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Ernst Young News

23 Oct 2023

US Gulf Coast Oil Patch Gets Lucky, So Far, in Busy Hurricane Season

© Michael Rolands / Adobe Stock

A very active Atlantic hurricane season so far this year has not sent storms across U.S. oil and natural gas fields in the northern Gulf of Mexico, sparing energy companies billions of dollars of losses and consumers higher fuel costs.The 2023 Atlantic hurricane season has been another in a string with above average activity producing three major hurricanes with winds above 111 mph (179 kph) out of six hurricanes among 20 named tropical storms.So far this year, only one storm, Tropical Storm Harold, on Aug.

30 Apr 2023

Job Role Redesign Aims to Attract Talent to Shipping

© anekoho / Adobe Stock

The Singapore Maritime Foundation (SMF) has launched a Maritime Workforce Transformation Guidebook which offers a practical approach for companies in the maritime sector to embark on job redesign to better attract talent to the industry.The Guidebook is distilled from key findings of a job redesign pilot conducted in 2022 by SMF in partnership with Pacific Carriers Limited (PCL) Pacific International Lines (PIL). The pilot, which focused on the roles of a Technical Superintendent and a Vessel Operator…

18 Jul 2022

Guyana Races Against the Clock to Bank Its Offshore Oil Bonanza

Liza Destiny FPSO offshore Guyana - Credit: Rolf Jonsen

For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot.With sky-high oil prices, a transition to renewable energy on the horizon, and 750,000 citizens desperate for better lives, Guyana is putting its foot on the gas to exploit its vast oil reserves, even if that means sacrificing some longer-term gains.Already locked into contracts with oil firms that have been criticized for being too one-sided…

19 Aug 2019

Singapore Intros Maritime Reporting Guide

Singapore has launched its first Maritime Sustainability Reporting Guide to support local companies' sustainability development practices.The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.According to MPA, the Guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies.The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines…

12 Jul 2019

Friends Strengthen Turkish Tug Builder

Photo courtesy of Sanmar

Reflecting its now dominant role in the international tug bulding market, Sanmar Shipyards in Turkey has taken the decision to significantly strengthen its team of executive directors with the appointment of two widely experienced men to bolster the existing board's range of experience and expertise. Although recruited independently, by some strange coincidence, the two new appointees first met as eleven year old boys. They had both been selected for a special training program…

07 Mar 2019

V. Group Appoints New CFO

Alison Henriksen (Photo: V. Group)

Marine support services provider V.Group has appointed Alison Henriksen to the position of chief financial officer, effective immediately. Henriksen takes over the position from Rod Day, who has served as interim chief financial officer since August 2017.In addition to her new role as CFO, Henriksen will serve as a member of V.Group’s board of directors, joining the group’s governing body which includes V.Group CEO Ian El-Mokadem and chairman John Pattullo.Henriksen joins V.Group from Compass Group PLC…

30 Sep 2018

Tech Mahindra to Manage Indian Ports

Indian Ports Association (IPA) has appointed Tech Mahindra as the Managed Service Provider for five major ports. This is the first such outsourcing deal in the major ports.Tech Mahindra will build and maintain an enterprise business system (EBS) to modernise and automate port processes at five Central government-owned port  at Mumbai ,Kolkata, Chennai, Deendayal Port  and Paradip Port Trust.This initiative is a major step towards integrating the maritime sector and fostering growth and development of major public sector ports in the country.Tech Mahindra is partnering with world class leading players like SAP, Envision, CISCO, Dell, RTCom and other major players.

26 Aug 2018

Jesper Ridder Olsen is New CFO of Maersk Drilling

Jesper Ridder Olsen is appointed new CFO of Maersk Drilling. The appointment follows the announce-ment of A.P. Moller – Maersk’s intention to pursue a demerger of Maersk Drilling via a listing on Nasdaq Copenhagen in 2019.With a long career in KPMG and Ernst & Young, Jesper Ridder Olsen has been involved in a number of capital market transactions, including IPOs, in addition to serving as auditor and advisor for large Danish companies, such as A.P. Moller – Maersk, ISS, Carlsberg and Danske Bank.As member of the Nordic Leadership in Ernst & Young from 2014 to 2016, Jesper Ridder Olsen was responsible for Strategic Growth Markets comprising among others Nordic IPO services.“Jesper brings with him in-depth knowledge of Maersk Drilling and more than 25 years of experience…

