Flc News

The Netherlands-based Neptune Marine said it has been contracted to delivery a new spreader pontoon for Femern Link Contractors (FLC). Delivery is scheduled the second quarter of 2023.FLC, a joint venture in charge of the design and construction of a new immersed tunnel between Denmark and Germany, will use the vessel for the tunnel construction. Its main function will be back fulling of the tunnel elements with sand. The vessel accommodates up to 30 persons.The Fehmarnbelt Fixed…

Port of Hamburg's Hamburg Vessel Coordination Center (HVCC) is developing a digital platform for inland waterway vessels, to allow ship calls to be coordinated centrally in the future."This marks another step towards more efficient digitised processes in the Port of Hamburg. The concept will first be presented to a wider audience today, 8 May, in connection with the celebrations for the 10th anniversary of the HVCC," said a release from the port.The Port of Hamburg is not only the largest seaport in Germany – it is also the second-largest inland port. Around 10,000 inland waterway vessels call each year the handling facilities of the Elbe metropolis.For ten years…

Firm to sell non-core assets, exit from non-essential businesses; Daewoo reported $2.6 bln operating loss in Q2. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd said on Monday it would sell non-core assets, and shut down or exit non-essential units as part of restructuring after a multi-billion dollar loss in the April-June quarter. Daewoo Shipbuilding late last month reported a provisional second-quarter operating loss of 3.03 trillion won ($2.61 billion), citing construction delays on offshore projects such as oil and gas rigs. The high-end offshore plant business has been loss-making for the world's three biggest shipyards…

Life Cycle Engineering (LCE) has been awarded a $5.5 million contract by the Naval Supply (NAVSUP) Fleet Logistics Center (FLC), Puget Sound, Washington to provide process support to the U.S. Naval Ship Repair Facility and Japan Regional Maintenance Center (SRF-JRMC). LCE will work with the planning and engineering departments to develop and issue job summaries and task-group instructions in the Advanced Industrial Management (AIM) system for carriers and surface ships ported in Yokosuka, Japan.

STX France has recently experienced cost overruns mainly related to one of its cruise vessels under construction at its St Nazaire shipyard. The cost overrun could represent a negative deviation up to $20.3m – 27.1m, but every possible effort is being made to limit such cost overrun. The physical construction of the vessel is however in good progress, and the vessel is expected to be delivered on-time and to the client's full satisfaction. STX France has a solid working capital position, and the funding of such cost overrun will be managed from the existing working capital in STX France. As a consequence of the cost overruns, STX Europe has agreed with Nordea Bank to adjust the interest coverage ratio covenant (EBITDA/Interest) to reflect such a lower expected EBITDA in 2010.

While the revenues grew with 14.2 percent and new order intake amounted to NOK 7 344 million, an ongoing project within Offshore & Specialized Vessels for A.P. Moller - continued to negatively influence the EBITDA result also in the third quarter. The transaction with FLC West was completed at the end of July. This resulted in a profit from discontinued operations of NOK 791 million and increased the equity ratio to 22 percent. As communicated in the report for the second quarter 2008, several ships in a series of ten vessels for A.P. Moller - Maersk have suffered from delays and poor quality. This project constitutes a significant part of the ongoing projects within the business area Offshore & Specialized Vessels.

Aker Yards and FLC West have completed the previously announced transaction in which FLC West comes in as a 70 percent shareholder in three shipyards in Germany and Ukraine. The agreement has been approved by all relevant regulatory authorities. The transaction strengthens Aker Yards' financial capacity and liquidity, and it improves the potential for further development of the three involved yards. Aker Yards ASA has consisted of 18 shipyards around the world. At 25 March 2008, the group announced that it intended to take the Russian controlled company FLC West in as a majority shareholder in Aker Yards Ukraine Holding AS which owns the Okean shipyard in Ukraine and the shipyards in Wismar and Warnemünde in Germany.

Aker Yards said 40.4 percent shareholder STX Corporation has provided it with a $89.7m loan in order to meet a short-term financing deficit. Aker Yards is in the process of selling a 70 percent stake in three of its Merchant Vessel shipyards to Russian investment firm FLC. However the deal has been delayed by the Ukrainian competition authorities, and Aker Yards said this has caused a short-term liquidity problem.

The original contract signed on February 26, 2004 with Blackford Dolphin Pte Ltd (Owner), a subsidiary of Fred Olsen Energy ASA, for work to be carried on the Blackford Dolphin was $177m. The expected delivery date was in June 2007. On July 20, 2007, an addendum was agreed upon, which took into account changes up to that point in time by the Owner. The contract value was increased to $239.5m with the delivery date revised to February 2008. Since the addendum, there have been further revisions, including changes to the design of the rig, by the Owner. This has resulted in variation orders and a delay in the completion of the rig. While some variation orders were agreed upon and paid for by the Owner, outstanding and unresolved variation orders remain.

Aker Yards and the Russian company FLC expects to complete the transaction in which FLC buys 70 percent ownership in three yards in Ukraine and Germany in July 2008. The agreement was announced 25 March 2008. The one remaining item in the process before the transaction is concluded is to complete the process to obtain approval from the competition authorities. This process has taken somewhat longer than anticipated, but FLC and Aker Yards expects that it will be possible to get this final approval shortly.

Aker Yards has not yet received confirmation from FLC West that they have received approval from Ukraine competition authorities for FLC's acquisition from Aker Yards of 70 percent of the shares in the subsidiary Aker Yards Ukraine Holding. Under the agreement which the two companies announced 25 March 2008, FLC West has the responsibility to apply for the necessary approvals for their new ownership. Based on the information Aker Yards has received in respect of FLC's applications, Aker Yards had expected clearance to be obtained and information to be received by now. Aker Yards has no knowledge of the reason for the apparent delay. Apart from the anti-trust clearance in Ukraine, all other preparations for closing are complete.

Aker Yards ASA sold 70 percent of the ownership in three of the yards within its business area Merchant Vessels to FLC West, a Russian owned investment company. When the deal is approved an consummated, Aker Yards will receive EUR 291.9 million from FLC West. Aker Yards ASA has three business areas; Cruise & Ferries, Offshore & Specialized Vessels and Merchant Vessels. The business area Merchant Vessels has shipyards in Florø, Norway, Nikolaev in Ukraine, and in Wismar and Warnemünde in Germany.

The Federal Laboratory Consortium (FLC) is honoring two members of the Naval Sea Systems Command (NAVSEA) corporate team for their work on a environmentally-friendly waste destruction system for use aboard ship. Jon W. Cofield of the Naval Surface Warfare Center, Carderock (Md.) and Eugene E. Nolting from NAVSEA headquarters in Washington D.C. will receive a 2002 FLC Award for Excellence in Technology Transfer for work on the new Plasma Arc Waste Destruction System (PAWDS). The Navy developed PAWDS for burning combustible solid wastes aboard ship. A Cooperative Research and Development Agreement (CRADA) was approved to develop and demonstrate a commercial version of PAWDS, which can successfully process mixed waste including paper, cardboard, plastic, cloth, wood and food.