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Two Years

Transocean Inc.’s Nautilus Receives Two-Year Contract Extension

Transocean Inc. announced that a subsidiary of Royal Dutch Shell (Shell) has awarded a two-year contract extension for the company's Fifth-Generation moored semi-submersible rig Deepwater Nautilus. The two-year contract extension is expected to commence in December 2006, in direct continuation of the rig's current contract. Revenues of approximately $310 million could be generated over the two-year extension period, excluding revenues for mobilization, demobilization and client reimbursables. The Deepwater Nautilus is currently operating for Shell Exploration and Production in the U.S. Gulf of Mexico and is expected to continue drilling operations for the remainder of 2005 and into 2006 before requiring an estimated 60 days of out-of-service time during 2006 to complete repairs of all remaining storm-related damage, which pertains mainly to the rig's mooring system. The rig, which entered service in 2000 following its construction in Ulsan, South Korea, is capable of operating in water depths of up to 8,000 ft.


Atwood Oceanics Announces Vicksburg Contract

Atwood Oceanics, Inc. (a Houston based International Offshore Drilling Contractor) said that the VICKSBURG (owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a two-year contract by Chevron Overseas Petroleum (Thailand) Limited ("Chevron") which will immediately follow Chevron's current eight (8) month drilling commitment offshore Cambodia. The VICKSBURG is presently working in Malaysia under drilling commitments with dayrates of $82,000 to $87


Oil Price Just Down From Two-Year Highs Set Last Week

Oil markets placed another bet on tightening supply, supporting prices in the vicinity of 22-month highs touched last week. Benchmark Brent for September hit $20.87 a barrel today, just 13 cents off a Friday peak of $21 that was the crude's highest value in almost two years.


Canada Invests in Nova Scotia Small Craft Harbours

Photo courtesy of Halls Harbour NS

The Government of Canada will invest $10.2 million in maintenance, repair, construction and dredging projects at small craft harbours in Nova Scotia, as part of a country-wide $63 investment in core fishing harbours. “Small craft harbours play a vital role in securing the prosperity of our coastal communities in Nova Scotia,” said the Honourable Gail Shea, Minister of Fisheries and Oceans. “The investment announced today shows our Government’s commitment to providing


IOS Announce Charter Contracts

P/R International Offshore Services ANS (IOS), which is a 50/50 joint venture between Farstad Shipping ASA and P&O Australia, has contracted two anchor handling support vessels at the Simek AS yard in Norway. Delivery of the vessels will take place in March and July 2003. The vessels are a new type of UT 712 of 12,240 bhp with DP and a double drum 370 tonne winch for employment in international markets. IOS has also entered into a two year time charter with Phillips in Australia for the


Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

  German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said. Chief Executive Frank Asbeck justified his intention by saying Chinese panel makers would still receive unfair state subsidies, according to the magazine. It was based on this reasoning that the German solar energy pioneer succeeded in getting the duties imposed in the first place.


Koike Aronson - Buyer Financing & Warranty

At a time when many industrial operators are having trouble securing credit, Koike Aronson/Ransome Inc. has joined with a major capital equipment lender to offer Equipment Leasing Financing to Koike’s customers in the U.S. and Canada. Koike Aronson’s business units and field representatives now have the ability to provide their customers with an indicated monthly payment, using a $1 buyout or a 10% purchase option, with terms of 36, 48 or 60 months.


BP Vietnam Awards PTSC/Canyon Two-Year Vessel / ROV Contract

PTSC Production Services and Canyon Offshore have entered into a two-year contract with BP Vietnam to provide a DP Vessel, Remotely Operated Vehicles, Survey and Positioning, and engineering solutions to support BP’s operations offshore Vietnam. Under the terms of the contract Canyon Offshore in conjunction with Petroleum Technical Services Company (PTSC), a division of Vietnam Oil and Gas Corporation, will mobilize Scorpion 25


MPA to Groom Maritime Talents

Image: Maritime and Port Authority of Singapore

 The Maritime and Port Authority of Singapore (MPA) is rolling out a series of new manpower schemes to attract, develop and retain local talent in the maritime sector.   The Government will set aside S$12 million over the next two years to roll out a series of manpower schemes.   Some 5,000 individuals are expected to benefit from the new manpower schemes, which will be rolled out progressively from May 1, 2016.  


