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Two Years

Transocean Inc.’s Nautilus Receives Two-Year Contract Extension

Transocean Inc. announced that a subsidiary of Royal Dutch Shell (Shell) has awarded a two-year contract extension for the company's Fifth-Generation moored semi-submersible rig Deepwater Nautilus. The two-year contract extension is expected to commence in December 2006, in direct continuation of the rig's current contract. Revenues of approximately $310 million could be generated over the two-year extension period, excluding revenues for mobilization, demobilization and client reimbursables. The Deepwater Nautilus is currently operating for Shell Exploration and Production in the U.S. Gulf of Mexico and is expected to continue drilling operations for the remainder of 2005 and into 2006 before requiring an estimated 60 days of out-of-service time during 2006 to complete repairs of all remaining storm-related damage, which pertains mainly to the rig's mooring system. The rig, which entered service in 2000 following its construction in Ulsan, South Korea, is capable of operating in water depths of up to 8,000 ft.


Atwood Oceanics Announces Vicksburg Contract

Atwood Oceanics, Inc. (a Houston based International Offshore Drilling Contractor) said that the VICKSBURG (owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a two-year contract by Chevron Overseas Petroleum (Thailand) Limited ("Chevron") which will immediately follow Chevron's current eight (8) month drilling commitment offshore Cambodia. The VICKSBURG is presently working in Malaysia under drilling commitments with dayrates of $82,000 to $87


Oil Price Just Down From Two-Year Highs Set Last Week

Oil markets placed another bet on tightening supply, supporting prices in the vicinity of 22-month highs touched last week. Benchmark Brent for September hit $20.87 a barrel today, just 13 cents off a Friday peak of $21 that was the crude's highest value in almost two years.


IOS Announce Charter Contracts

P/R International Offshore Services ANS (IOS), which is a 50/50 joint venture between Farstad Shipping ASA and P&O Australia, has contracted two anchor handling support vessels at the Simek AS yard in Norway. Delivery of the vessels will take place in March and July 2003. The vessels are a new type of UT 712 of 12,240 bhp with DP and a double drum 370 tonne winch for employment in international markets. IOS has also entered into a two year time charter with Phillips in Australia for the


Canada Invests in Nova Scotia Small Craft Harbours

Photo courtesy of Halls Harbour NS

The Government of Canada will invest $10.2 million in maintenance, repair, construction and dredging projects at small craft harbours in Nova Scotia, as part of a country-wide $63 investment in core fishing harbours. “Small craft harbours play a vital role in securing the prosperity of our coastal communities in Nova Scotia,” said the Honourable Gail Shea, Minister of Fisheries and Oceans. “The investment announced today shows our Government’s commitment to providing


Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

  German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said. Chief Executive Frank Asbeck justified his intention by saying Chinese panel makers would still receive unfair state subsidies, according to the magazine. It was based on this reasoning that the German solar energy pioneer succeeded in getting the duties imposed in the first place.


BP Vietnam Awards PTSC/Canyon Two-Year Vessel / ROV Contract

PTSC Production Services and Canyon Offshore have entered into a two-year contract with BP Vietnam to provide a DP Vessel, Remotely Operated Vehicles, Survey and Positioning, and engineering solutions to support BP’s operations offshore Vietnam. Under the terms of the contract Canyon Offshore in conjunction with Petroleum Technical Services Company (PTSC), a division of Vietnam Oil and Gas Corporation, will mobilize Scorpion 25


Koike Aronson - Buyer Financing & Warranty

At a time when many industrial operators are having trouble securing credit, Koike Aronson/Ransome Inc. has joined with a major capital equipment lender to offer Equipment Leasing Financing to Koike’s customers in the U.S. and Canada. Koike Aronson’s business units and field representatives now have the ability to provide their customers with an indicated monthly payment, using a $1 buyout or a 10% purchase option, with terms of 36, 48 or 60 months.


Siem PSV Chartered by Petrobras

Siem Atlas (courtesy Siem Offshore)

Siem Offshore and Petrobras have entered into a charter agreement for the Platform Supply Vessel (PSV) Siem Atlas. The charter period has commenced and is for a firm period of two years. Petrobras has an option to extend the charter for two additional years, upon terms to be mutually agreed.   The gross contract value for the firm period is approximately $26 million. siemoffshore.com


MPA to Groom Maritime Talents

Image: Maritime and Port Authority of Singapore

 The Maritime and Port Authority of Singapore (MPA) is rolling out a series of new manpower schemes to attract, develop and retain local talent in the maritime sector.   The Government will set aside S$12 million over the next two years to roll out a series of manpower schemes.   Some 5,000 individuals are expected to benefit from the new manpower schemes, which will be rolled out progressively from May 1, 2016.  


