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Thursday, May 13, 2021
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Terje Solsvik News

12 May 2021

Equinor to Hire More Staff at Plants Hit By Fires in 2020

The Hammerfest LNG plant at Melkøya. (Photo: Ole Jørgen Bratland)

Fires that crippled two Equinor plants in Norway last year were caused by both technical and human errors, the energy company said on Wednesday, promising to hire and train more staff.A blaze last September at Hammerfest LNG, Europe's only large-scale liquefied natural gas plant, caused an outage expected to last 18 months, while a fire in December at the Tjeldbergodden methanol facility took two months to repair."We are bolstering our recruitment of engineering resources within electrical disciplines and up to 50 skilled workers are bound for the onshore facilities…

07 Apr 2021

Norway Says Drifting Cargo Ship Secured, No Longer at Risk of Grounding

(Photo: Norwegian Coastal Administration)

A Dutch cargo ship that was abandoned at sea during a storm off the coast of Norway this week has been attached to two large tugboats and is no longer at risk of running aground, local officials said late on Wednesday.The Eemslift Hendrika, badly listing after parts of its cargo shifted in the rough weather, had been adrift since Monday, leading to fears it would spill some or all of the 350 tonnes of heavy oil and 50 tonnes of diesel in its tanks.The Norwegian Coastal Administration…

06 Apr 2021

VIDEO: Dutch Cargo Ship Adrift Off Norway after Crew Evacuated in Stormy Weather

Screenshot from video by Hovedredningssentralen Sør-Norge

The crew of a Dutch cargo ship was evacuated in stormy weather off the coast of Norway late on Monday, leaving the abandoned vessel adrift and in danger of sinking and causing an oil spill, local authorities said on Tuesday.Footage released by the Norwegian Rescue Coordination Centre showed some of the 12 crew members jumping into the ocean from the badly listing Eemslift Hendrika before being rescued by helicopter. Others were hoisted directly from the deck.All were brought to safety…

23 Mar 2021

Norway, Germany to Buy Six Submarines from Thyssenkrupp

Norway has agreed to order four submarines from Germany's Thyssenkrupp for 45 billion crowns ($5.3 billion), with Germany agreeing to order another two, the Norwegian defense ministry said on Tuesday.Norway and Germany, both NATO members, are jointly procuring identical submarines from Thyssenkrupp's shipbuilding division.The Norwegian defense ministry said Germany had agreed to order two submarines from Thyssenkrupp, pending approval from the German parliament.The signing of the contract is due this summer…

09 Mar 2021

Norway Suspends Rolls-Royce Asset Sale on Security Grounds

Bergen Engines plant in Hordvikneset near Bergen, Norway (Photo: Rolls-Royce)

Norway has suspended the sale of a Norwegian engine maker owned by Rolls-Royce Holdings to a Russian-controlled company while it assesses the security implications for the country’s navy and the civilian sector, the government said on Tuesday.Norway’s NSM security agency is assessing the 150 million-euro ($178 million) sale announced on Feb. 4 of Bergen Engines to a company controlled by Russia’s TMH Group, NSM and the justice ministry said.Britain’s Rolls-Royce said it was selling…

27 Jan 2021

Lenders Take Control of Polarcus' Ships After Default on Debt

A Polarcus vessel - Credit: Alf van Beem - Wikimedia/CC0 1.0

Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.The company's Oslo-listed shares plunged as much as 47% after they resumed trading following an earlier suspension.Polarcus said lenders had taken over shares in subsidiaries that own seismic vessels and replaced directors in each subsidiary, but wanted to continue its operations."In parallel with their actions described above…

27 Jan 2021

Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment

A Polarcus seismic vessel - Credit: Eburlid/Wikimedia - CC BY-SA 3.0

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers…

13 Nov 2020

Caribbean Cruise Paused as Passengers Test Positive for COVID-19

© Rodrigo Freitas / Adobe Stock

SeaDream Yacht Club has halted a cruise in the Caribbean following several positive coronavirus tests among passengers, the company said on Friday.The SeaDream I vessel has returned to port in Barbados and all passengers are currently being re-tested, the privately owned company said in a statement.“The ship’s medical staff has tested all crew members and all tests have come back negative,” SeaDream said.Cruise ships were home to the some of the earliest clusters of COVID-19 as the pandemic spread globally early this year…

