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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


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


Shell Sells Elba Liquefaction Project Interest to Kinder Morgan

Image:  Kinder Morgan

 Kinder Morgan Inc. will buy out Royal Dutch Shell PLC’s interest in their proposed Elba Liquefaction Co. (ELC ) joint venture in Georgia.   Houston-based Kinder Morgan already owns 51% of the ELC joint venture. The firm said it would buy the 49 percent stake that it does not already own in the natural gas joint venture and it raised its dividend.   ELC owns the Elba Liquefaction Project, which is proposed to be constructed and operated at the existing Elba Island LNG


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


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


OSX Will Construct PLSV for New Client

OSX was hired by Sapura Navegação Marítima S/A for the construction of one PLSV (Pipe-Laying Support Vessel), for a total amount of approximately US$ 263 million, to be built and delivered by OSX at the Açu Shipbuilding Unit, in the north of the State of Rio de Janeiro. A PLSV is used for laying and installing flexible pipelines on the seabed. Sapura is a wholly-owned subsidiary of Seabras Sapura Participações S/A


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.


Subsea 7 Awarded $1bn Wind Farm Offshore UK Deal

Subsea 7 awarded  contract worth over $1bn Photo Subsea 7

Subsea 7 S.A. informed today the details of the major(1) contract award that was first announced on 20 May 2016 . The contract was awarded by Beatrice Offshore Windfarm Limited (BOWL)(2), for the engineering, procurement, construction and installation (EPCI) of the Beatrice wind farm turbine


STX Sells Lorient Shipyard

Photo: STX France

 The shipbuilding group STX France has offloaded its Lorient shipyard to a naval consortium.    The shipyard, which has produced civil and naval vessels, will be purchased by Kership, a joint venture between French industrial shipbuilder Piriou and naval manufacturer DCNS. 


World’s Biggest LNG Buyer Becomes Seller

Photo:  JERA Co., Inc.

 EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one of the world’s largest buyers of liquefied natural gas.   Jera, a joint venture between Tokyo Electric Power Co


China COSCO Moving to Offshore Winds

Image: DEME

 China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided to get into the offshore wind power generation business, reports  Nikkei.  


Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui, Bloomberg reported.   The sale process is already underway, Bloomberg reported


Philippines' Duterte Says Would Seek Multilateral S. China Sea Talks

Rodrigo Duterte said on Monday that if he became Philippine president he would call for multilateral talks to resolve disputes over the South China Sea, which should include the United States and Japan as well as rival claimants. Duterte also said China should respect the Philippines' exclusive


New Tug Joins SAAM SMIT’s Panama Fleet

SST Rambala (Photo: SAAM SMIT Towage)

SAAM SMIT Towage (SST), a joint venture between SAAM and Royal Boskalis Westminster which operates in Canada, Mexico Panama and Brazil, has received a new tugboat to join its fleet in Panama.   Built in Rumania by Damen shipyard, SST Rambala belongs to the ASD 2913 series and is


MOL Clinches FSRU Charter Deal

Gas Sayago President César Briozzo, right,and Lakler President, (MOL Director, Senior Managing Executive Officer) Takeshi Hashimotoat the signing ceremony Photo MOL

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that Lakler S.A., 100% subsidiary of MOL has officially agreed to conclude a charter contract, with an eye toward reaching a final deal in June this year, with Gas Sayago


New Offshore Wind Project Launched in China

Joint venture between European offshore wind pioneer and Chinese shipping giant; China COSCO Shipping and DEME team up to develop offshore wind energy in China   The Belgian dredging, environmental and marine engineering group DEME and China COSCO Shipping – the largest shipping


Star Software Implemented Aboard Universal Marine Bulkers

Photo: MirTac

Container and bulk shipping company Universal Marine and MirTac, a provider of fleet management solutions, have implemented Star Fleet Management software onboard the new bulk carriers mv Pride and mv Star II. Recently, a joint venture between Universal Shipping & Trading (part of the


Hili, Peterson Create Mediterranean JV

Photo: Peterson (Malta) Ltd

 Hili Company, the logistics division of Hili Ventures, has entered into a joint venture agreement with leading international energy logistics company Peterson to provide oil and gas logistics services across the Mediterranean and North Africa.  


Papua New Guinea Bullish on LNG Potential

Map:  InterOil Corporation

 A new wave of investments in Papua New Guinea’s energy sector could see some $19 billion of projects launched in the coming years, boosting the country’s liquefied natural gas (LNG) output and providing employment to thousands.  


Euronav, Bretta Terminate Suezmax Joint Venture

Photo: Euronav

Euronav NV and Bretta Tanker Holdings Inc. have agreed to terminate their joint venture covering four Suezmax vessels: the Captain Michael (2012 - 157,648 dwt), the Maria (2011 - 157,523 dwt), the Eugenie (2010 - 157,672 dwt) and the Devon (2011 - 157,642 dwt).


KR to Deliver Engineering, Ship Surveys in Iran

Korean Register (KR) – an IACS member classification society - has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The agreement is to deliver plant facility certification and engineering services


Alfa Laval PureNOx Prime Ordered for Five VLECs

PureNOx Prime (Image: Alfa Laval)

 Alfa Laval’s new PureNOx Prime solution for water treatment in Exhaust Gas Recirculation (EGR), will be part of EGR systems on five very large ethane carriers (VLECs) to be operated by United Ethane Carriers (UEC). This order from MAN Diesel & Turbo comes only a short time after






 
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