capability to discriminate between ships and icebergs in northern latitudes is a common interest shared by Canada’s Department of National Defense (DND) and the oil and gas industry. For DND, the focus is on ship detection for maritime security, whereas oil and gas companies are interested in detecting icebergs to ensure primarily the safety and also the productivity of offshore exploration and production operations.   Polar Epsilon


GlobalSantaFe Reports 2Q Earnings

GlobalSantaFe reported net income for the quarter ended June 30, 2002, of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million, versus $84.3 million and $0.69 per diluted share for the corresponding 2001 quarter. For the six months ended June 30, 2002, GlobalSantaFe reported net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million. This compares to net income of $125.0 million, or $1.03 per diluted share, for the six months ended June 30, 2001


Grand Circle Cruises Buys 'MV Corinthian'

MV Corinthian: Photo courtesy of Grand Circle

Vince Cook, CEO of Grand Circle Cruise Line, informs that the company has acquired the 'M/V Corinthian', a 98-passenger, ocean-going vessel that currently operates in Antarctica.  They had chartered the ship for the past year and intend to expand the Corinthian's operations with the launch of three new small ship cruise itineraries in 2015. The ship was acquired for an undisclosed price from Travel Dynamics International, an operator of educational programs aboard small cruise ships


Detroit Agencies Perform Maritime Security Exercise

Detroit Coast Guard members are participating in a Southeast Michigan Area Maritime Security Committee multi-agency table-top exercise Wednesday at the Detroit Fire Department Regional Training Center. The purpose of this exercise is to test plans and policies of federal, provincial, state and local area agencies in response to a transportation security incident. In accordance with the Homeland Security Exercise and Evaluation Program, a table-top exercise is a discussion based exercise


OSV firm Farstad Continues Restructuring Talks

file Image (Credit: Farstad)

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking to both industrial and financial investors on how to refinance 11.6 billion Norwegian crowns in net interest bearing debt ($1


Banks Halt Support for Hanjin

file Image (Credit: Hanjin)

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said, making it likely the nation's largest shipper is headed for bankruptcy as it is dragged down by a deep global industry downturn.


SOS from Hanjin Shipping

Photo by Hanjin Shipping Co

 The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to postpone debt repayments to foreign creditors made significant progress, says the cash-strapped firm.  


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


Hanjin Shipping to Submit Self-Rescue Plan

Photo: Hanjin Shipping Co

 South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.   According to the shipper, the plan includes details on securing funds from its parent Hanjin Group


Investors to Acquire $1.5 bln Shipping Portfolio from NORD/LB

NORDLB Hanover

NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing and non-performing shipping loans


Jawaharlal Nehru Port Goes for External Commercial Borrowing

Photo: APM Terminals Mumbai

 India’s premier container port, Jawaharlal Nehru Port in Navi Mumbai, has signed an agreement with State Bank of India and Development Bank of Singapore for External Commercial Borrowing (ECBB) to the tune of USD 400 Million at a “very competitive” interest rate to improve


NordLB to Shed Shipping Loans to KKR

German state-owned lender NordLB and KKR Credit said they had reached an agreement by which KKR Credit will acquire a $1.5 billion portfolio of shipping loans from NordLB jointly with an unspecified sovereign wealth fund. The portfolio of performing and non-performing loans will include up to


ExxonMobil Contributes $ 0.5 Mln to Louisiana Flood Relief

ExxonMobil - Rex W. Tillerson, chairman and chief executive office ExxonMobil

Exxon Mobil Corporation (NYSE:XOM) announced today that it will donate $500,000 to the American Red Cross and the Greater Baton Rouge Food Bank to support local flooding disaster relief assistance in Louisiana. “Our thoughts and prayers are with our friends and neighbors in Louisiana who


Daewoo Shipbuilding Selling Shares to Raise Funds

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd said on Thursday it is planning to sell shares to raise funds by the end of this year, with details to be discussed with its creditor banks. Daewoo Shipbuilding, the world's largest shipyard in terms of orderbook tonnage for July


Yamal LNG Project Received €780 Mln in Chinese Loans in July

Photo: Novatek

The Novatek-led Yamal LNG project in Russia received financing in July worth about 780 million euros from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published on Tuesday.   The 15-year loan deals, of 9.3 billion euros and 9


Rickmers Group Revenue Slides in First Half of 2016

In the first half of 2016 the Rickmers Group generated consolidated revenues of €249.3 million ($279 mln), 13.9 percent lower than in the corresponding period in 2015 (€289.6 million, $324 mln).   The main underlying factors are the persistently strained market situation


RBS Looks to Sell Turkish Loans in Bid to Exit Shipping

Royal Bank of Scotland has put its portfolio of Turkish shipping loans up for sale, in the latest move by the state-backed bank to exit this troubled sector and cut overall losses through asset sales, two sources told Reuters.   RBS, which has not made an annual profit since 2007


Next Generation Workshops Set for Southampton

SMS Next Gen x 3 workshop v2.jpg

A unique program of three specialist events for the sub IMO / sub 24 meter professional sector is being held ‘back to back’ at the Grand Harbour in Southampton, U.K. this October. The fast moving workshop style program brings together an international group of experts armed with the


Grosland Joins NAT as VP

Courtesy Nordic American Tankers Limited

Carl Fredrik Grosland has joined Nordic American Tankers as Vice President, working on analyses, projects and business development. Reporting to Chairman & CEO Herbjørn Hansson in a staff position, he will also work closely with others both in NAT and NAO (Nordic American






 
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