Morandi to Head GustoMSC’s Houston Office
Dr. Alberto Morandi has been appointed to the position of General Manager of GustoMSC’s office in Houston. He will be responsible for running the office and will act as point of contact for GustoMSC’s U.S. clients. GustoMSC is a design and engineering firm serving the offshore energy sector, and its U.S. office represents the company’s design solutions, associated hardware and specialist consultancy and engineering services in the local markets of the U.S. and the Americas. With Dr. Morandi’s appointment, GustoMSC said it aims to further ensure close working relations with its local clients and to facilitate easy access to the technical expertise of its headquarters in the Netherlands. Dr.
What's next from Maritime Reporter TV?
Jim McCaul, founder of International Maritime Associates, sat with Maritime Reporter TV's Greg Trauthwein in Washington, D.C. to discuss key market trends affecting the global energy and maritime sectors. With inimitable insight, McCaul offers a candid look into the state of U.S. shipbuilding, the condition of the floating production industry, potential for an energy sector rebound, and the incoming Trump administration. In the first segment, McCaul identifies signs of hope within the global energy markets and provides an update on the state of floating production.
Intelsat Expands in North American Energy Sector
Intelsat S.A. said it signed a multi-year agreement with Digital Networks to provide capacity via its satellite fleet and IntelsatOne terrestrial network, enabling Digital Networks to more effectively support very small aperture terminal (VSAT) communications networks in North America. Digital Networks will leverage Intelsat's teleport services and capacity on the Galaxy 3C satellite to expand its network in the United States and Canada. "This agreement will enable Digital Networks to quadruple its available throughput for delivering integrated voice, data and real-time applications for our energy customers," said Digital Networks CEO Curtis Blankenship.
Strategic Marine to Build Barge for Energy Sector
Perth-based ship building company Strategic Marine has won a contract to supply a 88.5-ft work barge to service the energy and resources sector in Western Australia's north-west. The vessel, being built for Karratha business Offshore Plant Hire, will be based in the Port of Dampier and be chartered to marine operations company Bhagwan Marine. It will service the areas around Dampier, Onslow and Barrow Island and be used primarily for port upgrades, construction support, mooring maintenance and shallow water dive perations.
Wall St Stabilizes After 6 Days of Gains, Energy Sector Advances
U.S. stocks ended little changed on Monday in a quiet session, as investors saw little reason to continue buying on Wall Street after a winning streak of six days of the S & P 500, although the activity mergers and acquisitions boosted the energy sector. * The S & P 500 halted its longest streak profit since mid-April, after hitting session highs on Friday, with the Dow Jones. Investors await catalyst to continue the progress, but the upward trend is seen Wall Street largely intact. * Sales of U.S. existing homes rose in May at a rate more than double than expected, while the preliminary reading of manufacturing index hit its highest level since May 2010.
Weakening Energy Sector a Factor in Fugro Profit Slide
Following a weak first quarter and due to poorer than expected results during the past months, Fugro says it has decided to disclose preliminary non-audited information on its performance in the first half of 2014. Low single digit EBIT margin (excluding non-cash impairments). This compares to an EBIT margin of 11.4% in the same period last year, or 10.3% excluding special items1. Non-cash impairments in a range of EUR 300-350 million. After the weak first quarter, improvement in results during the past months has been lower than expected mainly for the following reasons.
Canada, G7 Partners to Push LNG
The Government of Canada recognizes the critical role of international cooperation on energy, as it impacts economic and social development, innovation, safety and security, environmental protection, and climate change. Canada's Minister of Natural Resources, the Honourable Jim Carr, reinforced the Government's commitment to advancing lasting, good jobs in energy, ensuring energy access and security around the world and expanding the clean-energy economy while at the G7 Energy Ministerial in Rome, Italy, this week.
Wagenbourg New Crane for Oil, Gas, Energy Sector
Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with the most innovative features in the technical area as well as safety, this crane is highly suitable for lifting operations in the petrochemical, oil & gas and energy sector. This DEMAG AC-700 is a 9-axle crane with impressive dimensions. The crane has a 60 meters main boom and can carry a maximum of 160 tonnes counterweight.
Aecon Report Strong Q2 2014 Energy Sector Results
Canada-based Aecon Group Inc. Revenue was $590 million for the second quarter of 2014 compared to $698 million for the same period of 2013, largely due to lower revenue in Mining (as a result of lower volume of site installation work following the substantial completion of a significant project in 2013, and lower demand for contract mining services largely driven by temporary client production shutdowns in the oil sands during the second quarter). Adjusted EBITDA for the second…
Gazprom, Vietnam Boost Cooperation in Energy Sector
The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Fam Suan Shon, Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to Russia. The meeting addressed the issues of the Russian-Vietnamese cooperation in the energy sector. In particular, the parties praised the results of the joint exploration and production activities on the Vietnamese shelf and in Russia as well as expressed their satisfaction with the progress of a Vietnamese project for natural gas use as a vehicle fuel.
