Business & Finance
Peninsula renews its syndicated European credit facility
Marine fuel supplier Peninsula has confirmed the renewal of its syndicated European credit facility, reporting an increase from $350 million to $450 million. The supplier said that, together with the group’s Asian syndicated facility and other bilateral lines, the increase in the European credit fac
Two new contracts reel in $850 million for Saipem
Italian oilfield services provider Saipem has secured two new offshore contracts with an overall value of approximately $850 million. Saipem has been awarded an engineering, procurement, construction and installation (EPCI) contract by Turkish Petroleum OTC for the second phase of the Sakarya FEED a
bound4blue and Oceanking join forces to bring eSAIL tech to Greece and Cyprus
bound4blue, a developer of wind-assisted propulsion technology, and Oceanking, a Greece-based provider of marine technology solutions, have formed a partnership to jointly expand access to the eSAIL technology in Greece and Cyprus. bound4blue’s eSAIL is a wind-assisted propulsion system known as a s
Fifth well in Black Sea drilling campaign finds ‘abundance of gas pay’
Canada’s oil and gas player Trillion Energy has discovered an ‘abundance of gas pay’ with the fifth well in its multi-well program at a natural gas field in the Black Sea off Türkiye. The Bayhanli 2 well was spud on 5 April at the East Ayazli Tripod on the SASB gas field with the Uranus rig, which w
DAI and Freepan pen 10-year green ammonia purchase deal
DAI Infrastructure GmbH and Freepan Holdings Corp have entered a ten-year green ammonia purchase agreement. The companies signed a Memorandum of Understanding (MoU) according to which Freepan will offtake 800 000 TPA of green ammonia. According to DAI, the green ammonia will be produced in East Port
CoolCo secures multi-year forward time charter deal for its LNG carrier
Cool Company (CoolCo), an owner, operator and manager of LNG carriers, has entered into a new time charter agreement for one of its TFDE vessels. The multi-year charter with an undisclosed energy major starts early next year, upon redelivery from the vessel’s current charter. It will add backlog thr
New UK cable layer to run on methanol once delivered in 2025
UK-based HVDC cable company XLCC has completed model testing on its new cable laying vessel (CLV) that was announced last year and which will be deployed in the renewable energy sector. The vessel will feature battery energy storage systems and shore power to reduce fuel consumption and has been des
Norwegian floating solar company widens first quarter loss
Norwegian floating solar developer Ocean Sun has reported a wider net loss in the first quarter of 2023, when compared to the same period a year earlier, with a slight increase in income.
Survey on schedule for first UK-Germany energy link
A geophysical and UXO survey is set to begin at the end of this month for an interconnector that will link the UK and Germany for the first time. Geociencias y Exploraciones Marítimas (GEM) will perform a survey of the route for the installation of the NeuConnect Interconnector, nominally 705 kilome
SBM Offshore FPSO to undergo green recycling in Denmark
Netherlands-headquartered SBM Offshore has awarded Modern American Recycling Services Europe (M.A.R.S.) with a contract for dismantling and green recycling of one of its FPSOs. The contract includes engineering, preparation, dismantling and green recycling of SBM Offshore’s FPSO Capixaba in Brazil.
Bulkship Management taps BERG Propulsion to limit engine power on 10 ships
Bulkship Management, the Oslo-based ship manager with a specialty in geared vessels, has signed a contract to implement BERG Propulsion’s ‘EPL for EEXI’ power limitation solution across 10 ships trading in US Gulf and Caribbean waters. The Berg Engine Power Limitation (EPL) is intended for ships who
Study: Ammonia-powered ships set to ply West Australia-East Asia iron ore trade by 2028
Ships powered by clean ammonia could be deployed on the iron ore trade routes between West Australia and East Asia by 2028 and reach 5% adoption by 2030. These are the findings of a study from the West Australia – East Asia Iron Ore Green Corridor Consortium. The consortium, led by the Global Mariti
Euronav CEO Hugo De Stoop steps down
In a surprising turn of events, the Supervisory Board of Belgian tanker major Euronav NV has announced the departure of CEO Hugo De Stoop with immediate effect, citing mutual agreement. The company said in a press release that the majority of the Supervisory Board supported the decision. The move co
Maersk completes divestment of all of its energy-related businesses
Industry major A.P. Moller – Maersk (Maersk) has completed the divestment of Maersk Supply Service (MSS) announced two months ago. At closing, A.P. Moller Holding, the parent company of the A.P. Moller Group, will assume full ownership of MSS. Maersk Supply Service will continue trading under its cu