South & Central Asia
Northern Offshore puts two jack-up rigs on back burner
COSCO’s Dalian shipyard and drilling contractor Northern Offshore have agreed to postpone the delivery of two jack-up drilling rigs amid challenging offshore drilling market. The shipyard received an order for two LeTourneau Super 116E jack-up drilling rigs in November 2013 and the plan was to deliv
Triyards Secures More Work amid Lower Profit
As part of its diversification strategy, Singapore-based Triyards Holdings Limited has secured USD 32.9 million in new contracts in April 2017, bringing the company’s order book value to USD 321 million. The contracts include the fabrication of seven tugboats and one 16-metre aluminium crew transfer
BW Offshore, ICBC Team Up on FPSO Projects
Operator of floating production storage and offloading (FPSO) units BW Offshore Limited (BWO) has signed a cooperation deal with financial leasing firm ICBC Financial Leasing to jointly pursue international infrastructure projects with a focus on FPSOs. Under the agreement, the parties plan to estab
International offshore rig count on downward spiral
The international offshore rig count for March 2017 was once again down both sequentially and year over year, Baker Hughes reported on Friday. According to monthly rig count reports by the oilfield services provider, the international offshore rig count for March 2017 was 197, down 3 from the 200 co
Pacific Basin Reaps Fruit from Improved Market Conditions
Hong Kong-based dry bulk shipping company Pacific Basin Shipping is reaping the fruits of the recovery of market fundamentals in the dry bulk sector which pushed up time charter equivalent (TCE) earnings in the first quarter of 2017. This has been a result of improved market condition after seasonal
Report: ExxonMobil offering PNG LNG volumes on mid-term deals
ExxonMobil is looking to sell 1.3 million tons of mid-term LNG volumes from its Papua New Guinea liquefied natural gas project.
World’s First Double Side-Hull LPG Carrier Presented
Classification society DNV GL has presented South Korean shipbuilder Hyundai Mipo Dockyard (HMD) with an approval in principle (AIP) certificate for a new double side-hull LPG carrier design – LPG SAFE (Structural Advances for the Environment). The certificate confirms that the design complies with
BP awards global engineering contract to Amec Foster Wheeler
Amec Foster Wheeler has been awarded a global framework contract by BP to provide engineering, procurement support and project management services for pre-FEED (front end engineering and design) and FEED work across a range of projects. The award will allow Amec Foster Wheeler to deliver large, comp
Quintet joins forces on designing LNG-fueled very large ore carrier
Woodside Energy, Anangel Maritime Services, Hyundai Heavy Industries, General Electric Company and Lloyd’s Register joined forces to develop an LNG-fueled very large ore carrier (VLOC) design.
BW Offshore teams up with Chinese leasing firm to pursue FPSO projects
BW Offshore has signed a cooperation agreement with a Chinese financial leasing firm ICBC Financial Leasing Co., Ltd. (ICBCL). The two companies plan to establish a long-term strategic partnership to jointly pursue large international infrastructure projects with a focus on FPSOs. This is the ration
Marine Insurers Troubled by Rising Major Vessel Casualties
There has been a continued increase in frequency of major vessel casualties, according to the International Union of Marine Insurance (IUMI). The growth trend of marine risks is exerting a significant pressure on marine insurers, especially as the frequency of major vessel casualties rose again in 2
Report: NPS Doubtful About DSME’s Restructuring Plan
South Korea’s National Pension Service (NPS), one of the main debt holders of Daewoo Shipbuilding & Marine Engineering (DSME), has not decided whether to accept the debt restructuring plan aimed at saving the country’s financially-troubled shipbuilder, Yonhap News Agency reports. The pension fund, w