Labroy Marine News

Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million. Under the contract, SGX-listed Viking’s wholly owned subsidiary Viking Asset  a Chinese land rig specialist from September 2014. The Chinese rig builder, which specialises in the design, manufacture and assembly of land rigs, has secured a contract with a major South-Asian energy operator, which will deploy the rig in North-Africa. Drilling will commence immediately on oil exploration sites licensed to the joint venture of the South-Asian energy operator and the local energy authorities.

Viking Offshore & Marine Limited has announced it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering. SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (VAM) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation.

Background: On 27 June 2012, DDW announced that it had entered into a joint venture agreement with Pacific Carriers Limited ("PCL"), a wholly-owned subsidiary of Kuok (Singapore) Limited. The SEA Group would, following completion of the transaction, be managed as a joint venture between DDW and PCL and would be called DDW-PaxOcean Asia. Pte Ltd. Completion of this transaction was conditional on, amongst other things, the Schemes being approved by the Creditors. The creditors meeting duly approved the proposed schemes, commenting Khamis Juma Buamim, Chairman of Drydocks World and Maritime World said:  “I am pleased with this strong support and overwhelming commitment from our creditors to keep the company sustainable and poised for growth with all its great potentials.

Sultan Ahmed Bin Sulayem, Chairman of Dubai World, one of world’s largest holding companies, visited the Nanindah and Graha shipyards last week, at Batam in Indonesia and Singapore, which are part of Drydocks World SE Asia, the recent addition to Drydocks World, the group’s global ship building, repair and conversion arm. The visit was part of an inspection and review tour to evaluate progress achieved by these shipyards and to study the prospects of expanding Drydocks World SE Asia’s operations in the region. Mr.

Dubai Drydocks World, the shipbuilding arm of state investor Dubai World, is eyeing yards in China, India and Vietnam, to expand capacity in the hot business of rig building with oil at records near $100 a barrel. Chief executive Geoff Taylor told Reuters on Thursday that the company was part of a joint venture which is in advanced talks to buy a small unlisted shipyard in China's Jiangsu province along the Yangtze River delta. Taylor said the deal was likely to cost Drydock World a total of $55 million. After the acquisition, likely to be completed in the next few weeks, the company plans to inject more cash to turn the yard into a larger shipbuilding and repair facility, he said.

Expanding its presence in the growing offshore West African market, Seabulk Offshore -- a subsidiary of Seabulk International, Inc. (Nasdaq: SBLK) -- announced that it has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore.

Expanding its presence in the growing offshore West African market, Seabulk Offshore -- a subsidiary of Seabulk International, Inc. has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore. Of the five, three are destined for West Africa and two for Brazil.

Autoship Systems Corporation (ASC) has sold CAD/CAM software to Labroy Shipbuilding and Engineering Pte Ltd (Labroy) of Singapore. transformation. First, existing software will be upgraded to present versions, and another seat of each of Autoship Pro and Autostructure will be added. The sale will also augment Labroy's software suite with three seats of Production Manager (ASC's nesting and stock management program). Lastly, to ensure that Labroy's marine engineers will enjoy the very latest in software features, the sale includes a maintenance and support package as well as a 10-day training seminar. Labroy Shipbuilding and Engineering Pte Ltd http://www.labroy.com.sg together with its wholly-owned subsidiary PT Nanindah Mutiara Shipyard…

Expanding its presence in the growing offshore West African market, Seabulk has ordered two additional vessels for delivery in late 2004 and mid-2005, respectively. Built at a combined cost of approximately $23.4 million, the new vessels will work under long-term contracts for a major international oil company in offshore Angola. "West Africa is our biggest market and represents more than half of Seabulk Offshore's revenue," commented Larry D. Francois, President of Seabulk Offshore. The vessels, the Seabulk Advantage and the Seabulk Luanda, bring to five the total number of newbuilds currently under construction for Seabulk Offshore.

In 2005, Robert Allan Ltd will celebrate its 75th year of continuous business as a firm of Consulting Naval Architects. From its base in Vancouver, the company serves the international marine community with a wide range of specialized workboat designs, as it has done since its inception, through three generations of family ownership. The company has experienced considerable growth in the past decade, and currently has more than 30 vessels to its designs under construction around the world, including a myriad of high-performance tugboats of all types, fireboats, crewboats, patrol craft, ferries, and barges. The following are some highlights of current Robert Allan Ltd. projects that will be delivered in the early months of 2005.

Singapore's Labroy Marine said it had won two shipbuilding orders for two platform supply vessels from a German customer worth a total of $47.2m scheduled for delivery in 2009. Source: Reuters

The Siba Ships group, which includes the shipping company Siba Ships Spa based in Brescia (Italy) and its newly established subsidiary company Siba Ships Asia Pte Ltd based in Singapore, has closed its 2006 financial year with a major surge in turnover and a profit of more than 6 million Euros, a result which continues the four positive year trend of the group. Mauro Balzarini, chairman of Siba Ships, says that in the course of 2006 the company, exploiting the favorable trend of shipping, pursued an expansion and diversification process which was already in progress. The company strengthened its presence in South-East Asia, a geographical area of continuously growing interest, by opening a new wholly owned company Siba Ships Asia Pte Ltd in Singapore.

Labroy Marine has clinched two shipbuilding contracts worth a total of $37.8m. Under the contracts, it will build two anchor handling tug supply vessels for a Norwegian customer. The vessels are scheduled to be delivered in 2009. The contracts are not expected to have any material effect on Labroy's earnings per share and net tangible assets per share this year. Source: Channel News Asia

Singapore shipbuilder Labroy Marine said on Wednesday it has signed two shipbuilding contracts worth $58.9m in total. Labroy, whose regular customers for offshore support vessels are in the United States, Europe and the Middle East, said the two ships are to be delivered in 2009. Source: Reuters

Singapore's shipyards want a bigger share of the offshore shipbuilding industry, eyeing areas now dominated by South Korea, Japan and Norway. According to Reuters, Singapore-listed yards have secured well over half the 92 oil drilling rigs under construction worldwide, and are now looking to expand capacity in a bid to meet a next wave of demand for vessels and platforms needed to pump oil and gas from the ocean bed to the market. Industry executives see rising demand for deep-water floating production capacity as oil prices remain high and some 84 new offshore fields are set to come on stream in the next five years. As Keppel Corp.

Labroy Marine Ltd. announced that the company's Singapore subsidiary Labroy Shipbuilding And Engineering Pte Ltd has signed a shipbuilding contract worth $34,575,000m for the construction of one unit of 30,000 DWT self discharging cement carrier scheduled to be delivered in March 2008. This shipbuilding contract is not expected to have any material effect on the earnings per share and net tangible assets per share of Labroy Group in the current year.

CNA has reported that Labroy Marine has clinched another four shipbuilding contracts worth $54.3 million . The contracts are to build four vessels for delivery in 2008. The four vessels are a Anchor Handling Tug Supply vessel, a multi-purpose maintenance vessel and two topside maintenance vessels. Source: CNA

Singapore's Labroy Marine Ltd. reportedly signed a $24.8 million shipbuilding agreement with Norway's Belden Shipping Group. The company said that Labroy Shipbuilding and Engineering Pte. Ltd. will construct a 20,200-deadweight-ton cement carrier, which will be delivered in 2007.