Ocean Yield Invests in 3 NAT Suezmaxes Newbuilds
Ocean Yield ASA has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018.
Rasmussengruppen Sells Stake in Norden
Oslo based financial investor Rasmussengruppen sold its entire stake which is 4.8 million shares of Danish dry bulk bulker owner Norden. The company's share capital consists of 42,200,000 shares of DKK 1 each, amounting to DKK 42,200,000. Rasmussengruppen was the second biggest investor in Norden, after Danish company A/S Motortramp on 28.08%. Norden operates one of the industry’s most modern, flexible and competitive fleets globally within the dry cargo and tanker vessel types.
UAE: First Arab Country to Win Category B Membership of IMO
The United Arab Emirates (UAE) has now become the first Arab country to win Category B membership into the International Maritime Organization (IMO) Council. The win was the triumphant result of an election that included nominees from 11 leading countries in the international marine trade sector such as Germany, Sweden, Netherlands, Brazil, Argentina, France and Australia. declaration was made during the 30th General Assembly meeting…
Saipem Bags New Offshore Contract in Saudi Arabia, West Africa
Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction (EPC) activities in Saudi Arabia, under the Long Term Agreement renewed in 2015 until 2021. The contract’s main scope of work includes the engineering, procurement and construction of a new 42” offshore pipeline replacing an existing one and other miscellaneous activities for the upgrade of the Manifa water injection system.
Ship Insurer Britannia Sets Up Subsidiary for EU
Following Britain’s decision to leave the European Union, British ship insurer Britannia plans to set up a subsidiary in Luxembourg, Reuters reported. It is to ensure it can continue to trade in Europe, the company said. According to company data Europe accounts for over 40 percent of Britannia’s global business. The report said that insurers are making contingency plans because when Britain leaves the EU on March 29…
Maersk Oil, Partners Approve USD 3.2bln Tyra Gas Project
Maersk Oil has announced that the Danish Underground Consortium (DUC) has approved an investment of approximately 21bn DKK in the full redevelopment of the Tyra gas field. The announcement follows the Danish Parliament’s approval to implement legislation to secure the investment. The redevelopment of Tyra ensures continued production from Denmark’s largest gas field, and will protect and rejuvenate important Danish North Sea infrastructure.
DNV GL Launches D-Class
DNV GL has launched a “D-Class” (Data Smart Classification) joint development project to develop an innovative Dynamic positioning (DP) verification approach. In a series of workshops DNV GL is seeking input from the industry regarding the goals, methods, means and deliverables of the project. Downtime, delays, and interruption of operations are common consequences of dynamic positioning verification schemes. DNV GL wants to change this by incorporating modern technology.
SolstadFarstad Wins New Contracts in Australia
SolstadFarstad ASA (SOFF) has been awarded several new contracts for the provision of vessels within Australia. McDermott International Inc. affiliated company, MAPL have awarded the provision of a General Purpose Support Vessel, Far Stream, and pipe-haul PSV’s performing services for work Offshore Western Australia. The contract is due to commence during Q1/Q2 2018 and the combined vessels utilization is approx. 200 days.