06 Aug 2018

Hochoa Takes Over as Bourbon CFO

Thierry Hochoa (Photo: BOURBON)

French offshore services provider Bourbon Corporation announced Thierry Hochoa has been appointed as Chief Financial Officer effective as of August 6. He reports directly to Gaël Bodénès, Chief Executive Officer of Bourbon Corporation.Hochoa replaces Astrid de Bréon who resigned from her position as Chief Financial Officer from July 11.A graduate of IAE Paris, ESCP Business School and also CPA, Hochoa began his career in 1994 as an external auditor at Arthur Andersen, then Ernst & Young (EY).

01 Aug 2018

Diana Shipping Appoints Directors and Executive Officers

Diana Shipping announced that, effective August 1, 2018, the Company increased the size of its Board of Directors from nine to eleven members.The global shipping company specializing in the ownership of dry bulk vessels appointed Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018.The Board has determined that Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange Listing Manual.Christos Glavanis has over 30 years of experience in the audit profession…

21 Jun 2018

BMT Names Vittal MD in India

Anup Vittal (Photo: BMT)

BMT has appointed Anup Vittal as Managing Director in India.An aerospace and defense industry veteran, Anup has over 28 years’ experience working in both the private and government sectors. He joins BMT following his most recent role as an industry expert and external consultant with Ernst & Young and prior to this, as Managing Director and Member of the Board at Safran Engineering Services India.

18 Jan 2018

Bibby Offshore Recapitalization Completed

Bibby Offshore chief executive Howard Woodcock (Photo: Bibby Offshore)

Subsea services provider Bibby Offshore Holdings Limited said it has completed the recapitalization of its balance sheet announced on December 5, 2017. The agreement to recapitalize the balance sheet was approved January 10 by 98.7 percent of noteholders of the £175 million (approximately $243 million) 7.5 percent senior secured notes, and makes noteholders the new owners of the group. “The completion of the recapitalization will be transformational for Bibby Offshore and is a major milestone for our business,” said Howard Woodcock, chief executive of Bibby Offshore.

12 Jan 2018

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

29 Aug 2017

Greek Shipping Firms to Move Out?

Roughly one in two Greek shipping companies (56 percent) would consider relocating their administrative bases abroad, according to the findings of an Ernst & Young study. The results of the study titled “Repositioning Greece as a Global Maritime Capital” warn of a possible exodus by the country’s shipping enterprises at a time when global maritime centers are interested in attracting Greek shipowners. The Greek shipping industry has weathered the storm and the Greek-owned fleet, with over than 5,272 vessels and a value approaching USD 86 billion, remains the largest in the world, in terms of tonnage capacity and has enhanced its dominant position in terms of value, in many of the sector’s segments. The shipping industry is by far the most extrovert sector of the Greek economy.

14 Aug 2017

Swissco Liquidates Scott And English Energy

Bankrupt Swissco Holdings has announced the provisional liquidation of its wholly-owned Scott and English Energy (S&E).   The board of directors of S&E made a statutory declaration on 11 August that S&E “cannot by reason of its liabilities continue its business.”   A statement from the company said that Aaron Loh Cheng Lee and Lee Meng Yen Angela, both care of Ernst & Young solutions, were appointed as joint and several provisional liquidators of S&E effect from 11 August.   An Extraordinary General Meeting of S&E and a meeting of the creditors of S&E are to be convened on 23 August 2017 to consider various matters relating to the liquidation of S&E, said a stock exchange annoucement.   Scott and English Energy Pte. Ltd. became a wholly-owned subsidiary of Swissco in July 2014.

30 Jun 2016

Mersey Maritime: Small Business at Heart of Isle of Man Partnership

Chris Shirling-Rooke, CEO Mersey Maritime; Lars T Ugland, chairman of IOMSA; and Coin Lavelle, Legal Director, Hill Dickinson (Photo: Mersey Maritime)

UK Industry trade body Mersey Maritime has announced a new trade agreement with the Isle of Man Shipping Association (IOMSA) which aims to supercharge bilateral trade, particularly among small to medium sized businesses. The agreement was announced at a special reception during the International Festival of Business in Liverpool UK and has resulted from a series of discussions facilitated by the Isle of Man Ship Registry, which is an Executive Club member of Mersey Maritime, and other IoM based companies such as software engineer PDMS, both of which are also involved with IOMSA.

