According to a Reuters report, South Korea's SPP Group (www.spp.co.kr) won new shipbuliding orders for a cumulative 15 ships -- reportedly seven of them bulk carriers -- for $660m.
Since the beginning of 2005 Finland's three largest shipyards in Helsinki, Rauma and Turku have been working as one company, the new Aker Finnyards. As a part of the restructuring, negotiations were started on November 9 with the employee representatives to improve the productivity of the yards. The formal negotiations have now been concluded, and the number of employees that will be affected will be approximately 315.
Fugro GeoServices announced several recent promotions within the company, including two key management appointments: Ted Hampton, president and Adam Jackson, senior vice president. Mr. Hampton is a licensed geologist and former vice president of the company. He replaces longtime leader Mr. Tom Hamilton, who will retire this spring after nearly 30 years with Fugro. Together, Mr. Hamilton and Mr. Hampton led the formation of Fugro GeoServices in 1999 to provide oil and gas clients in the Gulf
Scorpio Tankers signs agreements with two S. Korea shipyards to construct a minimum of 5 & up to 10 LPG tankships, Scorpio's first venture into this specialised market. Emanuele Lauro, chief executive officer and chairman of the board, commented, "We are excited about our entry into LPG which we have long considered an extension of the product market. With common customers, shipbuilders, and trade lanes, and offsetting seasonal swings
According to Reuters, Hyundai Heavy Industries Co. reported a net profit in the third quarter because of more profitable orders and one-off gains from an accounting change. Earnings at South Korean shipbuilders, which dominate the global market, are set to improve due to falling steel plate prices and a more stable South Korean won. But analysts are concerned vessel prices could weaken in the coming quarters due to sluggish global trading volumes and as Chinese shipyards boost capacity
Hanjin Shipping said it saw a net loss of 74.5 billion won ($59.3 million) in 2000 against a 36.8 billion won net profit in 1999. A Hanjin official said the depreciation of the won against the dollar last year was behind the loss, costing the company around 260 billion won. The won shed 11 percent against dollar in 2000. Hanjin, a shipping unit of South Korea's Hanjin Group, posted a recurring loss of 97.5 billion won last year, against a 61
Construction is a complex business. Equipment can break down; employees can be injured; a project can go awry in unexpected ways. Add a marine element to the work underway, and the pitfalls that a contractor must navigate to manage risk become even more challenging. Marine contractors have long understood that they need specialized coverage and have sought out ocean marine insurance carriers with the expertise to help them
STX Offshore & Shipbuilding Co. will issue new shares worth 38.4 billion won (US$36.5 million) as part of its debt-to-equity swap scheme. The shipbuilder will float 15.37 million shares, which will be listed on the main Seoul bourse on Jan. 9, 2014, reports Yonhap News Agency. Yonhap cite Jeong Yu-mi, a spokesperson for STX Offshore & Shipbuilding, as informing that trhe new share issuance is part of the 700 billion won debt-to-equity swap program aimed at stabilizing the company
Hyundai Heavy Industries, the world's largest shipbuilder, will not meet its full-year profit target after reporting a half-year net loss of 53.1 billion won ($41.68 million), mainly due to a write-off. "Our net profit will be around 100 billion won or slightly less because we have to clean up losses coming from the cancellation of shares at Hyundai Petrochemical," a spokesman said. The original earnings target was 300 billion won.
Korea launched a new submarine on Friday. The 214 class Sohn Won-il was launched from Hyundai Heavy Industries in Ulsan. The Shon Won-il accommodates a crew of 40. The 214 comes with a $350m price tag, and the Navy plans to acquire nine of them by around 2020.
Endofa, an independent physical marine fuel supplier and bunker trader with offices in Houston and Dubai, informs it has partnered with another emerging bunker broker, VP Bunkers, to form Endofa-VP with offices in Nice, France. According to Endofa's Kenn Soendergaard
EMAS, the operating brand of Ezra Holdings, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the group has been awarded subsea construction and offshore support contracts in Asia Pacific and West Africa with a combined
The deal will support Aker Solution’s commitment to meet safe and sustainable offshore operations in the most important new development in the North Sea. It is a significant win for Lloyd’s Register Consulting as Aker Solutions is one of the world’s largest providers of
Reuters - South Korea's STX Offshore & Shipbuilding Co Ltd said on Monday it won a 413.8-billion won ($387.63 million) order to build eight tankers from from Navig8 Product Tankers Inc. The South Korean shipbuilder said in a statement the contract includes an option for four more tankers
MacGregor, part of Cargotec, saidi it won an order for two subsea cranes from South Korean shipyard Hyundai Heavy Industries Co Ltd. The active heave-compensated cranes will have an SWL of 100 and 25 metric tons, respectively. They will be fitted on board a new 160-meter heavy construction vessel
(Reuters) - Saipem has won new contracts for off-shore engineering and construction in Congo and Indonesia worth a total $520 million, the Italian oil services group said on Monday. Saipem said parent company ENI had assigned a consortium led by Saipem a $1
Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) has won two orders worth a total of US$640-million to build eight very large gas carriers (VLGCs) for two unidentified Asia-based firms reports Reuters. The South Korean shipbuilder said in a statement both firms had ordered four gas
Lloyd’s Register Marine say they have created an easy-to-use app for smartphones and tablets, enabling its clients to access ship and fleet data from anywhere in the world. LR describe the new app as using the functionality of LR’s award-winning web service Class Direct
Creditors have decided to provide additional liquidity to the shipbuilding unit of ailing STX Group in a move to help it overcome a cash crunch, reports Yonhap News Agency. Citing officials at the main creditors, Korea Development Bank
Lloyd’s Register Marine has created an easy-to-use app for smartphones and tablets, enabling its clients to access ship and fleet data from anywhere in the world This new app, using the functionality of LR’s award-winning web service Class Direct
ClampOn has won an order to supply 130 topside leak monitors for Statoil’s Gina Krog project. The contract was awarded by Solberg & Andersen in Bergen, Norway, and will be part of their ValveWatch condition monitoring system.
Engineered heavy lifting and transport company Mammoet won the Costain “Achieving Excellence” Award for Supply Chain Partner of the Year 2013. On February 6, a team representing Mammoet attended the annual Costain Awards Ceremony
Aquatic Engineering & Construction Ltd., an Acteon company, has worked with specialist health and safety training provider Survivex, to create a bespoke course for its offshore teams who work at height using harnesses. Aquatic’s modular reel drive systems can stand up to 7m high when
Financial Highlights in the fourth quarter of year 2013 were as follows: Sales were NOK 11.4 billion in the fourth quarter of 2013, up from NOK 11.2 in the fourth quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1
ABB, the power and automation technology group, inform they have won an order worth around US$55-million to supply a submarine AC (alternating current) power cable system for a new wind farm, located off the coast of Norfolk, England. The order was received from Dudgeon Offshore Wind Limited