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London Stock Exchange News

01 Sep 2023

Panama Canal Water Levels Likely to Remain Exceptionally Low for Months

© Matthias Koch / Adobe Stock

Water levels in the Panama Canal are likely to remain exceptionally low for months despite forecasted short-term improvements, meaning no end in sight to the prolonged disruptions hampering vessels transiting the vital shipping artery.The Panama Canal Authority earlier this year began imposing restrictions on daily vessel transit and maximum draft amid a prolonged drought that has lowered the water level, causing a backlog of vessels waiting to pass. The authority said last week it expects to maintain restrictions for at least 10 more months.Isaac Hankes…

07 Jul 2023

Inside the Subsea Cable Firm Secretly Helping America Take on China

On Feb. 10 last year, the cable ship CS Dependable appeared off the coast of the island of Diego Garcia, an Indian Ocean atoll that’s home to a discreet U.S. naval base.Over the next month, the ship’s crew covertly laid an underwater fiber-optic cable to the military base, an operation code-named “Big Wave,” according to four people with direct knowledge of the mission, as well as a Reuters analysis of satellite imagery and ship tracking data.The new super-fast internet link to Diego Garcia, which has not previously been reported, will boost U.S. military readiness in the Indian Ocean, a region where China has expanded its naval influence over the last decade.The CS Dependable is owned by SubCom…

11 Mar 2022

Maersk to Sell Stake in Russian Port Operator Due to Ukraine War

(Photo: Global Ports Investments)

A.P. Moller-Maersk is looking to divest its 30.75% stake in Russian port operator Global Ports Investments due to Russia's invasion of Ukraine, Maersk's port unit APM Terminals said on Friday.Global Ports' shareholders include Russian state nuclear company Rosatom and Russian businessman Sergey Shiskarev.

14 Sep 2021

InfraStrata Proposes Name Change to Harland & Wolff

Credit:  kilhan/AdobeStock

InfraStrata, the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, has applied to Companies House to trade under the name Harland & Wolff Group Holdings plc.The company, which in 2019 bought Harland & Wolff, the Belfast shipyard that built the Titanic, has said it has over the past year and a half proceeded through various phases which have included, the acquisition of assets, significant upgrades to all its facilities, the introduction of state-of-the-art technology and has simultaneously established a substantial sales pipeline.

13 Sep 2021

Harland & Wolff (Belfast) Welcomes New Apprentices

Photo courtesy Harland & Wolff

Harland & Wolff welcomed 13 new apprentices to its flagship Belfast site as part of its very first ‘Apprentice Induction Day’.The scheme will run in line and with partnership from Northern Regional College and will see apprentices range from 17 - 28 years old, with a mixture of genders. Held on Friday, September 3, the day gave the newest recruits a chance to tour the site as well as learn more about the company’s heritage and significance within national and international maritime sectors.Harland & Wolff Apprenticeships are offered across three distinct functions…

02 Jul 2021

Triumph Subsea Terminates Offshore Wind Vessel Deal with Infrastrata

Credit: Triumph Subsea Services

Triumph Subsea Services said Thursday it had formally canceled the Letter of Intent that was issued to Infrastrata in December 2020, for the construction of an offshore wind development vessel and said it didn't want to build any vessels with InfraStrata and or any of its shipyards.The two companies had signed the Letter of intent for one firm and one optional ST designed 200m x 35m Windfarm Development Vessels (WDV), for floating windfarm installations, cable laying, and providing marine services for offshore carbon capture and green hydrogen projects.

25 Aug 2020

Shipbuilding: InfraStrata Acquires Appledore Shipyard in £7m Deal

InfraStrata CEO John Wood at the newly-acquired Appledore Shipyard in North Devon.

UK-based InfraStrata announced it has acquired the Appledore Shipyard located in Bideford, North Devon.The new deal follows InfraStrata’s acquisition of the Harland & Wolff Shipyard in Belfast last year. The London Stock Exchange-listed firm specializes in the development, commercialization and operation of advanced, high-value, strategic infrastructure facilities.“We see Appledore playing a key role in an exciting new era for UK shipyards and shipbuilding; supporting UK industry and revitalizing economic growth in the South West…

