Great Offshore News

Dutch offshore installation company Van Oord on Thursday confirmed it had secured a contract to deliver and install monopile foundations and array cables for RWE's 1.4 GW Sofia offshore wind farm in the UK.The contract comes a little over a week after RWE made a financial investment decision for the Sofia offshore wind farm, located the Dogger Bank in the central North Sea, 195 kilometers from the North East coast of the UK. "Through its UK branch MPI Offshore, Van Oord will create a logistics hub to deliver the comprehensive scope of work…

American utilities signed contracts for 4,304 megawatts (MW) of wind power in 2018 that, when combined with non-utility purchases, reached the highest level on record for overall Power Purchase Agreements (PPA) activity with 8,507 MW in 2018.In total, the industry commissioned 7,588 MW of wind power capacity in 2018. There are now 96,488 MW of cumulative installed wind capacity in the United States, with more than 56,800 wind turbines operating across 41 states.According to a new report released today by the American Wind Energy Association (AWEA), Fortune 500 brands and a range of other non-utility entities, including cities and universities…

DVB Group Merchant Bank (Asia) Ltd, a unit of Germany’s DVB Bank SE, can now go ahead and seek bids for selling six ships of GOL Offshore, earlier known as Great Offshore Ltd, to recover their part of outstanding loans, says a report in the Livement. The Bombay high court has allowed DVB Group to start the process of undertaking valuations of six ships of Mumbai-based offshore services firm and seek potential bids. Bombay high court said six offshore vessels—Malaviya 23, Malaviya 24, Malaviya 25, Malaviya 27, Malaviya 28 and Malaviya 9— lender can immediately publish public advertisements and notices after 24 June for the sale of the vessels in its order dated 13 June.

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET. Edelweiss now controls 70% of the Indian yard’s debts. A month ago plans were made to change the yard’s name to Bharati Defence and Infrastructure as part of a new business direction making warships for the Indian Navy. Bharati’s difficulties started five years ago when it bought Great Offshore. The company piled on debts from then on and has struggled to repay them. It  warned on July 22 that it has become a “sick industrial unit” after its net worth eroded completely as on March 31, 2015. Bharati Shipyard, a company founded in 1973 by P C Kapoor and Vijay Kumar, and has appointed Sameer Kaji as interim CEO with a mandate to turn around the troubled shipbuilder.

GL Garrad Hassan report examines offshore wind potential in Baltic Sea Region. The Baltic Sea has great offshore wind potential. The development of offshore wind resources will be vital for many of the Baltic nations, as they look to meet their commitments to boost renewable energy generation. GL Garrad Hassan, part of the GL Group's renewables business segment, has presented a new report outlining the potential for large scale offshore wind power deployment in the Baltic Sea Region (BSR). The report was sponsored by the Baltic Sea Region Energy Cooperation (BASREC), a Ministerial process designed to promote sustainable growth, security and prosperity in the region through the energy sector.

Shipbuilding has always been close to his heart, but Vijay Kumar’s greatest desire is to see his country, India, exploit the benefits of shipbuilding for the greater good of India’s economy as a whole. To date, the shipbuilding business in India has come with more promise than production, with its market share at a mere one percent of global shipbuilding activity, Kumar, Managing Director of Bharati Shipyard Ltd., is determined to help grow the shipbuilding industry not just for the good of his company, but for the good of the country as a whole. He envisions, with government support, a dynamic growth in India’s shipbuilding market, projecting its output to soar to a global market share of between 5 to 7.5 percent in the next 10 years.

•  Angeliki N. •  Michael Wyllie, Offshore Energy Development Corporation/SBM Offshore N.V. •  William T. •  Capt. •  Dr. Bo Cerup-Simonsen, A.P. •  Joseph J. •  Soli Engineer, Executive Director, Great Offshore Ltd. •  RADM Philip H. Greene, Jr., Superintendent, U.S. •  Hiroshi Kato, President, Toyo Shipping Line Co., Ltd. •  Naresh Kumar, Chairman & Managing Director, Deepwater Drilling & Industries Ltd. •  Lee, Jai-Seong, President & CEO, Hyundai Heavy Industries Co., Ltd. •  VADM H. S. Malhi, AVSM, VSM, Chairman & Managing Director, Mazagon Dock Ltd. •  John “Jack” D. •  Ted C. •  Capt.

According to a Feb. 2 report from Reuters, offshore and oilfield services firm Great Offshore (GOFS.BO) posted a 96% fall in net profit in Oct-Dec, dragged down by lower operating income, soft charter hire rates and lower revenue days. (Source: Reuters)

Shipbuilding companies ABG Shipyard Ltd and Bharati Shipyard Ltd missed Street estimates for the June quarter. ABG's net profit fell by 20% from the year-ago period to '38.41 crore, while that of Bharati fell 41% to '22.12 crore. ABG's net performance was hit by higher depreciation costs and an exceptional item worth '13.75 crore relating to a one-time loss booked on sale of shares in Great Offshore Ltd. ABG's depreciation costs increased to '13.66 crore from '4.53 crore last year on account of part capitalization of the project at its Dahej shipyard. Bharati's performance at the net level was hit mainly on account of 127% increase in interest costs to '54.68 crore. Revenue and operating profit margins at both firms increased.

According to a Jan. 7 report from Reuters, Indian shipbuilders are heading for another bleak year in 2010 amidst weak demand and prospects of order cancellations as the global economy struggles to emerge from a slowdown, analysts said. Bharati Shipyard remains a lone promising bet for investors on expectation its recent acquisition of Great Offshore Ltd. will boost its orderbook and cash flows. (Source: Reuters India)

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig. (Source: livemint.com)

According to the Hindu, Bharati Shipyard will construct and supply an offshore support vessel to integrated offshore oilfield services provider Great Offshore for $64.8m. The vessel, which has a diesel electric propulsion system with 5 generators of a total power of 10,500 KW, is fully-equipped to support diving/sub sea operations. The above contract is in lieu of a contract dated March 24 for one multipurpose offshore support vessel valued at $17.4m ordered by Great Offshore. Source: The Hindu

The deadline for the demerger of Great Eastern Shipping Company (GE Shipping), has expired. Business Standard reports that it is not known whether the company would go for an extension of the deadline or call off the proposed demerger. The deadline stipulated under the demerger scheme approved by the Bombay High Court was at the close of business hours of August 2. GE Shipping executives were not available for comment on the issue. GE Shipping had last year approved a scheme of arrangement for demerger of the offshore service business into a separate company, Great Offshore Ltd. The demerger scheme, heard by the Bombay High Court on January 27 this year, was approved on February 3.

With the boom in the oil and gas exploration sector, fueled by the recent awarding of new blocks under NELP VI, Indian shipping companies are tanking up to sharpen their focus on the offshore segment. Only last month, Oil and Natural Gas Corporation (ONGC) came out with a tender for chartering of around 26 offshore supply vessels, with mobilization requirement up to the third week of November. Shipping companies such as Great Eastern Shipping, Varun Shipping and Mercator Lines have lined up significant investments in this sector in the current fiscal. In fact, the boom in the offshore sector is one of the reasons that prompted GE Shipping to de-merge its offshore division into a separate company, Great Offshore Ltd, to get higher valuations from this business.