Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company Golar LNG said on Friday it raised $280 million in a private placement and planned to list in Oslo and later this year in New York. The company, which will become the first pure LNG transport company to be listed, said it had issued 56 million shares at $5 each in the placement and that Fredriksen had taken a 50 percent stake in the firm. "We sold 140 (million dollars worth) externally and John took 140 (million dollars worth)," Golar LNG director Tor Olav Troim said. Oslo investment banks Fearnleys and Orkla managed the placement of the 28 million shares with private investors. "Golar LNG will be traded OTC (over-the-counter) in about a week and will go to the Oslo stock exchange in about three weeks time," Fearnleys partner Harald Moreus Hanssen said. "The company has stated a clear intention to follow up with a New York listing this autumn," he added. "They plan to have two very active listings with full liquidity. The proceeds of the IPO will be used to buy the LNG shipping assets of one of John Fredriksen's existing tanker companies, Osprey Maritime. Osprey Maritime owns six highly prized tankers for transporting LNG -- natural gas which is deep frozen until it liquefies at a tiny fraction of its gaseous volume for shipping to terminals where it is re-gasified.
The world's top shipping magnate John Fredriksen is close to solving a dispute with British utility BG Group and could soon see increased earnings for four of his ships, shipping sources said. "Their differences have been resolved and they've reached an agreement, but that still hasn't been finalized," said an LNG industry source. The dispute first became public last month when Norwegian Golar LNG, in which Fredriksen has a half share
Aker Arctic Technology of Finland and the St. Petersburg based FSUE Admiralty shipyards signed a contract for a license and design including classification package of two 70,000 dwt double-acting Arctic shuttle tankers, which the yard is building for ZAO Sevmorneftegaz for the Prirazlomnoye oil field in the Arctic Ocean. The ships are the largest tankers so far built by the yard and will be delivered towards the end of 2007 and respectively 2008.
Nakilat-Keppel Offshore & Marine (N-KOM) has received the first Qatargas-chartered vessel “Al Wakrah” to dry dock at the Erhama Bin Jaber Al Jalahma Shipyard, Qatar’s new, world-class offshore and marine hub at the Port of Ras Laffan. “Al Wakrah”, which is owned by a Japanese consortium led by Mitsui O.S.K. Lines, Ltd. (MOL) and managed by MOL LNG Transport Co., Ltd. (MOLLNG), will undergo general maintenance works such as main and generator turbine
Despite some delays, the Indian shipping industry appears to be finally gearing up to develop an LNG (liquefied natural gas) fleet. With India emerging as a major importer of the gas, even the Ministry of Shipping has asked Indian ship-owners in no uncertain terms to take the initiative to develop an LNG fleet, according to a report on - www.thehindubusinessline.com It is estimated that by 2012 India's LNG imports will almost equal Japan's current LNG imports of 60 million tons per annum
Araldite LNG adhesives from Huntsman Advanced Materials are being employed by shipyards, including Samsung Heavy Industries in the construction of a new LNG ship. The vessel is the 100th of its kind to employ Araldite adhesives and to be built for use in the global LNG industry. LNG ships are enormous ocean-going vessels that transport supplies of LNG between energy rich and power hungry countries. The global LNG market is experiencing a period of rapid growth
By Larry Pearson Many workboats in the marine industry are called upon in supply or assist roles. The entire offshore vessel industry is based on a supply function to oil and gas drilling operations or the resupply of production platforms. The tugboat industry is most often characterized as small vessels assisting very large ships in docking, undocking and other harbor movements. The growth of these vessel companies and their operations depends on the economic vitality of the larger
Qatar Gas Transport Company Ltd. (Nakilat) announced that it has been awarded 25 year time charters by Qatar Liquefied Gas Company Limited (II), (QGII) for six 'QMax' LNG carriers of approximately 265,000 cubic meters carrying capacity each. These will be the largest LNG carriers ever constructed. According to AME Info, the ships will be ordered from Korean shipyards Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries
National Iranian Tanker Co. (NITC) managing director said the country would produce over 80 million tons of LNG each year, and that 40 LNG carriers would be required, according to a report on www.tehrantimes.com. According to the report, the first cargo of Iran’s LNG would be shipped in 2011 and a 150 thousand cubic meter LNG carrier is needed to transport one million tons of liquefied natural gas.
