British multinational consultancy and engineering company Amec Foster Wheeler said it has won a five-year deal with a unit of the Hague-based LNG giant Shell. Under the enterprise framework agreement, Amec Foster Wheeler will provide services for Shell Global Solutions International’s downstream pro
Despite difficulties posed by international sanctions and the downturn in the past two to three years, the Russian hydrocarbons industry has demonstrated positive results, helped by a very liberal investment regime that incentivizes greenfield developments and further production of brownfields. The
The number of very large crude carriers (VLCC) engaged in non-trading activities, primarily Iranian/non-Iranian crude storage and fuel oil storage, has started to slip, according to the latest tanker report from Gibson Shipbrokers. Namely, at the end of February, 45 VLCCs were involved in various no
The announcement on the 28th February of Emas Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015, according to Douglas-Westwood’s latest DW Monday report. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Hark
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Australian LNG engineering company WorleyParsons clarified the recent acquisition of the company’s shares by Dar Al-Handasah Consultants Shair and Partners Holdings (Dar Group).
Following the lifting of sanctions against the Islamic Republic of Iran in early 2016, seaborne demand for Iranian crude has more than doubled, according to a report released by VesselsValue. In the past five years, the greatest demand for Iranian crude came from China, Japan and South Korea, respec
The Middle East is the only region to buck the downward trend in offshore supply vessels (OSVs) over the last two years, according to new analysis released on Wednesday by IHS Markit, an information and analytics group. Demand in the region has remained steadfast since the decline in the price of oi
Product tanker orderbook has dropped to its lowest level in nearly 17 years as it was equivalent to 10.2% of fleet capacity at the start of February 2017, a low not seen since August 2000, according to Clarksons Research. At the start of February, the product tanker orderbook of 10,000+ dwt vessels
Dubai-based Dar Group has bought a 13.35 percent stake in the oilfield services provider WorleyParsons, after its takeover bid in 2016 was rejected. “Dar Group views WorleyParsons as the preeminent energy and design consultancy globally and respects the role the Chairman, Board and management team h
The containership sector has started 2017 in a positive mood, with each of the industry’s drivers – demand, supply and earnings – in a healthy shape. Maritime Strategies International (MSI) expects the sector to move into the next quarter with a reinforcement of this encouraging trend. In terms of d
Following the easing of sanctions against Iran by the US and five other world powers, Europe has been eager to revive maritime trade relations with Tehran, sending its shipping majors and port officials to ink new and renew old cooperation deals. Aside to increased activity in the carriage of oil, c
Dubai-based Dar Group, an architecture and engineering firm, acquired a 13.45 percent stake in Australian LNG engineering company WorleyParsons.
By Naveen Thukral SINGAPORE (Reuters) – Crude oil edged higher on Tuesday, underpinned by high compliance with OPEC’s production cuts even as the market remains anchored by rising U.S. production. The Organization of the Petroleum Exporting Countries (OPEC) has so far surprised the market by showing