30 Sep 2015

Intermarine Promotes Corporate Finance Director

Chad Call (Photo: Intermarine LLC)

Project, breakbulk and heavylift cargo transporter Intermarine, LLC reports it has promoted Chad Call to Director of Corporate Finance. Call will continue to report to Michael Dumas, Executive Vice President and Chief Financial Officer. In this new role, Call will be responsible for managing the company’s banking relationships, corporate financial analysis, forecasting and financial reporting. Call joined Intermarine in 2010, where he previously served as Intermarine’s Manager of Financial Planning and Analysis.

18 Sep 2015

Ceona Ship Goes to Court Appointed Administrator

UK offshore vessel owner  Subsea contractor Ceona has gone into administration, with the loss of 102 jobs. Ceona and Ceona Services (UK) Ltd have been hit by the depressed subsea market caused by the low price of Brent crude oil. The group – a heavy subsea engineering contractor operating in the deep water oil and gas market –  has ceased trading and 102 employees will be made redundant from the firm, which was headquartered in London but had offices in Aberdeen and Houston. Ceona provided engineering and project management services to deliver complex subsea construction and pipe laying projects, utilising a fleet of ships. The administrators now intend to take steps to market for sale the assets of the group, including the state-of-the-art flagship Ceona Amazon.

10 Mar 2015

European Offshore Wind Faces Make-or-break 2020 -Report

Wind power companies such as Vestas, Siemens and Dong need Europe's installed offshore capacity to more than double and costs to be cut by a fifth within five years to compete with other fuels, an industry report said on Tuesday. The Ernst & Young report described 2020 as a make-or-break year for the offshore wind power industry, which must install more than 20 gigawatts (GW) of capacity generating electricty for about 100 euros ($107) per megawatt-hour (MWh), against 140 euros now. "Failure to meet both these criteria will not see the offshore wind industry advance into 2030 and beyond," said the report issued on the first day of Europe's largest offshore wind conference in Copenhagen.

17 Apr 2015

Taylor to Chair NOIA Board

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term. Taylor and McEvoy assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2007, Cindy has served as President and Chief Executive Officer of Oil States International, Inc., a publicly traded diversified oilfield services company headquartered in Houston. She also serves on the company’s board of directors, and has been NOIA’s Vice Chair for the 2014 -2015 term. “The oil and natural gas industry is tough and resilient. Since I first joined NOIA…

03 Aug 2014

GAC Bahrain now FAIMplus Certified

GAC Bahrain has secured the coveted FAIMplus certification for its international moving operations, after completing what is considered the most strenuous quality assessment in the industry. FAIM is an industry-leading standard for the logistics business, developed by FIDI Global Alliance. By assessing the international moving activities of logistics companies, the FIDI-FAIM accreditation provides a globally recognised common standard for service delivery. The 3.0 version of FAIMplus is the strictest yet - treating quality as a living platform that requires constant self-assessment. Verifiers Ernst & Young awarded the certification after a series of evaluations that were part of a three-year audit cycle that covered the fulfilment of prerequisites…

16 Jun 2015

North Sea Job Losses Raise Skills and Safety Concerns

Photo: BP

Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised. A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell, BP , Chevron and ConocoPhillips to lay off hundreds of workers. Oil field services groups such as Amec Foster Wheeler , Wood Group and Petrofac are also in consultation with employees over job cuts.

18 Aug 2015

Imtech Sheds More Businesse Units

Banks sell Imtech Traffic & Infra; sale of Imtech Germany launched. The administrators and creditors of collapsed Dutch engineering services firm Royal Imtech pressed on with the forced sale of its businesses to raise funds to settle its bills. The sale of the German unit started on Tuesday, with insolvency administrator Peter-Alexander Borchardt saying he had already received more than 40 expressions of interest. Imtech Germany filed for insolvency on Aug. 6, and the parent company followed suit a week later, capping a long slide that began in 2013 after accounting irregularities were uncovered at its Polish and German operations. The group has since hastily sold operations representing 43 percent of its revenues.