Business & Finance
IMO designates the Mediterranean Sea as an emission control area
The Mediterranean Sea has been designated as an Emission Control Area for Sulphur Oxides and particulate matter at last week’s MEPC 79th session. The designation means that as of 1 May 2025 ships will be required to use marine fuel with reduced sulphur content. The permissible sulphur content will f
German Federal Government concludes Uniper agreement
Today, the German Federal Government and energy company Uniper have concluded a framework agreement to concretize the measures to stabilise Uniper agreed between the Federal Government, Uniper, and Fortum on 21 September 2022. Under the agreement, German’s Federal Ministry of Finance will be respons
K Line hires CO2 carrier newbuilds intended for world’s 1st full-scale CCS project
Japanese shipping major Kawasaki Kisen Kaisha (K Line) has entered into bareboat and time charter contracts with Northern Lights JV DA for two 7,500 m3 liquefied CO2 ships under construction in China. China’s Dalian Shipbuilding Industry Co. (DSIC) launched the construction of the two LNG-powered, w
Ofgem withdraws cap and floor regime for 1.4 GW interconnector
UK energy market regulator Ofgem has withdrawn the cap and floor regime awarded in principle for a 1.4 GW interconnector due to the project having encountered “significant delays”.
Offshore drilling contractor taps Scana company for deep-water riser system
Scana-owned PSW Technology has signed an agreement with offshore drilling contractor Northern Ocean Operations for the sale of a complete marine riser system for ultra-deep-water operations. The contract includes project management, inspection, repair and logistics of the marine riser system. Work s
EU poised to start taxing shipping emissions in 2024
In the final round of talks over the weekend, the EU Council and the European Parliament hammered out a provisional political agreement on legislative proposals of the ‘Fit for 55’ package that aim to further reduce emissions and address their social impacts. The ‘Fit for 55’ package is aimed at ena
Subsea 7 scores trifecta with Aker BP
Norwegian oil and gas company Aker BP has awarded Subsea 7 with three contracts for the delivery of equipment and installation services for projects located offshore Norway. Subsea 7 confirmed the award of a “major” contract for the Yggdrasil field development project, formerly NOAKA, a “large” cont
North Sea operators fined amid crackdown on risks to UK’s net-zero and energy security
UK’s regulator North Sea Transition Authority (NSTA) has fined EnQuest, Equinor, and Spirit Energy a total of £265,000 or $322,437.
TECO 2030 receives its first future funnel order
Norway’s cleantech company TECO 2030 has received its first future funnel purchase order, valued at NOK 5.5 million (€0.5 million), from an undisclosed European shipowner. The estimated delivery of the future funnel, TECO 2030 Model 8, is at the end of Q1, the beginning of Q2 2023, and TECO 2030’s t
Europe launches €40 million call for demonstration of tidal energy farms
The European Union has launched a funding call under its Horizon Europe program, looking for tidal energy farm demonstration projects, as it aims to improve market confidence and sustainability of tidal energy technology.
In focus: Oil and gas electrification gains ground as offshore energies forge closer ties
Offshore energy industries, which up until recently had little in common, are becoming increasingly intertwined as governments and private sectors step up their game for a more integrated and sustainable energy mix of the future.
Plans unveiled for investments of $20.4 billion in ten oil & gas projects
Aker BP has submitted a PIO and ten PDOs for oil and gas projects to the Norwegian Ministry of Petroleum and Energy.
IMO fails to adopt more ambitious 2050 target
The IMO failed to adopt a concrete shipping decarbonisation target for shipping this week following the Marine Environment Protection Committee (MEPC 79) meeting that ended earlier today. The support from the member countries for eliminating the industry’s emissions by 2050 and for setting interim t
Valaris’ new rig deals bring total backlog of $275 million
Valaris has been awarded new contracts for a drillship and three jack-up rigs and contract extensions for three more rigs.