The offshore support vessel (OSV) segment – over-capacity driving down utlilization and charter rates THE offshore support vessel (OSV) segment - touted as the bright spot where other traditional shipping markets are suffering - may entice tanker and bulk-carrier operators to jump ship, according to a recent Singapore Business Times article. However, OSV operators and owners are wary of such a crossover, and warn that if the sector gets more crowded, it may derail a recovery in charter rates that is expected to come about in two to three years' time. There are about 3,000 OSVs that support oil and gas offshore exploration - a sliver of the 70,000 merchant ships - but it is a sector that gained attention at a time when oil companies are expected to spend about US$600 billion in exploration and production activities. It is in an overcapacity situation, which has driven utilisation rates and charter rates down in the past years.
Norway's Statoil has found more gas offshore Tanzania, increasing its total for an eventual investment decision on a liquefaction plant with Britain's BG Group, which operates neighboring exploration blocks, it said on Tuesday. Statoil found another 1.2 trillion cubic feet of gas in its block, taking its total volume in-place to 21 trillion cubic feet, or about 3.8 billion barrels of oil equivalents. BG has also found about 15 trillion cubic feet of gross resources in nearby blocks.
Björn Rosengren President & CEO of Wärtsilä delivers his year 2012 financial results message to shareholders. Extracts from the message follow: "During 2012, we closed our largest ever acquisition with the purchase of Hamworthy. This acquisition supports our growth strategy in the marine gas, offshore and environmental solutions markets, and Hamworthy has performed well while being integrated to our Ship Power business.
Shipping’s need to squeeze maximum value out of available assets is finding sharp focus, as the global maritime and offshore industries gather at Europort 2013, Rotterdam (Ahoy Rotterdam, November 5-8). In line with its stated aim to showcase Pioneers in Maritime Technology, Europort has tapped into the maritime industry’s state-of-the-art for 2013. Its Advanced Technology Conferences (ATC), organized by Ahoy in close collaboration with HME
Leading contractor for deliveries of complete upstream oil & gas offshore platforms and onshore plants, Norway's Kværner ASA, reports operating revenues for the first quarter of 2014 wer NOK 3,489-million which is an increase of 31 percent compared to NOK 2 663 million in first quarter in 2013. The high activity and good utilisation of resources continued in first quarter 2014. The order intake in the first quarter of NOK 1
On December 20, 2016, in an 11th hour unilateral action designed to cement his environmental legacy, President Obama withdrew 3.8 million acres in the north and mid-Atlantic Ocean and 115 million acres in the U.S. Arctic Ocean (including the entire Chukchi Sea and a significant portion of the Beaufort Sea) from future oil and gas leasing. Unlike the five year moratoria announced by Canada, President Obama touted these closures as “permanent
Exxon Mobil Corporation announced the completion of the $2-billion Sable Offshore Energy Project off the coast of Nova Scotia, Canada, with the delivery of the first sales gas into the Maritimes & Northeast Pipeline. The project consists of three offshore platforms, a 125-mile subsea pipeline, natural gas-processing and fractionation plants and a 650-mile gas sales pipeline to New England, and is consistent with ExxonMobil's strategy of increasing gas and liquids production and expanding
Sakhalin Island currently is the oil and gas growth engine for Russia, which will rely on offshore regions for new production after 2010, the Oil & Gas Journal reported. By 2020, offshore fields could account for 20% of Russia's total oil and gas output. However, Russia must implement regulations and taxes before its offshore oil and gas assets can be developed since offshore royalty issues remain largely unaddressed
An effort to open Virginia's coast to offshore drilling gained new momentum in Congress when Virginia's senators introduced legislation giving states the option to drill for natural gas. The bill would give governors of coastal states the power to opt out of a federal moratorium that prohibits offshore drilling in most U.S. coastal waters. The new legislation comes one week after the Bush administration signaled its support for such proposals by calling for a study of potential gas and oil
Understanding Trends & Tendencies in the Gulf of Guinea Gulf of Guinea piracy presents a radically different picture compared with Somali piracy. Since decades it has been a kaleidoscopic mix of short duration hijackings, militant disruptions, kidnappings, robberies and thefts, depending on the location and the setting. It was not until recently, however, that piracy in the region attracted significant international media attention due to the increase in hijackings of product tankers in
The oil giant British Petroleum (BP) oil and gas well on Alaska’s Northern Slope that blew out on Friday continues to spill crude oil and gas uncontrollably. There have been no injuries or reports of damage to wildlife
Wärtsilä is to supply the engines and other propulsion machinery for a new offshore construction vessel being built at the Cosco shipyard in China. The ship owner is Belgian operator Dredging International (DEME). This will be the first vessel of its kind to be fueled by liquefied
The DNV GL-led joint industry project, WIN WIN (WINd powered Water INjection), has completed its first phase and determined that wind power could be used to power offshore water injection. The project is currently moving into its second phase
Ampelmann, provider of offshore access to the energy industry, has unveiled its latest walk to work system which has been specially designed for operation in extreme cold conditions. The N-type, nicknamed Icemann, was officially launched in front of 200 guests on Thursday, April 20, in Rotterdam
South Korea's Daewoo Shipbuilding expects to deliver two more ice-class tankers to lift liquefied natural gas (LNG) from Russia's Yamal LNG project this year, a company spokesman said on Monday. Daewoo Shipbuilding & Marine Engineering (DSME)
National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on DOI’s proposal to repeal recent amendments to the Federal Royalty Valuation Rule: “NOIA supports repeal of Interior’s 2017 Royalty Valuation Rule
Lankhorst Euronete SA is supplying fibre mooring ropes to Global Maritime Consultancy & Engineering for construction of the world’s largest fish farm near the island of Froya, offshore Norway. The new concept fish farm is a pilot facility developed by Ocean Farming
ABS, a provider of classification and technical services to the marine and offshore industries, has successfully implemented the ABS NS Fleet Management Software suite for Hadi Hammad Al Hammam Group, a leading service provider to the oil and gas industry in the Middle East.
IMCA stands behind its opinion that CBP implementation of its proposal will severely damage business in the US Gulf of Mexico. Quote from Allen Leatt, CEO, The International Marine Contractors Association (IMCA) in response to report at marinelink
Next Geosolutions announced the acquisition of UK-based marine resource solutions company, RMS Submarine Ltd. The acquisition of the companies enables Next Geosolutions to focus on the operations and maintenance market, for both the cables and renewables industries
Dutch water treatment specialist Hatenboer-Water has supplied three fresh water generators for the Pioneiro de Libra oil production vessel built by Jurong Shipyard Pte Ltd. The order consists of three reverse osmosis type fresh water generators
Wärtsilä said it has been contracted to supply a comprehensive package of engines and propulsion machinery for a new cutter suction dredger (CSD) vessel slated to become the world's most powerful and first ever to be fuelled by liquefied natural gas (LNG).
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to become one of the world’s top natural gas exporters.
Wärtsilä and COSCO shipping Heavy Industry Co (CHI) have announced the joint development of a natural gas operating fleet concept, and this design has now obtained Lloyd's Register's (LR) Approval in Principle (AiP) certificate. The development project was carried out under the terms of
Krill Systems Inc. said it has completed its phase 2 product development cycle with the recently introduced Krill Regasification Monitoring Center (KRMC). Krill identified this phase of its business plan as the ability to supply a comprehensive range of energy monitoring products which