04 Jun 2020

Princess Cruises Extends Suspension of Some Voyages

© NAN / Adobe Stock

Carnival Corp’s Princess Cruises on Thursday extended the suspension of some of its voyages in Australia, Canada and Taiwan as ports around the world remain shut due to the coronavirus crisis.Cruise lines, hammered by a crisis which has seen some ships develop into high-profile infection hotspots, in recent days have been steadily pushing back cancellations well into the second half of 2020.Princess Cruises, long a favorite of older travelers, said it has extended the delay of operations on all cruises sailing in and out of Australia through mid-September on the Sea Princess…

31 Dec 2019

NLE, Liebherr-Russland Pact on Port Equipment

NCSP Group, Europe's third largest port operator in terms of cargo turnover,  its subsidiary Novorosleseksport (NLE AO) will receive port equipment from Liebherr-Russland OOO.Dmitry Korchnev, General Director at NLE AO, and German Ignatov, Director of the Port Equipment Department at Liebherr-Russland OOO, signed a contract on purchase of two ship-to-shore cranes (STS) with a capacity of 65 tons for loading and offloading of 20, 30, 40 and 45 feet ISO containers from a vessel to shore and back.The SPS cranes delivery is scheduled for 2021, said a press note.These cranes will ensure the processing of Bosphormax container ships (300 m length, 48.0 m width) at NLE AO berths No.

09 Sep 2019

UK Risks Losing Edge in Maritime Services

Adobestock / © magicbones

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

25 Jan 2019

Wartsila Bags Energy Storage Contract from ContourGlobal

Wartsila has won a 6 MW energy storage project contract for the Caribbean island of Bonaire from ContourGlobal Bonaire, a subsidiary of London based ContourGlobal.The engineering, procurement, and construction (EPC) hybrid energy project includes both the hardware, consisting of batteries and inverters, as well as GEMS, the energy management software from Greensmith Energy, a Wartsila company."The energy storage system will enable Bonaire, part of the Netherlands Antilles, to increase its use of renewable energy such as wind and solar. In order to integrate more renewable energy and its intermittent nature, the Wärtsilä energy storage solution will provide the grid stability and reliability required for the island…

06 Aug 2018

Kosmos Energy Acquired DGE for $1.23 Bln

(File photo courtesy of Deep Gulf Energy)

Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos, which currently operates in Africa and South America, will pay $925 million in cash and $300 million in Kosmos common stock to acquire DGE, with the transaction expected to close towards the end of the third quarter.Acquiring DGE's business will increase Kosmos' production by more than 50 percent to 70,000 barrels of oil equivalent per day (boed) from

02 Aug 2018

Harvey Gulf Announces New BoD

Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr. Guidry remains the Chairman of the Board and Chief Executive Officer for HGIM Corp. Mr. Guidry is the third generation in his family to lead Harvey Gulf. Mr.

03 May 2018

Shearwater GeoServices Wins Contracts in West Africa

GC Rieber Shipping ASA's 50% owned geoservices company Shearwater GeoServices has been awarded a contract to acquire 3D seismic for Genel Energy in the Sidi Moussa license offshore Morocco. Additionally, Shearwater has been awarded a five months contract for an undisclosed client engaged in West Africa. The market outlook is improving, and the two contracts add significantly to Shearwater's backlog for the 2018 summer and autumn seasons. Genel Energy, one of the largest independent oil producers listed on the London Stock Exchange, has been active in Morocco for several years and plan to acquire seismic offshore Morocco with the expectation to materially de-risk the prospectively of the Sidi Moussa license.

08 Feb 2017

Sound Energy: Badile Rig Contract - Payment using Equity

Sound Energy, the African and European focused upstream gas company, announced on 29 November 2016, that the terms of the contract for the use of Pergemine S.p.A ("Pergemine")  3000 HP EMSCO C3 rig for the drilling of the Badile exploration well (the "Rig"), provided that payment of 23% of the service charges due to Pergemine would be settled through the issue of new ordinary shares in the Company ("Ordinary Shares") with a value of approximately Euro 1 million. Following the mobilisation of the Rig in January 2017, the Company announces that it has [today] issued an initial 830,565 new Ordinary Shares to Pergemine which, at the closing mid-market price per Ordinary Share on 7 February 2017 of 82.0 pence, had a market value of approximately £680,000 (approximately Euro 790,000).

14 Sep 2016

Maersk Sells North Sea Stakes to RockRose

Photo: Maersk Oil

Maersk Oil, a unit of Danish conglomerate A.P. Moller-Maersk, has agreed to sell stakes in three North Sea fields to RockRose Energy, the latest new entrant into the ageing basin. RockRose suspended trading on Wednesday before announcing it has agreed non-binding headline terms and a period of exclusivity from Maersk Oil North Sea UK to acquire its non-operated 7.4 percent interest in the Wytch Farm field, a 5.2 percent interest in the Scott fields and a 2.4 percent interest in the Telford field.