Hydrex to Expand Antwerp Facility

Antwerp Port Authority has supported Hydrex Underwater Technologies’ plan to expand  (Photo: Hydrex)

Antwerp Port Authority has supported Hydrex Underwater Technologies’ plan to expand its existing 5000m² site on Asiadok on the River Scheldt with new workshops and offices.  As part of its expansion, the result of organic growth over the past two years


Global Deliveries Sending Out Mixed Signals

Graph: Clarkson Research Services Limited

 Despite the shipbuilding industry being under great pressure, global deliveries have exhibited some resilience and increased in 2015 and 2016 in dwt terms, says a report by Clarksons Research.   However, due to the multi-cyclical nature of shipping


Scorpio Bulkers Charters in Ultramax Vessel

Dry bulk vessels owner Scorpio Bulkers Inc. said it has entered into a time charter-in agreement with an unrelated third party on one Ultramax vessel.   The agreement is for two years at approximately $10,125 per day with an option to extend the agreement for one year at approximately $10


Drewry Trims Long-Term Freight Rate Outlook for LNG shipping

Graph: Drewry Shipping Consultants Limited

 Given the mounting pressure on freight rates and continuing fleet growth over the next two years, Drewry believes that excess vessel supply will reduce only gradually with the recovery in rates pushed back to the latter part of next year


Baltic Index Hits Two-year High

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for dry-bulk carriers, hit a more than two-year high on Wednesday as rates for panamax vessels rose. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 5 points at 1


Baltic Index Snaps Five-Session Winning Streak

© Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday after five straight sessions of gains as capesize rates dropped. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Daspos Opens its Doors in the US

Image: Daspos

Danish manufacturer of oil mist and gas leakage detection systems Daspos A/S has opened its new Daspos International, Inc. office in the greater Seattle area to service the maritime industry.   Daspos manufactures and markets the patented LAS-10 oil mist and gas leakage detection system for


Baltic Index Drops as Cyclone Dampens Demand

On March 29, 2017 at 3:24 a.m. UTC the VIIRS instrument aboard NASA-NOAAs Suomi NPP satellite captured this visible image of Tropical Cyclone Debbie over Queensland, Australia. (Photo: NASA/NOAA)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday as closure of mines and ports in Australia due to a cyclone weighed on demand for capesize vessels. Cyclone Debbie, which struck Queensland this week


DryShips Acquires Six Vessels

Image: DryShips Inc.

 DryShips Inc.  has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited.   These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels


Grennan Appointed President of SCAA

Devon Grennan (Photo: Global Diving & Salvage)

Devon Grennan, CEO and President of Global Diving & Salvage, Inc., has been appointed President of the Spill Control Association of America (SCAA). SCAA is a professional association representing spill control contractors, manufacturers, distributors, government agencies


Channel Dredging to Commence in Mumbai

Dredging works for the deepening and widening of the access channel toward Jawaharlal Nehru Port in Mumbai, India is scheduled to commence in the coming weeks and last for approximately two years.   The dredging will enable the country’ largest container handling port


Mississippi Mishap: Bridge Allision Triggers 2-Year License Defense

© Joe Sohm / Adobe Stock

Professional captains and pilots in all sectors of the maritime industry confront daunting challenges and hazards every day on every trip. From piloting oceangoing ships into congested harbors and safely docking them, to navigating ferries, tourist vessels and water taxis through harbors and


Finnlines, Alfa Laval Ink Scrubber Performance Deal

Photo courtesy of Alfa Laval

Finnish shipping operator Finnlines, part of the Grimaldi Group, has placed a service order with Alfa Laval to optimize the performance of its existing Alfa Laval PureSOx scrubber systems. The performance agreement was tailored for Finnlines using the Alfa Laval 360° Service Portfolio


Essar to Develop LNG Terminal at Haldia

Photo: Essar Official FB Page

 India's Essar Ports has won a contract to build the first liquefied natural gas (LNG) terminal in West Bengal  under the Kolkata Port Trust (KoPT) at an investment of Rs 450 crore (USD 70 million).   A Press Trust of India report said that the LNG project is expected to be


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






 
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