Services Corporation News

World Fuel Services Corporation has completed a milestone liquefied natural gas (LNG) bunkering operation for the refueling of a carrier at a Chinese port, with the new Hapag-Lloyd ship Berlin Express becoming only the second carrier to be refueled with bonded LNG in the port.With the support of both the Ningbo-Zhoushan Port authority and local supplier CNOOC, the dual-fuel Berlin Express took delivery of 6,000 cubic meters of bonded LNG fuel in an operation that lasted around 20 hours.

Malaysia Vietnam Offshore Terminal's FSO Golden Star has received the first condensate at the Sao Vang and Dai Nguyet (SVDN) Project offshore Vietnam.MVOT is a 51% MISC Berhad (MISC) owned joint venture with PetroVietnam Technical Services Corporation (PTSC). The condensate delivery milestone was achieved on November 16, 2020, MISC said Friday. FSO Golden Star with a storage capacity of about 700,000 barrels of condensate was converted and sailed away from Malaysia Marine and Heavy Engineering’s West Yard on September 10…

U.S. inland barge transportation company American Commercial Barge Line (ACBL) has named Mike Ellis as the company’s new chief executive officer and a member of its board of directors, effective August 17, 2020.Ellis will take the helm following ACBL's recently completed Chapter 11 recapitalization and restructuring, succeeding retiring president and CEO Mark Knoy, who has led the company since 2011.“Following a thorough search, we are delighted to welcome Mike Ellis as ACBL’s new CEO…

The floating, production, storage and offloading (FPSO) service provider in Malaysia, Yinson Holdings Bhd has been awarded a contract extension for its Lam Son FPSO for operations on the Lam Son field, located offshore Vietnam."On 30 September 2019, PTSC AP has entered into a fourth addendum to the BBC Interim Contract with PTSC to further extend the tenure of the BBC Interim Contract for a period of one  month commencing from 1 October 2019 to 31 October 2019," said a stock exchange anouncement from Yinson.The value of the fourth addendum is estimated to be USD1.54, it said. The fourth addendum will not have any effect on the share capital and shareholding structure of the company.

Malaysian shipping group MISC Berhad (MISC) has received a time charter contract from Idemitsu Kosan (IKC) for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.The energy-related maritime solutions and services provider said in a press release that the contract that it received through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT), represents the expansion of MISC’s footprint as a leading player in providing offshore solutions in the ASEAN region.MISC has close to 10 years of experience in Vietnam’s offshore development in a joint venture partnership with PTSC and currently operates two floating assets…

The European Investment Bank (EIB) and Dutch multinational banking and financial services corporation ING signed an agreement to support green investments for the European shipping market for a total value of EUR 300m  (USD 372.5million). ING and EIB will each contribute EUR 150m to the facility. This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms. The facility is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA, announced today that it has signed a commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four next generation 50,000 dwt product tankers, designated as Hulls 025-028. The facility will be subject to a maximum borrowing amount of USD 75 million per vessel and secured by a first lien on the four vessels. The loans will accrue interest at three-month LIBOR plus 3.00% as defined in the commitment letter. The company expects to enter into definitive agreements for this facility in Q1 2016.

Transparency Market Research launched its latest study on the global bunker fuel market, in terms of revenue and volume. The report predicts that the global bunker fuel market is likely to reach an estimated volume of 460 million tons by 2020. The market, therefore, is poised to exhibit a moderate 3.1% CAGR during 2014-2020, expanding from 372.30 million tons in 2013. Bunker fuel is a fractionally distilled liquid fuel derived from crude oil. Also known as fuel oil, the substance can be classified on the basis of its chemical composition, intended purpose, and boiling point. Unlike other petroleum products, bunker fuel is more polluting and highly unrefined. Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels.

