Petrobras Cuts Spending, Quarter Profits Fall 19%
Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known, cut its five-year investment outlook for the 2014-2018 period to $221 billion, 6.8 percent less than its previous 2013-2017 plan, after reporting a 19 percent drop in fourth-quarter profit late on Tuesday.
Engine Room Fires – Old Lessons Not Learnt
“Lessons are still not being learned when it comes to preventing engine room fires.” This is the message from Graeme Temple, Regional Director for Braemar SA’s Far East operations, following a review of incidents taking place in 2013. “Last year we attended a significant number of engine-room fires - the industry is still experiencing far too many unnecessary casualties where flammable liquids in engine rooms are finding their way onto hot spots,” he said.
American Club Reports Strong Renewal
The American Club, the only mutual protection and indemnity insurer domiciled in the Americas, has revealed very positive overall results for the February 20 renewal season.
Oil Services Must Take on More Risk, Petrofac CEO Warns
Oil service companies will have to assume more risk in the coming years as investor pressure and a flat crude price make oil company clients push harder to avoid delays on megaprojects, the chief executive of FTSE 100 contractor Petrofac said. The biggest oil companies have seen huge delays and broken budgets at projects ranging from record-breaking Australian liquefied natural gas (LNG) schemes to the enormous and technically challenging Kazakhstan oilfield in the freezing Caspian Sea.
Conquest to Use MirTac and StarIPS Software
Maritime consultancy firm MirTac announced that Conquest Offshore has purchased the Star software and related database and implementation services. Conquest Offshore will be implementing the maintenance, purchase and safety management software both in the office as well as onboard its fleet. The Star software will support Conquest Offshore with the management of maintenance planning, inspections, purchasing and spare parts…
Positive Trends Mark Start to Port Authority Year
Notable accomplishments in revenue generation, cargo throughput, professional performance and international recognition highlighted today's monthly meeting of the…
New Jack-up Vessel Propelled by SCHOTTEL
Since December 2013 the fleet of HOCHTIEF has a new member. The offshore jack-up vessel VIDAR was developed especially for construction and servicing of offshore wind farms as well as offshore oil and gas plants. The propulsion system consists of four SCHOTTEL Combi Drives electric azimuth thrusters and three SCHOTTEL Transverse Thrusters. It allows a transit speed of about 11 knots and precise maneuvering and positioning.
Angola LNG Compressor Leak Delays Loading Program
A compressor leak at Angola's new liquefied natural gas (LNG) export plant has delayed loading programs and reduced output at the $10 billion project, which is due to shut for two months from July…
Russia Vows to Ensure Security of Ukraine-based Naval Fleet
Reuters - Russia is taking measures to ensure security of the facilities and arms at its Black Sea Naval Fleet based on the Crimean coast in southern Ukraine, Russian…
BOURBON Makes Several Fleet Additions
With the AHTS Bourbon Liberty 320, BOURBON is now running a fleet of 100 Bourbon Liberty series-built, diesel-electric propelled and DP 2 vessels, a first in the oil services industry. This milestone coincides with the delivery of the first two of 20 deep offshore PSVs of the new BOURBON series: the Bourbon Explorer 500. "The Bourbon Liberty's operational success and the launch of the Bourbon Explorer 500 series strengthen our ability to provide a complete range of services worldwide…
Shell Shuts Nigerian Pipeline Due to Theft
Reuters - Royal Dutch Shell said on Wednesday that it had closed Nigeria's Nembe Creek Trunk oil pipeline on Saturday to stop leakage caused by theft. The pipeline pumps the Bonny Light grade of crude oil. Bonny Light exports for April are at about 95,000 barrels per day according to shipping lists compared to 155,000 for March. (Reporting by Simon Falush; editing by Jason Neely)
Members Boost London P&I Club Tonnage
The London P&I Club has increased its membership by almost two million gross tons over the past year. This increase reflects the entry of further tonnage with the club by existing members, and the addition of new members from China, Greece, Singapore, Turkey, and the U.K. Ian Gooch, chief executive of the club’s management team, says, “The London P&I Club heads into 2014/15 after a solid renewal and further controlled growth.
New Carriage Requirements for Petroleum Blends
2. chemical tankers intending to carry biofuel blends of gasoline and ethyl alcohol cargoes containing more than 1% but less than 75% of petroleum oil to use alcohol-resistant foam or multi-purpose foam concentrates in their cargo deck fire-fighting systems. Resolution MEPC.240(65) requires oil tankers that are carrying biofuel blended cargoes containing 75% or more of petroleum oil on or after the January 1…
ICS Chairman Praises IMO Efficiency
ICS Chairman, Masamichi Morooka, addressed delegates at the World Ocean Summit organized by The Economist magazine in San Francisco yesterday (25 February), following a key note speech by U.S. Secretary of State, John Kerry, and a video presentation by HRH Prince Charles (of the United Kingdom). In response to a suggestion, endorsed my most of the Summit delegates, that the United Nations might establish…
New BWM Regs Cometh - Are you ready?
The global market for BWT systems is predicted to grow to over $34 billion through 2020 in response to IMO and USCG-based ballast water discharge regulations (Frost and Sullivan, 2012). BWT systems are now manufactured by dozens of companies around the world, including traditional suppliers of marine equipment, suppliers of municipal water and wastewater treatment equipment, and shipbuilders. As of November 2013…
NOAA Nautical Charts Now Permanently Free
After a three-month trial period, PDF versions of NOAA nautical charts will become a permanent product, free to the public. The free PDFs, which are digital images of traditional nautical charts, are especially valued by recreational boaters who use them to plan sailing routes and fishing trips. The free PDF charts are part of a suite of new and enhanced navigational products designed to make NOAA’s data more accessible to the general public.
Unmanned Ships Now a Reality
Drones do it and spacecraft have too, for many years. Recently, also, automobile makers and small boat makers have introduced their first autonomous vehicles on the streets, and waterways.
Valve Train Halves Idle to Full Load Time
One of the new tools that engine builders are using these days to reduce fuel consumption and greenhouse gas emissions is Valve Control Management (VCM), ABB’s variable valve train system, more so since duel-fuel engines become an increasingly popular choice by shipowners. Initially introduced in the shore-based gas plant sector, Christoph Rofka, Senior General Manager for New Business at ABB conjectured…
Mexico Sells 1M Barrels of Light Crude to Japan
(Reuters) - Mexico's state-run oil giant Pemex said on Tuesday it is selling crude to Japan for the first time in 11 years, opening another Asian market as an export…
Towers Joins EBDG Engineering Team
Elliott Bay Design Group, a Seattle-based Naval Architect and Marine Engineering firm with offices in New Orleans and Ketchikan, has hired seasoned marine professional Jim Towers. Towers, originally hired at the firm in 2000, brings more than 30 years' experience to his role as Senior Naval Architect and Marine Engineer. Tower's extensive skill set includes production engineering and management, shipyard estimating and budget control…