Oil major BP Plc has agreed to buy liquefied natural gas (LNG) from the new Brass project in Nigeria to help meet growing demand in the U.K. and the U.S. The deal, to be finalized later this year, is for annual shipment of two million tons of LNG for 20 years starting in 2010. The Nigerian gas will be delivered by Brass LNG and used by BP, one of the world's largest suppliers of LNG, to supply multiple markets in the Atlantic basin
The Department of Energy is likely to approve additional permits this year to companies looking to export liquefied natural gas more broadly, reports Market Watch, citing Morgan Stanley. Freeport LNG has recently received DOE approval to export LNG to countries without a free trade agreement with
Hyundai Merchant Marine subsidiary has been granted Approved Training Provider status for their facilities and LNG carrier training courses to SIGTTO Training Standards. Lloyd's Register has awarded Approved Training Provider (ATP) Certification to Hae Young Maritime Services Co. Ltd
FMC Technologies entrusted Rina Group’s company, RINA Services, with the Technology Qualification of its new technology loading arms designed for installation on the FSRU Toscana and also the Chiksan Articulated Tandem Offshore Loader (ATOL) marine loading arms.
March 2013 saw Rolls Royce collect the Green Ship Technology Award at the Green Ship Technology Conference in Hamburg for its Environship concept, which has lean burn Bergen Engines gas power units at it core. The Environship combines a range of Rolls Royce technologies (Bergen Engines is a
Pacific Northwest LNG awards FEED contract, takes next step toward an LNG export terminal island on Lelu Island, near Port Edward. The front-end engineering and design (FEED) contract will see three firms working together to design the terminal and work on feasibility studies in the Port
Shanghai-based Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced that Vice President of LNG Sales, Tor-Ivar Guttulsrod, will speak in the Strategy Roundtable of Floating LNG 2013, the world’s largest conference on floating LNG on Wednesday, June 12, 2013. Mr
On May 17, 2013, Mitsubishi Heavy Industries Ltd. (MHI) will sign an agreement with Mitsui O.S.K. Lines Ltd. (MOL) to build a Sayaendo series new-generation liquefied natural gas (LNG) carrier. Sayaendo series ships feature a unique structure that integrates the LNG tank cover with the ship hull
Since acquiring Sobrena, Damen Shiprepair Brest has serviced 50 vessels from leading shipowners and managers. The yard’s work portfolio includes a large number of Afra/Suezmax tankers and LNG carriers. The latest project concerns the Höegh LNG owned and MOL LNG Transport
Golden Pass Products LLC (GPP) affiliates Qatar Petroleum International (QPI) and ExxonMobil signed a framework agreement for the proposed liquefaction project at the Sabine Pass, Texas terminal. The agreement establishes a commercial framework to sell up to the full 15
Crowley Maritime Corporation's petroleum services group is entering the Liquefied Natural Gas (LNG) market by acquiring Carib Energy LLC. Florida-based Carib Energy, founded in 2011, was the first company to receive a small scale, 25-year, LNG export license from the U.S
Interlake Steamship moves toward upgrading its fleet to energy efficient, more environmentally friendly LNG fuel. The company has announced that it has reached an agreement in principle with Shell to supply liquefied natural gas (LNG) to support Interlake’s conversion of its vessels
Japanese trade minister Toshimitsu Motegi calls for early U.S. approval for exports to his country of liquefied natural gas (LNG). The Japanese minister made his request at a meeting with Acting Energy Secretary Daniel Poneman, stating that securing a relatively cheap energy source is crucial for
In his newly published book, industry expert Nigel Draffin answers the key questions about LNG bunker fuel. The publishers, Petrospot, say that Nigel Draffin answers the key questions about LNG bunker fuel in his usual informative and lucid style
China Shipping Development and Sinopec Kantons are to spend HK$11.71 billion to buy six LNG carriers, which will be chartered to Sinopec. The two companies have set up a joint venture China Energy Shipping Investment (CESI) which is 51 percent controlled by China Shipping and 49 percent by
Tsakos Energy Navigation Limited (TEN), a product, crude and LNG tanker operator today announced the successful delivery of its second fully coated DP2 suezmax shuttle product tanker, Brasil 2014, from South Korea. The Brasil 2014 is a sister vessel to the Rio 2016 that was delivered in March