Paimo Blogs

UAE tanker released with half of the crew, details unclear

What serious analysts predicted since long in the Somali piracy circus are cases where the amateur negotiators and deliverers, who are often friends of friends in the insurance industry, create more difficulties than they solve with ill-conceived ransom drops and not at all planned, insecure release operations.
[Read More]
Source: SeaNews

Singapore vessel arrivals in March surge to record high

Vessel arrivals by tonnage to Singapore's port rose nearly 14 percent to a record monthly high of 181.78 million tonnes in March, helping to spur a rebound in marine fuel sales in the city-state last month, official data showed.
[Read More]
Source: Reuters, Manila Bulletin

LNG bunkering needs government support

A shift to using LNG for bunkering commercial vessels would require government support or intervention and is unlikely to be a realistic global phenomenon before 2025 at the earliest, shipping industry representatives said this week.
[Read More]
Source: platts

NSCSA Receives New Chemical Tanker NCC HUDA

The National Shipping Company of Saudi Arabia announces that its 80% owned subsidiary company The National Chemical Carriers Ltd. Co. (NCC) received on Friday, 15th April 2011 in Korea a new chemical tanker named “NCC HUDA” with DWT of 45,000 tons from SLS Shipbuilding Co. Ltd. of South Korea, as part of two vessels previously purchased by NCC from SLS on 21/12/2010 for a total price of approximately (SAR 322 Millions) for the two tankers. The vessel started her operation from 15/4/2011 and the financial impact of the delivered tanker on the company’s revenue will appear starting second quarter of the current financial year.

NCC has additional nine vessels under construction at SLS in South Korea costing (SAR 1,721 Millions) with deliveries expected during 2011/12, in addition to one large chemical tanker of 75,000 DWT, to be constructed at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) of South Korea at the price of (SAR 247 Millions) for delivery during 2013.
Source: NSCSA

Indian merchant navy officers to grab 9% global share by 2015

Aiming to increase the global share of Indian merchant navy officers to 9% by 2015 in the wake of shortage of personnel, the government plans to acquire four training ships at a cost of Rs 500 crore.

India is the fifth largest supplier of officers globally at present having a share of 6.3% out of 5,50,000 officers.

[Read More]

Source: Business Standard

ONR demonstrates laser weapon that could disable pirate skiffs

The Office of Naval Research has successfully demonstrated a weapon that could one day prove an effective means of disabling pirate attack skiffs.

On April 6, the Office of Naval Research and its industry partner, Northrop Grumman, successfully tested a solid-state, high-energy laser (HEL) from a surface ship, which disabled a small target vessel. The at-sea testing of the Maritime Laser Demonstrator (MLD) validated the potential to provide advanced self-defense for surface ships and personnel by keeping small boat threats at a safe distance.
[Read More]
Source: Marine Log

SCI signed contracts for acquisition of two resale Supramax bulk carriers

The Shipping Corporation of India Ltd. (SCI) has signed contracts for acquisition of two resale Supramax bulk carriers with M/s Grand Yard. Investments Ltd., China on 15th April, 2011. These vessels have been acquired through a competitive global tendering process and SCI has selected the vessels of M/s Grand Yard Investments based on the technical suitability and commercial competitiveness.

These vessels are presently under construction at M/s Guoyu Shipyard, China which is under the same group of M/s Grand Yard Investments Ltd. The vessels are at an advanced stage of construction and would be delivered to SCI within 4 months and 5 months of contract effectiveness respectively.

SCI presently has 17 bulk carriers in its fleet out of which some of the Handymax bulk carriers would be due for phasing out shortly. The vessels contracted now would enable SCI to partly replace some of these Handymax bulk carriers which have completed their economic life. SCI also has another 6 Handymax bulk carriers on order with STX Shipyard, China which will join the SCI fleet during the year 2011-12.

The major economies of the world are on a revival path after the global slowdown. The fundamentals of Asian economies continue to be strong and outlook for dry bulk trade remains positive. SCI would be able to cater to this growing trade with the new vessels upon delivery. SCI also has further plans to augment its bulk carrier fleet by acquiring Panamax and Capesize bulk carriers in the near future.

