U.S. Rig Count Drops, But E&P Spend Up 13%
U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March.Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That was the first time drillers cut rigs for two weeks in a row since October 2017. For the month, the rig count decreased by one, its first decline since March.For the quarter…
Vestas, Maersk Tackle wind turbine Transport, Installation Costs
Project has secured $7.3 mln in public funding; sector races to build ever bigger turbines. Danish wind turbine maker Vestas and offshore services firm Maersk Supply Service are teaming up to tackle the cost of transporting and installing ever larger wind turbines. Seeking to remain profitable as European countries phase out subsidies, the industry is turning to ever bigger turbines to harness power more efficiently and respond to pricing pressure for new equipment around the globe. Vestas and fellow Danish company Maersk Supply Service, part of A.P.
Bad Weather Stalls Bangladesh FSRU Hook Up
A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…
Marine Propulsion Market Poised for Growth -Report
The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1 percent from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 51 percent in 2015, and is anticipated to maintain this trend. Increase in production and sales of ships globally and rise in international seaborne trade drives the market growth.
Marine Jet Power Awarded Repeat Order for Korean Navy
Marine Jet Power has been awarded a repeat order to supply waterjets to another 3 units Patrol Killer Experimental (PKX-B) fast attack craft for the Korean Navy. Last year, South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) launched the first unit which is currently undergoing sea trials. The propulsion system comprises a MJP 950 single drive and MJP 650 double drive waterjet installation. Powered by General Electric's 12 000 hp LM 500 gas-turbine engines and Caterpillar Marine's 1 900 hp CAT C32 diesel engines in a combined diesel and gas turbine configuration…
The Dawn of the Digital Cruise Era
Cruise shipping is one of the fastest growing sectors in tourism. The Cruise Lines International Association (CLIA) predicts that over 24 million passengers will take a cruise in 2016 and that CLIA member lines will match this with more than a $6.5 billion investment in new ocean-going ships. However, in the past few years, the industry has not always hit the headlines for the right reasons. Negative environmental stories, brand damage, revenue loss and sometimes even incidents costing passenger lives, have prompted the U.S.
Hyundai Heavy and GE Partner on GOGES Package
Hyundai Heavy Industries (HHI) has signed an MOU with General Electric Company (GE) to cooperate for the development of GOGES (COmbined Gas turbine Electric and Steam) package for LNG carriers and containerships. The MOU signing ceremony was attended by Choi Kil-seon, chairman and CEO of HHI; Kim Jeong-hwan, COO of HHI’s Shipbuilding Division; Chung Ki-sun, executive vice president of HHI; John Rice, CEO of GE Global Growth & Operations; Tim Schweikert, CEO of GE Marine; Chris Khang, CEO of GE Korea. At the event, the two companies discussed agendas including the technical development progress and economic feasibility of COGES package and joint sales activities at LNG18, an upcoming international LNG conference and exhibition in April in Australia this year.
Petrobangla, Summit Pact for 2nd LNG Terminal
Bangladesh's State-owned Petrobangla has inked final deals with Summit LNG Terminal Co to development the country's second floating LNG terminal. The Financial Express reported that Summit group will install a Floating Storage and Re-gasification Unit (FSRU) at Moheshkhali Island in the Cox's Bazar. The terminal will have 500 million meter standard cubic feet per day (mmscfd) capacity, which would go on operation after 18 months. The cost of the second project is estimated at $400 million-500 million…
Small Scale LNG Market to Grow at 2.5% to 2022
The Global Small Scale LNG Market is expected to grow over the CAGR of around 2.5% during the period 2014 to 2022, says a report by Market Research Future. The growth of the Small Scale LNG Market is majorly driven by increased demand for energy in the Asia-Pacific region. The government initiatives that focus on providing cleaner fuel, is driving the market, especially in countries such as India and China. The market is further driven by the growing adoption of LNG for heavy duty transportation purposes in the Europe and North American regions.
Air New Zealand Wins Deal to Service US Navy Engines
Air New Zealand said its Gas Turbines business unit has been awarded four contracts from the U.S. Navy worth up to $42 million to service its fleet’s gas turbine engines. The contracts will see the Auckland based Gas Turbines team carry out maintenance and overhaul work of the General Electric LM2500 gas turbines that power much of the U.S. Navy fleet for the next few years. Air New Zealand Chief Operations Officer Bruce Parton said the contracts are an important win for the airline, and the company participated in aa competitive bidding process to secure the work. Air New Zealand Gas Turbines is a business unit of Air New Zealand, providing gas turbine overhaul and repair services to clients across a range of industries.
