Business & Finance
Bahri’s Q1 2020 earnings soar amid higher rates
The world’s largest owner and operator of very large crude oil carriers (VLCCs) Bahri reported a massive jump of 133.77 percent in its profit for the first quarter of 2020 despite COVID-19 challenges. The company’s net profit after tax reached SAR 419.22 million (USD 111 million) from SAR 179.33 mil
Seabed Geosolutions puts Eidesvik’s vessel on standby
Eidesvik Offshore and Seabed Geosolutions have agreed to amend the contract for the node-handling vessel Subsea Viking, putting it on standby.
i3 Energy in talks with noteholders to waive condition for Liberator funding
i3 Energy is in talks with its noteholders to waive its previously agreed condition, requiring it to enter into a lending facility or find alternative means to fund its Liberator development by the end of April.
Tankers, gas carriers boost Milaha’s bottom line
Milah closed the first quarter of this year with a slight increase in its net income, driven by higher earnings of the company’s tanker and gas carrier business.
Dragflow Pumps on Moungo River in Cameroon
One of the biggest sand quarries on the Moungo River in Cameroon is now relying on Dragflow pumps for their sand extraction. The Moungo river in Cameroon has always been known for having the best quality sand for construction purposes around Douala. According to Dragflow, one of the main issues in t
The Entrance Dredging Continues
Central Coast Council is working on the next phases of the 2020 Entrance dredging program, following initial works completed earlier in April under the advice and guidance of expert coastal engineers engaged by council. About 5,000 cubic metres of sand have been removed from the eastern reaches of t
Maersk Drilling to reduce offshore crew as North Sea rigs go into stack mode
Maersk Drilling has decided to stack a number of its North Sea drilling rigs to adapt to the changing market environment.
‘Founding father’ of Soviet oil industry and Lukoil chairman passes away
Long-time chairman of Russian oil and gas company Lukoil and “founding father” of the Soviet oil industry has passed away following a long illness.
Tokyo Gas flags $262.7 million impairment loss
Japanese utility, Tokyo Gas revised its results forecast as it is set to book a total of ¥28.4 billion ($262.7 million) impairment losses for the year ended March 2020.
Impairments in offshore drilling drag Saipem into the red
Italian oilfield contractor Saipem sank into the red in the first quarter of the year dragged down by impairments in the Offshore Drilling division.
Working to Reduce Risk of Flooding in Sandwich, Kent
Working on behalf of the Environment Agency, Mackley is delivering emergency flood prevention works to protect the historic town of Sandwich in Kent. Sandwich lies close to the coast on the River Stour, and a short section of approximately 35 metres of the river wall at Pillory Gate Wharf was identi
Preserving Santa Cruz River Heritage
Tucson Water, a department of the City of Tucson, Arizona, temporarily reduced the flow of the Santa Cruz River Heritage Project earlier this week, and now the Pima County Regional Flood Control District can remove sediment from the river channel that has accumulated over the last 30 years, Tucson W
New Timber Deck for J.E. McAmis’ Ellis Island
J.E. McAmis said in its latest announcement that their crews in Longview, WA yard are putting a new timber deck on the ABS Deck Barge – Ellis Island. The Ellis Island (250′ x 76′) will be put into service at the Mouth of the Columbia River to provide critical infrastructure at the South Jetty for [&
PHOTO: McFarland Ready for Delaware River Dredging
The U.S. Army Corps of Engineers Philadelphia District’s deep-draft hopper dredger McFarland is back home at Fort Mifflin after undergoing extensive repairs in Norfolk, VA. According to USACE’s latest announcement, the dredger will soon be working again on the Delaware River. One of four oceangoing