LR Invests in Senergy to Build Energy Sector Service
Lloyd’s Register (LR) announced a significant investment in global services company Senergy to create an industry-leading offering - from the reservoir to refinery and beyond. The deal will see LR and Senergy provide a unique and comprehensive portfolio of services to the upstream sectors of exploration, production and transportation through to refinery and beyond. The combined business will also provide life of field services from inception to decommissioning and offer unparalleled…
Iraq Energy Sector the Focus of IEA Report
The International Energy Agency<http://www.iea.org/> (IEA) will undertake a comprehensive analytical study of Iraq as part of the 2012 edition of its flagship publication, the World Energy Outlook (WEO). "Iraq's energy sector is both central to the reconstruction and development of the Iraqi economy and of huge importance to the global outlook," said IEA Executive Director Maria van der Hoeven. "The focus on Iraq in this year's World Energy Outlook will illuminate a central issue for the future of global energy, and we are very pleased to be working with the strong support of the Deputy Prime Minister of Iraq, Dr. Speaking to the IEA Governing Board on 15 February, the Ambassador of Iraq to France, H.E. Dr. Fareed Yasseen, outlined Iraq's expectations for the IEA work.
Bibby Offshore Scoops Two Business Awards
Bibby Offshore, a provider of subsea installation, inspection, repair and maintenance services to the offshore oil and gas industry, has been recognized at the 2014 Northern Star Business Awards winning in the categories Commitment to People Development and Outstanding Contribution to the Energy Sector. The awards were announced September 25 at the AECC. The Commitment to People Development award recognizes the company that has shown the most commitment to developing its staff through skills and personal development, investment and achievement programs and outcomes.
Russia to build 15 Tankers at South Korean Shipyards
Fifteen tankers will be built at South Korean shipyards to transport the products of the Yamal LNG plant, TASS cites Russian President Vladimir Putin as saying. “We have noted with satisfaction the successful cooperation in the energy sector: South Korean companies are participating in the Sakhalin-1 and Sakhalin-2 projects, we are working on the issue of increasing purchases of liquefied natural gas,” the report quoted President Putin. Besides, Vladimir Putin marked the advantages…
Siemens Strengthens Water Capabilities in Oil and Gas Industry
Effective April 1, 2012, Siemens Industry Inc. has transferred the Water Solutions Oil & Gas business to Siemens' Energy Sector, Oil & Gas Division, Integrated System Solutions (ISS). Under the Energy Sector's leadership, the former Water Technologies Oil & Gas group will have significantly added capacity to address customer needs in the oil and gas market, including enhanced access to customers, increased execution capabilities and an expanded international footprint. The Water Solutions group will be joining more than 3000 professionals in over 35 countries. "The oil and gas business is growing within Siemens' Energy Sector and is expected to keep pace with global energy demand…
UK Offshore Energy Sector Needs Regulating, Says New Report
The equivalent of 41 billion barrels of oil have already been produced from the UK Continental Shelf, but production is declining. Improving the way the UK's offshore oil and gas industry is regulated could boost the economy by £200bn over the next 20 years, according to a new government-commmissioned report by retired oil tycoon Sir Ian Wood, reports BBC Scotland. The current regulator, which is situated within the Department of Energy and Climate Change (DECC), is now significantly…
Warning Sign: High-Yield Bonds Drive Energy Sector Growth
Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll. Some recent bond deals have struggled to get across the line, only to end up still getting punished in secondary. Apollo's US$1.1bn LBO bond for Jupiter Resources, for example, has traded as low as 89 - even after coming to market last month with a five-point discount. "A lot of high-yield energy companies, particularly those developing shale plays, are spending more money than they are taking in," Patrick Faul, head of research at Calvert Investments, told IFR.
Merger Talks Feed Energy Sector Deal Speculation
Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices.
Semco Maritime, Langset to Develop Hanøytangen Yard
The two Norwegian companies enter into the agreement to cover development of the Hanøytangen yard as well as pursuing business opportunities in the oil and gas/maritime industry, primarily targeted at the North Sea and international markets. Langset AS will establish a mechanical workshop and it will move its engineering office and rope access headquarter to Hanøytangen. Langset is a provider of services to the maritime and energy sector, and Semco Maritime is a specialist in large-scale maintenance and refurbishment of offshore installations.
Energy Sector Taps Ex-Military Personnel to Bridge Talent Gap
Oil and gas industry offers ex-military personnel chance for a challenging second career. A former soldier has swapped foreign battlefields for the oil and gas industry, highlighting the vital role transferrable skills can play in addressing talent shortages within the energy sector. Duncan Harwood spent five years in the armed forces, leading soldiers on tours of Iraq and Northern Ireland, along with managing construction sites in the Falkland Islands. The 32-year-old has now joined Aberdeen-headquartered independent energy consultancy ADIL as a subsea project engineer.
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.
Canada Oil Spill Program Hit by Cheap Crude
The two-year oil price crash has hurt a Canadian government program that funds research on oil spill cleanups, resulting in fewer applicants than expected, a senior federal official said. As a result, the government will expand the scope of its Oil Spill Response Science Program and open a second call for applications this month, Marc Wickham, Natural Resources Canada's director of energy science and technology programs, said in an interview late last week. The program funds research that improves cleanup methods for marine oil spills. Those eligible include production, pipeline and shipping companies in the energy sector. Wickham spoke with Reuters after it obtained details of the program's amendment through an access-to-information request.
Safe Sea Transfer of Technicians on Agenda
Technicians working in the growing offshore alternative energy sector often need to be transferred to their place of work by sea. This needs to be done safely and efficiently, and this week International Maritime Organization (IMO)’s Maritime Safety Committee (MSC) will continue discussions on mandatory measures to cover this potentially hazardous activity. The Committee will consider interim measures ahead of the adoption of a proposed new Code. Other important items on the agenda include the adoption of amendments to SOLAS, including those related to subdivision and damage stability.