The Shearer Group, Inc. (TSGI) has announced a new addition to its naval architecture, marine engineering and marine surveying practice. Harrison Brann joined TSGI in October of 2015 as a naval architect. In 2011, Harrison graduated with a bachelor’s degree in naval architecture and marine engineering from Virginia Polytechnic Institute and State University. He has a wide range of knowledge of marine engineering specialties including ship stability, damage analysis, systems integration, ship survivability, and firefighting systems. Previously, Harrison has worked for the American Bureau of Shipping (ABS) in their ship engineering department analyzing stability calculations for engineering firms, shipyards, and vessel owners.

Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million. The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date. The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.

Ensco plc announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 3.25% Senior Notes due 2016 (CUSIP No. 29358QAB5). The tender offer is being made pursuant to an Offer to Purchase dated today and a related Letter of Transmittal and Notice of Guaranteed Delivery, which set forth the terms and conditions of the tender offer. As of March 4, 2015, the aggregate principal amount of the notes outstanding is $1.0 billion. The consideration for each $1,000 principal amount of notes validly tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the Offer to Purchase by reference to a fixed spread of 20 bps over the yield based on the bid side price of the 0.375% U.S.

Electro-Motive Diesel (EMD), part of Progress Rail Services Corporation, a Caterpillar company, announced MaK Asia will be adding the EMD 710 two-cycle engine to their marine sales portfolio. This expands MaK Asia’s engine offerings while providing EMD customers in Asia with a local support channel. Marintec 2013 will be the first tradeshow featuring the new distribution. Brian Grinter, director of EMD’s Power Products sales business, reflected on the benefits of utilizing MaK Asia, “EMD Power Products is excited to have MaK Asia as part of the team. The EMD 710 engine has a proven legacy with an exciting future. “The architecture of the 710 two-cycle engine dates back almost 75 years to the first Series 567 two-cycle engines that powered the U.S.

World Fuel Services Corporation (NYSE:INT), a global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services, continues to  generate positive operating cash flow. The company report second quarter net income of $51.0 million or $0.71 diluted earnings per share compared to $48.6 million or $0.68 diluted earnings per share in the second quarter of 2012. “Our second quarter results once again demonstrate the resilience and diversity of our business model. We are pleased with our overall performance especially in our marine segment,” said Michael J. Kasbar, President and Chief Executive Officer of World Fuel Services Corporation.

Satellite service provider Intelsat S.A. announced that its subsidiary, Intelsat Jackson Holdings S.A., received the requisite consents to amend certain terms of the indenture governing its 8.5% senior notes due 2019 in connection with its previously announced consent solicitation. The amendments, among other things, amend the indenture governing the notes so that Intelsat Jackson and its restricted subsidiaries would be permitted to make certain restricted payments (as defined in the indenture) if…

Royal Boskalis Westminster N.V. (Boskalis) wins dredging contracts with a combined contract value of approximately EUR 70 million. In Melbourne, Australia, Boskalis has been awarded the dredging contract for maintenance dredging. The contract was awarded by the Port of Melbourne Corporation and is for a period of four years with two options for extension, each of three years. The dredging activities, which are to commence in March 2013, relate to the maintenance of the port basin and sections of the 60 kilometers access channel. For this project a medium-sized trailing suction hopper dredger and a backhoe will be deployed for the dredging and capping of the sediment. The port of Melbourne is the largest container and cargo port in Australia.

Intelsat Announces Successful Receipt of Requisite Consents Relating to Certain Notes of Intelsat Jackson Holdings S.A. Intelsat S.A., a provider of satellite services, has announced that its subsidiary, Intelsat Jackson Holdings S.A. ("Intelsat Jackson"), has received the requisite consents to amend certain terms of the indenture governing its 11 ¼% Senior Notes due 2016 (the "Notes") in connection with its previously announced Tender Offer and Consent Solicitation (each as defined below). The amendments, among other things, amend the indenture governing the Notes to eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in that indenture.

