SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets, and fixed assets including the seismic equipment, and all future earnings. After the acquisition, SeaBird owns and controls 100% of Sana and its present and future cash flows. Sana has exercised an option to buy the M/V Northern Explorer in accordance with the charter terms with transfer of title to SeaBird expected to be in 2006 and subsequently the vessel will be fully reflected in the balance sheet assets of SeaBird. The M/V Northern Explorer is on contract to TGS until October 2006 under a contract entered into in 2004. SeaBird has experienced considerable interest for the vessel thereafter and is currently evaluating further employment opportunities in line with current market rates.
Responding to information circulating, CMA CGM Group states that it has no short term plans to either purchase or long-term charter-in any vessels. The Group has a modern fleet of 408 ships, of which 92 are owned, that enable it to meet the current needs of its customers and provide them with end-to-end service around the world. In today’s economic environment, CMA CGM’s priorities are to reduce its debt and to strengthen its financial position.
Port of Goteborg AB president and CEO since 1996, Gunnar Nygren will be stepping down in March 2002. At 60, he is planning to take early retirement. “This is a decision that was triggered partly by my turning 60 but even more so by the fact that the Port is now in a position where the future demands more long-term leadership than I will be able to offer,” comment Gunnar Nygren. He quotes key investments that are under way in the Port of Goteborg
France Telecom has signed an agreement with Apax Partners to sell 100 percent of the shares of France Telecom Mobile Satellite Communications SA (FTMSC). The completion of the transaction is expected in the near future. FTMSC is one of the world’s largest mobile satellite communications providers, marketing and distributing communications solutions for customers based in areas with limited access to terrestrial telecoms infrastructure
Standard & Poor's has revised the outlook on MC Shipping Inc. to negative from stable. At the same time, the company's single-'B' long-term corporate credit rating and single-'B'-minus senior unsecured debt rating were affirmed. The rating on MC Shipping reflects the shipping industry's below-average characteristics, and the company's weak financial profile. MC Shipping is part of the Vlasov Group-a major ship-owning and ship-management group
A draft long-term plan for terminal improvements at Horseshoe Bay was presented by BC Ferries president & CEO Bob Lingwood at a public council meeting in West Vancouver. The Horseshoe Bay development plan includes: · An expanded vehicle holding compound to reduce traffic congestion and queuing on the Upper Levels Highway, · A new ticketing/administration building incorporating recommendations from West Vancouver's advisory design panel, · A new parkade with 350 public parking spaces and
Ultrabulk signs contracts with a Japanese yard for construction of new generation handysize bulkers Denmark-based Ultrabulk has placed an order with a major Japanese ship yard for the construction and delivery of one new generation super ECO-designed handysize bulker of 38,000tdw size for delivery in 2014, with Ultrabulk’s option to extend the order with one additional vessel. The vessel(s) will be equipped with an electronic main engine as well as other equipment and systems which are
Chevron Corp. announced a $5.1 billion capital and exploratory spending program for 1999 and a plan to reduce expenses in 1999 by $500 million. The planned actions will fund the company's economic long-term growth plan and address the need to improve near-term results, given poor current industry conditions. The 1999 capital budget is about eight percent less than projected spending for 1998, but significant spending will continue for promising long-term growth projects in Kazakhstan
Satellite investment program progresses with three launches planned for third quarter; Intelsat EpicNG high performance satellite platform establishes leadership with long-term commitments. Intelsat S.A., the world's leading provider of satellite services, reported financial results for the three months ended June 30, 2012. Intelsat S.A. reported revenue of $638.7 million and a net loss of $84.0 million for the three months ended June 30, 2012
BP orders four new Platform Support Vessels to help deliver North Sea strategy The vessels will be deployed to support its West of Shetland (WoS) and Norwegian operations and are be delivered between the winter of 2013 and summer of 2014. The purpose built and highly specified vessels have been designed to provide long term support to BP’s North Sea business and will provide the capabilities BP requires to deliver its strategy more efficiently and safely
HS Ocean Group (HSOG ) celebrates National Apprenticeship Week by committing to long-term Apprenticeship program. The marine services specialist HSOG has launched a formal Apprenticeship training program following the successful progression of its first ever apprentices.
The Dutch offshore contractor Seaway Heavy Lifting has ordered Amarcon’s OCTOPUS-Onboard decision support technology for her monohull crane vessel Stanislav Yudin. This order is the second OCTOPUS-Onboard installation for Seaway Heavy Lifting
The U.S. Naval Research Laboratory (NRL) & the National Center for Environmental Prediction (NCEP) within the National Ocean and Atmospheric Administration (NOAA) have entered into a formal agreement that results in NCEP using Navy developed global ocean forecast model technology to make
The analysis considers that the US Arctic Ocean presents almost a perfect storm of risks: a requirement for a long-term capital-intensive investment for uncertain return; a remote and uniquely challenging operating environment; ongoing court challenges; a lack of extraction and spill response
Reuters - Exxon Mobil Corp said its pursuit of the Ukraine Skifska block in the Black Sea has been stalled due to the unrest in that country. Andrew Swiger, senior vice president at Exxon, told investors the company's activity offshore Ukraine was "on hold due to current circumstances
The Harwich Dock Company (HDC) and Offshore Marine Management (OMM) have secured a significant long term contract with DONG Energy, one of the leading energy groups in Northern Europe, to provide cable storage and management services at the Harwich Navyard in Essex.
The Defense Science and Technology Organization (DSTO) and Lockheed Martin Australia have signed a new strategic alliance to collaborate on a range of technologies for strengthening defense and national security. The agreement was signed for DSTO by the Chief Defence Scientist Dr
Ship Finance International Limited (SFL) announced that it has agreed to acquire seven 4,100 teu container vessels built in 2002 in combination with long-term charters to a leading container line operator. The vessels are expected to be delivered to SFL over the course of the next few weeks
Sovcomflot, Russia’s largest shipping company, has taken delivery of its latest LNG carrier, the Velikiy Novgorod, from South Korea’s STX Offshore & Shipbuilding. The ship is equipped with a diesel-electric, dual-fuel propulsion system consisting of 2 × MAN 8L51/60DF and 2
Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward.
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals.
DNV GL and the Maritime and Port Authority of Singapore (MPA) signed a memorandum of understanding (MOU) today to promote research and development (R&D) and innovation in the maritime industry. The signing ceremony took place at the DNV GL 150th anniversary celebrations
Port Metro Vancouver is taking steps to ensure the safety of the port and port users, and the smooth movement of goods in the face of ongoing disruption to operations by members of the United Truckers Association. This group of truckers is protesting the wages paid by those who hire them
An offshore drilling platform, operated for Brazilian state-run oil company Petrobras , was partially evacuated after tilting on Friday, but there was no risk of it sinking, the company and the local oil workers' union said on Friday. Crew members were evacuated to another rig after the SS-53
On February 21, 2014 UZMAR Shipyard, also known as “Workboat and Tug Factory” of Turkey, announced the delivery of first two most advanced diesel electric shallow draft river push boats to Brazilian Owners, Hidrovias do Brazil S.A.