T Olinda News

Huisman said it is about to deliver the first crane built and tested at its production facility in Navegantes, Santa Catarina state, in the south of Brazil. This 50mt (Deck) Knuckle Boom Crane is the first of an order of two 50mt (deck) Knuckle Boom Cranes for DOF/Technip’s Skandi Olinda and Skandi Recife which are currently being built at Brazilian shipyard VARD Promar. These 50mt cranes (by a SMST design) are completely manufactured and tested at Huisman Brazil. In addition to these two cranes…

Iselle weakens to tropical storm from hurricane; More than 1,200 people head to shelters. Some 5,000 without power. Hurricane Julio set to reach Hawaii on Monday. The center of Tropical Storm Iselle made landfall on Hawaii's Big Island on Friday, bringing strong winds and heavy rain, knocking down trees and causing power outages ahead of a more powerful storm gathering strength behind it. While Iselle weakened into a tropical storm before reaching the islands, it was being closely followed by Julio, a Category 3 hurricane set to reach the area as early as Sunday morning - although the latest forecasts showed it tracking just north of the archipelago.

OceanFreight Inc. (NASDAQ: OCNF) announced for the three-month period ended June 30, 2011 the company reported a Net Loss of $1 million or $0.16 basic and diluted loss per share. Included in these results is a loss of $2.0 million associated with the sale of M/T Olinda. Excluding this item, Net Income for the second quarter of 2011 would amount to $1 million or $0.16 cents basic and diluted earnings per share. On July 20, 2011, the company received notice from the Nasdaq Stock market that the company regained compliance with the minimum bid price of $1.00 per share and the noncompliance matter is now closed. On July 26, 2011, it entered into a definitive agreement for DryShips Inc.

The Company also intends to take delivery of the 1990 built Aframax tanker M/T Tamara this week. In addition, the Company and the charterer have mutually terminated the M/T Olinda charter on completion of her present voyage. The will be entered into the Blue Fin Tankers Pool for a minimum period of 12 months. Blue Fin is managed by Heidmar and consists of Suezmax vessels. The vessel’s earnings will be derived from the pool’s total net earnings, improving financial performance through higher utilization and operating efficiencies. As part of the termination of the charter for M/T Olinda, the Company and the charterer have agreed to a mutual release of claims.

After the inauguration of the new drilling riser manufacturing facility in Rio das Ostras, Aker Solutions has signed an agreement with Queiroz Galvão Óleo e Gás S.A. for the delivery of a fourth deepwater marine drilling riser system. The value of the agreement is approximately USD 55 million. The project scope comprises the production of a deepwater marine drilling riser system, including tools and buoyancy modules, for the rig Alpha Star, which will be able to operate in water depths up to 2,700 meters in Brazil, Gulf of Mexico, West Africa and Southeast Asia. Delivery of the deepwater marine drilling riser system is scheduled for Q3 2010. The system will be manufactured at Aker Solutions' facility in Rio das Ostras, Brazil.