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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.


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


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.


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


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.


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


BP Extending Agreement with Aker Kvaerner

BP Limited UK has extended a three year frame agreement with Aker Kvaerner, for the supply of steel tube umbilicals, by a further two years to 2007. Aker Kvaerner Subsea will continue to provide project management, engineering and manufacturing of steel tube umbilicals. The steel tube umbilicals are manufactured at Aker Kvaerner Subsea's purpose-built facility in Moss, Norway. Under the existing frame agreement Aker Kvaerner has supplied steel tube umbilicals for the Rhum


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


Irving Celebrates Canadian AOPS Build Contract

Photo: Irving Shipbuilding

Government of Canada & Irving Shipbuilding mark signing of $2.3 billion AOPS build contract; 3,600 Jobs across Canada generated from Irving’s NSPS commitments to gate    The Government of Canada joined Irving Shipbuilding and its employees today marked the signing of the $2


China's COSCO Group Returns to Profit

Logo

China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809


Gypsy Moth Clause Takes Balanced Approach to Risk

Multiple US-bound ships delayed by Asian Gypsy Moth

  A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM). The spread by ships of AGM poses a severe risk to agricultural resources in many parts of


26-year Jail Term Sought for Concordia Master

Photo: The Parbuckling Project

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people. Francesco Schettino was the commander of the vessel, a floating hotel as long as three football pitches


Navios Acquisition Announces Fleet Update

Photo courtesy: Navios

Tanker vessel owner and operator Navios Maritime Acquisition Corporation announced the delivery and employment of one VLCC and one MR2 product tanker and the employment of one VLCC and two product tankers. VLCCs The Nave Synergy, a 2010 Japanese-built VLCC of 299,973 dwt


Eurotunnel Seeks Buyer for Ferry Business

Groupe Eurotunnel, which runs the undersea rail link between Britain and France, is putting its ferry service between the two countries up for sale after a ban on it operating the route was upheld by Britain's Competition Appeal Tribunal (CAT).


Enclosed Space Management System Launched

Photo courtesy: Videotel

Videotel, in conjunction with Mines Rescue Marine, has launched the Enclosed Space Management System, designed to help assess, audit and manage the safety of enclosed spaces on board ship and combat the number of accidents and fatalities that all too often occur when problem areas are overlooked


Spanish Cluster Recognizes DNV GL’s Maritime Academy

Maria Teresa Pisabarro Castanedo, Manager DNV GL Academy Spain (3rd from the right) accepted the “Impulso a la Formacion” award on behalf of DNV GL. (Photo courtesy: DVN GL)

DNV GL’s Maritime Academy has been recognized for its training program by the Spanish Maritime Cluster. DNV GL received the “Impulso a la Formación” award, in recognition of the Maritime Academy’s efforts in the Maritime Training Sector in Spain.


Shell Charters Oceaneering Vessel for IMR

MSV Ocean Alliance (Photo courtesy of Oceaneering International)

Oceaneering International, Inc. has entered into a two-year, multiservice vessel charter agreement with Shell Offshore Inc. for use of the Ocean Alliance in the U.S. Gulf of Mexico (GOM) commencing January 1, 2015.   The Ocean Alliance is a U.S


COSCO Gets $1.75 bln Loan to Buy Ships

China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd


WSS Wins Tender with Solstad Shipping

Frank Olson (Photo courtesy: WSS)

Wilhelmsen Ships Service (WSS) and Solstad Shipping have announced that they have entered into a two year Global Agency Agreement with a two year option. WSS will provide Global Agency Services to Solstad’s 48 vessels worldwide. “We were previously using around 50 different


Slow Economy Growth Offers No Respite for Shipping

File photo

A limited economic growth potential and a slow recovery pace of the global economy only ease the pain in the global shipping industry somewhat, BIMCO reported, adding that while the industry continues to suffer from oversupply in the freight market


Winners of Walter B. Jones Memorial Awards Named

Sunset over the Apalachicola National Estuarine Research Reserve in Florida. One of the 2014 Walter B. Jones Awards was given for research in the reserve. (Credit Apalachicola National Estuarine Research Reserve)

  Eleven individuals and organizations have been named as winners of the 2014 Walter B. Jones Memorial Awards for Excellence in Coastal Ocean Resource Management, an award given by NOAA’sOffice for Coastal Management for exemplary leadership and a commitment to balancing the human use


US Visa Initiative for Ethiopian Seafarers

US Ambassador to Ethiopia, Patricia M Haslach, with the EMTI administration and cadets (Photo courtesy: EMTI)

The Ethiopian Maritime Training Institute (EMTI) has welcomed an initiative by the United States that will provide Ethiopian seafarers with a new class of C1/D visas. The new C1/D visas issued to Ethiopian crewmembers will now be valid for two years.


Scale Model of Queen Mary to Anchor Onboard Gallery

Photo: The Queen Mary

A scale model of the famed ocean liner Queen Mary, carved about 80 years ago from a 200-year-old white mahogany log and exact in every detail, will be the centerpiece of a new gallery on the ship that was the epitome of luxury travel in its heyday.  






 
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