P O Plc News

MAN Energy Solutions, MAN Energy Solutions USA and Carnival Corporation & plc, the world’s largest cruise company, have signed a service agreement (LTSA) for five of Carnival’s Vista Class cruise ships powered by MAN 48/60CR type engines. The scope of the agreement covers the management of all maintenance, including planning, parts, technical advisory service, training and remote monitoring support. MAN Energy Solutions will manage the agreement via MAN PrimeServ, its after-sales brand.Riccardo Cordara…

Fresh on the heels of its first newbuild order in five years, the world's largest cruise company has placed an order for an additional vessel.U.S.-based Carnival Corporation on Tuesday announced it has signed an agreement with German shipbuilder Meyer Werft to build an Excel-class cruise ship for its Carnival Cruise Line brand for expected delivery in 2028.The ship will be the 11th Excel-class ship for the corporation's fleet across four of its brands, and the fifth to be sailed by Carnival Cruise Line.

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

Shell on Tuesday said it has made a final investment decision (FID) to boost production at the Perdido oil project in the U.S. Gulf of Mexico, starting in April 2025.The company, which operates the platform, said it will add three wells that are expected to produce up to 22,000 barrels of oil equivalent per day (boepd) at peak rates.

Seaside LNG and Carnival Corporation have entered into a term bunkering agreement to fuel the Carnival Jubilee, the first LNG-propelled cruise ship to call Galveston, Texas, its homeport.Seaside’s barge, the Clean Jacksonville, will move from Jacksonville, Florida, to operate out of Galveston and serve the Texas Gulf Coast with its first LNG delivery to the Carnival Jubilee in December 2023. With the assistance of the Port of Galveston, Seaside aligned all stakeholders to ensure the proper infrastructure is in place to begin the operation this winter.Initially…

Harland & Wolff has secured a contract with Canada-based Cenovus Energy for the mid-life upgrade of the SeaRose FPSO vessel. The base contract value is approximately £61 million (~currently around $74 million). The FPSO is expected to arrive at Harland & Wolff in Belfast in the first quarter of 2024 and will be in the building dock for a period of more than three months.The contract follows a letter of intent announced earlier this year, and a number of pre-arrival works have already started…

The state of California has sued major oil companies including Exxon Mobil, Shell PLC, and Chevron, accusing them of playing down the risks posed by fossil fuels, according to a court filing on Friday.The lawsuit, which also targets BP and ConocoPhillips, alleges the energy giants' actions have caused tens of billions of dollars in damages and accuses them of deceiving the public, the filing in a superior court in San Francisco showed.The American Petroleum Institute, an industry trade group…

Colombo Dockyard PLC recently delivered the first-ever Cable Laying and Repair Vessel (CLRV) to the European market from Sri Lanka.The vessel was built for Orange Marine, a France-based specialist in submarine telecommunications, whose fleet represents a 15% of the global fleet in this sector."Colombo Dockyard delivered the first Cable Layer (CLV) to Japan in 2019. Now, with the delivery of "C/S Sophie Germain," this becomes the second vessel of its category delivered by the shipyard…

Design, engineering and risk management consultancy BMT announced it has appointed Ian Tyler as chairman of BMT Group Ltd. Tyler joined the board on May 1 and will assume the role of Chairman in early June. Tyler has a wealth of experience with listed public companies, in both executive and nonexecutive director capacities. His business leadership experience spans multiple sectors including energy, infrastructure, technology, defense and engineering. He is the former CEO of Balfour Beatty plc and brings board experience across companies including Cairn Energy…

Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on April 12, amid cash concerns and repeated delays in reporting its financial results.Ince's directors applied to London's High Court on April 12 to appoint administrators under UK insolvency law in relation to the company and four subsidiaries, court filings show.Trading in Ince on London's Alternative Investment Market was suspended from Jan.

Shell Plc on Monday launched its first electric ferry globally at its Singapore refinery and said it would work with the city-state's port authority to cut emissions from ships.The move is a step towards meeting the Singapore port authority's rule that all new harbour craft operating in its waters should be electric or run on biofuels or net-zero fuels from 2030.Shell Eastern Trading has agreed to work with the port authority to develop charging infrastructure for electric harbor craft and conduct research and development for low and zero-carbon fuels over five years…

The International Seabed Authority will start accepting applications in July from companies that want to mine the ocean's floor, a decision that came after the U.N. body spent the past two weeks debating standards for the new and controversial practice.Deep-sea mining would extract cobalt, copper, nickel, and manganese - key battery materials - from potato-sized rocks called "polymetallic nodules" on the ocean's floor at depths of 4 to 6 km (2.5 to 4 miles). They are abundant…

