Revenue News

Esgian reports on new contracts for Borr Drilling and Shelf Drilling (North Sea) jackups in its Week 15 Rig Analytics Market Roundup. Additionally, Energean has selected a drillship for its upcoming drilling campaign offshore Morocco. South America remains vital to the floating rig market, with ExxonMobil moving ahead on a sixth development on the prolific Stabroek block offshore Guyana and Petrobras reporting a new discovery in Brazil's Potiguar Basin.Report Outline:ContractsBorr Drilling has announced new contract commitments for three of its premium jackup rigs…

The Coastal Sustainability Alliance (CSA), an industry collaborative effort led by Kuok Maritime Group (KMG), has announced the start of construction of its first fully electric PXO-series tug (e-tug) and supply boat (e-supply boat) by PaxOcean Group.The zero-emissions vessels are among the first and largest local electric harbour craft designed for operation in Singapore’s coastal waters. They are targeted for deployment in 2025, ahead of the nation’s goal for all new coastal…

Carnival Corp raised its annual profit forecast on Wednesday, anticipating a record year of bookings as the company benefits from a rise in people seeking cruise vacations for the first time.Cruise operators are recording all-time high booking rates as more travelers switch to cheaper sea-borne experiences over expensive land-based alternatives such as booking hotels or flights, providing them more room to raise prices.U.S.-listed shares of the company were flat in volatile trading.

Van Oord concluded 2023 with revenue reaching record high and profits more than doubled.The company saw revenue growth across both its Dredging & Infra and Offshore Energy business units, which resulted in a significantly revenue increase of 42% to EUR 2.9 billion from EUR 2.0 billion in 2022.Net profit doubled to EUR 127 million from EUR 60 million in 2022. High fleet utilisation and the continued sharp focus on risk and contract management contributed to the improved results.The order book increased by 3% to EUR 4…

2024 marks another year for development of a biennial WRDA bill—Water Resources Development Act, critical legislation for the Nation’s waterways, ports and harbors. WRDA encompasses a range of issues, from environmental regs to energy use to agriculture and, of course, a focus on projects critical for economic growth.Because these are dynamic and timely issues, Congress and the maritime sector like to keep WRDA on a two-year reauthorization timeline. Indeed, the House Transportation & Infrastructure Committee, December and January, held three WRDA information hearings.

Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.Venture Global LNG has exported hundreds of cargoes since it started liquefying gas for export in 2022 from the first of its three planned facilities in Louisiana. The vessels it used were owned by other companies and leased.The nine vessels in Venture Global's future fleet will be built in South Korea with the first to be delivered later this year…

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

U.S. based power transmission equipment manufacturer Twin Disc announced it has entered into a definitive agreement to acquire Katsa, a Finnish-headquartered manufacturer of power transmission components and gearboxes for industrial and marine markets, in an all-cash transaction valued at €21 million (approximately $23 million).The transaction is expected to close in the first half of calendar year 2024, subject to customary closing conditions, including regulatory approval, Twin…

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

Egypt is studying further expansions of the Suez Canal to extend and complete a second channel of the waterway, the canal's head said on Monday, a move that could allow for higher volumes of shipping and prevent blockages from halting traffic.The comments come as the canal is seeing a sharp fall in revenue due to shipping companies diverting away from the waterway, the shortest route between Europe and Asia, because of attacks by Houthi militants in Yemen against ships in the Red Sea.Any new extension would come on top of current work to extend the second channel by 10 kilometers, and to deepe

Esgian reports rig-related updates from Dolphin Drilling, Diamond Offshore, and Seadrill in its Week 9 Rig Analytics Market Roundup.Report Outline:ContractsDespite Tullow Oil’s recent announcement that it would take a break from drilling offshore Ghana, Noble Corp. has stated that there has been no contract termination announcement and that its 12,000-ft drillship Noble Venturer is currently still contracted to Tullow into March 2025.Masirah Oil Ltd has signed a rig contract with…

“The winds of change are blowing wild and free.” – Bob DylanIn the U.S. offshore wind industry, developments over recent months have placed an exclamation point on the word “wild”. Yes, the wind still blows “free”, but mounting challenges have proven that harnessing its power offshore is anything but. In fact, far from it, as rising materials costs, high interest rates, labor shortages and supply chain delays, among other issues, have delivered heavy blows to the commercial viability of several projects.

Towage and marine services company Svitzer has published its 2023 annual report, showing that total revenue grew 6% to DKK 5,786 million driven by, among other things, a record number of harbour towage tug jobs of more than 150,000.Adjusted for foreign exchange impact, total revenue grew 9.5%. Operating profit (EBITDA) was up 4% to DKK 1,690 million, corresponding to an EBITDA margin of 29.2%. In the past five years, total revenue has on average grown by almost 6% annually with an average EBITDA margin of 30%.

