Business & Finance
Novatek’s Q1 gas production up, LNG sales down
Russia’s largest independent natural gas producer Novatek boosted its production in the first quarter of this year while the company’s sales decreased. Novatek said Thursday that natural gas production rose by 2.2 percent year on year to 19.1 billion cubic metres. The Russian company’s production of
Offshore drillers will be living on the edge, Rystad analysis shows
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy.
Spotlight on Monaco Land Reclamation Project
An interesting article appeared in the latest issue of the Van Oord magazine about Monaco’s land reclamation project. With a growing number of people looking to call Monaco their home, this second smallest country in the world has decided to expand its territory by reclaiming land from the Mediterra
COVID-19 Pandemic: DEME Charters Hotel Ship
To ensure safe crew changes on board dredgers and offshore vessels during the COVID-19 pandemic, DEME will charter a hotel ship for pre-quarantining as of this weekend. The ship is moored in Ostend, said the company in their latest release. Earlier, DEME took the measure to no longer change crews on
EU LNG import bill hits 16.2 billion euros
The European Union member states paid about 16.2 billion euros for the 108 billion cubic meters of liquefied natural gas they imported last year, according to the Commission’s latest gas market report. Last year’s LNG imports increased by a record 48 billion cubic meters or by 75 per cent when compa
Lotos Shipyard to Build Four Bucket-Wheel Dredgers
Lotos Shipyard (Southern Center of Shipbuilding and Ship Repair of the United Shipbuilding Corporation) in the Astrakhan Region has won a tender for construction of four self-propelled bucket-wheel dredgers, PortNews reports. The construction will be financed under the leasing program of State Trans
BIMCO: Shipbuilding orders spiral down
The shipbuilding sector has been severely impacted by the ongoing COVID-19 pandemic causing the contracting activity to shrink and newbuild deliveries to get postponed. What is more, the demolition activity, which has been pretty dynamic over the recent period, has also ground to a halt amid lockdow
Coronavirus crisis: TUI secures German state-backed bridging loan
TUI AG gets an EUR 1.8 billion state aid bridging loan to cope with coronavirus business impacts.
Klaipeda Dredging Wraps Up
The maintenance dredging operations at the liquified natural gas (LNG) floating storage and regasification unit terminal in the southern part of Klaipeda Seaport were successfully completed earlier than planned. “The maintenance dredging works were smooth and the contractor managed to finish them ea
All Set for Folkestone Beach Works
Essential beach management works that will protect the district’s coastline started last week in south-east England, informs the Folkestone and Hythe District Council (FHDC). The work – which involves the recycling and regrading of shingle beaches between Fisherman’s Beach in Hythe to Folkestone Har
Giant Pioneering Spirit vessel put in charge of removal and disposal at Valhall
Aker BP has awarded a call-off for removal and disposal of multiple installations in the Valhall area in the North Sea to Allseas.
Nexans Lifts Pay for Frontline Staff, Leadership Takes Voluntary Pay Cut
Nexans CEO, members of the board of directors, and management are to take voluntary pay cut as a sign of solidarity and social cohesion, but also to award its frontline employees. Christopher Guérin, CEO of Nexans, has committed to reducing his compensation by 30 per cent for the months of April and
Hoegh LNG suspends dividends and cuts costs
Norway’s Hoegh LNG will stop paying dividends to investors as part of a move in reducing costs due to the uncertain environment caused by the coronavirus pandemic. Hoegh’s board has decided to suspend dividends, bonus scheme for executive management and onshore personnel until further notice, the fl
France’s GTT appoints deputy CEO
French liquefied natural gas containment specialist GTT has appointed Eric Dehouck as deputy chief executive officer. Dehouck will support the acceleration of GTT’s development and will assist Philippe Berterottière in his responsibilities as chairman and CEO of GTT, the company said in a statement.