Sevan Marine Investigates Petrobras Corruption Case
Norway's Offshore drilling firm Sevan Marine ASA has appointed law firm Selmer to investigate claims by Brazilian media that a former manager and agent of Sevan Marine are connected to the Brazilian authorities' investigation into corrupt activities involving Petrobras. The company has offered full co-operation and has been in contact with the relevant authorities on this matter. A statement from the…
TGS to Acquire Polarcus' Multi-Client Library
Polarcus Limited has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company for the sale of its multi-client projects in Northwest Europe and West Africa in return for a cash consideration of US$27.5 million and future revenue share on library late sales. Polarcus said that the agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested multi-client…
Northern Offshore acquired by Shandong Offshore
Offshore oil and gas drilling firm Northern Offshore Ltd. has reached agreement on the terms of a recommended $165m cash acquisition by Shandong Offshore International Company Limited. The NOK7.59 per share offer by Shandong has been unanimously recommended by the board of directors of NOF and undertakings to accept the offer have been received by approximately 65% of NOF’s shareholders, including Fredriksen’s Geveran Trading.
China's State Audit Uncovers Misdeeds in Cosco
Intensifying crackdown on corruption China’s National Audit Office released an audit report for state-run shipping conglomerate Cosco Group in which it has uncovered substantial financial irregularities. The report found that Cosco had falsely left out a sum of RMB298m ($48m) in its revenue for the period from 2008 to 2013, as well as leaving out an expense sum of RMB169m, leading to a total net profit that is RMB129m less than reported.
Brand New Ro-Ro Ran Aground in Norway
Ro-ro cargo vessel Kvitbjørn ran aground off Ulsteinvik port, Norway, in the afternoon June 28, while approaching the port. The vessel, owned by Norway-based Nor Lines, was refloated at 2145 LT same day with the help of tugs at high tide, and taken to port. It is understood, that vessel suffered some damages, but no leak reported. There were 15 onboard, with no injuries reported. The grounding was caused by mechanical failure, though vessel is brand new.
Dalian Shipbuilding Wins Cosco Order for 7 Ships
Dalian Shipbuilding Industry Corporation (DSIC) has announced an order win for two 319,000 dwt VLCCs and five 72,000 dwt product tankers from Cosco Dalian, the tanker shipping arm of China Cosco Group. The financial details of contract were not disclosed. Market estimates show that the order could be worth a total of USD 500 million. The newbuildings will be designed to feature fuel saving and energy efficient technology, according to DSIC.
Statoil Cancels Rig Contract, COSL Cuts Jobs
COSL Drilling Europe is reportedly being forced to make 229 rig staff redundant as a result of Statoil’s decision to cancel the charter for semi-submersible unit COSL Pioneer. Statoil announced the termination of contract since 8 October 2014, which is 13 months before the expiry date. Statoil explained that contract was canceled, as company has not managed to find alternative activity for the semi-submersible drilling rig.
Cheniere’s Maiden LNG Spot Deal At $7.20/MMBtu
Cheniere concluded its maiden LNG spot trade earlier this week at for late-July delivery to an Asian buyer, reports Platts quoting a source with direct knowledge of the deal. Sources told Platts that the maiden trade was completed at $7.20 per mmBtu and the cargo will be delivered onboard the 162,000 cbm Clean Ocean LNG carrier to the Asian buyer. The cargo will be loaded aboard the LNG carrier Clean Ocean, currently idled offshore Singapore and on charter to Cheniere.
China Oil Rig Returns Off Vietnamese Coast
China has again deployed the Haiyang Shiyou 981, a semi-submersible oil platform which caused a standoff between Chinese and Vietnamese vessels last year, to the disputed South China Sea region, reports local media. China has brought the deepwater oil rig near Vietnam’s Hoang Sa (Paracel) Islands. The Chinese Maritime Safety Administration said on its website the oil rig is located at 17 degrees 03.75 minutes north latitude (17-03.75N) and 109 degrees 59.05 minutes east longitude (109-59.05E).
Malta Shipbuilding Site Converted for Oil and Gas Industry
The Maltese government is all set to set to transform the ex-Malta Shipbuilding site into a service hub for the oil and gas industry, directly employing 160 people while paving the way for Malta to benefit from growing business in the Mediterranean region. The had sought bids for the concession of the 175,000 square metre site for its development as a maritime hub. Twenty-eight expressions of interest were submitted…
Chinese Submarine Docked in Karachi ?