SCI has embarked upon a major fleet acquisition plan and presently has 31 vessels of 20.22 million DWT on order. This includes all types of vessels, i.e. crude oil carriers (VLCCs), dry bulk carriers, cellular container vessels and offshore supply vessels. Total investment for these projects would be over US $ 1.39 billion (about Rs. 6,200 Crores).
Source: SCI

Piracy spurs India coal buyers to diversify

Indian coal buyers struggling with Somali pirate attacks on ships from South Africa find taking longer routes of limited use and are turning to Australia and Russia for fuel to avoid the Indian Ocean completely.
Somali pirates, whose hijacking of oil tankers, bulk cargo ships and fishing vessels costs world trade billions of dollars a year are growing bolder.
[Read More]
Source: Business Standard

Oversupply of vessels to rule the market for at least three more years says analyst

Dry cargo demand fundamentals are falling back in terms of offering proper comfort to ship owners and alleviate oversupply issues, as Chinese iron fixtures are on a downward trend with port stockpiles of iron ore, coal and steel being at elevated levels.
[Read More]
Source: Hellenic Shipping News

Elizabeth Hurley visits Maasmechelen Village

Elizabeth Hurley has chosen Maasmechelen Village as the exclusive destination in Benelux for the Elizabeth Hurley Beach Hut “pop-up” boutique, her first stand-alone retail venture in Benelux. This is in an initiative that marks her collaboration with the Chic Outlet Shopping® Villages for the third consecutive year.

To mark the launch of the new boutique in Belgium, Elizabeth Hurley will make a personal appearance at Maasmechelen Village on April 18th 2011.

Elizabeth will officially launch the Elizabeth Hurley Beach Boutique at Maasmechelen Village, at 11am, after which she will be on hand to personally serve customers and offer her tips and advice on this season’s essential beach chic.

“I am a huge fan of the Chic Outlet Shopping® Villages,” said Elizabeth, speaking recently about the imminent opening of her Beach Huts at the exclusive shopping destinations. “I love shopping in Europe and have many happy memories of my visits to Belgium. I can’t wait to open my first boutique at Maasmechelen Village and I am really looking forward to the launch day to help customers choose their perfect beachwear as well as raise money for the Breast Cancer Research Foundation,” the designer explained.

On the day of the launch, April 18th, customers will be encouraged to purchase the Elizabeth Hurley Beach rose-scented pink candle (€35) as 25% of proceeds from purchases of these divine candles made on the day will be donated to the Breast Cancer Research Foundation.

Phoenix Tanger outlet mall appears dead

Phoenix Business Journal - by Lynn Ducey

A proposal to build a Tanger outlet mall in the West Valley has been withdrawn from the City of Phoenix Planning and Zoning Commission, effectively killing the deal.

According to Phoenix Planning and Zoning Commission Spokesman Michael Hammett, the project was slated to appear in front of the Maryvale Village Planning Committee Wednesday night. It would have sought to rezone about 50 acres of land near 99th Avenue and Campbell Avenue, but developers pulled the rezoning application.

The application was required to get the project built. Hammett said developers do not need to provide a reason to pull the application from consideration.

A Tanger spokesman wasn’t immediately available Thursday afternoon for comment and didn’t respond to an email asking about the status of the deal. A message left for Stephen Earl, of Phoenix-based Earl, Curley and Lagarde, P.C., the zoning attorney for the application, wasn’t immediately returned.

Tanger announced earlier this month that it would build two retail outlet centers locally -- one on each side of the Valley.

The East Valley project is to be built on land owned by the Salt River Pima-Maricopa Indian Community.

There is no word yet on whether that project has also been mothballed.

Hammett said developers can re-submit a rezoning application at any time, but would have to begin the rezoning process again.

Top 3 Drivers in Ralph Lauren's Factory store success.

by Trefis Team - Forbes

About Ralph Lauren Factory Stores
Ralph Lauren factory stores in the U.S., Europe and Japan offer selections of men’s wear, women’s wear, children’s apparel, accessories, home furnishings and fragrances. The company also sells excess and out-of-season products through its factory stores. Factory stores cater primarily to value-conscious customers.

Key Drivers of Factors Stores Profitability

1. Revenue per Square Foot of Factory Stores
Revenue per square foot at Ralph Lauren factory stores has increased from $743 in 2005 to about $1,020 in 2010, an annual growth rate of 6.5% due in part to a sharp rise in 2010. We [Trefis Team] anticipate continued annual growth at a high single digit rate.

2. Number of Ralph Lauren Factory Stores
The number of Ralph Lauren factory stores has increased from 144 in 2005 to 192 in 2010 with new stores added in North America, Asia Pacific and Europe.

Going forward, we [Trefis Team] anticipate that the number of Ralph Lauren factory stores will continue its growth trend towards 250 by the end of our forecast period.

