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Statement Regarding

Transocean Inc. Releases Update on Fleet Contract Status

Transocean Inc. (NYSE:RIG) announced that its report of drilling rig status and contract information covering the company's offshore drilling fleet has been updated as of October 30, 2007. Drilling rig status and contract information on Transocean Inc.'s offshore drilling fleet has been condensed into a report titled "Transocean Fleet Update," which is available through the company's Worldwide Web address at www.deepwater.com. Statements regarding the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects, other out of service time, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.


ISM Code Implementation - Phase II

Certain freight vessels and self-propelled mobile offshore drilling units (MODUs) to which the ISM Code does not currently apply will come within its ambit on 1 July 2002. The U.S. Coast Guard will require, commencing January 15, 2002, that such vessels include in their advance notice of arrival to the United States a statement regarding their status under the ISM Code. At the same time, the Coast Guard will commence a pre-enforcement campaign to verify ISM Code compliance and issue letters to


Transocean Awarded Contract

Transocean Inc. announced that a subsidiary of Eni has awarded an estimated six-month contract for the semisubmersible rig Transocean Legend for drilling operations offshore Indonesia. The contract is expected to commence in November 2006, following the completion of an existing contract commitment offshore Sakhalin Island. Revenues that could be generated over the estimated six-month contract period total an approximated $79 million, excluding revenues for mobilization


Sea Containers Being Investigated

The law firm of Finkelstein, Thompson & Loughran announces that a lawsuit seeking class action status has been filed in the United States District Court for Southern District of New York against Sea Containers Ltd. and certain of its officers and directors on behalf of purchasers of Sea Containers securities between March 15, 2004 and March 24, 2006, inclusive, Finkelstein, Thompson & Loughran is investigating similar claims at this time and welcomes inquiries from


Salazar Statement on Leasing Court Ruling

U.S. Department of the Interior Secretary Ken Salazar issued the following statement regarding the U.S. Court of Appeals for the District of Columbia Circuit ruling on DOI’s request for clarification of the Court’s earlier decision to vacate the 2007-2012 Outer Continental Shelf oil and natural gas leasing program:  “I am pleased with the Court’s decision.  Consistent with the Department’s request


NOIA Response : Cancellation of Alaska OCS Lease Sales

Outer Continental Shelf Image courtesy NOIA

  National Ocean Industries Association (NOIA) President Randall Luthi today issued the following statement regarding the Interior Department’s decision to cancel two offshore Alaska lease sales and deny requests to extend current Alaska offshore leases: “The cancellation of scheduled federal lease sales offshore Alaska and the denial of lease suspension requests from Statoil and Shell are extremely disappointing and short-sighted


Royal Caribbean Issues Statement Regarding Millennium

Celebrity Cruises has been working in cooperation with Chantiers de l'Atlantique, the builder of its newest ship, Millennium, to evaluate the ship's performance. The ship is equipped with the cruise industry's first gas turbine engines, and testing has demonstrated that Millennium has unusually low levels of noise and vibration. However, testing also has shown that under certain unusual sea conditions a vibration could be felt within certain areas of the ship.


Contractors, B&W, Comment on US Government Shutdown Effect

The Babcock & Wilcox Company has issued the following statement regarding the potential impact of the government shutdown: "B&W is closely monitoring the government shutdown and the effect it could have on our business results and operations. We do not expect any delays or impacts to the Babcock & Wilcox Nuclear Operations Group for the foreseeable future. Babcock & Wilcox Technical Services Group (B&W TSG) continues to follow direction from the U.S


FMC Commissioner Doyle on P3 Final Decision

FMC Commissioner William P. Doyle

U.S. Federal Maritime Commissioner William P. Doyle issued the following statement regarding China’s decision on the proposed P3 Network: The People’s Republic of China has rejected the P3 Vessel Network Sharing Alliance based on the competition concerns in the Asia-Europe shipping market. The U.S. Federal Maritime Commission had the responsibility to review the P3 Parties’ submission for their vessel network sharing alliance on the Trans-Pacific and Trans-Atlantic trade


NOIA Rebuts “Red Herring” Study on Atlantic Development

(NOIA) Randall Luthi President of the National Ocean Industries Association

  NOIA President Randall Luthi issued the following statement regarding a report released today by SELC which attempts to discredit an earlier study by Quest Offshore:   “The Quest Study estimates the potential for jobs, economic activity and government revenue that could be generated from Atlantic development, assuming reasonable government policies supporting energy development are in place.  Completed in 2013, the Quest report was never intended


PetroChina Dalian Refinery Exports First Australian-spec Diesel Cargo

PetroChina's Dalian oil refinery exported on Feb. 27 a 40,000 tonne cargo of diesel fuel with that met Australian fuel quality specifications, the first shipment of its kind from China, according to a statement posted on the website of the state assets regulator on Monday.


