News
ALE Details on Handling Rentel OSS Foundation Parts
Heavy transportation and lifting contractor ALE has informed that it carried out the weighing, transportation and load-out of the J-tube cage and transition piece (TP) for the Rentel offshore substation (OSS) foundation at the Navacel dock in Bilbao, Spain.
Clough, Wärtsilä to build PNG gas-fired power plant
Perth-based Clough said it has won a contract with Wärtsilä do develop a gas-fired power plant near Port Moresby in Papua New Guinea.
Lundin, TechnipFMC to set up new contract model for subsea projects
Oil company Lundin Norway and oilfield services provider TechnipFMC will collaborate in an effort aimed at making more development projects on the Norwegian shelf profitable. The plan calls for better utilization of the expertise in both companies to identify the smartest solutions, Lundin explained
GasLog Partners see rise in profit
GasLog Partners, the New York-listed spinoff of LNG shipper GasLog reported a profit of $25.4 million for the third quarter of 2017.
Moore Stephens: Vessel Operating Costs to Rise in 2017 and 2018
Vessel operating costs are expected to increase in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. Th
Drewry: spot LNG fleet bracing for 2017 operating loss
The pressure on LNG shipping spot rates will continue for another year on account of strong fleet growth, before strengthening in 2019 with slowing fleet growth and strong trade.
All Wikinger Turbines Up
On 22 October, Fred. Olsen Windcarrier’s jack-up Brave Tern completed the turbine installation at the site of the Wikinger offshore wind farm, developed by Iberdrola. The wind farm comprises 70 Adwen 5MW wind turbines supported by jacket foundations.
TechnipFMC profit declines
LNG engineer TechnipFMC saw its net profit sliced by 63 percent reporting a net income of $121 million for the third quarter compared to $327 million in the third quarter of 2016.
Statoil loss widens
Norwegian energy giant and LNG operator Statoil on Thursday reported a wider third-quarter loss despite higher oil and gas prices, after booking a number of impairment charges. The company reported a loss for the third quarter of $478 million, compared with a year-earlier loss of $427 million. Accor
UNCTAD: Consolidation in Container Shipping May Lead to Oligopoly
Increased consolidation among carriers driven by a continued oversupply of vessels could bring some order to the market, however, the recent mergers and mega alliances may lead to oligopolistic structures, UNCTAD warned in its latest report on maritime transport. “A slower demand than earlier projec
PGS: Worst behind us, but recovery takes time
Norwegian marine seismic player PGS recorded a decrease in revenue for the third quarter of 2017. Revenue fell by $16.5 million, or 7%, compared to $224.1 million Q3 2016. PGS posted a net loss of $189 million, compared to a loss of 29 million a year ago. According to PGS, the revenue decrease is ma
EnQuest improves cash liquidity through two new deals
UK oil and gas company EnQuest will enhance its cash liquidity position by $100 million through two deals announced on Thursday. Namely, the oil company has executed a $37.25 million refinancing for its Malaysian Tanjong Baram project as well as an $80 million crude oil prepayment transaction with M
Uninsured Losses after Collisions to Be Recovered
A new insurance solution has been launched by the Swedish Club providing upfront cover for the uninsured losses that are expected to be recovered from a third party following a collision. Following a serious incident at sea, shipowners can find themselves struggling to maintain cash flow, despite ha
Novatek’s Q3 profit climbs
Russian LNG export project developer, Novatek reported a 3.4 percent increase in its profit in the third-quarter of this year as compared to the same period the year before. Profit attributable to Novatek shareholders increased to 37.7 billion roubles ($654.8 million), the company said on Wednesday.