Business & Finance
Fincantieri points to Q3 production recovery in an unprecedented year
Italian shipbuilder Fincantieri reported a 16% drop in revenues for the first nine months of 2020 reaching €3.53 billion, considerably impacted by the Covid-19 outbreak. The shipbuilder’s EBITDA stood at €200 million, down from €306 million reported in the same period in 2019, with an EBITDA margin
SSE, Marubeni, CIP team up for ScotWind leasing
Scottish offshore wind seabed leasing process has brought together Scotland-headquartered SSE Renewables, Japanese conglomerate Marubeni Corporation, and Danish fund management company Copenhagen Infrastructure Partners (CIP). According to the latest press release from SSE Renewables, the developer
Moody’s: Shipping to end 2020 better than expected
The rating agency Moody’s has revised its outlook for the shipping industry from negative to stable as the sector outperformed the agency’s projections for this year. The rating agency said the outlook for the global shipping industry had been negative since March 2020 coinciding with the impact of
DOF Subsea makes management changes
DOF Subsea has appointed Martin Lundberg as acting chief financial officer (CFO) with responsibility for the corporate finance functions in the DOF Subsea Group.
Shelf Drilling selling five stacked rigs
Shelf Drilling is selling five of its stacked drilling rigs. The rig owner has also won a couple of new gigs while some contracts have been suspended.
Volume recovery, cost-cutting measures help Hapag-Lloyd deliver strong results
German container shipping major Hapag-Lloyd once again reported strong earnings in the first nine months of this year, benefitting from volume recovery in the third quarter combined with stable freight rates and low bunker prices.
Trillions of dollars risk being stranded without a global R&D fund to decarbonize
Trillions of dollars could be misallocated if member states of the International Maritime Organization (IMO) fail to back an industry proposal for a global $5 billion research and development fund in order to de-risk the massive investment needed to decarbonize shipping. The call was made by the Int
Equinor mulls concept for Barents Sea oil field, hands out study contracts
Equinor has awarded contracts for concept studies to progress the Wisting project development, in the Barents Sea, towards a final concept select decision.
Chrysaor awards long-term gig to DOF platform supplier
Norwegian offshore vessel provider DOF has been awarded a contract for one of its vessels by the North Sea operator Chrysaor.
Safe Bulkers starts gradual fleet renewal focusing on green ships
Dry bulk shipping company Safe Bulkers wants to gradually renew its fleet with modern designs compliant with the new environmental regulations. In line with those efforts, in October 2020, the company signed a deal to buy a Japanese-built, Kamsarmax class, 82,000 dwt, newbuild bulker with a schedule
SBM Offshore picks LOC for marine warranty services on two FPSOs
LOC Group has been awarded new contracts with SBM Offshore to act as Marine Warranty Surveyor on two of its FPSO projects.
Subsea 7 drops to loss against a backdrop of sluggish activity
Subsea 7 slipped into the red in the third quarter 2020 on decline in activity in the sector and costs generated by the Covid-19 pandemic. The engineering and construction specialist recognised quarterly net loss of $43 million, against profit of $42 million in Q3 2019. This brings losses since the
Total and ADNOC team up to research carbon emissions reduction solutions
Total has signed a strategic framework agreement with ADNOC to explore joint research in the areas of CO2 emission reductions and CCUS.
Dolfines, 8.2 France shake hands on joint offshore wind plans
Dolfines and 8.2 France are joining forces to offer integrated services to the wind energy market, especially the offshore one, by combining their technical expertise in wind turbines, electrical infrastructures and foundations. The offshore wind market’s growth represents a unique opportunity for a