Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing production needs," said Nikolas Tsakos, President and CEO of TEN. "TEN is focused on expanding our relationships in this region by building ships that meet our clients' individual requirements and providing superior customer service and support directly to major oil producers like PMI." The Panamax Aztec was delivered on May 29 from Imabari Shipyards in Japan. The vessel immediately entered into a profitable repositioning voyage with a major oil trading concern, and will then commence the time charter with PMI. The Aztec is the third of four new fully coated Panamaxes, and joins its sister ships, the Maya and the Inca, which were both received earlier this year and recently chartered at attractive rates to a major South American oil producer. TEN plans to receive the last of the four Panamaxes, the Andes, in August 2003.
Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.
Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that
Wärtsilä has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner. AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards. AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.
The Norwegian automation company AKPAS, acquired by Wärtsilä in February, has been renamed Wärtsilä Automation Norway AS. The company becomes part of Wärtsilä from March 1. The company supplements Wärtsilä's product offering in electric propulsion systems, power distribution and automation for the oil & gas and marine sectors. It also strengthens Wärtsilä's capabilities for further development of automation systems.
A ceremony marked the event at Lamprell’s Hamriyah Dubai facility. The self-elevating, ‘Seajacks Hydra’ has been specifically designed for installation and maintenance services in the offshore wind and oil and gas sectors. The vessel will be equipped with a high speed jacking system, a 400t crane and able to operate in water depths up to 48m. Lamprell Energy has built all three of Seajacks’ current vessels; ‘Kraken’
Sonardyne Inc.’s recent ‘Life of Field’ two day workshop was well attended by over 40 industry professionals, ranging from major oil representatives through to vessel Captains. Held at the 4 Points Sheraton Hotel, Houston, day 1 focused on acoustic positioning techniques whilst day 2 looked at advances in Metrology, Autonomous Monitoring and Inertial Navigation Systems (INS). With sessions delivered by members of Sonardyne’s Survey Support Group (SSG)
Lee Jackson, President and CEO of Jackson Offshore LLC, a provider of high specification crewboat services in the U.S. Gulf of Mexico, announced the company’s recent certification as a minority business in the state of Louisiana. Jackson Offshore was formed in part to provide dedicated crewboat services to major oil and offshore service companies wishing to contract with companies involved in the reinvestment and rejuvenation of southern Louisiana and especially New Orleans
TOP Tankers Inc, announced that it took delivery of M/T Restless, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Restless represents the sixth of 10 double-hull tankers the Company is acquiring using the proceeds of its initial public
Deepwater is one of the few areas where good prospects of major oil finds still remain, and these are mainly outside the control of OPEC. In a note to clients today, John Westwood, MD of international energy analysts Douglas-Westwood said “over the past year the stock prices of a grouping of 10 companies with significant exposure to the sector (the Douglas-Westwood Deepwater Index) has risen by an average of 79% and one, Wellstream, by 157%”.
By Alex Lawler and Peg Mackey, Reuters Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road. Despite worsening violence due to spillover from the war
Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in
Reuters - Transocean Ltd, owner of the world's largest offshore drilling fleet, said it could take up to 18-24 months for demand to recover as customers delay drilling programs. Demand for offshore rigs is tapering as major oil companies trim exploration and production budgets in the face of
Reuters – Transocean Ltd, owner of the world's largest offshore drilling fleet, said on Wednesday that fourth-quarter profit fell 49 percent from a year ago, hurt by lower rig utilization. The company's net profit attributable to controlling interest fell to $233 million
Tsakos Energy Navigation Ltd. (TEN), a crude, product and LNG tanker operator, announced the time charter renewal of a 2004 built, double hull handysize product tanker with a major national end-user for a period of twelve months. The new charter commenced in February 2014 and is expected to
Houston, Texas-based PortVision, a leading provider of business intelligence solutions for the maritime industry, shares its projections for the top vessel-tracking trends that it believes will have the greatest impact on the maritime industry during 2014
Morocco has launched an operation to empty the Iranian-owned oil tanker 'Kharg 5' that ran aground during a storm near the southern port of Tan Tan with 5,000 tonnes of fuel on board, reports Arabiya News via AFP. The fuel was being pumped into trucks
Provider of managed communication solutions for remote and harsh environments, Harris CapRock Communications has signed a multi-year contract with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) to provide an integrated telecommunications solution supporting the Mafumeira Sul
Viking Supply Ships says it has been awarded a contract for consulting services with a company owned by [unnamed] major oil companies. The contract includes general advice, logistical support and equipment supply for offshore work in harsh environments
The U.S. Coast Guard hosted the 2013 Spill of National Significance Executive Seminar at its headquarters Monday. As a follow up and identified best practice to the 2012 Spill of National Significance (SONS) Executive Seminar, the Coast Guard hosted the 2013 Executive Seminar to explore
The CAN DO drillship will be the front runner in exploration, development and completion operations. Following positive feedback and strong enquiries from the market, Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd
Parker Kittiwake, the global provider of asset control and protection technology, has launched its newly updated DIGI TBN test kit. The digital, used-oil analysis kit now gives a rapid indication of total base number (TBN) depletion in scrape down cylinder lubricants with a BN range up to 100.
Marcon International, Inc. of Coupeville, Washington reported that the 5,570BHP tug Jabbar has been sold by Awal Marine Services of Manama, Kingdom of Bahrain to TradeWinds Towing LLC of Saint Augustine, Florida. Jabbar, meaning “powerful” or “tremendous” in Arabic
West Africa is experiencing a surge in piracy, with well-organised hijackers targeting the region's growing oil and gas industries, writes national security expert Dr James Jay Carafano in 'World Review'. Extracts by permission of 'World Review' follow:
The AX-S system, a world first in light well intervention, will be the topic of discussion at a major oil and gas industry event in Aberdeen next week. Following over £120 million of investment and eight years of research and development