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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


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


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.


Odfjell Results ‘Improving, But Not Yet Sustainable’

Delivered to Odfjell in the third quarter was Bow Trident, the third of four coated chemical tankers from the Hyundai Mipo yard in South Korea (Photo courtesy of Odfjell)

Norway-based tanker and terminal company Odfjell reported third quarter losses despite revenue gains and the formation of a gas carrier new joint venture, among several "improvements." Odfjell reported third quarter 2014 chemical tankers EBITDA of $26 million


Modules for Petrobras' FPSO delivered

  The "Consórcio Tomé Ferrostaal" (CTF) named consortium of Rheinmetall International Engineering, a joint venture of Ferrostaal and Rheinmetall, and the Brazilian company Tomé Engenharia have handed over two modules for the first of a series of six vessels to


MoA for APM Terminals in Ghana Port Deal

Port operator APM Terminals, a unit of shipping and oil conglomerate A.P. Moller-Maersk , said on Thursday it had signed a memorandum of understanding with the government of Ghana to expand its Tema Port. APM Terminals said the agreement included a "private investment" in excess of $1


DNV GL, N-KOM to Partner on LNG Initiatives

N-KOM’s CEO Chandru Rajwani and Dr Henrik O. Madsen, DNV GL’s Group President and Chief Executive Officer, signed the memorandum. (Photo: Laurence Tissot)

A memorandum of understanding (MOU) was signed today between DNV GL and Qatar’s premier shipyard Nakilat-Keppel Offshore & Marine (N-KOM) to promote liquefied natural gas (LNG) as fuel within the maritime and offshore industry. The signing ceremony took place during DNV GL’s


Sonangol Eyes Crude Liftings for Indonesia

Angola's Sonangol is hoping to start supplying crude oil to Indonesia's state oil firm early next year in a possible joint venture, company officials said on Monday. Indonesia has struggled to attract sufficient investment to halt declining domestic output


KOTUG Assists LNG Vessels at Brunei Terminal

RT Champion (Photo: KOTUG)

As from the start of October 2014, KOTUG is assisting all LNG vessels at the Brunei LNG Terminal with three powerful Rotortugs. Brunei Shell Petroleum Company awarded KOTUG as its exclusive towage provider with a 24/7 operation, supported by local management.


China Pledges Mergers, Private Investment in Shipping Industry Reform

China has issued further guidance to support and modernize its shipping industry, saying it would encourage mergers and private investment as well as develop its cruise industry. The world's biggest trading nation is focusing on the shipping industry as it grows more assertive over territorial


Ferry Operator SNCM Files for Court Protection

France-Corsica ferry operator SNCM has suspended payments to creditors and will file for court protection on Tuesday, the firm said in a statement late on Monday. Majority-owned by public transport firm Transdev, which is owned by water firm Veolia and French state bank CDC


Seaspan's Vancouver Shipyard’s Modernization Complete

Vancouver Shipyard

  Today, Seaspan’s Vancouver Shipyards officially celebrated the completion of its two-year, $170M Shipyard Modernization Project ahead of schedule and under-budget. Funded entirely by Seaspan, this project has transformed Vancouver Shipyards into the most modern facility in North


APM Terminals to Retain Full Ownership of Elizabeth Facility

Port Elizabeth is a multi cargo port on the western perimeter of Algoa Bay, 384 n miles east of Cape Town at Longitude 25º 42 E, Latitude 34º 01 S.

APM Terminals announced today that it will not pursue the proposed joint venture for the ownership and operation of APM Terminals’ Elizabeth, New Jersey facility. Eric Sisco, President of APM Terminals North America, stated: “APM Terminals and Brookfield worked closely with the


Wärtsilä Dual-Fuel Solution for Icebreaking LNG Carriers

Depiction courtesy Wartsila

The Daewoo Shipbuilding and Marine Engineering (DSME) yard in South Korea has ordered a total of 54 Wärtsilä dual fuel engines to power 172,600 cbm icebreaking LNG carriers being built for use in arctic conditions to serve the Yamal LNG project in Northern Russia.  


Cairn Makes Second Senegal Find

Senegal Map

  Cairn has made a discovery of high quality oil in the second well in the Senegal exploration programme. The SNE-1 well is located in 1,100 metres (m) water depth and approximately 100 kilometres (km) offshore in the Sangomar Offshore block with a target depth of ~3


NASSCO Building Three Jones Act Tankers

Ceremony signals the start of construction for SEA-Vista ECO Tanker, the first of three tanker ships to be constructed locally at NASSCO. General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, signaled the start of construction for three 50,000 deadweight ton, 330


Crowley, IbisTek Form Joint Venture

Crowley Maritime Corp. and IbisTek, LLC, have announced the formation of a joint venture, called IbisTek Crowley Limited, to provide a comprehensive package of project logistics, energy support services and emergency response capabilities in Ghana, West Africa


SWISSCO Sets Up JV with Union Offshore

  The Board of Directors of Swissco Holdings Limited has entered into a joint venture with Union Offshore Ltd, a company incorporated in the Republic of the Marshall Islands. The joint venture has secured a charter contract with an approximate value of up to US$115 million to provide an






 
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