Global Offshore Marine News

German offshore industry service provider United Offshore Support (UOS) announced that it has completed its acquisition of the commercial and technical-nautical management businesses of both UOS United Offshore Support and Hartmann Offshore.Since the acquisition was announced in July 2018, the management and staff of both companies have been working to bring the two organisations under the UOS brand, which is based in Leer, Germany.UOS is led by Chief Executive Howard Woodcock, who joined the company in August 2018. Howard has over 35 years’ experience in the shipping, marine, and offshore oil & gas sectors, and prior to joining UOS spent 13 years as Chief Executive of Bibby Offshore…

Offshore marine services provider PACC Offshore Services Holdings (POSH) has plunged into the red in 2015 due mainly to a huge impairment charge of $144.58m. The group reported yesterday a net loss of US$149.7 million (S$211 million) for the three months to Dec 31, up on the net loss of US$9.96 million in the same period a year ago. The loss was blamed on impairments, write-offs and gain from disposal amounting to $144.58m. Excluding the impairments in 2015 and gains from vessels disposal in 2014, POSH would have recorded a net operating profit of $13.62m, up 40% from $9.73m in 2014. Posh logged a net loss of US$131 million for the full year, a reversal from the net profit of US$53.2 million previously, while revenue rose 20 percent to US$280.8 million.

Press release - In January 2014, an order was placed with Damen Shipyards Group for two Platform Supply Vessels (PSV). The first vessel, Mamola Reliance, was delivered in February 2015 and is currently in service, managed by PROMAR, in the West African market. This second vessel, Mamola Defender, is expected to be operational in the same region. The naming ceremony of the vessel took place on September 23, 2015. Both vessels are at the forefront of technology in terms of equipment.

Cosco Corporation has warned investors of an expected net loss for the second quarter ended 30 June 2015, as against a profit in the previous corresponding period. The company said the loss is mainly due to the low crude oil prices over recent months which have had an adverse impact on the global offshore marine industry. Further details of the Company’s financial performance will be disclosed when the Company announces its 2Q 2015 Results, which are scheduled to be released July 31.

GE unveiled today its new GE Marine organization which cumulates several GE businesses and will be led by Tim Schweikert, vice president, GE Marine. The new organization brings together GE’s commercial and technological expertise in the marine sector from gas turbines and diesel engines to motors and generators, variable speed drives and drilling systems to automation and control systems and all the electrical equipment in between. GE Marine combines this with system integration capabilities and a global infrastructure—including training and service facilities.

MacGregor has secured a winch package contract from Nam Cheong Limited group, a global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited and Malaysia's largest offshore support vessel builder. Eight-point MacGregor mooring systems, with a 150-metric-ton line pull/270-metric-ton brake holding capacity, tugger winches and capstans have been specified for two new 500-men accommodation work barges being built at the yard. An option remains for two more barges. The 123-meter barges are scheduled for delivery in 2016.

Nam Cheong Limited a leading global offshore marine player listed on the Main Board of the Singapore Exchange Securities Trading Limited and Malaysia’s largest Offshore Support Vessel builder, today announced that it has sold two Accommodation Work Barges (“AWB”) worth approximately US$84 million (approximately S$105 million)  with the option to purchase another two vessels, to a repeat customer, Bursa-listed Perdana Petroleum Berhad (“Perdana”). In July last year, Nam Cheong sold one AWB of a smaller size, to Perdana, an established, major offshore marine services provider for the oil and gas industry in Malaysia and the Southeast Asian region.

Swiss company PROMAR has ordered two Platform Supply Vessels from Damen Shipyards Group as it looks to further expand the offshore fleet under its management in the next five years. The first Damen PSV 3300 will be delivered in February 2015, and the second in August of the same year. Commenting on why the company chose a Damen vessel, Olivier Meynis de Paulin, Chartering Supervisor said, “The PSV 3300is at the forefront of technology in terms of equipment, being modern and reliable. PROMAR expects to employ the two vessels in the West African market. “West Africa is well-known to us.

Keppel Corporation (Keppel) and the National University of Singapore (NUS) announced the founding of the Keppel-NUS Corporate Laboratory, in collaboration with the National Research Foundation (NRF), Prime Minister's Office, Singapore. The laboratory, which will be based at the NUS Faculty of Engineering, will be established with an investment amount of S$75 million. The launch of the Keppel-NUS Corporate Laboratory was graced by Deputy Prime Minister of Singapore, Teo Chee Hean, who is also Chairman of NRF. The Keppel-NUS Corporate Laboratory is the second laboratory to be established under the NRF's Corp Lab at University scheme, which is established to support Singapore's autonomous universities in their conduct of industry-relevant research with companies as partners.

GE’s Global Offshore and Marine business powers and propels ships, keeping them in position at the touch of button. The Korean naval, offshore and merchant, shipbuilding industry, one of the largest and most important in the world, has long since recognized the benefit that GE’s experience and technology can deliver—partnering together for 30 years. That is why Kormarine 2013 is one of the key events where GE will showcase its latest advancements in diesel engines, gas turbines and dynamic positioning solutions, all designed to deliver reliability, fuel efficiency, lower maintenance and life cycle costs. SB Ahn, GE’s Global Offshore and Marine leader said, “GE provides solutions that affect vessels and marine installations from stem to stern and from ocean to sea bed.

Local equipment suppliers reap dividends, but there’s room for foreign businesses – if they know how to play. After huge oil finds in recent years, Brazil's need for offshore vessels continues to expand and could double between now and the end of the decade. Brazil's state-run oil company Petrobras wants to extract billions of barrels of oil while also developing its shipbuilding and service industries to create jobs. Meanwhile, Brazil is trying to use locally made vessels and equipment, but foreign companies are benefiting from the nation's oil bonanza too.