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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 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

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

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

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

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.

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

Gulf Navigation Orders 6 Tankers from Wuchang

Dubai's Gulf Navigation Holding has signed a deal with China's Wuchang Group to expand its company's fleet, it said on Wednesday.   Dubai's only listed crude shipper said in a statement the agreement would help meet "increasing demand for transferring chemicals from the UAE and other

Container Shipping Industry Calls for Climate Action

Pic: Business for Social Responsibility

 Members of BSR’s Clean Cargo Working Group (CCWG) have agreed on a climate action statement and call to action for the container shipping sector and its value chain to support private-sector contributions for the global goals on climate change.   

Guinea Opens Box Port in UAE Bauxite Complex

Guinea opened a new container terminal on Wednesday, part of a bauxite complex being developed in the West African country by Abu Dhabi investment fund Mubadala. Mubadala signed a $5 billion agreement with Guinea in 2013 to develop a bauxite mine

Global Achieves 10,000 Dives on a Single Project

Photo: Global Diving & Salvage

Global Diving & Salvage, Inc. has surpassed the 10,000 dives on a single project at Olmsted Locks & Dam in Illinois. Tom Cameron, a long-time diver with Global, performed the 10,000th dive.   Wade Miller, Marine Construction Manager with AECOM for the Olmsted Dam Project, said

Saudi Shipper Bahri Q3 Net Profit Falls

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 37.6 percent drop in third-quarter net profit on Monday. The company's net profit for the three months to Sept. 30 was 318.4 million riyals ($84.92 million), down from 510

MSC Active in 8th World Rice Conference

Photo: MSC

 Mediterranean Shipping Company S.A (MSC) considers the the 8th World Rice Conference, in Thailand is a perfect opportunity to meet customers, detail our enhanced offering for the commodity, and provide further information about our weekly services to major rice cargo destinations around the

Kazakhstan's Kashagan Ships First Oil for Export

The first batches of oil from the giant Kashagan oil field in Kazakhstan were shipped for export on Friday via two pipelines, the Central Asian nation's Energy Ministry said.   Energy majors developing the field have shipped 7,700 tonnes of oil through the private CPC pipeline and 18

Iran: Saudi Navy Should Avoid Iranian Waters

Iran's powerful Revolutionary Guards (IRGC) warned Saudi naval vessels taking part in military exercises in the Gulf on Wednesday not to get close to Iranian waters. "The Revolutionary Guards naval forces believe this war game is mainly to create tension and destabilise the Persian Gulf

Kirby to Pay $4.9 Mln Penalty over Oil Spill

(USCG photo by Andrew Kendrick)

Kirby Inland Marine LP has agreed to pay $4.9 million in civil penalties to settle claims stemming from a 4,000-barrel oil spill in the Houston Ship Channel in March 2014, the U.S. Justice Department said on Tuesday.   The company, a subsidiary of Kirby Corp

Adani buys Australian Port Operator from Glencore

A unit of India's Adani Enterprises Ltd will buy the company that operates Australia's Abbot Point Coal Terminal from Glencore Plc for A$19.25 million dollars ($14.52 million), ending a legal wrangle over control of the port. The statement from Adani and Glencore said Adani Ports and Special

Moore Stephens says Shipping Must Improve Risk Management

Simms Michael

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens.   The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year

CMA CGM Ends Joint Service with Hanjin

Photo: CMA CGM

 French shipping major CMA CGM assures its customers over Hanjin collapse.    "Further to the information published on the filing for receivership of Hanjin Shipping, we understand that this news may have raised concerns with regards to the transport of goods that you have

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd. The Financial Services Commission said in a statement that Hanjin will soon file for court receivership but that the impact

Skaugen Goes to Red Again

Photo: I.M. Skaugen SE

 Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities for long routes the petrochemical market.   The gas carrier owner reported profit before and after tax of minus $ 5

Hapag-Lloyd Shareholders Okays Merger with UASC

Photo: Hapag-Lloyd AG

 Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the  share capital increase needed for combination with United Arab Shipping Co (UASC).   "The main matter regarded creating the capital

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