3. Ralph Lauren Factory Stores EBITDA Margin
EBITDA margin for Ralph Lauren factory stores decreased from about 15% in 2006 to 12% in 2008 before recovering towards 16% in 2010. We [Trefis Team] estimate roughly flat EBITDA margin for Ralph Lauren factory stores EBITDA going forward.

Mayor and Governor speak about Opry Mills reopening

The mall will open in spring 2012 but will continue to pursue a lawsuit seeking more insurance proceeds from a consortium of 16 insurers over some $150 million in flood damages, the mall’s owners said Tuesday morning.

SOURCE: The Tennessean

Sal to transport drilling templates for offshore exploration

SAL was awarded a contract for the transport, loading and discharging of eight drilling templates for the Goliat offshore exploration project in Hammerfest, Norway.

In March 2011, SAL’s new building of type 183, MV "Svenja", loaded the first lot of four drilling templates in Egersund, Norway. The cargo consisted of two units of 311 mtons each, dimensions of 33.40 m x 23.09 m x 16.50 m and another two units of 299 mtons each and dimensions of 33.40 m x 23.09 m x 13.50 m. With its outstanding crane outreach of 38 m, the new building was able to load the oversize cargo.

The second shipment of the remaining four templates has been completed in mid April.
Source: SAL

Dockwise sales mv Explorer

Dockwise Ltd. announces the sale of type IV vessel MV Explorer to optimize the composition of the company's fleet with an increasing focus on value add cargoes. MV Explorer has been sold to an undisclosed buyer, who previously bought MV Enterprise as well. MV Explorer will be delivered to the buyer end of July 2010 following its assignment to the Mediterranean.

The divestment of this type IV vessel followed from a cost-revenue analysis of the vessels' operation in market segments with a relatively low contribution to Dockwise Ltd’s result. For that same reason type IV vessels Enterprise, Dock Express 10 and 12 were sold by Dockwise in 2010 and 2009 respectively. Furthermore with MV Explorer having completed almost 30 years of service, maintenance to meet Dockwise's offshore equipment standards would require disproportionate investment in Life Time Extension. The sale of the vessel is in line with plans previously outlined to enhance the focus of the organization on value adding projects requiring the differentiated service potential of type I, II and III vessels. Like MV Enterprise, MV Explorer will upon delivery to the buyer be transformed into a floating power plant.

The Q1 2011 figures, to be announced on 13 May 2011, will include a (non-cash) loss of USD 4.2 million in order to set back the carrying amount of the MV Explorer as at 31 March 2011. Upon completion of the transaction in Q3 2011, the sales price of USD 2.6mln will be used for repayment of debt.

André Goedée, Chief Executive Officer of Dockwise Ltd, said: "With the sale of Explorer, Dockwise no longer operates type IV vessels. The focus areas of work for Dockwise require types 0, I, II and III vessels which create the highest value for our customers and shareholders. This divestment further optimizes the composition of the Dockwise fleet and increases focus on the premium end of the business, where we are best positioned."
Source: Dockwise

Subsea 7 S.A. awarded contract in the North Sea

Subsea 7 S.A. announced today the award of a SURF contract valued at approximately $70 million from Statoil on the Tordis Area in the North Sea.

This contract is for the engineering, procurement and installation of two 10” 12 km oil production pipelines, together with a pull-in to Gullfaks C and tie-in at the Tordis PLIM. Engineering will commence immediately with offshore operations in 2011 and 2012.
Source: Subsea 7

LUNDIN PETROLEUM AWARDED BARENTS SEA ACREAGE

Lundin Petroleum AB ("Lundin Petroleum") is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has been awarded a new exploration license interest in the 21st Norwegian Licensing Round. The awarded license, PL609 is located in the Barents Sea.
Lundin Norway will be the operator of PL609 with 40 percent interest. The partnership comprises RWE Dea Norge AS and Idemitsu Petroleum Norge AS, each with 30 percent interest.

PL609 covers an area of 1,180 km2, and is located immediately east of license PL532 where Statoil recently made a significant oil discovery on the Skrugard prospect (7220/8-1).

Lundin Norway AS has a strong acreage position in the area with four operated licenses and one partner-operated license in addition to the new award. Lundin Norway will drill a well on the Skalle prospect, well 7120/3-2, scheduled to be spudded in the second quarter 2011.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, South East Asia, Russia and Africa. The Company is listed at the NASDAQ OMX, Stockholm (ticker "LUPE") and at the Toronto Stock Exchange (TSX) (ticker “LUP”). Lundin Petroleum has proven and probable reserves of 187 million barrels of oil equivalent (MMboe).

