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Fincantieri Lands $250M Order from Prysmian for New Cable-Laying Vessel
Vard, a Norwegian subsidiary of the Fincantieri Group, has signed a contract for the design and construction of a cable-laying vessel for Prysmian Group valued at $250 million.This is the third cable-laying vessel Vard is building for Prysmian Group after vessels Monna Lisa, currently under construction, and Leonardo da Vinci, which was delivered in 2021.According to the companies, the new unit will…
US Gulf of Mexico oil Auction is Largest Since 2015
A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally.Shell, Hess, Anadarko, BP, Chevron, Repsol and Equinor were among the 26 companies that participated…
What Do MARAD Title XI Changes Mean for Offshore Wind?
The U.S. Maritime Administration (MARAD) has recently announced an amendment to the Federal Ship Financing Program, commonly referred to as Title XI. The amendments have aligned the program’s financial requirements and tests with common current federal credit and maritime lending best practices. In particular, the amendments aim to move away from inflexible static metrics and Title XI’s limited amortization requirements.
Top 10 Things to Watch in Offshore Wind in '24
Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024.1. A Continuously Dynamic Energy TrilemmaThe dynamic relationship of the three key drivers of affordable energy…
Solstad Pays $4M for Normand Tonjer Vessel Buyback
Solstad Offshore has exercised its option to purchase the construction support vessel (CSV) Normand Tonjer.The vessel was bought from the Norwegian Mpsv for the net amount of $4 million.In 2021, Normand Tonjer was sold to Mpsv for a gross amount of $10 million and leased back on a bare boat agreement for a firm three-year period with options for two one-year extensions.At the end of year two, Solstad had an option to buy the vessel back for which was concluded on December 20…
Hercules Supply Orders MPSV from China's Fujian Mawei
Norwegian-registered Hercules Supply has placed an order for a new multipurpose offshore support vessel (MPSV) from Chinese shipyard Fujian Mawei.Slated for delivery on in the fourth quarter of 2025, the newbuild—a Z 4423 MPSV design from Norwegian naval architecture firm Breeze Ship Design—will be 88 meters long and fitted with battery hybrid propulsion, moonpoool and accommodation for 60 people."With a focus on functionality and efficiency…
DOF Set to Bring in $30M From Two New Projects
Norwegian offshore vessel operator DOF Group has secured two new projects – one in the North Sea and the other in Asia Pacific region – whose combined revenue is expected to bring in $30 million to the company. The first contract for DOF covers engineering, procurement, removal and disposal (EPRD) for a North Sea operator, including the project management, engineering, logistics and execution of an FPSO cessation project.
New General Manager Appointed for Taylor Smith Shipyard
Taylor Smith Shipyard (TSS), the oldest ship repair yard on Mauritius, has appointed Willy van Niekerk as new General Manager.van Niekerk knows the yard well and was Assistant General Manager since 2022. He has broad experience in the maritime and offshore industries, taking to sea at 14 as a school holiday job on a converted fishing vessel and deciding to study marine engineering as a result.Throughout the years…
Ask What Your Government Can Do For Your Industry (A 2023 Retrospective)
John F. Kennedy’s famous locution, “Ask not what your country can do for you, but you can do for your country” remains the rallying call for civic action and public leadership. The message remains foundational to the success of the United States, particularly as we head into an election year that once again appears to be filled with divisiveness and vitriol. That said, before we flip the calendar,…
Commercial Ship Still Hijacked off Somali Coast
A commercial vessel hijacked by unknown assailants remains off the coast of Somalia raising fears of further instability for global shipping as attacks escalate in the Red Sea, maritime security sources said on Monday.A Spanish navy ship was dispatched at full speed on Friday towards the Maltese-flagged Ruen vessel, which sources said had been hijacked.British maritime security company Ambrey said the vessel had reached nine miles offshore from Bander Murcaayo in Puntland, Somalia on Dec.
MARAD Finalizes Rules for Title XI Loan Applicants and Borrowers
The U.S. Department of Transportation's Maritime Administration (MARAD) issued a final rule updating its financial requirements for the Federal Ship Financing Program, commonly referred to as Title XI. The final rule provides the application requirements for MARAD loan guarantees for construction or reconstruction of a U.S.-flagged vessel or shipyard modernization. Designed to promote the growth and modernization of the U.S. merchant marine and U.S.