The intervention of China in the Arabian Sea is increasing with each passing day. China's deadliest attack submarine crept past Indian waters and docked in Karachi. China had made similar visits to Colombo over the last one year, sparking further concerns in the Indian security establishment. According to India Today, China's Yuan Class 335 submarine crossed the Arabian Sea and entered Karachi port on May 22.
Cosco Orders of 20,000-TEU Ships may Go Up to 13
Several media outlets now report confirmations that Cosco is also targeting ultra-large vessels by ordering nine ships of 20,000 teu, with options for four additional vessels. It was confirmed that China’s Cosco has sealed deals for nine plus four options on 20,000-TEU vessels on home soil. The giant containership orders will take Cosco Container Lines above one million slots for the first time. The ships are split between three Chinese yards.
Abu Dhabi Wins Volvo Ocean Race's In-port Series
Abu Dhabi Ocean Racing won the Volvo Ocean Race (VOR), despite pulling into the port of Gothenburg, Sweden, in fifth place on Monday. The Emirates team, skippered by Walker, triumphed in the nine-month triennial race after finishing fifth in the ninth leg from Lorient to Gothenburg. The team had accumulated enough points in the previous legs to take first in the 12th around-the-world sailing competition, making it the first Asia-based crew to win.
More Legal Woes for Bankrupt OW Bunker
A group of 27 Danish institutional investors say they will launch a legal action against the former management of OW Bunker, a shipping company that filed for bankruptcy last year just six months after listing, and the private equity firm that brought the company to market. The Danish investors including two of the largest pension funds in Denmark, ATP and PFA, with assets of more than $165 billion have sued OW Bunker for 800 million Danish crowns ($120 million).
Fight Over Port of Melbourne Sale
Victorian Labor is ramping up the pressure on Matthew Guy's Coalition over its decision to block the sale of the Port of Melbourne, reports The Age. Victoria’s plans to raise $6bn by selling the port of Melbourne are in jeopardy: the opposition refuses to support legislation for its sale. The Andrews Government wants to sell the Port of Melbourne lease for 50 years to raise an estimated $5-6 billion to fund its signature transport projects.
Indian Warships Visit Cambodia, Thailand
In pursuit of India’s ‘Look East’ and ‘Act East’ policy, the Indian Navy’s Eastern Fleet ships under the command of Rear Admiral Ajendra Bahadur Singh, VSM, Flag Officer Commanding Eastern Fleet (FOCEF), are on a two month long operational deployment to South East Asia and Southern Indian Ocean. Two Indian navy vessels – stealth frigate INS Satpura and fleet tanker and support ship INS Shakti – berthed at Sattahip Port last week on a debut goodwill visit.
COSCO Dalian Built PSV Completes Sea Trials
The first of the two 9,000 horsepower COSL deepwater supply vessel (PSV)built at the COSCO Dalian Shipyard ship has successfully completed sea trials. The trial results met the technical requirements to obtain the owner's praise. The total length of the ship 85.4 m, molded breadth of 20 meters, depth 8.6 m, draft of seven meters, safe operation in adverse sea conditions, and with good seakeeping trials.
Baker Hughes helping IOG develop North Sea resource base
Independent Oil and Gas PLC (IOG) is extending its seismic remapping agreement with Baker Hughes’ Reservoir Development Services (RDS) group to better understand resource potential for its Blythe and Cronx/Elgood projects in the Southern North Sea (SNS), with an expected delivery date of late July 2015. “We are pleased to strengthen our relationship with RDS as the initial results from the seismic remapping work are positive,” said Mark Routh, IOG’s Chief Executive Officer.
USCG Suspends Search for Missing Olympic Sailor
Search efforts for a missing Olympic sailor, Trevor Moore, in Biscayne Bay, Florida, were suspended Saturday evening at sunset. The Coast Guard and partner agencies covered more than 510 square nautical miles and completed more than 29 search patterns before suspending the three day search. "Our thoughts and prayers go out to the loved ones affected," said Capt. Michael Long, Coast Guard Sector Miami deputy commander.
Shell's Arctic Drilling a Threat for Pacific Walrus
A number of environmental groups are asking the Department of the Interior to rescind permission Shell has been granted to begin exploratory drilling in the Arctic this summer because the company's plan would not protect the walrus. Shell's plan would violate federal rules limiting how closely a company can drill multiple wells, Earthjustice argued in a letter to Interior Secretary Sally Jewell, sent on behalf of 10 other groups.