Siem PSV Chartered by Petrobras

Siem Atlas (courtesy Siem Offshore)

Siem Offshore and Petrobras have entered into a charter agreement for the Platform Supply Vessel (PSV) Siem Atlas. The charter period has commenced and is for a firm period of two years. Petrobras has an option to extend the charter for two additional years, upon terms to be mutually agreed.   The gross contract value for the firm period is approximately $26 million. siemoffshore.com


Tanker Fleet Grows by 203 Units Last Year

Table: Gibson

 The tanker fleet has grown over the past twelve months by another 203 units amounting to 21.9 million dwt, says Gibson's Mid-Year Review of Weekly Tanker Market Report.    This follows a period of very limited fleet growth (across all but the MR sector) following a period of


US Oil Drillers Add Rigs for 4th Week in 5

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the well pad since August that signaled a near-two year rout in drilling may have ended.  


LUKOIL Introduces New Crankcase and Cylinder Oils

Piston crown on NAVIGO 6 CO in excellent condition (Photo: LUKOIL Marine Lubricants)

 LUKOIL Marine Lubricants has introduced the newly formulated NAVIGO 6 CO crankcase oil and NAVIGO 70 MCL AW cylinder oil, offering newly designed additive packages and additional benefits with regard to thermal and oxidation stability, corrosion prevention and wear protection.  


Panama Opens Canal Extension Amid Risk, Cost Issues

File image: a Cruise Ship transits the Panama Canal.

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns. At 7.50 a.m. (1250 GMT)


Panama Canal Officially Opens $5.25Bln Expansion

Photos: Official Twitter account of the Panama Canal

 A 984-foot Chinese container ship was greeted with fireworks and cheers from a crowd that had gathered, when it made an inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation's multibillion-dollar newly-enlarged Panama Canal.


Traffic Separation Schemes off Western Australia

Traffic Separation Schemes south-west WA Image courtesy AMSA

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish the schemes was approved by the International Maritime Organization earlier this year and adopted by its Maritime Safety


This Day In Naval History: June 23

1812 - During the War of 1812, Commodore John Rodgers leads a squadron onboard USS President off New York until she battles HMS Belvidera. The first shot of the War of 1812 is fired by USS President during this engagement.   1861 - During the Civil War


Rotterdam Implements Paperless Container Transfers

(Photo: Port of Rotterdam Authority)

In the near future, a physical Customs document will no longer be required to transfer containers from one Maasvlakte terminal to the other within the Port of Rotterdam.   Participating terminals APMT, ECT and RWG have made agreements with the Dutch Tax and Customs Administration for a


Historic Tall Ship Sails into Hong Kong

Photo: Wallem

The world’s oldest full rigged tall ship, the Norwegian Sørlandet, has sailed into Hong Kong harbor this morning.    The ship, which was built in 1927, is on a two year circumnavigation, crewed by students from A+ World Academy


New Subchapter M Towing Vessel Regulations Take Effect

(File photo: Eastern Shipbuilding Group)

The U.S. Coast Guard announced Monday new towing vessel regulations establishing new requirements for the design, construction, onboard equipment and operation of towing vessels.   These regulations, which were developed over time with input from the Towing Safety Advisory Committee (TSAC)


Mein Schiff 5 delivered to TUI Cruises Ahead of Schedule

MS5 Floatout Photo Meyer Turku shipyard

Today, ten days ahead of schedule, TUI Cruises took delivery of Mein Schiff 5 from the Meyer Turku shipyard. Wybcke Meier and Frank Kuhlmann, CEO and CFO of TUI Cruises, together with Dr. Jan Meyer, CEO of Meyer Turku Oy shipyard, marked the occasion with invited guests at the handing-over ceremony


Polarcus: Grant of Employee Share Options

Courtesy Polarcus Limited

Polarcus Limited announced the award of share options to two Primary Insiders. 500,000 share options were granted to the Company's newly appointed General Counsel, Mr. Caleb Raywood, and 500,000 share options were granted to Mrs. Tamzin Steel in the newly created position of Senior Vice President


Vietnam Coastguard Plane Goes Missing

A Vietnamese coastguard plane, which was searching for a missing fighter jet and its pilot, disappeared off the radar on Thursday, state media and a military official said, the second such setback in three days.   The CASA C212 plane carrying nine people went missing off the northern


Smartphone App Aims to Aid Migrant Sea Rescues

Photo: International Maritime Organization

A smartphone application that allows users to scan the Mediterranean for boats in distress is being tested by a migrant rescue service, which hopes that crowdsourced information will help it save more people.   The I SEA App, available on iTunes


Dry Bulk Facing Slow Recovery, Consolidation -Dreyfus

The dry bulk shipping industry may not emerge from a protracted downturn for another two years and some smaller firms will be squeezed out, the chairman of France's Louis Dreyfus Armateurs said on Tuesday.   The dry bulk sector that transports commodities like coal and iron ore has suffered






 
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