Business & Finance
India: DCI Reports Q4 Loss
Dredging Corporation of India Ltd has announced its Financial Results for the period ended December 31, 2011. The company has posted net profit / (loss) of (Rs.286) million for the quarter ended Dec. 31, 2011 as compared to Rs.96.3 million for the quarter ended Dec. 31, 2010. Total income was at Rs.
Norway: Det Norske Gets Go-Ahead for Jette Development
Det norske oljeselskap ASA has received the go-ahead to develop Jette. Today, the Norwegian authorities approved the Plan for Development and Operation (PDO) of the field, which is operated by Det norske. Jette is the company’s first field development as operator. CEO Erik Haugane states that this r
China: U-Ming Marine Orders Four Capesize Bulk Carriers from SWS
Shanghai Waigaoqiao Shipbuilding Co.,Ltd (SWS), a full owned subsidiary of China CSSC Holdings Ltd, has secured an order to construct four capesize Bulk Carriers by U-Ming Marine Transport Corporation. The newbuilding vessels come with the price tag of approximately USD 50 million per vessel and the
Russia: LUKOIL Lays Corner Stone for Caspian Offshore Facility
President of Russia’s LUKOIL, Vagit Alekperov, and the Governor of the Astrakhan Oblast Alexandr Zhilkin have recently attended a ceremony in Astrakhan to lay a corner stone for offshore oil and gas facilities at V. Filanovsky field. Memorial tablets were fixed upon the base sections of a riser bloc
Norway: Statnett Announces Solid Annual Results 2011
The Statnett Group reports profit after tax for 2011 of NOK 1 000 million, the corresponding figure for 2010 was NOK 2 198 million. In the fourth quarter of 2011 profit after tax was NOK 226 million, compared to NOK 567 million in the fourth quarter of 2010. In the fourth quarter of 2011 total [&hel
Australia: Santos’ Net Profit Rises 51 pct
One of Australia’s leading gas producers, Santos, today reported a net profit of $753 million after tax for the year ended 31 December 2011, 51% higher than the previous year. The 2011 headline result includes a $408 million profit after tax from asset sales, including a 15% interest in the GLNG pro
Sovcomflot Acquires Russia’s Leading Seismic Company SMNG
Russia’s biggest shipping company Sovcomflot announces the acquisition of the region’s leading seismic organization Sevmorneftegeofizika (SMNG), in order to set up a seismic survey business of international specifications. According to Kommersant, Sovcomflot will get 100 percent of the shares in SMN
UK: Floatel Secures BP Clair Ridge Accommodation Support Contract
Floatel International has signed a Contract with BP Exploration Operating Company Limited for provision of its accommodation and construction support vessel Floatel Victory for the Clair Ridge Development project. The Clair Ridge field is located on the UK Continental Shelf, approximately 66 km west
AWE Completes Acquisition of Indonesian Offshore Assets
AWE Limited has completed the transaction to acquire a 100% interest and operatorship of two Production Sharing Contracts offshore Indonesia effective 17 February 2012. The two PSCs, the North West Natuna Production Sharing Contract (“NWN PSC”) and the Anambas PSC are located in the Natuna Sea in 70
Oil and Gas Companies Join Forces in Driving Australia’s Technology Development
Major oil and gas companies have formed a dedicated cluster group to collaborate on identifying common technology challenges and potential solutions pertinent to the industry in Australia. Established by global technology facilitator, ITF, nine operators and international service companies including
Australia: LogiCamms Gets Gorgon Job from Chevron
LogiCamms has been awarded a contract with Chevron Australia to provide maintenance engineering services on the Chevron-operated Gorgon Project. The four year contract has an estimated value of approximately $8m and commences immediately. Steve Banning, LogiCamms’ Managing Director, said the contrac
Russia: Severnaya Verf Shipyard Obtains License to Build Nuclear-Powered Warships
JSC Severnaya Verf shipyard has obtained license to perform works associated with nuclear reactors, the yard’s director general Andrei B. Fomichev told Central Navy Portal. According to Fomichev, “now Severnaya Verf is authorized to work with nuclear powerplants. Federal Service for Environmental, T
Norway: Det Norske Aims to Submit PDO for Draupne in 2012
2011 was a very good year for Det norske oljeselskap ASA. The company’s resource base tripled, and Det norske succeeded in securing long-term financing. Statoil, as operator, lifted the estimates for the section of Johan Sverdrup located in production license 265 to between 900 and 1,500 million bar
Russia: Sovcomflot Acquires Four New Product Carriers
Sovcomflot (SCF Group) agreed a further joint project with Glencore International AG to own, operate and manage four coated LR1 type product tankers (74,000 tonnes DWT). The vessels “SCF Plymouth”, “SCF Pacifica” and “SCF Pearl” built in 2011 at Hyundai Mipo Dockyard Co (South Korea) will immediatel