27 Oct 2020

Arctic Shipping Creates Insurance Headaches as Routes Open

© a_medvedkov / Adobe Stock

When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong.Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don't lose concentration and miss a mass of floating ice. Big icebergs show up on radar, but smaller, truck-sized "bergy bits"—even more dangerous—can be missed, the captain says.The cold can freeze equipment and the earth's magnetic field disrupts compasses. If anything goes wrong…

17 Sep 2020

Norway's Hurtigruten Suspends All Remaining 2020 Cruises

A Hurtigruten ship (File Photo: Hurtigruten)

Norway's Hurtigruten has called off its remaining cruises this year due to the rise in COVID-19 cases in Europe and the Americas, the company said on Thursday."Our goal is to resume operations in January 2021," the company said in a statement.The decision affects Hurtigruten's so-called expedition cruises, which often take passengers into Arctic or Antarctic waters, though its business of shipping goods and people between ports along the Norwegian coast will continue.The company was the first cruise operator worldwide to return an oceangoing cruise ship to service in mid-June…

08 Sep 2020

Gallery: Wreckage of Major German World War Two Warship Discovered Off Norway

Credit: Statnett

The wreckage of a major German warship has been discovered off the coast of Norway some 80 years after it was sunk in a World War Two battle, Norwegian power grid operator Statnett and a maritime archaeologist said.Identified this year from images and sonar scans of its hull and of details such as the position of gun turrets, the cruiser Karlsruhe was first detected in 2017 just 15 meters (50 feet) from a subsea power cable that has been operating since 1977.Built in the 1920s…

03 Sep 2020

Seatankers Hires Investment Chief, Invites Outside Capital

© cmp klink / MarineTraffic.com

Seatankers, the powerful holding company of Norwegian-born billionaire John Fredriksen, said on Thursday it had hired a veteran fund manager to broaden the group’s portfolio and bring in outside capital in a new unit.Vegard Soeraunet, until recently an investment director at Norway’s ODIN Fund Management, will be in charge of “long-term and active ownership” outside of Seatankers’s shipping and offshore oil services industries, the company said.“Getting the opportunity to take this to the next level with a new structure under Seatankers, is a great opportunity,” Soeraunet said in a statement.I

28 Aug 2020

Seatankers Names Svelland as New CEO

A Seatankers Ship - Credit: M.L. Jacobs

Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming, and finance.Fredriksen, 76, said Tor Andre Svelland, 53, will become chief executive of Seatankers Group, top shareholder of world number one salmon producer Mowi, tanker firm Frontline and offshore driller Seadrill.Seatankers also controls dry bulk shipper Golden Ocean and real estate firm Norwegian Property…

27 Aug 2020

Frontline's Earnings Surge on Demand for Oil Storage

© Kelly Conner / MarineTraffic.com

Oil tanker group Frontline reported a big jump in second-quarter earnings on Thursday as energy traders paid to store crude that went unsold amid the COVID-19 pandemic, the company said on Thursday.Frontline's April-June adjusted net profit rose to $206.1 million from a year-ago $4.2 million, topping a forecast of $203.3 million in a Refinitiv SmartEstimate poll of analysts."Our results for the first half of 2020 are the strongest in more than 10 years," Chief Executive Robert…

19 Aug 2020

Maersk Expects Pre-COVID Container Demand in 2021

© eyewave / Adobe Stock

Shipping group Maersk on Wednesday issued full-year earnings guidance above its forecast at the beginning of the year and said it expects demand for moving containers at sea to return to pre-COVID levels in the first half of next year.The company's share price jumped more than 7% in early trade to an eight-month high, and has doubled in value since March, as cost cuts and the prospect of a global economic recovery outweighed the present impact of the coronavirus pandemic."Our expectation is that some time during the first half next year we will have volumes back at the level we had in 2019…

10 Aug 2020

Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas

(Photo: Ole Jørgen Bratland, Equinor)

Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both best in offshore oil and gas and at the same time have higher climate targets and develop new low-carbon solutions."I want Equinor to be best in offshore oil and gas," Opedal told a news conference at the company's headquarters, adding that he also wanted the company to create a platform for growth for low-carbon solutions."I want to go further ... with climate targets," he added.(Reporting by Gwladys Fouche, editing by Terje Solsvik)

