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Maersk Drilling Mulls Leviathan Contracts

Picture by Maersk Drilling

Jonas Bjork, commercial manager Maersk Drilling Denmark, a subsidiary of Maersk Group, says that Israel is in his radar in the near future and hinted that his company targets Leviathan contracts, reports Globes.  Bjork added that the Israeli government may make things difficult, but it is also willing to listen and to learn. His impression is that the regulation in Israel in the natural gas sector is difficult, but the government is prepared to study the energy field, is open to change, and is flexible.   According to Bjork, he came to Israel to investigate whether there is a market for drilling here. He knows that the Leviathan reservoir will need rigs for both drilling and production of gas and oil, he pointed out.   The expectation is that 8 wells will be drilled at Leviathan. The drilling alone will take a year, and the entire contract will be for 2-3 years, because there are other things to do beyond the drilling activity. Developing Leviathan, for example, includes the construction of a floating facility to produce and store the condensed gas at sea. Establishing such a facility take much longer than the drilling itself.   He says Maersk Drilling is a contractor of sorts. Maersk carries out the actual drilling, and the gas company pays it a daily rate, regardless of whether or not gas or oil is found


Igor Sechin discusses Rosneft with Putin

President of the Russian Federation Vladimir Putin (Pic by Russian Federation)

  The President of the Russian Federation Vladimir Putin held a working meeting on Wednesday with the Head of Rosneft Igor Sechin, who reported on the Company’s 2014 operational results to the President of the country. The overall hydrocarbons production at year-end was approximately 252 mln toe, which is amounts to a 4.6% organic growth compared to 2013 levels. Daily production level exceeds 5 mln boe, which is by one third higher than ExxonMobil’s level


Aker Solutions Report Solid, Not Spectacular Financial Progress

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share.


Australian Tugboat Crewing Dispute Escalates

Australian towage operators threatened by foreign competition were at standstill with the Maritime Union of Australia (MUA) last Tuesday as a dispute over tug boat manning levels escalated. "Increasingly we are seeing overseas towage companies tendering for towage contracts in our ports," said Adsteam Marine Ltd. CEO Clay Frederick, noting that comparable offshore ports operated with mostly three man crews. "I don't think our customers are going to cop the fact that we are there with four men


Aker Solutions Reports 4Q 2011 Results

AkerSolutions_Logo_RGB.jpg

Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry.   Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago


Nakilat Seeks $2.5b for Tankers

Qatar Gas Transportation (Nakilat) is considering tapping the Islamic finance market as part of plans to raise $2.5b early next year to pay for tankers, Reuters said. The company has ordered 54 tankers to cope with growing global demand for its gas. Nakilat considered borrowing in accordance Islamic law when it raised $4.3 billion in December but decided instead to use a mix of conventional bonds, loans and export credits.


Greek Shipowners Hit by Tax Changes

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet


Caterpillar Maintains Dividend Rate

Doug Oberhelman, Caterpillar Chairman and CEO Photo credit Caterpillar

The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable August 20, 2016, to stockholders of record at the close of business on July 20, 2016. “Our balance sheet and operational performance are strong, even after several years of challenging market conditions. We are maintaining an attractive dividend for our stockholders and positioning the company for growth once our


Caterpillar Maintains Dividend Rate

Caterpillar Center

  The Board of Directors of Caterpillar Inc. voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable November 20, 2015, to stockholders of record at the close of business on October 26, 2015.  “I am pleased to announce we are maintaining Caterpillar’s dividend,” said Caterpillar Chairman and CEO Doug Oberhelman. “Even in this challenging environment


Royal Caribbean Cruises Implements Fuel Supplement

In an effort to deal with the sharp increase in fuel prices, Royal Caribbean Cruises Ltd. announced the implementation of a fuel supplement of $5 per guest per day for sailings that depart on or after February 1, 2008. The company has taken measures to soften the impact of this decision. For example, the company will not apply the supplement on any bookings where the guest has already paid the full cost of the cruise


French and Filipino Firms Bid to Operate Bissau Port

French firm Necotrans and the Philippines' International Container Terminal Services submitted bids on Monday to operate Guinea Bissau's main port, the transport minister said, as the government looks to cede control to a private operator.


STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily.   STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity


Two Frenchmen Investigated over 2002 Malaysia Submarines Deal

Two French former defence industry executives have been placed under preliminary investigation as part of a probe into the 2002 sale of submarines to Malaysia, an official in the French judiciary said on Wednesday.   The source said Philippe Japiot and Jean-Paul Perrier


Diana Time Charter with Maersk and CMA CGM

Photo: Diana Containerships Inc

 Diana Containerships has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Maersk Line A/S for one of its Post-Panamax container vessels, the m/v Puelo, for a period of minimum eight months to maximum 18 months. 


COSCO to Buy OOCL for USD 6.3 bln

Photo: Orient Overseas Container Line Limited

 Chinese Shipping Major Cosco Group has agreed in principle to buy its shipping rival and  Hong Kong’s No. 1 box mover, Orient Overseas Container Line (OOCL), in deal that could be valued around USD 6.3 billion.  The takeover will catapult Cosco the world’s


Wind Farm Vessel Delivered to Mainprize Offshore

MO4 (Photo: Aluminium Marine Consultants)

 Aluminium Marine Consultants informs it has handed over MO4 to Mainprize Offshore this week for work as a wind farm support vessel carrying both cargo, equipment and personnel out of the port of Hooksiel to the German wind farm sector on an eight-year contract with Deutsche Windtechnik on


CMA CGM Sells L.A. Box Terminal Stake

File Image (CREDIT: AdobeStock / (c) Ginton)

French container shipping firm CMA CGM said on Monday it had agreed to sell a 90 percent stake in a Los Angeles terminal to infrastructure funds for $817 million in cash.   CMA CGM will retain a 10 percent interest in the Global Gateway South terminal after the deal with funds EQT


USCG Vice Commandant Visits Fairbanks Morse

Photo: Fairbanks Morse

On June 21, Fairbanks Morse hosted U.S. Coast Guard Vice Commandant, Admiral Charles Michel at its facility in Beloit, Wisc., where the USCG second in command was briefed on the company and viewed the manufacturing line that will build the engines to power the Coast Guard’s newly awarded


Current and Former WWL Execs Accused of Price Fixing

Photo: WWL

Two former and one current executive of the shipping company Wallenius Wilhelmsen Logistics AS (WWL) have been indicted on charges of fixing the prices of some international ocean shipping, the U.S. Justice Department said on Tuesday.  


Reederei Hamburger Lloyd Chooses Sealink Plus VSAT

Hamburg-based shipping group Reederei Hamburger Lloyd will move its fleet of nine containerships and six bulk carriers to Marlink’s Sealink Plus VSAT package including unlimited L-band backup.   Hamburger Lloyd is a long term customer of Telemar Germany and was looking for a


Diana Shipping in Time Charter Contract for Clio with Phaethon

M/v Clio. Photo:  Diana Shipping Inc

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Clio.    The gross charter rate is US$8,550 per day


Shipping Firms Pay $1.9 Mln for Pollution Cover-up

Two shipping companies based in Egypt and Singapore will pay $1.9 million in penalties after pleading guilty in federal court to violating the Act to Prevent Pollution from Ships (APPS) and obstruction of justice for covering up the illegal dumping of oil-contaminated bilge water and garbage into


Rosneft to Return to State Dividend Proposal

Igor Sechin, the head of Russian oil major Rosneft, said on Wednesday that his company would return to a government proposal for state-owned companies to pay out 50 percent of their profit in dividends for Rosneft's 2017 results. (Reporting by Denis Dyomkin; Writing by Jack


Mintra Launches OCS HR as a Cloud Service

Geir Kalleberg (Photo: Mintra Group)

 Already with a solid foothold within the Norwegian maritime sector, OCS HR has now been launched by Mintra Group as a cloud-based service (SaaS – Software as a Service). This means new advantages for customers and makes the software solution immediately available internationally to


TechnipFMC & the Future of 'Super-profit Oil'

TechnipFMC is revolutionizing the subsea industry from concept to delivery and beyond. (Image: TechnipFMC)

TechnipFMC’s Andersen discusses the way forward now that “super-profit oil” is over.   Ann Kristen Andersen heads up oilfield projects as offshore services and equipment supplier TechnipFMC’s managing director for Norway and Russia






 
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