By Paul Kilby, IFR Petrobras has launched a $8.5 billion six-bond offering after generating a $22 billion plus order book. The trade was launched as a $1.6 billion three-year fixed at Treasuries plus 250bp, $1.4 billion three-year FRN at 3mL+236bp, $1.5 billion six-year fixed at plus 330bp, $500 millio six-year FRN at Libor plus 288bp, $2.5 billion 10-year at Treasuries plus 350bp, and $1 billion 30-year fixed at plus 360bp. This comes after leads revised guidance to T+250-260bp on the three-year fixed-rate tranche, 3mL+236-246bp on the three-year FRN, T+330-340bp on the six-year fixed, 3mL+288-298bp on the 6-year FRN, T+350-360bp on the 10-year fixed, and T+360-370bp on the 30-year fixed-rate tranche. Initial price thoughts were T+260bp, 3mL+246bp, T+340bp, 3mL+298bp, T+360bp and T+370bp, respectively. Ratings are on the SEC registered deal are Baa1/BBB/BBB. Bookrunners are BOCHK, BB Securities, Bradesco BBI, Citigroup, HSBC and JPMorgan. Comanagers are Banca IMI S.p.A and Scotiabank.
The Chamber of Shipping of America (CSA) presented the Foss vessels with Jones F. Devlin Awards at the Annual Safety Awards Luncheon held this year in New Orleans, Louisiana. The awards are given to self-propelled merchant vessels that have operated for two full years or more without a crew member losing a full turn at watch because of an occupational injury. Altogether, the Foss ships achieved the equivalent of 144 years without a lost-time injury.
Chiles Offshore has executed a three-year contract with BP Trinidad and Tobago LLC for the use of the ultra-premium jackup drilling rig the Chiles Coronado, formerly known as Tonala. The Chiles Coronado is currently undergoing limited modifications and upgrades before leaving the Gulf of Mexico for Trinidad. The rig is currently expected to arrive in Trinidad during the month of September. During the contract period, contract revenues are estimated to approximate $80 million
The Nigerian Navy has arrested over 236 ships, tugboats, and barges engaged in crude oil theft, illegal bunkering and other vices on the high seas resulting in about 80 per cent reduction in crude oil theft within the last three years. [source: Allafrica.com]
Hercules Offshore, Inc. said that Oil and Natural Gas Corporation Limited (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India. The contract for the Hercules 260 is expected to commence in late first quarter 2008 following the completion of shipyard work on the
Royal Boskalis Westminster N.V. (Boskalis) contracted by Wasser- und Schifffahrtsamt Cuxhaven to maintain 110-km of the River Elbe fairway. The contract is for a period of three years and has a value of approximately EUR 75 million and the dredging operations are to commence in May 2013. The dredging activities are related to maintaining the shipping fairway of the River Elbe between the city of Wedel northward in the direction of Cuxhaven
POSCO will increase production of ship steel plates by 30 percent from 3.6 million tons to 4.7 million tons over the next three years. The steelmaker said Wednesday it will invest in improving facilities of three ship steel production lines at its Pohang ironworks. Demand for ship steel is on the rise since the shipbuilding industry will need 6 million tons of steel this year, but steelmakers can only produce 4 million
Tsakos Energy Navigation Limited announced three-year time- charters for Panamax newbuildings "Selecao" and "Socrates" to a major South American state oil company. The charters are expected to generate gross revenues in excess of $57 million for the Company over the corresponding charter period. The vessels are expected to be delivered in February and March of this year. After delivery of the "Selecao" and the "Socrates
Concordia Maritime took delivery of the product tanker Stena Polaris from Brodosplit Shipyard in Croatia and at the same time a naming ceremony was held. The vessel has been signed to a three-year charter with ST Shipping, part of Glencore, for the transport of refined petroleum products. The Stena Polaris is the eighth unit in the P-MAX series and the first of two P-MAX tankers with the highest ice class, 1A. Her sisters, the Stena Penguin with delivery planned for Q4, 2010
Several Greek coastal shipping firms have resorted to chartering their ferries on foreign routes in order to secure some liquidity and continue operating. Companies believe that their smooth operation is being threatened by the negative course of the domestic maritime transport market as losses over the last three years have reached up to 1 billion euros, reports Greece insiders 'Kathimerini'. Sources say that at least three ferry companies have chartered their vessels on routes outside
SeaHow has launched a new product line of skimmers aiming to address the challenges encountered by the oil spill response (OSR) organizations. SeaHow, operator one of northern Europe’s largest fleets of OSR vessels, said that over the 30 years that it has carried out OSR work
India's Goa Shipyard Ltd (GSL) has decided to tie up with the foreign yards for the technology transfer required to create these high-tech ships, after bagging the deal to build Mines Counter-Measures Vessels (MCMVs) for the Indian Navy.
Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0
Mammoet concludes multi-year heavy lifting and transport project for refinery in Cartagena, Colombia Mammoet USA informs it has completed a heavy lifting and transport project at the largest refinery in Colombia, the Reficar Refinery.
British Navy has awarded BAE Systems PLC a £257 million ($385 million) contract to complete design work on the country’s next submarine capable of firing nuclear warhead-equipped ballistic missiles. Britain plans to replace the Royal Navy’s Vanguard-class
New regulation to require oceangoing vessels to switch to clean fuel while at berth The Government of Hong Kong’s Air Pollution Control (Ocean Going Vessels) (Fuel at Berth) Regulation, which mandates oceangoing vessels (OGV) to use clean fuels while berthing in Hong Kong for
The Promostudi Foundation and the NATO Centre for Maritime Research & Experimentation (CMRE) today finalized a three-year maritime research and development agreement. The agreement between the two organizations, both based in La Spezia, Italy
On 13 March RAdm Hank Ort (Rtd), director of the NATO Centre for Maritime Research & Experimentation (CMRE) and Mr. Dino Nascetti, president of Promostudi foundation, signed a three-year framework agreement between the two entities. The protocol makes provision for joint innovation
W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has promoted two long-time employees to Vice President as part of the company’s continued focus on providing engineered solutions
Debris from Japan's 2011 tsunami will continue to litter the North American coastline over the next three years, with everything from refrigerators to lumber and sports balls still floating offshore in the Pacific, an expert said on Tuesday.
A new technology research programme aimed at developing propulsion products specifically for operating in arctic conditions has been implemented with Wärtsilä and VTT, the Technical Research Centre of Finland, as the main contributors
Statoil was today awarded new exploration acreage through the Aru Trough I licence offshore Indonesia. The licence covers an area of approximately 8,300 square kilometres, adjacent to Statoil’s existing exploration acreage in the Aru and West Papua IV licences
From pollution to solution; Bellona Foundation and Damen to cooperate on low-emission designs A three-year partnership has been launched between Oslo-based NGO Bellona Foundation and Dutch company Damen Shipyards Group with the main goal of exploring and developing concept vessels for the
The bill requiring ocean going ships to switch to low sulfur fuel while at berth in Hong Kong could effectively raise the cost of shipping containers through the city. Under the new Hong Kong Air Pollution Control (Ocean Going Vessels) (Fuel at Berth) Regulation
Petrobras has broken a new domestic record for exploratory drilling by reaching a water depth of 2,990 meters. This was achieved in February while drilling a well in the Moita Bonita area of Sergipe-Alagoas Basin, 92 km from the city of Aracaju.