Business & Finance
French Company to Use Dragflow DRP150 Dredge
Dragflow, an Italian producer of dredging equipment, is about to deliver one of its units to a sand and gravel producer based in France. According to the company, the customer will use the DRP150 remote controlled dredge with a high head dredging pump to dredge the sedimentation ponds next to their
Enbridge selling part of stake in French offshore wind projects
Enbridge is selling 49% of its 50% stake in Éolien Maritime France (EMF), the developer of three offshore wind projects in France, to the Canada Pension Plan Investment Board (CPP Investments). After the transaction closes, through its investment in EMF, Enbridge will own equity interests in the Sai
GasLog CFO steps down
LNG shipper GasLog said that its chief financial officer (CFO) Alastair Maxwell has decided to step down from his position.
EU consulting on new renewable energy financing mechanism
The EU Commission has opened a four-week public consultation on draft rules to establish a new EU financing mechanism to support renewable energy projects. The new mechanism opens a possibility for the member states to collectively benefit from renewables projects funded through tenders using an EU-
Eurogrid’s debut green bond to finance German offshore wind connections
Eurogrid GmbH, the parent company of 50Hertz, has issued its debut green bond in the amount of EUR 750 million, which will finance the Ostwind 1 and 2 grid connections in Germany. The corporate bond with a term of 12 years and an interest rate of 1.113% was issued on the regulated market with the [&
Finland’s Gasum sees quarterly profit decline
Finnish state-owned gas company Gasum reported a 30 per cent year-on-year decline in net profit saying it only had minor impacts from the Covid-19 coronavirus pandemic. Lower power and gas prices have weighed down on Gasum’s profits. Gasum’s net profit totaled 12.3 million euros ($13.3m), compared t
SEA Europe: EU maritime fund is needed to spur development of green technologies
As the envisaged transformation of the European waterborne transport would require significant investments, SEA Europe has proposed the creation of a dedicated EU Maritime Fund as an alternative to extending the EU Emission Trading Scheme (ETS) to shipping.
Rig impairments take Noble Corp. deeper into the red
Noble Corporation saw its quarterly net loss deepen after being negatively affected by rig impairment charges amid lower demand as a result of the coronavirus pandemic and low oil prices.
Impairments sink EMGS to wider loss
Norwegian geophysical services company EMGS has seen its first-quarter loss widened on impairment of DeepBlue source system. The Oslo-listed firm booked Q1 2020 loss of $9.6 million or 7 cents, versus loss of $6 million in Q1 2019. Revenues for the quarter rose at $11.3 million from $10.8 million sa
Euronav posts massive surge in Q1 profit
Antwerp-based tanker shipping company Euronav is reaping large profits from strong underlying tanker dynamics having reported $225.6 million of profit in the first quarter of 2020. The figure is a massive surge when compared to a profit of $19.5 million in Q1 2019. The company’s revenue almost doubl
Equinor sinks to quarterly loss due to low prices and impairments
Equinor recorded a loss in the first quarter of the year due to low oil prices and impairments of $2.5 billion but delivered a record-high production during the period.
Cairn Energy looking for chairman successor
Chairman of oil and gas company Cairn Energy has indicated that he will retire from the board of directors.
Hapag-Lloyd CEO: We are well-positioned to weather the storm
The COVID-19 pandemic seems to have shattered the ability of analysts to predict the outlook for the global economy putting a veil of uncertainty on different market prospects including shipping. Predictions are being revised downwards ever more frequently as new metrics and factors are being consid
DOF books two charters while Skandi Acergy gets axed
DOF Subsea has received a notice of early termination of a two-year charter contract for the vessel Skandi Acergy, from an international client. The notice period is 60 days, and the termination of the charter contract will be effective on 1 July 2020. DOF Subsea should receive a termination fee aft