Africa
Rig market not yet out of the woods, MSI says
Offshore drilling rig sector, hurt by low oil prices and overcapacity, is not set for a quick recovery, at least not in the next two years. This is according to Maritime Strategies International (MSI), a research and consultancy firm, which sees a challenging earnings environment for the offshore ri
IMCA names Heerema Marine Contractors man as president
The International Marine Contractors Association (IMCA) has named Heerema Marine Contractors’ Harke Jan Meek its new president. TechnipFMC’s Bruno Faure has completed his two-year term of office, and has stepped down as President of IMCA in accordance with the organization’s constitution. He will re
VIDEO: Keeping the Richards Bay Navigable
Caterpillar Marine has just released the latest episode of their “Stories From The Sea” in which they highlight importance of the trailing suction hopper dredger Isandlwana’s work in the Richards Bay waters. Richards Bay is Africa’s second largest port industrial port. Keeping business flowing at fu
Oil subdued on worries Middle East rift will undermine output cuts
By Henning Gloystein SINGAPORE (Reuters) – Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market. Persistent gains in U.S. p
ExxonMobil grabs more acreage off Equatorial Guinea
US-based energy giant and LNG player ExxonMobil on Monday signed a production sharing contract with the government of Equatorial Guinea for a deepwater block located 36 miles west of Malabo.
Report: Port of Fujairah Bans Qatari-Flagged Ships
UAE’s port of Fujairah has barred the calls of Qatari-flagged ships in addition to any ships destined for or arriving from Qatari ports, Reuters reports citing a notice from the port. The ban is valid for all ships regardless of the nature of their call and will be en force until further notice, acc
Exxon snaps up offshore block in Equatorial Guinea
ExxonMobil has signed another production sharing agreement with Equatorial Guinea, the new OPEC member. According to Reuters, the production has been signed for the Block EG-11, located offshore Equatorial Guinea. Data found on Exxon’s website shows the company is already largest oil producer in the
Linklaters advises on Coral South FLNG financing
The London-headquartered law firm, Linklaters, has advised Eni and its Area 4 partners, CNPC, ENH, Galp and KOGAS on the project financing for the $8bn Coral South floating (LNG) project in Mozambique.
OTE Corp revamps to OTCQB Venture Market
Ocean Thermal Energy Corporation (OTE Corp) has received an approval to upgrade its common stock from the Pink Open Market to the OTCQB Venture Market.
Gibson: New OPEC Cuts to Extend VLCC Woes
The very large crude carrier (VLCC) market could experience a downturn, which is likely to accelerate in the short term, on the back of OPEC’s extension of production cuts. OPEC and a number of non-OPEC producers earlier informed of their decision to extend production cuts to March 2018. Cutbacks la
Drewry: Asia to Southern Africa Market in Decline?
Although the southbound trade is expected to experience growth in 2017, container volumes from Asia to Southern Africa fell by 13% in the first quarter, Drewry’s Container Trade Statistics (CTS) show. Drewry said that the latest numbers “are surprising,” as the trade was expected to start recovering
Woodmac: Coral has avoided the reefs and is set to sail
Eni’s last week’s sanctioning of the giant offshore gas field development offshore Mozambique is good news for the country’s government, Alasdair Reid, Wood Mackenzie’s Research Manager Southern and East Africa, said. The Coral field, discovered in May 2012, is located within Area 4 and contains app