Can Domestic Shipping Become Our Industry’s Farmer’s Market?
Arriving at the Farmer’s Market this morning I made the decision to grill some hand cut rib eye with fresh vegetables and potatoes later that evening. I searched several of the local farm kiosks to find the mix I wanted and then reached into my pocket to pay for my choices. The price for all this local fare is not competitive with Cosco or Walmart, but I know the vegetables are organically grown without chemicals and the local beef is grass fed. The price point may not be right but the effort supports local business and the farmers who work hard to provide us sustainable products and quality.
DCNS Predicts Turning Point for Tidal Power
Tidal power is moving beyond the prototype stage for state-backed French naval shipbuilder DCNS, which is targeting a billion euros in sales from the technology in the next decade. DCNS, which is 35 percent owned by defence group Thales and 64 percent by the French state, builds warships and submarines but aims to sell its first commercial tidal power system in four years and wants to get up to 25 percent of its sales from renewable marine energies by 2025. The firm bought Ireland's OpenHydro…
US Drillers Add No Oil Rigs as Harvey Slows Production
U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the start of June 2016. The rig count is an early indicator of future output.
GE's Chairman Jeff Immelt Retires
U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.
US Oil Rig Count Steady this Week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August…
Damen Bags Special Steel Tanks Contract
Damen Oskarshamnsvarvet Sweden has been awarded the contract to manufacture high-precision special steel tanks together with their integrated cassettes for OKG; operator of three nuclear reactors on Sweden’s Simpevarp peninsula. With two reactors due to be decommissioned and dismantled, the tanks will be used to store radioactive reactor parts as part of the disposal process. While Damen Oskarshamnsvarvet Sweden is best known as one of the ship repair and conversion yards in the Baltic Sea…
MN100: GE Transportation Marine
GE Transportation is a global digital industrial leader and supplier to the marine industry. Established more than a century ago, GE Transportation is a division of the General Electric Company that began as a pioneer in passenger and freight locomotives. That innovative spirit still drives GE Transportation today. The firm employs about 10,000. GE’s Marine Solutions is at the forefront of emissions reductions with its breakthrough technology that achieves optimal operational and emissions compliance in medium-speed diesel engines.
US Offshore Wind Comes to Life
Marine News contributor Robert Kunkel asks: Are we ready to support the farms? On August 19, 2016, we watched as the fifth tower and associated nacelle was raised on the Deepwater Offshore Wind Farm approximately 3 miles offshore of Block Island, Rhode Island. This is the first Offshore Wind farm erected in the United States and, without a doubt, a huge step forward for this controversial project and alternative energy supply. The Block Island Wind Farm has a total generating capacity of 30 megawatts and is projected to produce approximately 125,000 megawatt hours annually.
GE to Merge Oil & Gas Unit with Baker Hughes
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells.
Emissions Regulations: 'It's Not Easy Being Green'
Nor is it getting any easier to understand when, how and why to comply. Whether your marine operation is a major corporation or a family “mom and pop” company, the type of fuel you now burn or for that matter what emanates from your stack each day after the burn has now become a major source of confusion. As Kermit the Frog once said, we will now know what its like to be green. Some believe the discussion is a new subject. It is not. Those of us that work the oceans, rivers and sounds for a living always had a concern of how much fuel we burn and what the quality of that fuel was.
GE Profit Tops Estimates
General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.
GE to Trial World’s Largest Wind Turbine in UK
U.S. conglomerate General Electric will test the world's largest wind turbine in a facility in northeast England, it said on Tuesday. GE Renewable Energy, the renewable arm of the U.S. firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE's Haliade-X 12 megawatt (MW) turbine in Blyth, Northumberland. "This is an important agreement because it will enable us to prove Haliade-X in a faster way by putting it under controlled and extreme conditions," John Lavelle, president & CEO of GE's Offshore Wind business said in a statement.
In US Gulf, Robots, Drones Take on Dangerous Offshore Oil Work
At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid specialist technicians who did their jobs while rappelling along the platform. The energy industry has turned to robots and drones to cut costs and improve safety in some of the world's tougher working environments. Drones inspect gear high up on floating rigs.