News
Germany to Curb New Offshore Wind Capacity
German government plans to limit the installation of offshore wind farms in the period between 2021 and 2025 to 3.1GW and hold a tender for 1.7GW of offshore wind in 2017 and 1.4GW in 2018 to adjust the offshore wind development to that of the high-voltage transmission grid, according to Reuters. Pr
Energean gets another loan from EBRD to boost offshore exploration in Greece
The European Bank for Reconstruction and Development (EBRD) is stepping up its support for Energean Oil & Gas, the only oil and gas producer in Greece, with an additional $20 million subordinated loan to the company, following the previously announced $75 million financing package. The loan will sup
Polarcus’ fleet utilization increases
Polarcus, a marine seismic acquisition company, on Tuesday posted its fleet utilization figures for the second quarter of 2016. Utilization for the quarter was 91 percent, an increase from 80 percent in the second quarter of 2015. By category, 76 percent of vessel utilization came from contract seis
Olympic Shipping in standstill deal with lenders
Olympic Shipping, an Oslo-listed offshore support vessels owner, has entered into a standstill agreement with its secured lenders. The discussions with the lenders were initiated in the first quarter of 2016, in relation to the need for an adjustment to the repayment profile of the financial debt of
EMGS: Vessel utilization in 2Q 2016 at 76pct. ‘EM Leader’ charter terminated
Electromagnetic Geoservices ASA (EMGS), an Oslo-listed marine seismic acquisition company, has reported an increase in vessel utilization for the second quarter of 2016, however with fewer vessels in operation than in the same period last year. Vessel utilization for the second quarter 2016 came in
Viking Supply Ships working to avoid bankruptcy
Viking Supply Ships A/S (VSS), a Swedish company supplying vessels to the international oil and gas industry, has called its bondholders to ease their stance regarding the financial restructuring of the company, otherwise bankruptcy will be the only option. Namely, Viking says that it has made repea
Elengy: Fos Tonkin terminal doubles LNG truck loading capacity
France’s Elengy, a unit of Engie, said that its Fos Tonkin terminal located on the shores of the Mediterranean has doubled its LNG truck loading capacity. Fos Tonkin, which performed its first truck loading operation in 2014, is now able to fill up to 8 trucks per day or 2200 trucks per year with th
Nominations open for first Offshore Energy Awards
The offshore energy industry is constantly moving forward. Despite challenging times in the industry, there are impressive achievements that require celebration. During the first Offshore Energy Opening Gala Dinner on Monday October 24th, Navingo brings the industry together to celebrate some of the
Drewry: No Respite for Multipurpose Fleet Until 2018
The demand outlook for the multipurpose vessel (MPV) fleet has not improved since the first quarter of 2016 and is set to remain unchanged until the end of 2017 due to persisting weakness in breakbulk and project cargo sectors, according to the latest Multipurpose Shipping Market Review and Forecast
Total names head of its Gas, Renewables and Power unit
France’s gas and oil giant Total said it has appointed a new chief to lead its newly created Gas, Renewables and Power branch. Total appointed Philippe Sauquet, currently President, Refining & Chemicals and member of Total’s Executive Committee, as President of the unit effective September 1. Sauque
Klaipedos Nafta’s LNG revenue rises in June
Klaipedos Nafta, the operator of the first Lithuanian LNG terminal informed that sales revenues from the import facility reached €5.5 million during June 2016, 1.9 percent up on €5.4 million in the same month in 2015.
Britain could import 93 percent of its gas by 2040
By Susanna Twidale LONDON (Reuters) – Britain could rely on other countries for 93 percent of its gas supplies by 2040 if there is weak economic growth and not enough money available to support domestic gas production, National Grid said on Tuesday. The import forecast is a part of the British grid
Nominations open for first Offshore Energy Awards
The offshore energy industry is constantly moving forward. Despite challenging times in the industry, there are impressive achievements that require celebration. During the first Offshore Energy Opening Gala Dinner to be held in Amsterdam, the Netherlands, on Monday, October 24th, Navingo brings the
Nominations open for first Offshore Energy Awards
The offshore energy industry is constantly moving forward. Despite challenging times in the industry, there are impressive achievements that require celebration. During the first Offshore Energy Opening Gala Dinner to be held in Amsterdam, the Netherlands, on Monday, October 24th, Navingo brings the