Exxon Mobil Corp on Wednesday bid for offshore blocks to store carbon dioxide underground during a government oil and gas lease sale in the U.S. Gulf of Mexico, while rivals Chevron Corp and BP Plc targeted areas for production.The largest U.S. oil company has been selling oil production blocks in the U.S. Gulf since 2018 as it shifts to more lucrative fields elsewhere. And yet, it bought dozens of blocks in the past couple of years in the same basin with a new purpose: burying carbon dioxide instead of pumping oil.The government oil license auction generated $264 million in high bids…

Marine services provider James Fisher Subtech (JF Subtech),  part of James Fisher and Sons plc, has signed a charter agreement with Østensjø Rederi AS for the exclusive use of its inspection, repair, and maintenance (IRM) and construction vessel, Edda Savanah.JF Subtech will start using the vessel in April 2023 for work in the North and Irish Seas on IRM projects for JF Subtech’s customers, utilizing remotely operated vehicles (ROVs) and multiple diving methods."The charter comes as the UK’s offshore energy industry faces supply chain crunches…

At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come.After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The pace of approvals has accelerated as Europe has shifted…

James Fisher and Sons plc and Uptime International have signed a memorandum of understanding to partner for the use of motion compensated gangways in the development of the pioneering Ulstein SX221 Diamond SOV. The duo said that the agreement would ensure the safety and efficiency of offshore personnel through autonomous and intelligent operations.The news is related to the Diamond Consortium’s ULSTEIN SX221 Diamond SOV concept, announced in June 2022. With James Fisher representing the Diamond Consortium…

James Fisher and Sons plc announced it has taken delivery of its second 6,000dwt LNG dual-fuel tanker, Lady Maria Fisher, which will be traded by James Fisher Everard (JFE) alongside its existing fleet.Built and launched at China Merchants Jinling (CMJL) shipyard in Yangzhou, China, the vessel is currently transporting cashew nut shell oil from Vietnam to Europe, where it will then be processed into bio-diesel.The newbuild and sister vessel Sir John Fisher delivered in November 2022 will replace two of James Fisher’s existing tankers and will be able to carry more cargo.

Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.Exxon's results far exceeded the then-record $45.2 billion net profit it reported in 2008…

Euronav filed an application request for arbitration in relation to Frontline’s action to pursue the termination of the combination agreement of July 10, 2022.Following recent acquisitions of additional shares by Famatown Finance Limited (as disclosed on Euronav’s website), Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited. could be qualified as a related party in the meaning of IAS24.As a precautionary measure the Euronav Supervisory…

Belgian tanker operator Euronav has filed an application for urgent arbitration in relation to tanker firm Frontline’s unilateral termination of the previously proposed merger agreement.Frontline on January 9 said that a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination that would have created the world's largest publicly listed tanker company."Euronav is requesting to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the combination agreement.

Equatorial Marine Fuel Management Services Pte Ltd rose one spot to become the top marine fuel supplier at world's largest bunkering hub Singapore in 2022, official data showed on Monday.Equatorial overtook PetroChina International Singapore Pte Ltd, who dipped from its top ranking in 2021 to second spot in 2022, while Trafigura's TFG Marine Pte Ltd climbed two spots to become third-largest supplier, data from the Maritime and Port Authority (MPA) of Singapore showed.Vitol Bunkers Pte Ltd maintained fourth in 2022 as with the previous year, while Shell Plc's Singapore bunkering unit, Shell Eas

Shell PLC's LNG Canada export project in British Columbia plans to start building its proposed second phase with natural gas-powered turbines and switch to electricity as more renewable power becomes available, a top executive said, a decision that means the expansion project will initially generate high greenhouse gas emissions.LNG Canada, in which Japan's Mitsubishi Corp owns a 15% stake, is set to be Canada's first liquefied natural gas (LNG) export terminal. The first phase…

French-based shipping group CMA CGM has completed its withdrawal from the Russian market by divesting stakes in terminals through an asset swap, the company said.“With this finalized transaction and the decision to suspend all new bookings to and from Russia since March 1st, 2022, the CMA CGM Group will no longer be involved in any entities operating in Russia,” it said in an emailed statement.The deal was concluded on Dec. 28, it said.CMA CGM inherited 25% stakes in four terminals in Russia and Finland through the acquisition of Finnish firm Containerships in 2018…