05 Aug 2016

SGX Prods Baltic Exchange Shareholders to Okay Bid

Total valuation of potential deal at least $113 million; Baltic shareholders key to clinching sale agreement. Singapore Exchange Ltd (SGX) plans to buy one of London's oldest institutions, the Baltic Exchange where shipping rates are published, and urged shareholders on Thursday to support a deal. As the global shipping industry struggles with the worst market conditions for decades, SGX offered shareholders in the privately-owned Baltic Exchange 160.41 pounds in cash per share, for a total 77.6 million pounds ($102 million). Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates and owns a trading platform for the multi-billion dollar freight derivatives market.

25 May 2016

Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business. A shortage of financing - estimated at $30 billion and caused in part by banks cutting lending to sectors such as shipping - has also hurt companies, sending some to the wall. "The overall prospects for the dry bulk market are fairly dark - it seems that there is little faith in the market for a recovery. The market mood deteriorates by the day, despite the recent improvement of the Baltic Index," said Basil Karatzas, head of consultancy and brokerage Karatzas Marine Advisors & Co.

28 Dec 2015

Abu Dhabi Ports and Gulf Marine Services Announce New Partnership

Abu Dhabi Ports – the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate ― has signed a contract with Gulf Marine Services (GMS) that will see the creation of a state-of-the-art facility at Zayed Port where GMS will construct and maintain its offshore support vessels that serve the region’s oil and gas industry. Zayed Port in Abu Dhabi city―a regional hub for the cruise industry, and general and bulk cargo―will lease the new facility to GMS for three years. GMS, founded in Abu Dhabi in 1977 and listed on the London Stock Exchange in 2014, is the largest operator of self-propelled self-elevating support vessels (SESVs), also known as jackup barges, in the world.

26 Feb 2016

Baltic Exchange Mulls Sale

Baltic says holding discussions with several parties. The Baltic Exchange confirmed on Friday it had received a number of "exploratory approaches" after the Singapore Exchange Ltd revealed it was seeking to buy the business which has been the hub of the global shipping market for centuries. Reuters exclusively reported on Thursday that the Baltic Exchange had held talks with SGX and other potential buyers, months after sources had said the London Metals Exchange (LME) made an approach to buy it. "The Baltic Exchange confirms that it has received a number of exploratory approaches and that it is now in confidential discussions with selected third parties regarding its future strategy and ownership," it said in a statement.

04 Jul 2015

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving seat of a remotely-operated vehicle (ROV) simulator. The Tullos Primary visit to i-Tech was organised by EnQuest as part of the company’s ongoing commitment to encouraging youngsters to consider a career in the oil and gas industry. Around 20 primary five pupils were shown why ROVs are increasingly becoming pivotal to the critical path of subsea operations during the tour at i-Tech, which is a division of Subsea 7 and a global-leading supplier of ROV and intervention tooling solutions.

12 Aug 2015

MOL Membership of FTSE4Good Index Continues

Mitsui O.S.K. Lines, Ltd. today announced that the company continues to meet the inclusion criteria and remains a valued member of the FTSE4Good Index Series: the world's major Environmental Social and Governance (ESG)/Responsible Investment (RI) index (MOL have been selected since 2003). In the end of July 2015, the FTSE Group, owned by the London Stock Exchange, notified us the certificate that we, MOL, are a constituent company in the FTSE4Good Index Series after a thorough assessment process. Companies chosen for these indices must meet international criteria for social responsibility in areas such as corporate governance, environmental protection, human rights, and relationships with stakeholders, and are expected to be leaders in sustainable growth.

21 Aug 2015

NYK Selected for FTSE4Good Index

The FTSE4Good Index is a leading indicator used by investors who place importance on corporate social responsibility and sustainability. Approximately 800 global companies from 25 countries around the world are listed in the FTSE4Good Global Index as of July 2015, and 176 of those companies are Japanese. NYK’s environmental activities were seen as particularly noteworthy and led to this13th consecutive recognition. NYK also has been selected for a number of SRI indexes, including the Dow Jones Sustainability Asia / Pacific Index (USA) and Morningstar (Japan). NYK, as a good corporate citizen, will continue to take an active role in social issues, including conservation of the environment, to contribute to the achievement of a better global society.