MODEC and Toray Develop New FPSO Repair Technique
MODEC and Toray Industries have jointly developed a carbon fiber-reinforced plastic (CFRP) patch technique for repairs on Floating Production, Storage and Offloading (FPSO), and Floating Storage and Offloading (FSO) systems.FPSO and FSO repair services provided by MODEC, a general contractor specializing in engineering, construction, operation, and maintenance services of offshore oil and gas vessels…
C-NLOPB Updates Hebron Field Volume Estimate
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved the Development Plan Amendment (DPA) for the Hebron Field.The Hebron oil field is located offshore Newfoundland and Labrador, Canada, in the Jeanne d'Arc Basin 340 kilometers southeast of St. John's. The field was first discovered in 1980, and is estimated to produce more than 700 million barrels of recoverable resources.
Esgian: Rigs on the Move in Asia and Europe
This week Esgian’s Week 50 Rig Analytics Market Roundup notes developments in the semisub sector including that Shell has decided to exercise its option on Stena Don in the North Sea but not on Deepsea Bollsta in Namibia. Meanwhile, a new contract for the Transocean Barents will see it operate in the Black Sea, and jackup Shelf Drilling Perseverance will move to Vietnam.ContractsShelf Drilling has…
Edda Wind Secures Green Financing for Newbuild Program
Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.The agreement is a €161 million green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years.
Achieving Digital Transformation in the Marine Industry
Like so many other industries in transportation, the marine industry is being challenged on multiple fronts—from a shortage of manpower and emerging digital technologies to sustainability requirements. In the face of these growing pressures, ship designers increasingly rely on digital transformation to stay competitive and deliver higher-quality products. Digital transformation offers many solutions across a ship’s lifecycle…
Aker Capital Takes Larger Stake in Solstad Offshore
Aker Capital AS has acquired 8,240,000 shares in Solstad Offshore ASA, at an average price of NOK 48.45 per share.Following the transaction, Aker Capital holds 27,089,493 shares in the company, corresponding to an ownership interest of approximately 32.9%.Aker Capital AS is 100% owned by Aker ASA and represented on the board of the company by Frank Ove Reite. Frank Ove Reite also owns 356,509 shares in the company…
Bulk Carrier Reportedly Boarded in Eastern Indian Ocean off Yemen
A Malta-flagged, Bulgarian-owned bulk carrier was reportedly boarded on Thursday after being involved in an incident in the eastern Indian Ocean off Yemen's Socotra Island, British maritime security company Ambrey said in an advisory note.An Iranian-flagged fishing vessel in the area had switched off its AIS transponder six hours before the incident close to where the bulk carrier appeared to come adrift, Ambrey said."The Iran-flagged fishing vessel had previously been operating offshore Somalia
EnFAIT Horizon 2020: Tidal Turbine Costs Cut 40%
A European project, led by one of Scotland’s leading tidal developers, has demonstrated that the cost of tidal energy could potentially be reduced by as much as 40 percent, and has produced findings that could redefine the boundaries on what can be achieved by tidal power globally. The $22m EnFAIT (Enabling Future Arrays in Tidal) Horizon 2020 project, brought together seven partners including Scottish tidal developer Nova Innovation…
CCUS: Bernhard Schulte Orders Its First CO2 Tanker
Bernhard Schulte ordered its first CO2 tanker, a newbuild to be constructed at Dalian Shipbuilding Offshore (DSOC) and to showcase technologies designed to reduce its carbon footprint. Planned for delivery in 2026, the ship is committed to a long-term time charter agreement with Northern Lights.The newbuilding ordered now is the first ship of this type for the Bernhard Schulte fleet and the fourth CO2 carrier for Northern Lights.
Webinar: Offshore Wind: North American Opportunities and Challenges
Women Offshore & a Vibrant Maritime & Offshore Workforce
“The Money Maker”: MacGregor Gangway Solutions for Offshore Wind
A Maritime Life: Anu Peippo, Offshore Segment Director, Steerprop
Video: Jumbo Completes Offshore Wind Farm Project
The Hurting Offshore Energy Sector Faces a New Competitor
Engineering to Help Aquaculture Move Offshore
Gulf Marine Contractors is Bullish on the Future of U.S. Offshore Wind
BSEE Gears Up for Offshore Wind Oversight
LR Helps Offshore Operators Navigate Tough Technical Hurdles
