Offshore Oil Service Firms Dominate Energy Bankruptcies
Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield services companies filed for bankruptcy in the United States and Canada owing creditors $24.8 billion, compared with 72 companies and $13.48 billion for all of 2016.
Engines Selected for CMA CGM’s LNG Mega Ships
WinGD X-DF engines will power CMA CGM’s record setting containerships. French shipping line CMA CGM has chosen WinGD’s largest, 92 cm bore, dual-fuel low-speed engine to power its series of groundbreaking box ships – presently the largest on order globally, and the first ultra large container vessels with capable of running on liquefied natural gas (LNG). The series of nine ultra-large 22,000 TEU capacity containerships will be built at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.
TEN Completes Fleet Expansion
Tsakos Energy Navigation Ltd (TEN) has reported the delivery of the ice-class Aframax tanker Bergen TS, the last in the 15-vessel, pre-employed on long-term business, growth program, which increased the size of TEN's fleet by 30 percent over the last 18 months. With 65 vessels fully operational, the fleet's minimum revenue backlog comes to $1.3 billion with average contract duration of 2.5 years. "With the largest growth in the company's history, successfully and timely completed, TEN is well positioned to take advantage of market opportunities as they will appear," Nikolas P.
Teekay’s New Shuttle Tanker Delivered
Teekay Offshore said it has taken delivery of Beothuk Spirit, the first of three new shuttle tankers to serve East Coast Canada, built in Korea by Samsung Heavy Industries. Heritage Class sister vessels Norse Spirit and Dorset Spirit are scheduled for delivery in the first half of November 2017 and early-2018 respectively. The three Suezmax, DP2 shuttle tankers will provide crude transportation services to the Hibernia, Terra Nova, White Rose and Hebron offshore oil fields located in St. John’s, Newfoundland & Labrador.
Royal Caribbean Takes the Lead on Fuel Cell Tech
As the maritime world rapidly evolves to incorporate increasingly clean and efficient power sources onboard ships at sea, the cruise industry is emerging as a clear leader in the sector, driven by the high-profile nature of its ships and the often pristine environments to which they traverse. With that, ABB announced that it will deliver the first fuel cell system to Royal Caribbean, a pilot program in which the RCL ship will be the world's first fuel cell system on a luxury cruise ship.
Contract Awarded for Hybrid Icebreaking Tug
Spain's Gondan was tapped to build a tug designed by Robert Allan Ltd for the Port of Luleå (Sweden). Gondan’s new contract with Port of Luleå (Sweden) specifies a new hybrid-powered icebreaking escort tug -- a RAL TundRA 3600-H class icebreaking design. The vessel is designed to perform icebreaking (it is designed to break 1 meter of ice at a speed of up to 3 knots), ice management, escort, ship-assist, coastal towing, fire-fighting and navigation aids service duties. This 36m tug with a hull structure that exceeds Finnish-Swedish ice class rules and has high environmental standards will be classed by Lloyd’s Register. The vessel will be equipped with a hybrid propulsion system that will include two diesel main engines, shaft generators/motors and batteries for energy storage.
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…
Finland's Manga LNG Terminal Gets First Cargo
The first shipload of liquefied natural gas (LNG) arrival to the LNG import terminal in Tornio, Finland, on Sunday November 19, 2017. The Manga LNG natural gas import terminal in Röyttä Harbor, Tornio, is a joint venture of the industrial companies Outokumpu and SSAB Europe, the energy company EPV Energy and the LNG company Skangas. LNG was shipped to the terminal by Coral Energy, a time-chartered LNG carrier operated by Skangas. Once completed in summer 2018, the import terminal will be the largest LNG terminal in the Nordic countries and the second LNG terminal in Finland.
Triad, EMP Join Forces
As part of its product rollout strategy Eco Marine Power (EMP) announced today that it has signed a support agreement with Theodosiou Bros Ltd (TRIAD Ltd) of Piraeus, Greece. This agreement between EMP and TRIAD Ltd will lead to the establishment of a technical support hub in Greece from which the companies will be able to provide jointly, a variety of technical services related to EMP's products and solutions. In particular EMP and TRIAD Ltd will now be able to offer a wide range…
OII Announces Extension of Ocean Legend Contract
Oceaneering International, Inc. (OII) announced that the primary contract term for use of the Ocean Legend mobile offshore production system (MOPS) has been extended from three to five years effective May 17, 2002. The primary contract term will now terminate in May 2006. The Ocean Legend is working offshore Western Australia under a services agreement with Woodside Energy Ltd., on behalf of a joint venture comprising Woodside Energy Ltd., Apache Northwest Pty. Ltd., and Santos Limited.
Aker Solutions Sign UK Continental Shelf Frame Agreement
Aker Solutions secures a 5-year frame agreement to execute contracts acrossTalisman Sinopec Energy UK Ltd's offshore brownfield projects. Although the contract contains no firm spending commitment, the anticipated multi-million pound agreement cements the long standing relationship between the two organisations. With a significant pipeline of projects within Talisman Sinopec Energy UK Ltd's portfolio, today's announcement reinforces Aker Solutions' strategic objective of growing its business in the UK.
Alberta Investigating Bird Deaths at Oil Sands Site
Alberta's energy regulator said on Saturday it is investigating reports that about 30 blue herons have died at a Syncrude Canada oil sands mine site in the northern part of the Canadian province. The Alberta Energy Regulator said it sent investigators to the Syncrude Canada Mildred Lake site, which is about 40 km (25 miles) north of Fort McMurray. In 2010, Syncrude was fined C$3 million ($2.29 million) for negligence in the 2008 deaths of 1,600 ducks in a toxic waste pond, a case that fueled international concern about the environmental impact of developing Canada's oil sands.
Sea Wave Power Stations Contract for SDE Energy
Israel-based SDE Energy Ltd has signed an agreement with the Conakry government for the development of a 100MW sea wave power plant along the coastline of Guinea Conakry, West Africa. This project is intended to help Conakry become more independent and with a stable power supply that can solve all its energy problems. Due to the high oil prices and the rising costs of electricity, sea-wave energy production has emerged to become today a proper viable alternative for renewable energy production. S.D.E says it is continuing to expand throughout the world. The company adds that it has signed agreements worldwide for the construction of power plants through joint ventures and agreements with companies that are backed by government agencies.
CNPC, Cheniere Pact for LNG
China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC…
MOL's Coal Carrier NAGARA MARU to Serve JERA Trading
Mitsui O.S.K. Lines (MOL) announced the delivery of the coal carrier NAGARA MARU, which will serve Singapore-based JERA Trading, was delivered at Imari Shipyard and Works of Namura Shipbuilding on November 17, 2017. The vessel, which was jointly developed by Namura Shipbuilding and MOL, is a state-of-the-art coal carrier with a wide-beam/shallow-draft configuration and wide range of advanced safety and energy-saving features. The vessel is so-called "Hekinan MAX" which has characteristic 250 meters length to maximize transport volume to the discharging port…
Lockheed Martin in Australian Wave Energy Project
Lockheed Martin says it has signed a contract with Victorian Wave Partners Ltd. to begin developing the world’s largest wave energy project yet. The 62.5-megawatt peak power wave energy generation project will be built off the coast of Victoria, Australia, using Ocean Power Technologies' (OPT) PowerBuoy® wave energy converter technology. The company’s PowerBuoy wave generation technology uses a "smart," ocean-going buoy to convert wave energy into low-cost, clean electricity. The buoy moves up and down with the rising and falling of waves.
Stone Marine, NGC Marine Launch Joint Company
Propeller design and manufacturing company Stone Marine Propulsion has joined forces with NGC Marine of China to form a new supplier of propulsion solutions and marine gearbox equipment. The new U.K. based company, Stone Marine Propulsion NGC Ltd, is a subsidiary of Stone Marine Propulsion. It combines the experience of Stone Marine Propulsion in propeller design, hydrodynamics and metallurgy with that of NGC Marine Ltd, a manufacturer of marine propulsion and gearbox equipment. Units are available to suit a range of vessel types and sizes, including merchant, commercial and offshore. Already available are CPP propeller systems, Azimuth and Tunnel Thrusters of various types, and the company will also custom design and manufacture propeller, shaft and rudder products built.
Panoil, Universal Energy Lose Singapore Bunker Supply Licence
The Maritime and Port Authority of Singapore (MPA) will not be renewing the bunker supplier licences of Panoil Petroleum Pte Ltd and Universal Energy Pte Ltd when they expire on 31 August 2017. The bunker craft operator licence of Universal Energy Pte Ltd will also not be renewed. Both companies will no longer be allowed to operate as a bunker supplier and bunker craft operator in the Port of Singapore. Panoil Petroleum Pte Ltd made unauthorised alterations on the pipelines of their bunker tankers and has accumulated demerit points for non-compliances to the bunkering procedures.
'K' Line: Change of Executive Officers
Kawasaki Kisen Kaisha Ltd (“K” Line) announced changes to executive officers. “K” Line has promoted Senior Managing Executive Officer Kazutaka Imaizumi to the position of chairman of “K” Line India Private Ltd., Executive Officer Aka Hiraoka to counselor of “K” Line Logistics Ltd., and Executive Officer Tomoyuki Okawa to chief executive officer of “K” Line Offshore AS. Tomoyuki Okawa will provide assistance to Energy Transportation Business, in charge of Tankers, General Manager of Energy & Off-Shore Business Planning Group. Tomoyuki Okawa has joined “K” Line in 1983.
ISO Certification for MOL Ship Management Company
Mitsui O.S.K. Lines, Ltd., today announced that its group ship management company for dry bulkers, Magsaysay MOL Ship Management, Inc. has acquired certifications from Nihon Kaiji Kyokai, for Energy Management Systems (ISO50001*1) and Environmental Management Systems (ISO14001*2) on June 18. MMSM’s certifications cover ship management of bulk carriers and other cargo ships, as well as office operations onshore. MOL Ship Management Co., Ltd. acquired the same certificates in July 2014, followed by MOL Ship Management (Singapore) Pte. Ltd. and New Asian Shipping Company Ltd.
Aegean Becomes Fourth Bunker Supplier to Exit Singapore
Aegean Bunkering Pte Ltd will halt physical supply operations in Singapore by January, the company said, becoming the fourth such firm to exit the world’s largest marine refuelling hub after it adopted tougher bunkering procedures this year. Since adopting mass flow meters (MFM) to streamline operations on marine refuelling, or bunkering, barges at the start of 2017, suppliers in Singapore have seen margins squeezed and competition surge in the battle for market share. “2017 has seen heightened commercial pressures in Singapore, and as a result, management has determined that Aegean’s resources can be more profitably deployed elsewhere,” its president, Jonathan Mcilroy, said in a statement on Tuesday.
ABS Grants Energy Management Certifications
ABS announced the certification of several maritime industry leaders for adopting energy management systems. Gaslog LNG Services Ltd., Consolidated Marine Management and Goodwood Ship Management Pte Ltd. are among the first organizations to certify their energy management systems using the ABS Guide for Marine Health, Safety, Quality, Environmental and Energy (HSQEEn) Management. These forward-leaning companies are exceeding maritime industry requirements for energy efficiency and establishing systems that will allow them to manage operations that align with increased environmental awareness. This certification recognizes the addition of energy efficiency to these organization’s existing marine management systems.
Offshore Drill Ships Start Work off Vietnam
Northern Offshore, Ltd. semi-submersibles Energy Driller and drillship Energy Searcher have commenced operations off Vietnam coast. The Energy Searcher went on dayrate under the contract with the Joint Operating Company Vietgazprom, a joint venture between Petrovietnam and Gazprom, ("VGP") for their drilling program offshore Vietnam on April 6, 2012. The duration is for a four-well program expected to last approximately 100 days per well. The estimated contract value is approximately US$72 million.