CNOOC Limited Announces Wang Yilin as New Chairman

The Board of Directors ("the Board") of CNOOC Limited (the "Company", NYSE: CEO, SEHK: 0883) announced today that, Mr. Fu Chengyu has resigned as Chairman of the Board and non-executive director of the Company. Mr. Wang Yilin has been appointed as new Chairman of the Board and non-executive director of the Company. The aforementioned changes become effective from today.

Mr. Wang Yilin, the newly appointed Chairman of the Company commented, "With joint efforts of the Board, the management team and the entire staff, CNOOC Limited has grown into an outstanding company. In this new role, I will fulfill my duty with my best endeavor, to enhance the company's capability of value creation and sustainable growth. Meanwhile, on behalf the Board, I would like to thank Mr. Fu for his exceptional contribution to the development of CNOOC Limited."

Mr. Yang Hua, the Vice Chairman and CEO of the Company said, "Mr. Wang Yilin has abundant experiences in the oil and gas industry in China. With his leadership we will work more closely together to bring more value to our shareholders."

Wang Yilin

Born in 1956, Mr. Wang is a professor-level senior engineer. He graduated from ChinaUniversity of Petroleummajoring in petroleum geology and exploration and received a doctorate degree. He has nearly 30 years of working experience in China's oil and gas industry. From June 1996 to September 1999, Mr. Wang served as the deputy director and chief exploration geologist of Xinjiang Petroleum Administration Bureau. From September 1999 to May 2004, he served as the general manager of Xinjiang Oilfield Company. From June 2001 to May 2004, he served as the senior executive of Xinjiang Petroleum Administration Bureau. From July to December 2003, he served as the Assistant to General Manager of China National Petroleum Corporation ("CNPC"). From December 2003 to April 2011, he served as the Deputy General Manager of CNPC. From July 2004 to July 2007, he also served as the safety director of CNPC. From November 2005 to 14 April 2011, he served as a Director of PetroChina Company Limited, a company listed on the New York Stock Exchange, The Stock Exchange of Hong Kong Limited and Shanghai Stock Exchange respectively. Since 8 April 2011, Mr. Wang serves as Chairman of China National Offshore Oil Corporation. Mr. Wang was appointed as Chairman and Non-executive Director of the Company with effect from 15 April 2011.
Source: PRNewswire

Nido to Drill Commitment Well in SC63

Highlights:
- Nido Board approves the Company’s entry into the next Sub-Phase of its SC 63 exploration program.
- This Sub-Phase includes the drilling of a commitment well with Joint Venture partner, PNOC Exploration Corporation.

Nido Petroleum Limited (ASX: NDO), on behalf of the SC 63 Joint Venture, is pleased to announce Board approval to enter into the next Sub-Phase of the SC 63 exploration program.

Sub-Phase 2b of SC 63, commencing on 24 May 2011, carries a one well commitment to be drilled not later than 24 November 2012 and represents the next prospect in Nido’s five well exploration program. Nido’s Joint Venture partner in the block is PNOC Exploration Corporation (PNOC-EC). The Joint Venture will now finalise the selection of a drilling target, seek to confirm rig contracts and plan a drilling schedule. At this stage, the current drilling window identified by the Joint Venture is between December 2011 and March 2012.

SC 63 is located at the north-east end of the Tertiary-aged offshore fold and thrust belt, which is a prolific hydrocarbon province. The belt extends from Brunei through Sabah, Malaysia and into the southern Palawan basin, Philippines.

Nido holds a 50% working interest in the SC 63 block. During the previous Sub-Phase, subsurface work in SC 63 focused on the acquisition, processing and interpretation of the 754 sq km ‘Kawayan’ 3D seismic survey located over the southern sector of the block, around the Aboabo A-1X gas discovery (Phillips 1980).

The 'Kawayan' 3D seismic has substantially improved seismic image quality and greatly mitigated structural risk which is considered a key subsurface risk in the block. Consequently, numerous play types and structures are emerging from the 3D data set in a distinct subsurface fairway in water depths between 70 metres to 500 metres. Work is now focussed on maturing the top five Leads to Prospect status from which the drilling candidate can be selected during the year.

Jon Pattillo, Head of Exploration, commented: “The complex geological nature of the block has required Nido and partner PNOC-EC to spend considerable time and effort on the processing of the 3D seismic data in order to maximise seismic image quality. We have been able to achieve this important objective and it is paying dividends in terms of the potential prospectivity emerging as we progress our detailed subsurface interpretations”.

Nido intends to fund its 50% share of the campaign through its existing cash reserves and positive cashflow generation from Galoc production. Furthermore, the high equity interests that the Company owns in its other permits present significant farm-out opportunities.

