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The Offshore Company News

01 Nov 2022

Region in Focus: Norway’s West Coast Shipping Tech Hub

Photo credit: NTNU

Two load-bearing pillars of Norway’s leading maritime industry cluster in Sunmøre on the country’s west coast – offshore energy and the expedition cruise sector – took severe knocks from plunging energy prices in the 2010s followed by COVID-19. However, a recent tour of the region found the cluster in recovery mode.At the time, the cluster’s diversification strategy was to dive into the emerging expedition cruise sector: small, highly sophisticated ships designed to operate in some of the world’s most sensitive environments incorporated features including the highest ice-class…

26 Apr 2022

U-Ming Marine Offshore Buys Two CTVs for Offshore Wind Market in Taiwan

Credit: U-Ming Marine Offshore Company Limited

U-Ming Marine Offshore Company Limited (UMO) has acquired two secondhand crew transfer vessels (CTVs) and completed their reflagging.The company, a joint venture between U-Ming Marine Transport Corporation and World Marine Offshore A/S, said the vessels, “UMO Mistral” and “UMO Scirocco” were trimaran SWATH vessels ideal for the harsh environment in Taiwan. "The hull form of the trimaran gives crew and passengers optimal sea comfort and less fatigue, and reduced slamming. The design shows a 40% improvement of uptime compared to best catamarans available on the market.

23 Feb 2022

Mainprize Offshore Orders Another Wind Farm Service Vessel from Manor Marine

©Manor Marine

UK-based Manor Marine UK Ltd has secured a contract with Mainprize Offshore to build a second offshore wind farm service vessel, following the win of the building contract for the MO8 in 2021. The second vessel to be built at the site in Portland, UK, for Mainprize Offshore, the MO9, will be another 26-meter Supa-Swath catamaran designed by Walker Marine Design and due for delivery in early 2023.The build of the MO9 will mark the seventh crew transfer vessel constructed by Manor Marine…

28 Jan 2021

$2.6 Million Awarded to Advance US Offshore Wind Innovation

© chrisrt / Adobe Stock

The National Offshore Wind Research and Development Consortium (NOWRDC)has made available $2.6 million for a group of projects aiming to advance technological innovation that will drive down costs of offshore wind development in the U.S.The Consortium, established by the New York State Energy Research and Development Authority (NYSERDA) and U.S. Department of Energy (DOE) in 2018, this week announced Round One awards in the Offshore Wind Solicitation 1.0 for offshore wind technology…

16 Dec 2020

BW Group Buys 39.1% Stake in Navigator Holdings

Private equity firm WL Ross & Co. said it has agreed to sell its approximately 39.1% equity interest in ship owner-operator Navigator Holdings to maritime and offshore company BW Group at a price of $9 per share."Navigator Holdings has been an industry leader since we made the initial investment. We think the company's future is bright, and this long-term investment from BW Group will position the company to realize its potential," said Hal Malone, Head of Transportation of WL Ross.Andreas Sohmen-Pao, Chairman of BW Group, said "BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and…

17 Apr 2020

New Leadership at Exmar After Chairman Bodson Dies from COVID-19

Baron Philippe Bodson (Photo: Exmar)

Belgian shipping and offshore company Exmar outlined its leadership succession plan following the April 4 death of board chairman Baron Philippe Bodson due to the novel coronavirus.Nicolas  Saverys,  previously  CEO  of  Exmar,  will  take  up  the  position  of  executive  chairman  of  the  board  of directors, and Francis Mottrie, deputy CEO of the Exmar Group, as been appointed as CEO.Bodson, 75, had been a member of Exmar's board of directors for 18 years, and served as chairman for 15.

12 Nov 2019

Steel Cut for Awilco Rig at Nantong

Offshore drilling contractor Awilco Drilling has said that the first steel has been cut for its second rig under construction at a Keppel yard."We are pleased to confirm that first steel cutting took place for the lower hull of our new CS60 ECO drilling semi-submersible at KeppelFels shipyard in Nantong, China," said the drilling contractors based in the North Sea oil & gas sector."We expect to also strike steel on the upper hull at KeppelFels in Singapore within December," it said.The new rig is scheduled for delivery in March 2021, the UK offshore company said.Meanwhile, Awilco Drilling reported contract revenue of USD 10.3 million (USD 10.4 million in Q2)…

14 Oct 2019

OOS Walcheren Starts its Engines

Netherlands-based OOS International has revved up the engines on its newbuild semi-submersible heavy lift crane accommodation vessel OOS Walcheren for the first time.The OOS Walcheren is currently under construction at China Merchants Heavy Industries (Jiangsu) Shipyard, said a press note from the Dutch offshore company .The OOS Walcheren is the sister vessel of the OOS Serooskerke, which is presently undergoing the final stages of commissioning before heading out for sea trials. Her expected delivery is within Q1 2020.The construction of OOS Walcheren commenced on the 24th May 2018 and it has taken 16 ½ months to start up her engines, which has bettered the OOS Serooskerke record by 10 days and less man-hours.

