Loi News

Esgian reports an eventful week with contract confirmations, terminations and suspensions in its Week 18 Rig Analytics Market Roundup.Report SummaryContractsBurullus Gas Company, the self-operated joint venture between Shell Egypt, the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC) and Petronas, has agreed to move forward with the development of Phase 11 in Egypt's Nile Delta in the Mediterranean Sea.QatarEnergy has exercised a one-year option for Borr Drilling 400-ft jackup Groa…

New York-based Kalypso Offshore Energy on Monday announced it is teaming up with Dutch marine technology group and shipbuilder Royal IHC to design and construct a Jones Act compliant cable lay vessel (CLV)—the first purpose-built for the U.S. offshore wind market.Under a newly signed letter of intent (LOI), the partners are working together to finalize contract, engineering and construction details to domestically produce a 5,000-ton CLV for anticipated delivery in 2028. The partners have not announced which U.S.

Esgian reports shifts in demand in its Week 13 Rig Analytics Market Roundup.Report overview:ContractsADES has received a Letter of Intent (LOI) from PTTEP Energy Development Company Limited for an 18-month jackup drilling contract in the Gulf of Thailand. Operations are expected to begin in the second half of 2024, with an unspecified jackup.Drilling Activity and DiscoveriesThe Norwegian Offshore Directorate (NOD) has granted Aker BP a drilling permit for an exploration well in…

Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.Diana in September 2023 announced it signed a letter of intent (LOI) to order the ships through…

Plaquemines Port Harbor and Terminal District announced it signed a letter of intent (LOI) with APM Terminals (APMT) to build a container terminal on the West Bank of Plaquemines Parish, La.Plaquemines Port will lease the land to APM under a 30-year agreement with extension options. APMT, one of the largest terminal operators in the world and is a subsidiary of shipping giant A.P. Moller-Maersk, estimates the initial investment in terminal infrastructure will be approximately $500 million…

Esgian's last roundup of the year for the Week 52 puts spotlight on new developments for Dolphin Drilling semisub, Seadrill drillships, as well as Shell’s plans for Australia and ONGC’s new tender for jackups in India.ContractsDolphin Drilling has signed a Letter of Intent (LOI) with an undisclosed operator for the 1,500-ft semisubmersible Borgland Dolphin to undertake a 500-day drilling campaign in the UK. The drilling campaign is planned to begin directly after the firm part of the contract period with EnQuest, which was announced in late November 2023.

The Maritime and Port Authority of Singapore (MPA) and the International Association of Classification Societies (IACS) have signed a Letter of Intent (LOI) to collaborate on various maritime digitalization and decarbonization initiatives.The LOI was signed by Teo Eng Dih, Chief Executive of MPA, and Nick Brown, Council Chairman of IACS, at the sidelines of the 33rd session of the IMO Assembly in London this week.Under the LOI, both parties will consider the development of technical standards and unified requirements to ensure that new maritime solutions are safely implemented.

Ecochlor, Inc. has signed a Letter of Intent (LOI) with Diana Shipping Services and carbon capture and storage (CCS) specialist, Sinotech CCS for the installation of a Sinotech scrubber and CCS system onboard one of Diana Shipping’s capesize dry bulk carrier, the MV G.P. Zafirakis.This system is designed to capture 25% of the CO2 emitted within the exhaust gas and temporarily storing it onboard in liquified form (LCO2). Sinotech will provide the expertise for a full feasibility study…

Dry bulk shipowner Diana Shipping announced it has signed a letter of intent (LOI) to order through Marubeni Corporation or its guaranteed nominee, an unaffiliated third party, two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, for a purchase price of $46 million each, built at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China.The vessels are expected to be delivered by the second half of 2027 and the first half of 2028 respectively. The transaction remains…

Klaveness Combination Carriers ASA (KCC) announced it has concluded a shipbuilding contract for the construction of three third generation CABU vessels with Jiangsu New Yangzi Shipbuilding Co. Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd in line with the letter of intent (LOI) announced May 23, 2023.Compared to the existing CABU vessels built 2001-2002 that the newbuilds will replace, the vessels are estimated to have 25-30% higher earnings capacity and around 35% lower CO2 emissions due to increased cargo carrying capacity and substantially lower fuel consumption…

Telenor Maritime has entered into a collaboration agreement with Globetech AS in a move intended to strengthen potential for business development and provide greater market access for both partners.Globetech is a provider of ICT technology and services for vessels and floating offshore installations worldwide. Its expertise in delivering safe and reliable infrastructure solutions and ICT services for the maritime and offshore industries complements Telenor Maritime’s portfolio of connectivity solutions.

Port Angeles, Wash. shipyard Platypus Marine has signed a letter of intent (LOI) with Dutch shipbuilding conglomerate Damen for the construction of a new Jones Act-qualified crew transfer vessel (CTV) to service the U.S. offshore wind industry. The agreement covers design license and material package.The vessel, which Platypus will build on spec, will be of Damen's FCS 2710 design. The 26.8-meter aluminum catamaran has already been proven in the European market. A large fleet of Jones Act-compliant CTVs will be needed to help build and service the United States' growing offshore wind industry.