Royal Caribbean cuts South Korean Ports from China Cruises

Royal Caribbean Cruises Ltd will remove visits to South Korean ports from its China cruises, the firm said in a statement, amid rising tension between the two countries over Seoul's deployment of a U.S. missile defence system.   In a post on its Chinese website, the U.S


Pirates Demand Ransom for Tanker Seized off Somalia

Pirates off the coast of Somalia, who hijacked an oil tanker with eight Sri Lankan crew on board, are demanding a ransom for the release of the vessel, the EU Naval Force said.   The pirates seized the Comoros-flagged Aris 13 tanker on Monday


Green Signal for India-Bangladesh MoU on Aids to Navigation

Indian Prime Minister, Narendra Modi and Bangladesh PM Sheikh Hasina. Photo: Press Information Bureau

 The Indian Cabinet has approved signing of a Memorandum of Understanding (MoU) for greater cooperation with regard to marine aids to navigation that includes advice on lighthouses and beacons besides vessel traffic service.   "The Union Cabinet chaired by Prime Minister Narendra


Shipbuilder Ecovix, Units file for bankruptcy protection in Brazil

Ecovix Engevix Construções Oceánicas SA and five subsidiaries have filed for bankruptcy protection in a federal commercial court, succumbing to a debt burden of 8 billion reais ($2.4 billion) and a plunge in shipbuilding.


U.S. Acknowledges Drone Return, Warns China

The USS Mustin conducts undrway replenishment operations somewhere in the South China Sea. (CREDIT: U.S. Navy)

The United States said on Tuesday it had received an underwater drone "unlawfully seized" by a Chinese vessel last week and called on China to refrain from further efforts to impede its lawful activities in the South China Sea. China had earlier announced it had returned the drone


Clean Arctic Alliance Praises Move to Phase out HFO Use

Image courtesy Clean Arctic Alliance

Responding to the December 20th joint statement from the United States and Canada, regarding development of a strategy to phase out their use of heavy fuel oil (HFO) from vessels operating in the Arctic, the Clean Arctic Alliance praised both Arctic nations for their ambitious action to rid the


Chilean Wood Products Export to Shrink in 2016

Chilean forestry exports will total $5.3 billion by value in 2016, 3 percent less than last year, as supply has increased and the economies of key export markets remain sluggish, an industry body said on Tuesday.   The Chilean Wood Corporation (Corma) said in a statement that exports in


Libya to declare force majeure at Ports over Smuggling

Libya's UN-backed government will declare force majeure on two ports to stop fuel smuggling from them, a statement from its presidential council said on Saturday. The statement gave no details on when the measure would come into effect, but it comes after officials accused a local armed group


China Pledges Support for Domestic Shipbuilders

China aims to capture up to 40 percent of the global high-end marine equipment market over the years through 2020 while reforming and supporting its money-losing shipbuilding industry, the government said on Thursday.   The pledges were laid out in a statement published by six ministries on


Standard Chartered Closes $1.6 bln+ in Shipping Finance

Standard Chartered said on Tuesday it had completed three shipping deals worth more than $1.6 billion in recent months.   The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan's Marubeni


Shipowner OSG, Former CFO, Charged over Tax Evasion

The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.  


Hong Kong to Release Singapore's Seized Troop Carriers

Hong Kong is to release armoured vehicles belonging to Singapore impounded in the Chinese-ruled city on their way home from military exercises in Taiwan, Singapore said on Tuesday.   Hong Kong customs seized the troop carriers in November


Chennai Oil Spill: DG Shipping Institutes Inquiry

Pon Radhakrishnan. Photo: Official Page in Twitter

 Days after the unexpected cargo ships collision outside the Kamarajar Port in Chennai (Tamil Nadu State, India), the Directorate General (DG) of Shipping has instituted an inquiry regarding the same.   Two vessels namely, M.T. BW Maple carrying LPG and M.T


Iraq Plans to Acquire "Large Fleet" of Oil Tankers

File Image (CREDIT: AdobeStock)

Iraq plans to acquire a "large fleet" of oil tankers to transport the OPEC nation's crude to global markets, Oil Minister Jabar al-Luaibi said in a statement on Friday.   The nation's tanker fleet was largely destroyed during the U.S






 
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