31 Jul 2019

Swiber Forms JV with Hilong Marine

Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.The JV Company will be held by Hilong Marine Engineering and SOC as to 51% and 49%…

20 May 2019

Brookfield Eyes TeeKay Offshore Partners

Canada-based Brookfield Business Partners has made an offer to purchase the publicly traded units of Teekay Offshore Partners (TOP), midstream services provider to the offshore oil production industry,  that it doesn't already own.The offer was for $1.05/unit–shares are trading at that level now–no premium in the offer.Teekay confirmed that it has received an unsolicited non-binding proposal from Brookfield.The offshore company said the proposed deal is subject to a number of contingencies, including the approval of its Conflicts Committee or separate Special Committee tasked with evaluating the offer.Teekay said that it's Conflicts Committee or a separate Special Committee appointed for these purposes…

10 May 2019

GustoMSC Delivers Chela to Maersk Drilling

GustoMSC, the developer of the Chela crane, has transferred the multi-functional arm to Danish offshore driller Maersk Drilling.GustoMSC, which designs and engineers solutions for mobile offshore units, said in a press release that Maersk Drilling is the first offshore company which is going to work with Chela.Since its introduction in 2016, GustoMSC’s Chela has grown from the drawing board into a piece of equipment that has made all expectations come true.In presence of and with input from involved parties Maersk Drilling, AkerBP, JB systems and Breman Factory, the FAT test was successfully performed showing Chela’s capabilities and facilitating a fast-track start-up for Maersk.

04 Apr 2019

OOIL, JD, Cosco JV for Logistics

Gold Talent, Cosco Shipping Logistics and JD Logistics  entered into a cooperation agreement to jointly invest in online logistics platform EShipping through a joint venture (JV) formation.Gold Talent is a wholly-owned subsidiary of Hong Kong-based logistics major Orient Overseas (International) Limited (OOIL). Cosco Shipping Logistics is an affiliate of Chinese state-owned Shipping and logistics services supplier company China Cosco Shipping Corporation Limited. JD Logistics is the delivery arm of Chinese e-commerce giant JD.com.The JV formation will involve the injection of the JD Onshore Company into the JV by JD Logistics and the acquisition of the JD Offshore Company by the JV funded by JD Logistics…

19 Dec 2018

Biggest Spenders of 2018

The biggest spenders of 2018 (VV.com)

With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.

15 Aug 2018

Stena Drilling Streamlines Safety Equipment with VIKING

VIKING offshore evacuation system (Photo courtesy of Stena Drilling)

U.K.-based offshore drilling company Stena Drilling has placed a significant part of its safety equipment and servicing management under a VIKING Offshore Safety Agreement.In early 2018, an extensive review done by VIKING Life-Saving Equipment for its long-time customer revealed the potential for major cost and administration savings in placing much of the company’s safety equipment sourcing and administration under a VIKING Offshore Safety Agreement (OSA), Stena Drilling welcomed the input and signed up.

29 Jun 2018

Innovation Starts @ Marine Hub Cornwall

Matt Hodson. Photo: Marine Hub Cornwall

Marine Hub Cornwall are on a mission to showcase the UK’s southwest coast as a world class center for marine technology and innovation. Working alongside Invest in Cornwall, which manages inward investment into the region, Marine Hub’s Operations Director, Matt Hodson, explains why he believes Cornwall is best positioned to be a global hub for the marine renewable industry.To kick off, can you give the readers a brief overview of your experience and what led you to become the…

19 Jun 2018

MOL Acquires Stake in AKOFS of Norway

Mitsui O.S.K. Lines (MOL)  announced that MOL and Mitsui & Co have entered into a share purchase agreement to acquire shares in AKOFS Offshore AS, which is owned by Akastor ASA, Norway. After in-kind contribution of the company of owner and leasing the subsea support vessel, Skandi Santos, which MOL, Mitsui & Co., and AKOFS are jointly operating since November 2016, MOL's acquisition amount will be about JPY 8 billion. MOL's acquisition of shares in AKOFS means MOL will become more deeply involved in the operation and ship management of subsea support vessels, marking its full-scale move into this field. AKOFS currently operates three subsea support vessels.

