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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


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


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.


Aker Solutions Reports 4Q 2011 Results

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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


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.


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


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

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


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


PDVSA Readies Armada of Fuel Imports

About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data.  


Daewoo Shipbuilding unlocks $2.6 bln Bailout

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

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


Private Equity Boost for Hyundai Samho

South Korea’s Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), said it has attracted 300 billion ($264 million) won investment via pre-IPO.   Under the agreement signed with Korean private equity firm IMM Private Equity


S. African Watchdog Seeks Penalty Against K-Line

Image:  K LINE Shipping (South Africa) PTY LTD

 South Africa’s  competition watchdog  is seeking to fine Japan’s Kawasaki Kisen Kaisha (K-Line) as much as 10 percent of its annual revenue in the country for colluding on a tender for the transport of Toyota Motor Corp. vehicles, reports Reuters.  


Maersk, Denmark Close In On North Sea Oil Deal

File photo: A.P. Moller - Maersk

Oil and shipping conglomerate A.P Moller-Maersk could land a deal with the Danish government on oil and gas operations in the North Sea within days, political sources with knowledge of the negotiations told Reuters on Tuesday.   The deal will secure continued production in the Danish part


Diana Shipping Announces Time Charter Contracts for Philadelphia

M/S Philadelphia. Photo:  Diana Shipping Inc

 Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk vessels, the m/v Philadelphia.   


Shreyas Shipping Acquires Balaji Shipping

Image: Transworld

 India’s Shreyas Shipping and Logistics has approved plans for its subsidiary Shreyas Relay Systems (SRS) to acquire 99.9% of Balaji Shipping Lines from Transworld Holding (TWH).   Shreyas Shipping said that consequent to the said issue


Diana Containerships Reactivates Time Charter With OOCL

M/V Pucon. Photo: Diana Containerships Inc.

 Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that it plans to reactivate one of its Post-Panamax container vessels, the m/v Pucon.    The company also announced that, through a separate wholly-owned subsidiary


Will LNG Remain a Key Energy Source?

© phonix_a / Adobe Stock

Industry expert predicts LNG will remain a key energy source; energy authority expect that Japan’s reliance on LNG will continue to grow   Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year


CMA CGM Supports Le Carburateur

Photo: CMA CGM

 CMA CGM, a leading worldwide shipping group, and le Carburateur, an incubator for small companies in the Marseille Northern Area in France, team up to stimulate entrepeneurship and job creation in the city.  Under the guidance of Rodolphe Saadé


Maersk Reaches Key North Sea Tax Deal with Denmark

File photo: Maersk Oil

Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025.   The deal, which has been under negotiation for months


Russia Ramping Up Arctic LNG Production

Photo: Total

Russia may produce more than 70 million tonnes of liquefied natural gas (LNG) per year in its remote Arctic regions, the head of gas producer Novatek said on Wednesday.   "The Gydan and Yamal peninsulas have a vast resource base that allows the production of over 70 million tonnes (of


Seanergy Maritime Reports Q4 Results

Photo: Seanergy Maritime Holdings Corp.

 Seanergy Maritime Holdings Corp reports financial results for the fourth quarter and twelve months ended Dec. 31, 2016.   For the fourth quarter and twelve months ended December 31, 2016, the Company generated net revenues of $10.9 and $34.7 million respectively


Oil Firm Penalized by DOJ for Jones Act Violation

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Alaska Oil Company Agrees to Pay $10 Million in Penalties to Settle Federal Claims for Violating the Jones Act.   Acting U.S. Attorney Bryan Schroder announced today that Furie Operating Alaska LLC (“Furie”), a company whose focus is exploration and production of natural gas and






 
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