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Seatankers Management Co Ltd News

18 May 2012

Past Week Newbuildings Numerous Despite Uncertainties

Clarkson Hellas believes that the under laying problems of oversupply of tonnage, over capacity at yards and lack of funding are still very real threats to the longer term recovery of the shipbuilding market and as such one week of positive news sadly does not mean that the corner has been turned towards a full recovery! In terms of reported business, IHI in Japan have announced an order for two 310k dwt VLCC's for their domestic Clients JX Group though their two subsidiary companies JX Tanker Co. Ltd and JX Shipping Co. Ltd, both ships reportedly for delivery from the Kure facility in 2015. Also in tankers, Seatankers Management Co.

28 Mar 2005

Keppel Clinches Another Rig Order

Keppel FELS Ltd (Keppel FELS), the wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a US$128.8 million contract for the construction of a KFELS B Class jackup rig for Seatankers Management Co Ltd (Seatankers). Mr Michael Chia, Executive Director, Keppel FELS Ltd, said, “Outlook for offshore rig market looks very positive with utilisation rates rising faster than anticipated in the last one year. As the industry expects the market to tighten further, there is growing interest in rigbuilding, particularly in the drilling jackup market. “We are happy to benefit from this trend, and our response to the current market environment is to stay on course in providing quality products and services to all our customers on time and on budget.

24 Apr 2006

Keppel Deliver KFELS B Class Jackup

Keppel FELS Limited (Keppel FELS) will deliver a jackup to a wholly-owned subsidiary of SeaDrill Management (SeaDrill) on time and within budget. This is the third KFELS B Class rig that Keppel has completed within the first four months of 2006. During the christening ceremony of the jackup on April 21, 2006, Mr Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine Limited (Keppel O&M), shared with the 300-strong guests, “The on-time delivery of the jackup is a showcase of the good management and execution of Keppel FELS. This rig is the first of four jackups that Keppel FELS is building for SeaDrill. Construction of the other three rigs is progressing well in accordance to schedule. Their expected deliveries are between mid 2007 and second quarter 2008.

24 Jan 2006

General Maritime Delivers Genmar Gabriel

General Maritime Corporation announced the delivery of the Genmar Gabriel to Seatankers Management Co. Ltd. This represents the final delivery of the 17 single-hull and double-sided vessels the Company sold for $444.5 million in October and November of 2005. With the delivery of the Genmar Gabriel, and including the four Suezmax newbuildings to be delivered between March 2006 and 2008, the average age of General Maritime's fleet will be reduced to 9 years and its entire fleet will be double-hull.

04 Nov 2005

General Maritime to Sell Aframax Tankers

General Maritime Corporation will sell six double-sided Aframax tankers en bloc to Seatankers Management Co. Ltd., Cyprus for $127.5 million. The Company also announced that it has agreed to sell the Genmar Commander, a 1989-built single-hull Aframax vessel, to Polembros of Greece for $18.5 million. The Company expects to realize a net gain of $22.5 million from the sales. The Company intends to utilize the proceeds to pay down debt and for corporate purposes which may include share repurchases; therefore the proceeds will be excluded in the calculation of the dividend for the applicable quarters. Deliveries of the six double-sided vessels are expected to take place from November 2005 thru January 2006. Delivery of the Genmar Commander is expected to take place late November 2005. Peter C.

03 Oct 2005

Aker Kvaerner to Deliver Drilling Systems to Jurong

Aker Kvaerner signed a contract with Jurong Shipyard in Singapore for delivery of advanced deepwater drilling systems for two semi-submersible drilling rigs to Seatankers Management Co. Ltd. The total contract value for Aker Kvaerner is approximately $200 million. The contract also includes an option for delivery of identical drilling systems for two additional rigs. Aker Kvaerner's scope of work includes two complete drilling packages consisting of engineering, equipment deliveries, commissioning, and delivery of 3rd party equipment; blow-out preventers (BOP) and marine riser systems. The two identical drilling packages are designed for ultra-deepwater operations.