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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


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


Aker Maritime Aims For Savings Via Restructuring

Norwegian offshore services firm Aker Maritime plans to save $62 million within two years through a restructuring program that calls for Aker to merge four of its business divisions into two starting in January. The company plans to set up a deepwater firm in Houston, Texas, and a North Sea firm based in Stavanger, Norway to pool the work previously done by four divisions. The changes would allow for improved competitiveness and cost cuts, resulting in a yearly savings, officials said.


Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday. The 500,000 barrel cargo was offered through a tender closing on May 29, with bids to stay valid until June 1


Silverstream Technologies Expands Technical Team

Dominic Tasker (Photo courtesy of Silverstream Technologies)

New naval architect appointed following first commercial installation, and pipeline of orders   Dominic Tasker has been hired as a new naval architect at Silverstream Technologies, a developer of air lubrication technology for the shipping industry.  


Hyundai Heavy Delivers 2,000th Ship

Photo: Ocean BlackLion, 2,000th Ship HHI Delivered

 Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.S. oil drilling firm Diamond Offshore at the Ulsan shipyard Friday.  


Pipeline Spill Could Hamper California Oil Projects

Pic of an ealier incident of oil spill where a U.S. Air Force Reserve plane sprays Corexit dispersant over the Deepwater Horizon oil spill in the Gulf of Mexico.

  Hundreds of barrels of oil that gushed from a ruptured coastal pipeline in scenic California this week could stiffen opposition to large oil projects that companies want to build in the state, notably those to deliver cheap U.S. crude on trains.


Miller is VP - Government and Political Affairs, NOIA

Megan Bel Miller

  The National Ocean Industries Association (NOIA) has promoted Megan Bel Miller to Vice President for Government and Political Affairs. She will lead NOIA's Congressional relations and Political Action Committee.Megan joined the NOIA staff in May 2013 as Senior Director


NOA Announces Share Repurchase Program

Photo: NAO

Nordic American Offshore Ltd. (NAO) announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to 2.5 million of NAO's outstanding common stock over the next two years. The authorization is effective immediately


General Dynamics Makes Executive Changes

General Dynamics Logo

  General Dynamics stated that Larry R. Flynn, president of Gulfstream Aerospace Corp., has informed the corporation of his intention to retire on June 30, for health reasons. Mark L. Burns, president of Product Support for Gulfstream, will succeed Flynn as president of Gulfstream.


Drewry Expects Dry Bulk Shipping Recovery in 2017

Graph: Drewry Dry Bulk Forecaster

 Despite a modest recovery in earnings anticipated over the next two years, the dry bulk shipping market is not expected to return to profitability until 2017, says the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.  


Israeli President Tours New IDF Submarine in Germany

Photo by Israel Navy

Israeli President Reuven Rivlin visited the shipyard in Kiel and toured the ‘INS Rahav’ the fifth submarine due to be delivered to the Israeli Navy.  INS Rahav is the fifth submarine expected to arrive in Israel  in the coming year


US Ports Begin 2015 ‘Fast and Furious’

Photo: The American Great Lakes Ports Association

Even with a blip due to ice coverage in late March and early April, U.S. ports along the Great Lakes-Seaway System are tracking ahead of tonnage moved in April 2014. In fact, most ports are seeing increases in multiple categories.   “In 2015 we are excited to continue the momentum


Dubai to Showcases Maritime Strength at Nor-Shipping

His Excellency Sultan Ahmed bin Sulayem Chairman of Dubai Ports Customs and Free Zones Corporation Chairman of DMCA (Photo: DMCA)

Dubai Maritime City Authority (DMCA), the organization tasked with developing, monitoring and promoting maritime activity in the Emirate, announced its program for this year’s Nor-Shipping, held in Oslo and Lillestrøm, Norway.  


SENER Presents at RINA Damaged Ship Conference

Photo: SENER

Damaged Ship, the conference organized by The Royal Institution of Naval Architects every two years in their headquarters in London, shows the major processes made over the last years around damaged stability in vessels and artifacts. This time SENER has presented a paper about the advantage of


Meyer Turku Delivers First Ship Under New Owners

Photo courtesy of Meyer Turku

Meyer Turku handed over Mein Schiff 4 to TUI Cruises on Friday May 8, 2015, marking the first delivery from Turku Shipyard under Meyers’ ownership. The Meyer family, operators of the shipbuilding company Meyer Werft in Germany, became the 100 percent owner of Meyer Turku Oy just two days


India, Iran Ink Port Deal Despite US Warning about Haste

India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers clinch a final nuclear accord with Tehran.   Shipping Minister Nitin Gadkari and his Iranian counterpart Abbas Ahmad Akhoundi


At Greek port, Migrants Try for Italy

Rapper Mahdi Babika Mohamed's journey to a better life in Europe started in his native Sudan and passed through Libya and Turkey before abruptly ending in a squalid abandoned factory at Greece's western port of Patras. There, the 37-year-old is one of hundreds of migrants making desperate






 
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