Onshore Spending on the Cusp of Recovery?
DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors. In line with previous editions of the report, a significant drop in project sanctioning, coupled with low rig dayrates, will see annual OFS expenditure average $49 billion (bn) over 2016-2020, while OFE expenditure will decline from $69bn to $43bn over the same period.
Hapag-Lloyd Shareholders Okays Merger with UASC
Hamburg-based ocean carrier Hapag-Lloyd said its shareholders approved all items on the agenda at Annual General Meeting, mainly the share capital increase needed for combination with United Arab Shipping Co (UASC). "The main matter regarded creating the capital conditions required for the planned merger with the Arabian liner shipping company UASC. The shareholders therefore approved the creation of new authorised share capital.
Maersk Line's Innovative Smart Reefers
Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line. "We’re always looking for ways to improve cargo care on behalf of our customers. As the world’s biggest container shipping company, we play an important role in cold chains all over the world, and our care means your cargo has a safe passage from field to fridge," says a statement in the company website.
Kongsberg Performs Well in Q2
Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends, but strong growth in earnings. Kongsberg had operating revenues of 4.13 billion Norwegian crowns ($502.69 million) versus 4.21 billion crowns seen in Reuters poll, Q2 EBITDA 515 million crowns (Reuters poll 403 million crowns), resulting in a margin of 12.5 per cent.
Skaugen Goes to Red Again
Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities for long routes the petrochemical market. The gas carrier owner reported profit before and after tax of minus $ 5.1 million (loss) in Q2 2016. The same quarter a year ago profit before and after tax minus $ 0.5 million. Freight revenues amounted to $ 18.5 million in this year's 2nd quarter, against 15.7 million in last year.
BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project
BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development. The Big 3 oil companies have told state lawmakers that the proposal on the table to pipe, liquefy and export North Slope natural gas is uneconomic and they won't move forward as partners. However, they said they would sell their natural gas to a state-developed project if it comes to fruition, which is more in doubt than ever.
Zumaia Offshore Acqires MPP Workboat Aitana B
In April 2016 Zumaia Offshore, S.L., leading workboat owner and operator based in the Basque Country, took delivery of the Cummins-powered MPP workboat “Aitana B” from Neptune Shipyards in the Netherlands. At 27 by 12-meters with a three-meter draft it is one of the largest models of Neptune’s Eurocarrier series of workboats, which are specifically designed for dredging assistance, port construction & maintenance…
NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands
The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically found in the vicinity of the Singapore Botanic Gardens. Located in the upcoming Learning Forest extension, the restored 1.8 hectare forest wetland will enhance the biodiversity found there, and for the very first time, provide educational opportunities for the public to access and experience a freshwater forest wetland habitat…
MV WERFTEN, Foreship Sign Design Agreements
MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design, purchasing and production assistance of the “Endeavor” class luxury expedition yachts. The 20,000 GT cruise vessels will be built at MV WERFTEN Stralsund, with production starting late 2017 and deliveries from spring 2019. “We are excited to build a series of the world's first purpose-built expedition yachts…