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Humber Gateway and Race Bank transmission assets will now be able to qualify under the “enduring regime”, says reNews Europe news site. According to the regulator Ofgem, developer’s construction programme schedules the assets to be completed by August this year. Based on that, Ofgem expects to grant an Offshore Transmission Owner (OFTO) licence and complete […]
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The dry bulk industry is going to be hit by another wave of bankruptcies, according to Golden Ocean CEO, Herman Billung, commenting on the depressed market which is suffering from chronic oversupply and lowest ever rates. “In the coming months there will be a lot of bankruptcies, counterparty risk will be on everybody’s lips,” Billung is quoted as […]
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In the classic southwesterly sea breeze that has fueled the starts of yacht races ranging from transatlantic ocean contests to the America’s Cup, 21 boats representing six nations (Antigua, Germany, Great Britain, Ireland, Switzerland and the United States)answered the gun today to begin the 3,600-nautical mile HSH Nordbank blue race. Their destination: a finish line […]
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Business & Finance, Business developments & projects, Regulation & policy, Rules & Regulation
Polish manufacturer of steel foundations for offshore wind farms, ST3 Offshore – which declared bankruptcy in March 2020 – has been put up for sale by the Official Receiver of the company in insolvency. A tender has been issued for the sale of ST3 Offshore with a reserve price of the company amounting to PLN […]
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Due to the economic impact from the ongoing COVID-19 pandemic, the German Shipbuilding and Ocean Industries Association (VSM) expects the demand for the construction of new ships to be low for a longer period of time. The shipbuilding sector has been experiencing weak demand since 2016, with an over 40 percent drop in newbuilding orders during the […]
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Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition […]
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Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements.
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Engineering and construction specialist Subsea 7 has warned of ‘significant headwinds’ as it expects the coronavirus pandemic and sharp drop in oil prices to impact its capacity to meet 2020 guidance. Subsea 7 has therefore withdrawn its previous guidance and outlook, which saw its revenue and adjusted EBITDA higher than in 2019. The company reported […]
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Business & Finance, Rules & Regulation
Euronav expects a write-down in the first quarter of 2020 amid VLSFO price drop.
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The autonomous-ship project being developed by the Norwegian maritime cluster received around EUR 20.1 million grant.
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US DoJ issued a warrant to seize the tanker “based on violations of the International Emergency Economic Powers Act.”
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Norwegian offshore and subsea shipping company Siem Offshore believes that overall rate levels will remain volatile and at generally low levels throughout 2019.
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Following a request for bankruptcy protection by Singapore’s Ezra Holdings, Emas Offshore, an offshore services provider held by Ezra, will be facing a going concern issue in case it fails to refinance its financial obligations. In order to facilitate the financial restructuring, Emas Offshore’s parent company Ezra Holdings filed the petition for reorganization at the U.S. court on […]
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A contractor for the U.S. Army Corps of Engineers, St. Paul District, is preparing to start construction activities on the diversion inlet structure, near Horace, North Dakota, this week. The contractor, Ames Construction, Inc., from Burnsville, Minnesota, is mobilizing equipment to the site to conduct pre-construction investigations. The diversion inlet structure is a part of […]
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South Korean ocean carrier Hyundai Merchant Marine (HMM) is still in the running to buy a majority stake in an operator of a container terminal at California’s Port of Long Beach, currently held by its bankrupt compatriot Hanjin Shipping, the company’s CEO Yoo Chang-keun was reported as saying. Last week, it was reported that HMM decided to pull out of […]
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Last night, A2SEA’s Sea Installer completed the installation of 32 MHI Vestas 8MW turbines at DONG Energy’s Burbo Bank Extension in the Irish Sea. At 8:25PM GMT yesterday, the final blade on turbine 32 at Burbo Bank Extension was lifted into place. The 258MW wind farm off the coast of Liverpool, UK represents the first offshore project […]
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Ofgem, which has been evaluating Enhanced Pre-Qualification (EPQ) submissions for Burbo Bank Extension, part of Tender Round 4, is scheduled to notify the bidders of the outcomes and publish the Qualifying Bidder shortlist this month. In addition, the UK’s energy market regulator has disclosed a more specified timetable for the Tender Round 5, for which it recently announced […]
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A2SEA’s self-propelled jack-up vessel Sea Installer is currently mobilising in Liverpool and preparing for the installation of 32 MHI Vestas 8MW turbines on DONG Energy’s 252MW Burbo Bank Extension, the Danish company said. The vessel is preparing to handle the new large turbines, which will make their debut on Burbo Bank Extension. The turbine installation is scheduled to start […]
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Topside and jacket of the high voltage offshore substation (OSS) for the Burbo Bank Extension offshore wind farm left ENGIE Fabricom’s Hoboken yard yesterday, as they start their journey from Antwerp towards the site off the west coast of England. By the end of this month, the jacket and topside will be installed at the construction site of […]
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Topside and jacket of the high voltage offshore substation (OSS) for the Burbo Bank Extension offshore wind farm left ENGIE Fabricom’s Hoboken yard yesterday, as they start their journey from Antwerp towards the site off the west coast of England. By the end of this month, the jacket and topside will be installed at the construction site of […]
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DONG Energy has awarded Seacat Services with a contract for the supply of all crew transfer services at its 258MW Burbo Bank Extension project under development in the Irish Sea. The four-vessel charter contract, with durations of three to 11 months, is the second such agreement signed between Seacat Services and DONG Energy in 2016, following […]
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Hyundai Heavy Industries, one of South Korea’s largest offshore rig builders, is planning “intense” management reform plans, including the voluntary retirement of manager level employees in a move to enhance its competitiveness. In a statement on Monday, an HHI officer said, “Along with the 25 percent cut of senior managers last month, the voluntary retirement […]
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Authorities & Government, Business & Finance
A large number of international banks and investors have emerged from the financial crisis and are now offering venture capital for green investments such as offshore wind, a healthy and positive sign reflecting a more mature market, but the one that places new demands on early investors, Denmark’s export credit agency EKF said in its Annual […]
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The long awaited day when the economic sanctions against Iran will be lifted has come as the country has met all the necessary steps to start the implementation of the Joint Comprehensive Plan of Action, the Vienna-based International Atomic Energy Agency said on Saturday. Now that sanctions are being lifted, the world’s fourth richest country […]
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Brent crude futures plunged more than 4 percent to fresh 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
