NASSCO, U.S. Shipping Partners Finalize Contract
General Dynamics NASSCO has finalized a $1b contract with U.S. Shipping Partners L.P. (USS) to build nine product carrier tankers. The contract includes options for five additional ships.
MICAD Marine, France Helices Announce Partnership
MICAD Marine has formed a partnership with France Helices to offer vessel operators condition-based maintenance monitoring on the NEW Surface Drive System. The NEW…
Rowan Obtains Drilling Contracts
Rowan Companies, Inc. was awarded term drilling contracts for two Class 116-C jack-up drilling rigs to begin operating offshore Qatar in late 2006 or early 2007.
Global LNG Fleet to Peak in 2008
According to Dubai’s Gulf News, excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, due to a growing…
Dubai Offshore Oil Fields Transition to New Operator
The Government of Dubai and Dubai Petroleum Company (DPC) announced a joint agreement that will change the operating arrangements for Dubai offshore oilfields. Effective April 2007…
Aker Yards, Damen Finalize Agreement
Aker Yards and Damen Shipyards Group have finalized the process of establishing joint ownership of the Damen Shipyards Okean. The plans involve increasing the output capacity of the yard to 60…
U.K. Eyes Deepwater Wind Farms
As Britain's North Sea oil and gas stocks dwindle, the government is seeking new ways of harnessing natural resources to ensure a diverse and secure future energy supply.
TOP Tankers Slips In 2Q
TOP Tankers Inc. posted a second quarter net loss of $4.91m, or $0.17 per share compared to net income of $13.55m, or $0.49 per share, in the prior year quarter.
Offshore Oil Industry Encouraged by Senate Bill
Big oil has been pressing Congress for years to expand its rights to drill for domestic offshore oil and gas, with little to show for its efforts. But with tensions…
M-I SWACO Acquires SPS
M-I SWACO acquired Specialised Petroleum Services Group Limited (SPS) of Aberdeen, Scotland in exchange for cash consideration of approximately $165m. The acquired…
Daewoo Shipbuilding Shares Surge on M&A Talk
South Korea's Daewoo Shipbuilding and Marine Engineering Co. shares rose as much as 6.7 percent on August 3 after a local newspaper said steel maker POSCO Co. Ltd.
GL Contracts 60th Ship with Chinese Yard
A 19,800 dwt stainless steel chemical tanker vessel is the 60th ship being built with Germanischer Lloyd class at Qingshan Shipyard. The 10th anniversary of close…
Maritrans Reports 2Q Earnings
Maritrans Inc. announced its second quarter financial results and declared its quarterly dividend. Net income for the quarter ended June 30, 2006 was $3.6m, or $0.30 diluted earnings per share…
Cruise Ships Prepare for Hurricane
Five Miami-based cruise ships have changed their itineraries to avoid Tropical Storm Chris. Forecasters have issued a hurricane watch for the southeastern Bahamas…
GE Shipping Misses Demerger Deadline
The deadline for the demerger of Great Eastern Shipping Company (GE Shipping), has expired. Business Standard reports that it is not known whether the company would…
Kenya: $11M Security Boost For Ports
Security at Kenya’s ports is being upgraded at a cost of more than $11m. The World Bank-funded project includes the installation of an integrated security solution…
Putin Calls for Shipbuilding Plan
President Vladimir Putin asked for a government plan by October to enable the nation's shipbuilders to compete with countries including South Korea, the world's biggest shipbuilder.
Vinashin Eyes Investments
The Viet Nam Shipbuilding Industry Corporation (Vinashin) will need $2.5b to carry out projects under the strategy on ship exports until 2010. To meet the target…
MSCGI Signs Agreement to Acquire Heidmar
Morgan Stanley Capital Group Inc. (MSCGI), has reached a definitive agreement to acquire the Heidmar Group of companies, including Texas-based Houston Marine Services, Inc. (Heidmar).
J.F. Lehman Acquires Atlantic Marine
J.F. Lehman & Company, a New York-based private equity investor, completed a control investment in Atlantic Marine Holding Company, a provider of repair, overhaul…