19 Apr 2018

UK Court Orders Russian Oligarch to Hand Over Superyacht in Divorce Fight

A Russian billionaire has been ordered by a court in London to hand over a 350 million-pound ($500 million) superyacht to his wife as part of Britain’s biggest-ever divorce battle.Justice Haddon-Cave at the High Court ruled that Farkad Akhmedov, 62, had used evasive and underhand tactics to keep the yacht beyond the reach of the English courts and avoid paying his wife, Tatiana Akhmedova, 41.The 377-foot "Luna" was bought by Akhmedov in 2014 from fellow Russian oligarch and Chelsea football club owner Roman Abramovich.The court heard that the yacht, currently in Dubai, is the second largest expedition yacht in the world.It is fitted with an anti-missile system, has a mini-submarine attached and boasts a 20-meter swimming pool, the largest of any superyacht in the world.Akhmedov sold Luna i

12 Dec 2016

Viking Supply Ships Expands Russian Footprint

To further explore opportunities and strengthen its footprint in Russia, Viking Supply Ships (VSS) has entered into a strategic cooperation with Sevnor Ltd, a shipping and offshore company with extensive presence in the Russian offshore market.    VSS said it considers Russia to be a core region for its service offerings, and of significant importance for the company in the future. Russia holds significant oil and gas resources in its Arctic and Subarctic regions and has shown determination to pursue these in the years to come.   As a consequence, VSS has decided to close down its own offices in Moscow and Sakhalin, as future operations will be run in cooperation between the company and Sevnor Ltd.

30 Jan 2017

Keppel Shuts Down Three Yards in Singapore

Keppel Corp, the world's biggest oil rig builder, is still hard hit by the downturn in the oil industry and will now shut down three yards in its homeland. Singapore-based offshore company Keppel reduced its direct work force by about one third. The workforce has been reduced by 2,620 employees in the fourth quarter a cut of 11.8%. For 2016 as a whole Keppel reduced its direct workforce by 10,600, some 3,800, and about 6,800 overseas, or 35% of its total direct workforce. The number of sub-contractors in Singapore has also been reduced by 3,300. Keppel and peers have been slashing jobs as demand for offshore drilling rigs slumped amid weak oil prices. Though a decision by OPEC to reduce output renewed optimism, Keppel said it isn't expecting a quick recovery.

11 Jul 2017

ABS Approves New MOSS-type LNG Tank Concept

ABS informs it has granted Approval in Principle (AIP) for a new MOSS-type liquefied natural gas (LNG) tank design concept developed by Japan’s Kawasaki Heavy Industries (KHI). Designated as an IMO Type B independent tank, the concept takes a new approach by applying a non-spherical tank design to increase the use of space on board an LNG carrier. According to KHI, the non-spherical design concept allows Panamax-size LNG carriers to expand their total carrying capacity to 180,000m³, a 25,000m³ volume increase when compared to using spherical tanks. In issuing its AIP, ABS reviewed the strength and fatigue analysis to support KHI in demonstrating the feasibility of the new concept.

28 Jun 2016

Gas Plant Fire Halts US Gulf Coast Platforms

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a crucial pipeline that brings output onshore, several companies said. The fire at Enterprise Products Partners plant in Pascagoula was brought under control, but officials were still forced to close the 225-mile Destin gas pipeline system that can carry 1.2 billion cubic feet per day from offshore fields to Pascagoula. Destin, majority-owned by BP with Enbridge Inc a minority partner, said it was declaring force majeure, a legal clause that allows it to scrap commitments, as a result of the fire.

14 Nov 2017

Havila Shipping Hikes Capital

Havila Shipping has made a stock exchange announcement about expected debt conversion to shares according to subscription rights issued as a part of the restructuring of the company. The Norway-based offshore company announced about sale of vessels. The vessels were delivered to new owner on 9th and 10th November. The company received on 13 November 2017 exercise notices for 60,909,975 subscription rights related to remaining debt after sale of MV “Posh Vibrant” and MV “Posh Virtue”. At the same time the company received exercise notice from Havila Holding AS for subscription of 63,296,375 shares by conversion of part of convertible loan (Anti Dilution Protection Loan).

18 Mar 2018

McDermott and CB&I Conclude Merger

McDermott International and CB&I announced that the companies have received antitrust clearance in Russia for their proposed combination. With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction. As previously announced on December 18, 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion. Under the terms of the proposed combination, upon completion, it is estimated that McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent.