Marine Link
Saturday, January 20, 2018

Offshore Ventures News

New CEO, Co-CEO to Lead MHI Vestas Offshore Wind

Photo: Vestas Wind Systems A/S

Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years. Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore…

Buccaneer's Jack-up Rig Mobilizes to Alaska

Australia-based Buccaneer Energy sees its 'Endeavour – Spirit of Independence' en route to Cook Inlet, Alaska. Buccaneer says it jack-up rig has been loaded on to the heavy lift vessel Kang Sheng Kou bound to drill for fossil fuels in waters off the coast of Alaska. The delivery of the Endeavour jack-up rig to the Cook Inlet will complete the first phase of Buccaneer’s business plan started almost 2 years ago. That plan included the acquisition of the Endeavour and the modification and repairs in Keppel FEL shipyard, which was managed by Buccaneer’s internal management team. The Endeavour project was funded through a joint venture company Kenai Offshore Ventures, LLC (“KOV”).

Alaska Drill Rig Refit Contract Terminated

Buccaneer Energy contextualizes termination of its contract with Archer Drilling as project manager of work on one of its jack-up rigs. The contract was for Archer Drilling to act as project manager of modifications and repairs to the Endeavour-Spirit of Independence jack-up rig owned by Kenai Offshore Ventures, LLC, which is a joint venture between Buccaneer, Singapore based Ezion Holdings Limited and the Alaska Industrial Development and Export Authority (“AIDEA”). Buccaneer is the designated Manager of Kenai Offshore. Archer Drilling was engaged by Kenai Offshore in October 2011 under a Master Services Agreement (“MSA”) to provide project management services for the modifications and repairs required to be undertaken to the Endeavour to allow it to operate in the Cook Inlet, Alaska.

Royal IHC Launches TSHD Newbuild

Royal IHC launched the new trailing suction hopper dredger DC Orisant on January 11 in the Netherlands (Photo: Royal IHC)

A new multipurpose 5,450m3 trailing suction hopper dredger (TSHD) was officially named and launched during a ceremony on January 11 at Royal IHC’s shipyard in Krimpen aan den IJssel, The Netherlands. The dredger, named DC Orisant, is being built for a joint venture between Den Herder (Reimerswaal Dredging) and Group de Cloedt and is slated for delivery in mid-2018 for work in the dredging and offshore wind markets. “The DC Orisant is a TSHD with full system redundancy and can perform a wide range of projects.

HHIC Seals Deal with Creditors

Subic Shipyard. Photo: Hanjin Heavy Industries & Construction Co

Cash-strapped  South Korean shipbuilder Hanjin Heavy Industries & Construction (HHIC)  has signed a memorandum of understanding (MOU) with its creditors to receive a KRW 120bn ($103m) cash injection, and will sell off property and businesses worth KRW 2tr ($1.71bn) as part of its self-restructuring plans. The shipbuilder entered workout program with nine creditor institutions led by its main creditor Korea Development Bank (KDB), four months after it applied for the procedure to seek debt relief and bailout.

KEP Marine Debut New ECDIS Equipment

KEP ECDIS Display: Image courtesy of KEP Marine

Manufacturer of marine sunlight-readable displays, marine hardware and software products, Kessler-Ellis Products (KEP) Marine announce its new line of U.S.-manufactured, powerful, commercial-grade marine monitors and computers with Electronic Chart Display and Information System (ECDIS) type approval. Built for reliable performance even in the most extreme marine conditions, the rugged and rigorously tested suite of displays and computers comply with International Maritime Organization (IMO) regulations…

Saudi Aramco Shipyard Joint Venture Appoints CEO

(Photo: Saudi Aramco)

Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.

Ocean Network Express Completes Merger Approvals

Graphics: Ocean Network Express

South Africa’s competition watchdog becomes final signatory allowing Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL ),  Nippon Yusen Kabushiki Kaisha (NYK ) merger, so that Joint venture (JV) can start operations on April 1. "K Line, MOL and NYK have  announced that their new joint venture company, Ocean Network Express Pte. Ltd., established in July 2017, has received all necessary merger approvals from local competition authorities in regions and countries where such approvals are required for the launch of service by the newly established joint venture company…

Maersk Drilling Bags Contract with Tullow Ghana

Photo: Maersk Drilling

Maersk Drilling has been awarded a four year contract for the deep-water drillship Maersk Venturer by Tullow Ghana Ltd. The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana. Maersk Venturer is currently in transit for the job offshore Ghana thereby further strengthening Maersk Drilling’s presence in the region. ”I am very pleased that Maersk Drilling will be mobilising another deepwater rig for this significant job in a strategically important region.

Teekay to Pursue FPSO Projects

Production Storage and Offloading (FPSO) units. and Chief Executive Officer. that will result from this increased offshore oil production. Mr. customers and should increase our investment in this area. Production Espen Klitzing. The joint venture will only encompass new projects. venture. venture are to be finalized during the second quarter of 2006.

New Offshore Crane Joint Venture: Palfinger Koch

Palfinger Dreggen and the Brazilian crane manufacturer Koch Metalúrgica have entered into joint venture Palfinger Koch  for manufacturing offshore cranes in Brazil. Palfinger Dreggen has concluded an agreement with partner Koch Metalúrgica for entering into a joint venture named Palfinger Koch Montagens Industriais Ltda. for the purpose of joint assembly, testing and commissioning of offshore cranes in Brazil. The joint venture is based on an already existing and successful partnership between Palfinger Dreggen do Brasil, based in Rio de Janeiro, and Koch Metalúrgica, located in Cachoeirinha, Rio Grande do Sul. The agreement will strengthen Palfinger Koch’s ability to successfully deliver high-end offshore cranes with local content to the Brazilian offshore market.

Halifax Shipyards Win South Venture Contract

The owners of the Sable Project offshore Nova Scotia has awarded the fabrication contract for the South Venture topsides to Halifax Shipyards Ltd. of Halifax, Nova Scotia. A decision by Sable Project owners on whether to proceed with the proposed South Venture development is expected in early 2003. South Venture was included in Sable's development plan application, which was approved in 1997. Pending owner approval, the South Venture platform would begin operations in 2004. processing plants. of sales gas and 20,000 barrels of natural gas liquids. In addition to South Venture, the Tier 2 fields are Alma, scheduled to come on stream in late 2003, and Glenelg.

Stolt Offshore Reports Milestone Reached On Girassol Field

Stolt Offshore reported that, following the TotalFinaElf announcement of first oil production from the Girassol field, that a major milestone had been reached on this unique field development on which Stolt Offshore has been working for four years. The operator of the field is TotalFinaElf with a 40 percent interest. Other partners are Esso Exploration Angola (Block 17) Limited (20 percent), BP (16.67 percent), Statoil (13.3 percent) and Norsk Hydro (10 percent). Girassol is being developed under a production sharing agreement with Sonangol, the national oil company of Angola. Stolt Offshore has been involved in two parts of the development.

SWISSCO Sets Up JV with Union Offshore

The Board of Directors of Swissco Holdings Limited has entered into a joint venture with Union Offshore Ltd, a company incorporated in the Republic of the Marshall Islands. The joint venture has secured a charter contract with an approximate value of up to US$115 million to provide an offshore service unit for up to a seven-year period to support the oil & gas activities of an oil company in Asia Pacific. The joint venture has entered into a Memorandum of Agreement to acquire and own an offshore service unit to meet the requirements of the contract. bank borrowings. The above mentioned charter is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31st December 2014.

Offshore Accommodation Rig Order for COSCO

COSCO Corp. (Singapore} subsidiary COSCO Qidong Offshore Co to build the accommodation rig for European joint venture company. The contract, valued at US$200-million.is for the construction of a harsh environment semi-submersible accommodation rig for Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision. Signatory of the contract was COSCO Qidong Offshore Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd Delivery is scheduled for the first quarter of 2015.  

ONGC Hunts for Partners

Flagship explorer Oil and Natural Gas Corporation (ONGC) could be looking at roping in other shipping companies for a joint venture to manage offshore support operations as its talks with state-owned Shipping Corporation of India (SCI) has hit choppy waters over valuation of its vessels for the purpose of transferring them to the proposed joint venture. Public sector company ONGC has been discussing the formation of a joint venture, proposed to be christened ONShip, with Shipping Corporation of India for forming a joint venture to help it outsource peripheral support services that require operating various kinds of vessels for its operations. Though executives from both companies deny any deadlock, saying talks are going on, sources say, differences remain on the valuation issue.

Unique Maritime, OEG Offshore Sign Joint Venture Agreement

Daniel Lim and Sahil Gandhi (L to R) in front of a line of OEG Containers

Unique Maritime Group, an integrated turnkey subsea and offshore solutions provider, announced a joint venture agreement with OEG Offshore (OEG), to offer the rental and sale of offshore equipment in the Middle East region. The new joint venture company, OEG Unique, which will be based in UAE & QATAR, will provide local access to OEG’s full range of over 200 individual certified designs of DNV 2.7-1 certified Cargo Carrying Units (CCUs) and A60 modules across the GCC countries.

ONGC, SCI Enter MoU

Oil & Natural Gas Corporation Ltd. (ONGC) and Shipping Corporation of Indian (SCI) have entered into a memorandum of understanding (MoU) for setting up a joint venture company called Offshore Marine Services Ltd (OMSL). The joint venture company will provide end-to-end solutions for vessel operations for ONGC and other oil and gas companies. It will also develop capabilities for acquisition, repair and maintenance of offshore floating units and undertake repair and construction on long-term arrangement with shipyard facilities on preferential terms and competitive basis. ONGC will give its vessels on bare boat charter agreement to the joint venture and will retain right of first refusal on deployment of these vessels as per requirement.

Otto Marine Settles Contract Dispute

A year after a shipbuilding contract dispute emerged between Otto Marine unit Otto Offshore and GC Rieber Shipping ASA, a settlement has been reached. Otto Marine announced that it has entered into a 'mutually beneficial global settlement' with GC Rieber, which includes settling the claims from last year and terminating the joint venture agreement for Polar Marine II Pte Ltd - the firm that is 49 per cent owned by Otto Marine and 51 per cent owned by GC Rieber. The joint venture included four vessels and as part of the settlement, Otto Offshore will take over three of them while GC Rieber will take over the remaining one. Of the three vessels, Otto Offshore had chartered out one and also announced yesterday that it had agreed to sell another one for 24.1 million euros (S$43.8 million).

OSX Will Construct PLSV for New Client

OSX was hired by Sapura Navegação Marítima S/A for the construction of one PLSV (Pipe-Laying Support Vessel), for a total amount of approximately US$ 263 million, to be built and delivered by OSX at the Açu Shipbuilding Unit, in the north of the State of Rio de Janeiro. A PLSV is used for laying and installing flexible pipelines on the seabed. Sapura is a wholly-owned subsidiary of Seabras Sapura Participações S/A, which is currently wholly owned by SapuraCrest Petroleum Berhad, a company based in Malaysia, where it holds a leading position in engineering and offshore transportation & installation services for the oil and gas industry.

SembCorp Brazil Wins $149M Offshore Contract

SembCorp Marine Ltd.'s Brazilian joint venture had secured its first contract, worth $149 million, for the fabrication of topside production modules in offshore Brazil. The firm said the contract for Maua Jurong SA, the Brazilian joint-ventue of Jurong Shipyard Pte Ltd, was to build topside fabrication modules for the Barracuda and Caratinga fields in offshore Brazil. It said the contract was awarded by Halliburton Productos Ltda, the Brazilian affiliate of Kellog Brown & Root Inc., with fabrication work expected to start in mid-June 2001 and completion scheduled in late 2002. Last month SembCorp Marine said Jurong Shipyard had won a project worth about $80 million from Kellog Brown & Root to convert a crude oil tanker into an oil platform.

China Cosco, DEME in Offshore Wind Deal

Photo: DEME

The Belgian dredging, environmental and marine engineering group DEME Group and Chinese COSCO Shipping have officially embarked on a joint journey to develop offshore wind energy in China, under an umbrella agreement signed on 31 October, following the two companies’ joint venture announcement in May. DEME and China COSCO Shipping are both market leaders in their sectors and have found one another in the COSCOCS - DEME joint venture active in offshore wind energy in China. As the largest shipping company in the world…

Gareware Offshore Eyes Shipbuilding Venture

Mumbai-based Garware Offshore Services Ltd. plans to enter the shipbuilding business by setting up a facility to build offshore support vessels. Reports from India say the yard will be a joint venture with Norway-based ship Havyard Leirvik AS. Sources in India have suggested that the company will form a 50/50 joint venture, and that the Indian company is considering various sites in Gujarat for the yard. [Source: http://www.oilpubs.com]

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News