Business & Finance
IJmuiden Sea Lock Project – Spring 2020 Update
OpenIJ – a consortium of construction companies building the world’s largest sea lock in IJmuiden, the Netherlands – has released the spring update for this development project. According to the update, this spring, OpenIJ is going to asphalt part of the future public road near the guard wall and th
Current Market to Have Adverse Impact on Aker Solutions
Engineering firm Aker Solutions is taking measures to mitigate the effects of activity slowdown due to the COVID-19 outbreak and plummet in oil price, involving temporary layoffs, freezing salaries on all levels, accelerating cost-saving initiatives, and significantly reducing investments. The compa
DSME Wins VLCC Order from Pan Ocean
DSME has secured an order for a very large crude oil carrier from Pan Ocean.
Deutsche Bank closes hedge for Taiwanese offshore wind farm
Deutsche Bank has closed a deal contingent interest rate swap on TW$ 90 billion (around € 2.7 billion) project finance for the development of the 589 MW Changfang and Xidao wind farm off Changhua County, Taiwan. The investment consortium, led by Copenhagen Infrastructure Partners (CIP) through its f
Aker Solutions mitigating effects of market slowdown with temporary layoffs, salary freeze for execs
Aker Solutions has revealed a package of measures to mitigate the effects of the coronavirus and sharp oil price decline, including layoffs, reductions in cost and investment levels, and salary freeze for executives as well as general population.
DIMECC: New Program Paves Way for Remote Pilotage, Safer Fairway Navigation
The program provides blueprints for digitalization, service innovation and information flows in maritime transport.
Converting General Cargo Vessel to Hopper Dredger
Last year, Holland Shipyards Group was selected by Faasse Dredging for the conversion of a general cargo vessel to a hopper dredger. After the acquisition, Faasse Groep and Holland Shipyards have come to an agreement on the conversion of former general cargo vessel Mandeo into the trailing suction h
Subsea 7 braces for coronavirus impact on market
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.
Yinson hit with FPSO deal termination after Aker Energy defers Pecan project
Aker Energy has postponed the development of its Pecan field, located offshore Ghana. As a result, Aker Energy terminated its agreement with Yinson for the provision of an FPSO for the project.
THE Alliance Reveals New Batch of Void Sailings
Members of THE Alliance decided to void dozens of sailings in April.
BP to reduce spending in response to volatile market but no job cuts in next three months
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.
Solstad and Ocean Yield in fresh extension of standstill agreement for anchor handling duo
Ocean Yield, a ship owning company with investments in vessels on long -term charters, has agreed to extend the standstill period with Solstad Offshore and its subsidiaries for two anchor handlers.
Subsea 7 braces for headwinds; withdraws 2020 guidance
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 adjus
Fulhadhoo Harbor Project in Full Swing
The Maldives Transport and Contracting Company (MTCC) has just released the latest update on their construction activities for a new harbor in B. Fulhadhoo area, saying that the channel dredging works are well underway, with 17% project progress. The harbor construction agreement was signed on July