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Joint Venture

Joint Venture Returns from the Gulf

The Incat Tasmania-built ship, HSV-X1 Joint Venture, has arrived back at Hobart, Tasmania, returning from the Persian Gulf in service with U.S. defense forces. As the High Speed Vessel HSV-X1 Joint Venture (Incat hull 050) left Tasmanian waters on the evening of September 11, 2001 (AEST) the towers of the World Trade Center fell in New York. The ship which had been chartered for experimental purposes did participate in a number of exercises and experiments but quite quickly went into service in the War against Terrorism. Joint Venture has excelled during her deployment in the Persian Gulf in support of Operation Iraqi Freedom. Just hours after Operation Iraqi Freedom began, Joint Venture sped into the shallow Persian Gulf waters near the southern Iraqi port of Umm Qasr, acting as an afloat forward staging base for Marine Fleet Anti-Terrorism Security Teams and Navy SEAL commandos. On board with the Joint Venture Navy crew is another US Navy team who will form a second crew for HSV 2 Swift. The Navy crew joined the vessel in the Middle East for the trip to Hobart as a familiarization and training run for their forthcoming high speed service on Swift. Joint Venture returns to the shipyard at Hobart for a brief period of scheduled maintenance. Arriving under US Navy control on August 14, the ship will be handed over to the US Army during the course of the maintenance period.


ONGC, SCI Enter MoU

Oil & Natural Gas Corporation Ltd. (ONGC) and Shipping Corporation of Indian (SCI) have entered into a memorandum of understanding (MoU) for setting up a joint venture company called Offshore Marine Services Ltd (OMSL). The joint venture company will provide end-to-end solutions for vessel operations for ONGC and other oil and gas companies. It will also develop capabilities for acquisition, repair and maintenance of offshore floating units and undertake repair and construction on long-term


Houston Exploration and El Paso Announce Joint Offshore Exploration Drilling Program

The Houston Exploration Company and El Paso Production Company, a subsidiary of El Paso Corporation, announced that they have executed a letter of intent to conduct an exploration drilling joint venture in the Gulf of Mexico. Under the terms of the agreement, El Paso will contribute up to $50 million for land, seismic and drilling expenditures and pay 100 percent of the dry hole costs to earn 50 percent of Houston Exploration's working interest in up to six specified exploration wells to be


NNPC, Daewoo in Joint Venture

After over five decades of its involvement in crude oil and gas exploration without involving in crude oil transportation, the Nigerian National Petroleum Corporation (NNPC), has signed a joint venture agreement with Daewoo Ship-building and Marine Engineering (DSME) of South Korea, to establish a world class shipping company which will be involved in crude oil transportation. Already, $10 million has been released as the initial capital for the joint venture business


Transocean Forms JV for Two Drillships

Transocean Inc. announced that a subsidiary has exercised its option to purchase a 50 percent interest in a joint venture company with Pacific Drilling Limited. The joint venture company will own two ultra-deepwater Samsung-design drillships that are currently under construction in South Korea. Under the terms of an exclusive marketing agreement, the subsidiary has secured a long-term drilling commitment for the first joint venture drillship.


Wärtsilä's JV with CSSC to Expands Engines Range

  Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines. The CSSC Wärtsilä Engine (Shanghai) Co. Ltd factory will be located at Lingang, Shanghai and is expected to have its first engine ready for delivery by the end of 2015. The company will in particular target the growing offshore and LNG markets


Lockheed Martin Partners With Japanese Industry

Lockheed Martin, Mitsubishi Electric Corporation, SAMPA Kogyo K.K. and Mitsubishi Corporation have formed a joint venture company that will serve the emerging combat system engineering and lifetime support requirements of the Japan Maritime Self-Defense Forces (JMSDF). The joint venture company, MLS Corporation, represents a full service partnership arrangement between industry and government, and leverages Japanese and U.S


VT Group and BAE Systems Establish JV

VT Group plc announced that it has entered into a Framework Agreement with BAE Systems plc to establish a joint venture intended to create a provider of naval ships and associated through-life support. It is intended that the joint venture will comprise the following businesses on completion of the JV transaction: VT’s surface warship building and through-life support operations; each of VT’s and BAE Systems’ 50 per cent


VT and BAE Agree on Shipbuilding JV

VT Group has finalized its shipbuilding joint venture with BAE Systems. Under the agreement -- the terms of which are substantially unchanged from those set out in the framework agreement in July 2007 -- the BVT Surface Fleet Ltd joint venture will be owned 45 percent by VT and 55 percent by BAE Systems. The joint venture, under which VT has an option to sell its stake to BAE for at least $745 million, is key to VT's attempts to focus entirely on support services


Exmar NV and Teekay LNG Partners Complete Joint-Venture

Exmar NV (NYSE Euronext: EXM) is pleased to announce that together with  Teekay LNG Partners L.P. (NYSE: TGP) they have successfully closed their 50/50 LPG joint-venture. The Exmar LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are currently under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). Exmar LPG BVBA also time-charters in three MGCs and two VLGCs (33.33% share) and bareboat-charters in one MGC and one VLGC.


Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of deals signed during a visit by President Xi Jinping to the island nation. Keen to establish its presence in the Indian Ocean


Bahri Appoint Two Board Members

Logo

  The National Shipping Company of Saudi Arabia (Bahri) announces it received on 21/11/1435H corresponding to 16/9/2014G a letter from Saudi Aramco Development Company (SADC) appointing Mr. Said Abdullatif Al-Hadrami (non-executive member) and Mr


Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use of fuel oil and liquefied petroleum gas (LPG) in industry, the economy ministry said on Thursday.


Short-Term Perils of Lower Oil Prices: DW Monday

Oil tanks: File image

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest 'DW Monday'.


MES-UBI Begins Operations in Vietnam

Mitsui Engineering & Shipbuilding Co., Ltd (MES) and UBI Tower Sole Member Limited (UBI Tower) established the joint venture company named MES-UBI Heavy Industries Company Limited (MES-UBI) which manufactures the pressure vessels installed in the refinery and petrochemical plants with


Kongsberg to Supply FPSO Safety System

Kongsberg Maritime Engineering (KME), the wholly owned Engineering, Procurement and Construction (EPC) subsidiary of global maritime technology developer Kongsberg Maritime, will deliver an Integrated Control and Safety System for the new BW Offshore Catcher FPSO.


Stena, Sonangol Launch Training Facility in Angola

Cadets at the Maritime Training Center

The Centro De Formação Maritima De Angola (CFMA) was officially launched on August 27 by top management from Sonangol, the Angolan public sector energy company and the Stena Group of Sweden. The CFMA is a world class maritime training facility


KKR, Borealis Maritime JV acquires 9 container ships

Christoph Toepfer and Frederik Rye-Florentz of Borealis Maritime.

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously owned by a number of German KG funds and were originally financed by Commerzbank


MOL & Viken in Shuttle Tanker Ownership J/V

Shuttle tanker: File picture

Mitsui O.S.K. Lines, Ltd. (MOL) says it has decided to establish a ship-owning joint venture with Norway's Viken Shipping AS  to participate in a shuttle tanker project. The joint company is called Viken MOL AS, and will be managed from Viken Shipping's office in Bergen.


Tighter VLCC Market in US Gulf: Analyst

VLCC: File photo

Growing Caribbean exports to Asia create a tighter VLCC market in the US Gulf, says Poten & Partners in their latest 'Poten Tanker Opinion'. Back in March 2001, a VLCC was fixed from the Caribbean to India with a cargo of Venezuelan crude oil for the first time ever


ISS Acquisition of Merkez Strengthens Turkey Cruise Capability

Inchcape Shipping Services (ISS), a maritime services provider, has acquired the Turkish cruise agency specialist Merkez Deniz Acenteligi ve Ticaret A.S (Merkez). Merkez is one of the most established agency houses in the Turkish shipping community and it is today a market-leading cruise sector


DOT Holdings Takes Half-Interest in New OSV

OSV: Image courtesy of Oceanteam

Oceanteam Shipping ASA says that it has secured, through its joint venture DOT Holdings AS, an interest in a new build Offshore Support Vessel, and as a result a 
partnership with Pacific Radiance Ltd., subject to certain conditions subsequent, has been established.


PGS Completes Fleet Adjustment

The PGS fleet is the most efficient and flexible in the industry, with a clear focus on safety in all environments.

  Petroleum Geo-Services ASA announced today that it has implemented further steps to streamline operations, reduce cost and capital expenditures and improve cash flow. PGS has stacked, and will consider selling or scrapping, the seismic vessels Pacific Explorer and Nordic Explorer


Ferus Smit Building LNG Powered Cement Carrier

Image courtesy of Ferus Smit

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement, in which Erik Thun AB cooperates with KG Jebsen Cement from Norway


RRI Launch Marine Services J/V with a Trans-Atlantic Reach

Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings. The new company Marine Reporting International Ltd. (MRI) will combine the marine division of GREvL and RRI's UK subsidiary.






 
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