Norway-based H2Carrier announced it has signed a letter of intent (LOI) with Greenland-based Anori to develop the first commercial wind farm in Greenland with subsequent production and export of green ammonia.The wind farm is projected to comprise 1.5 gigawatts (GW) of renewable energy which will supply power to H2Carrier’s floating production vessel for hydrogen and green ammonia. Green ammonia will be stored in tanks onboard the vessel, then exported to smaller shipping vessels and carried to the international market.H2Carrier's proprietary design for a vessel that produces…

Danish shipping giant A.P. Moller - Maersk announced it is partnering with U.S.-based SunGas Renewables to secure a supply of green methanol to fuel its next generation of cleaner burning containerships.Under a recently signed letter of intent (LOI), SunGas Renewables, a spin-out of GTI Energy, will produce green methanol from multiple facilities that it will develop in the U.S. from which Maersk intends to offtake methanol. Slated to begin operations in 2026, the first facility is expected to produce approximately 390…

Danish shipping giant A.P. Moller - Maersk announced it is partnering with U.S.-based Carbon Sink to secure a supply of green methanol for its next generation of cleaner burning containerships.Under a recently signed letter of intent (LOI), Carbon Sink will develop green methanol production facilities in the United States. The first facility will be co-located with the Red River Energy existing bioethanol plant in Rosholt, S.D. and will have a production capacity of approximately 100,000 tonnes per year from 2027.

Shipbuilder VARD has delivered Viking Polaris, the second of two ice-strengthened expedition vessels for operator Viking.Built at Vard Søviknes in Ålesund, Norway, Viking Polaris is specifically geared for adventure cruises in polar destinations. The vessel has a length of 205 meters and a beam of 23.5 meters, especially designed and developed for expeditions in Antarctica and North America’s Great Lakes. The vessel hosts 378 guests in 189 staterooms."Together with her sister…

A team of Finnish maritime industry partners are developing plans to build a cargo vessel that runs on green ammonia.Shipping company Meriaura, technology company Wärtsilä and green energy project development company Green NortH2 Energy signed a letter of intent (LOI) to develop the cleaner-burning vessel, which will be ordered and operated by Meriaura and equipped with Wärtsilä’s modular multifuel main engines. Green NortH2 Energy is responsible for supplying green ammonia fuel produced with renewable electricity.

Northern Xplorer has signed a letter of intent (LoI) with Portuguese shipbuilder West Sea for the construction its maiden vessel, said to be the world’s first zero-emission cruise ship.West Sea intends to build the 250-passenger vessel at its facility in Viana do Costello north of Porto for expected delivery at the start of the 2025/2026 cruise season.“As a shipbuilder focused on advanced vessels and high quality, we very much look forward to working together with Northern Xplorer.

U.S. marine petroleum transportation company Centerline Logistics has signed a letter of intent (LOI) with naval architecture and marine engineering firm Vard Marine to develop a customized 6,000-cubic-meter-capacity articulated tug and barge (ATB) liquefied natural gas (LNG) bunker barge.Aiming to meet the shipping industry's growing need for LNG bunkering, the Jones Act-compliant ATB barge will be designed to navigate U.S. and International waters and to provide LNG refueling to a variety of ships as well as call at terminals.

Wind power giant Ørsted said Thursday it had signed an agreement with shipping giant Maersk to develop Power-to-X-facility on the US Gulf Coast to fuel Maersk’s newly ordered fleet of 12 methanol-powered vessels.As part of the agreement, Ørsted said that two companies have signed a letter of intent (LOI) on "record-breaking" offtake agreement for green fuels in the maritime industry."Over the past two decades, greenhouse gas emissions from the global maritime industry have risen sharply to account for around 2 % of global energy-related emissions.

A consortium, led by the Global Maritime Forum and consisting of BHP, Rio Tinto, Oldendorff Carriers and Star Bulk Carriers Corp., signed a letter of intent (LOI) to assess the development of an iron ore Green Corridor between Australia and East Asia.To mobilize demand for green shipping and to scale zero- or near-zero greenhouse gas emission shipping, governments and industry decision-makers are increasingly looking to enable and simplify the task of decarbonizing the maritime sector by establishing Green Corridors: specific shipping routes where the economics…

Brazilian oil company Enauta has agreed to buy FPSO OSX-2 for the Definitive System (DS) of the Atlanta oil field in the Santos Basin, offshore Brazil.The completion of the acquisition is contingent on compliance with the agreed contractual conditions and is expected to occur in the first quarter of 2022. "The acquisition of FPSO is another important step towards the implementation of the Definitive System of the Atlanta Field. The negotiated terms allow the project to have a low breakeven and attractive returns. If we are successful in sanctioning the project, Atlanta’s production will reach around 50 thousand barrels of oil per day as of 2024, creating substantial value for our shareholders,” said Décio Oddone, the Company’s CEO.

According to Rystad Energy research, the market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic's effect in 2021, driven mostly by Brazil demand, and is predicted to continue apace in 2022, with 10 new awards expected.Two lease contracts were awarded in the fourth quarter of 2021, bringing the total for the year to 10 – up from just three in 2020 – a strong rebound for the FPSO market.Per Rystad, demand for FPSO units in Brazil was a significant contributing factor that drove 2021 growth…