Oil stains possibly coming from neighboring Tobago have reached the island of Bonaire, local media said on Monday, prompting authorities to begin organizing protection to beaches and mangrove areas.Since an oil spill from a capsized vessel was first spotted by Trinidad and Tobago's Coast Guard on Feb. 7, it has blackened the Caribbean nation's beaches and is threatening other countries, including Grenada and Bonaire, whose main source of revenue is tourism.Part of Bonaire's East coast…

Because there are so many different kinds of passenger vessels, the critical topic of passenger safety can sometimes appear as a set of niche topics, each one just distantly connected to another. After all, passengers aboard a cruise ship in the Caribbean face safety issues that are much different than a commuter going from Jersey City to Manhattan or a tourist crossing from the Mukilteo, Wash. ferry terminal to Whidbey Island or a family on a fishing vessel in Miami.Importantly, though, for passenger vessel operators, a commitment to safety is not siloed.

Fabio Brocca after being appointed Chief Product Officer at ocean and air freight rate benchmarking platform, Xeneta.Brocca was previously Head of Product for Global Transportation Technology at Amazon.“Amazon showed me the importance of working backwards from the customer and how a best-in-class tech company is run.“When you are transforming an industry, you must think long term. What we think is needed today may not be what’s needed tomorrow, so it is a continuous pursuit of innovation.“There is a beautiful quote from Jeff Bezos where he says…

With a fleet of nine U.S.-flag RoRo ships, American Roll-On Roll-Off Carrier Group (ARC), is the U.S.’ premier commercial RoRo carrier of U.S. government and military cargo. As the world becomes an increasingly contentious place, Eric P. Ebeling, President & CEO, ARC, discusses the vast capabilities of the ARC fleet and logistics network, as well as the challenges and opportunities ahead for U.S.-flag ships in the international trade.By the numbers’ is a simplistic means to gauge the size and shape of any shipping company…

Matt Hart, Manager & Platform Leader, Marine & Stationary Power Systems, Wabtec, offers insights on how the megatrends of decarbonization, energy transition and autonomy all inspire and impact the marine power solutions from Wabtec.Matt, to start us off, can you provide insight on the journey to your present position?I graduated from the University of Notre Dame with an undergraduate in Mechanical Engineering and started with General Electric in the Edison Engineering Development rotational program at the Erie…

German shipbuilder Meyer Werft reports it has secured an order from U.S.-based Carnival Corporation for the construction of a new cruise ship for Carnival Cruise Line. The newbuild order is the first placed by Carnival Corporation in five years.Slated for delivery in 2027, the Excel-class ship will be a sister vessel to the 183,200 GT Carnival Jubilee, which was handed over at the end of 2023."Our Excel-class ships have been a tremendous addition to the Carnival fleet and proven very popular with our guests," said Christine Duffy, president of Carnival Cruise Line.

Denmark's A.P. Moller-Maersk said on Thursday it will spin off its towage and marine services activities and plans to list the new company on the Nasdaq Copenhagen stock exchange.Maersk has sought to streamline its business in recent years, spinning off oil rigs and other units that did not fit with its core shipping and logistics operations.The anticipated first day of trading for the shares of the new company, to be called Svitzer Group, is on April 30, Maersk said as it reported…

Integrated Wind Solutions (IWS) has, through its wholly-owned subsidiary IWS Fleet, entered into a frame term agreement with Siemens Gamesa to provide its commissioning service operation vessel (CSOV) fleet for offshore wind farms in North Europe.IWS Fleet will, under the agreement, provide the Skywalker-class walk-to-work CSOVs to support offshore turbine commissioning works across multiple Siemens Gamesa offshore projects in North Europe over a three-year period starting in 2025.The minimum commitment under the charter agreement covers about 1…

Royal Caribbean Group projected 2024 profit above Wall Street expectations after robust demand for cruise vacations and steeper ticket prices helped it beat fourth-quarter earnings estimates on Thursday.With travelers opting for cruises instead of more expensive land-based vacation options, operators are experiencing record levels of bookings compared to pre-pandemic levels, giving them enough room to mark up ticket prices."2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests…

Built by Rauma Marine Constructions, in Rauma, Finland, and launched in 2021, the 150-meter-long Aurora Botnia boasts a long list of onboard equipment that help it to earn its “green” designation, a label that is confirmed via a Clean Design notation from classification society DNV. The ship is also compliant with the International Maritime Organization’s (IMO) 2030 greenhouse gas reduction target.Wasaline CEO Peter Ståhlberg describes Aurora Botnia as “a masterpiece of cooperation” and noted that the vessel is over 80% domestic made."I'm really proud of the Aurora Botnia.