EMAS AMC contracted by Petroleum Technical Services Corporation Mechanical and Construction to provide facilities for the Dua sub-sea field. Singapore-based EMAS AMC, the subsea division of EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, has been awarded a contract from Petroleum Technical Services Corporation Mechanical and Construction (PTSC M&C) for the transportation and installation of facilities for the Dua subsea field, which will be developed as a subsea tie-back to the Chim Sao Field in offshore Vietnam. The contract value is approximately US$47-million and will commence in the third quarter of 2012.

Maritime Services Corporation (MSC), a marine interior company specializing in turnkey installations, reports that it has a backlog of contracts exceeding $10.5m in value for assignments to be completed this November through March. A $6 million contract with Princess Cruise Lines is now in fabrication at the company headquarters in Hood River, Oregon for the Sapphire Princess. Installation will take place in Victoria, B.C. in January. In addition, MSC will begin modifications on two dinner vessels next month for Portland Spirit in Portland, Oregon. Those jobs will also be complete in January. MSC’s Southampton, U.K. office will begin in November a $1.4 million refurbishment contract in Hamburg, Germany for Carnival, U.K. on the Oriana. Also next month, MSC U.K.

Mitsui O.S.K. Lines, Ltd. announced that the company has established a joint venture with two local companies in Vietnam and started a tugboat business. The joint company will allocate high-powered, high-performance tugboats in Vietnam's Cai Mep/Thi Vai area, where deepwater container terminals are now under developing. It will offer safe, high-quality support services for vessels calling at ports in the region, helping meet the needs of Vietnam's shipping industry and international shipping lines. (1) Company name    Tan Cang-Cai Mep Towage Services Co., Ltd. (5) Investors    Mitsui O.S.K. Lines, Ltd.

Conrad Industries' subsidiary Conrad Aluminum, LLC won a $2.8 million contract to build a 175-ft. aluminum crew/supply vessel for Diamond Services Corporation of Amelia, La. Construction will begin in the company's new facility in Amelia in November with delivery scheduled for October 2004. When delivered, the vessel will immediately service the oilfield in the Gulf of Mexico. Kenneth G. "Jerry" Myers, Jr., Conrad's President and CEO, said, "We have received a number of indications of interest for projects for our new aluminum facility and are extremely excited to announce our very first contract award for aluminum vessel construction. The vessel will have a 32-foot beam and hull depth of 14.5 ft.

Conrad Industries' subsidiary Conrad Aluminum, LLC won a $2.8 million contract to build a 175-ft. aluminum crew/supply vessel for Diamond Services Corporation of Amelia, La. Construction will begin in the company's new facility in Amelia in November with delivery scheduled for October 2004. When delivered, the vessel will immediately service the oilfield in the Gulf of Mexico. The vessel will have a 32-ft. beam and hull depth of 14.5 ft. Diamond Services Corporation is providing the major machinery including main engines, generators, water jets, dynamic positioning systems and electronics. The vessel will be powered by four Cummins KTA38-M2 diesel marine engines driving four Hamilton HM-721 water jets.

Southhampton-based marine outfitting company MSC (Europe) Limited has signed a letter of intent that will lead to a thirteen million pound conversion contract to transform the EX Dronning Ingrid into a state of the art hospital vessel for Mercy Ships. MSC (Europe) Ltd., one of Maritime Services Corporation’s eleven offices worldwide, secured the contract amid strong competition by being able to deliver a complete turnkey package for the owners within the projected eighteen month period. The works comprise of the following: interior and structural design; engine, steel and tank works; electrical generation and distribution; air conditioning and sprinkler systems; fresh water and sewage systems; cabins and public rooms; and hospital areas. The works will take place at the Ex.

Maritime Services Corporation’s Southampton-based marine outfitting company, MSC (Europe) Ltd., has received a Letter of Intent and deposit that will lead to a $19 million conversion contract to convert the ex Dronning Ingrid rail ferry into a state of the art hospital ship for the charitable group Mercy Ships. MSC will act as the general contractor for all phases of the conversion.