06 Aug 2020

TGS Makes Surprise $600 Mln Offer for Part of Rival PGS

(Photo: PGS)

Seismic surveyor TGS, a supplier of geological data to the global oil industry, on Thursday said it had made an unsolicited cash offer of $600 million for a key part of rival PGS.If successful, the offer to buy PGS's so-called multi-client library would significantly broaden TGS's worldwide geophysical data offering, the company said.PGS did not immediately respond to a request for comment from Reuters.In addition to spending cash from its current holding, TGS said it will borrow $200 million and also conduct an equity issue to pay for the transaction.While TGS' strategy has been one of rentin

02 Aug 2020

At Least 40 Infected with COVID-19 on Hurtigruten Cruise Ship

MS Roald Amundsen (File photo: Hurtigruten)

At least 40 passengers and crew from a luxury cruise liner have tested positive for COVID-19 and the authorities are still trying to trace a number of passengers from two recent Arctic voyages, public health officials in Norway said on Sunday.Four crew members on the MS Roald Amundsen were hospitalized on Friday when the ship arrived at the port of Tromsoe, and later diagnosed with the respiratory illness. Tests showed another 32 of the 158 staff were also infected.While the crew was quarantined on the ship…

31 Jul 2020

Four Crew Members on Hurtigruten Cruise Ship Hospitalized with COVID-19

Roald Amundsen (File photo: Hurtigruten)

Four crew members on a Norwegian cruise vessel were diagnosed with COVID-19 after it arrived at the Arctic port of Tromsoe early on Friday, said the University Hospital of North Norway where they are being treated.All 160 crew members on the Roald Amundsen have been quarantined on the ship, while the 177 passengers - all of whom have already disembarked - are being contacted by telephone and are being told to self-isolate, operator Hurtigruten said.“By the time we were notified, the passengers had left the ship,” Tromsoe municipality chief doctor Kathrine Kristoffersen told a news conference.

19 Jun 2020

Aker BioMarine to Raise $225M Before Listing

Krill - RLS Photo/AdobeStock

Norway's Aker BioMarine plans to raise 2.15 billion Norwegian crowns ($225 million) in a private share sale valuing it at 8 billion crowns, followed by a listing of the company's stock, its owners Aker ASA and Aker Capital said on Friday.Aker BioMarine harvests off Antarctica small ocean crustaceans known as krill, rich in omega-3 fatty acids and eaten by whales, fish, seals and penguins, and turns it into food supplements and animal feed.Arctic Securities, DNB Markets, and Skandinaviska Enskilda Banken (SEB) were appointed joint bookmakers for the planned transaction and listing of shares on

23 Mar 2020

Wallenius Wilhelmsen Withdraws Dividend, Mothballs Vessels

(Photo: Wallenius Wilhelmsen)

Shipping firm Wallenius Wilhelmsen, which transports cars and other vehicles from factories to markets, has cut its dividend to zero and will mothball up to 10 vessels as demand plunged amid the coronavirus outbreak, it said on Monday.The company also plans to scrap up to four older vessels, it added.Oslo-listed Wallenius Wilhelmsen, which operates around 125 vessels, had originally proposed to pay dividends of up to $60 million, divided into two tranches."The world has changed dramatically over the past weeks, and we are all feeling the effect," Chief Executive Craig Jasienski said in a state

27 Feb 2020

Frontline Profitable in Q1 Despite Low Freight Rates -CEO

Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)

27 Feb 2020

Frontline Warns on Virus Impact after Q4 Profit Surge

© momentscatcher / Adobe Stock

Oil tanker firm Frontline warned on Thursday that the coronavirus outbreak will hurt its results in the near term, even as the group reported sharp gains in earnings for the final quarter of 2019.Frontline's net profit for the October-December period rose fourfold year-on-year to an 11-year high of $108.8 million, but still lagging an average forecast of $127.1 million in a Refinitiv poll of analysts."Primarily due to the effect of the coronavirus, we have a near-term macro headwind with a slowdown in oil demand, particularly in China," Chief Executive Robert Hvide Macleod said in a statement.

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