Jocot de Dios, President and CEO, said: “SC 63 is an important block in our NW Palawan exploration strategy. The block features two of the prospects in our current five well program. Drilling will commence at our first prospect, Gindara-1, in the adjacent SC 54B, in May 2011. SC 63 covers highly-prospective acreage which is significantly under-explored and is located in close proximity to multiple commercial discoveries. We are excited to be drilling our well in SC63 with partner PNOC-EC. They have worked closely with our Company to mature the different prospects and leads in this block”.

Source: NIDO

SBM OFFSHORE SIGNS LOI WITH ENI FOR NEW LEASE CONTRACT FOR FPSO

SBM Offshore pleased to announce that on behalf of its Joint Venture companies with Sonangol it has received a Letter of Intent (LOI) for twelve year lease and operate contracts from ENI Angola SpA for the block 15/06 development, offshore Angola.

The development plan involves relocation of the existing FPSO Xikomba, which has been operating under contract for ExxonMobil in Angola since 2003. Following the notice of termination of the current contract by ExxonMobil the unit is scheduled to stop operation in the first half of 2011. The unit will then undergo a major upgrade in order to meet the new project specific requirements. Part of that work will be performed in the PAENAL yard in Angola.

The LOI covers the early phase of the project and allows SBM Offshore to commence engineering and procurement work. The full scope lease and operate contracts are expected to be signed in the coming months.
Source: SBM Offshore

Leading Global Energy Player Picks EMAS AMC

EMAS, leading integrated support and marine services provider in the offshore oil and gas (O&G) sector and operating brand for Ezra Holdings Limited, has secured new subsea and offshore services contracts.

The project from Noble Energy is estimated at approximately US$88 million. Under this contract, EMAS' deepwater subsea services division (EMAS AMC) will install approximately 330km of umbilicals and subsea equipment, as well as deliver subsea suction piles and jumpers, for the Tamar development in the Mediterranean Sea (Tamar Project). The Tamar Project is expected to commence in the second quarter of 2012 (2Q12).

The umbilicals and subsea distribution equipment for the Tamar Project are being manufactured by the Aker Solutions Group at its well-equipped and modern plant in Mobile, Alabama in the United States. Ezra and Aker Solutions AS have entered into a five-year cooperation agreement in connection with the acquisition of Aker Marine Contractors AS (completed on 1 March 2011) and the Tamar Project is an example of a bundled solution for subsea equipment.

Mr Lionel Lee, the Managing Director of EMAS said:
'The Tamar Project positions us as a key contender in the global subsea and offshoreEMAS, leading integrated support and marine services provider in the offshore oil and gas (O&G) sector and operating brand for Ezra Holdings Limited secures new subsea and offshore services contracts from the world's top energy companies.
Source: EZRA

Statoil: New opportunities in the Barents Sea

Holdings in 11 new production licences have been awarded to Statoil in the 21st licensing round on the Norwegian continental shelf (NCS), which was announced by the government today, 15 April.

The Polar Pioneer drilling rig at Skrugard in the Barents Sea. (Photo: Harald Pettersen)

The group received eight new operatorships, with four of these in the Barents Sea and four in the Norwegian Sea.

“We are very pleased with the award of new acreage in the Barents and Norwegian Seas,” says Gro Gunleiksrud Haatvedt, senior vice president for exploration on the NCS.

Gro Gunleiksrud Haatvedt, senior vice president for exploration on the NCS

“I’d particularly highlight the operatorship/acreage in the Hoop area. Future exploration there is important for us with an eye to the total potential of this Barents Sea province.”

The group was awarded the operatorship for production licences (PL) 614 and 615 in the Hoop area, which lies about 200 kilometres north-east of the Skrugard discovery. This was its first priority in the 21st round.

Statoil has also secured the operatorship for PL 608 and a stake in PL 605, both close to the promising Skrugard/Sverdrup discovery.

The group is also very satisfied with the award of deepwater acreage in the Norwegian Sea, with PLs 602, 603 and 604 close to the Luva area. They could contribute important extra resources.

Haatvedt says that the awards strengthen Statoil’s ambition to intensify exploration activity in these parts of the NCS.

She also emphasises that the government’s allocations through ordinary licence rounds every other year and the annual awards in predefined areas (APA) process are important for activity.

“The oil companies need access to good exploration acreage in order to make new discoveries,” Haatvedt observes. “We depend on this predictable government licensing policy.”
Source: Statoil

West Maritime have become a part of the Design & Solutions business area

The engineers at West Maritime have become a part of the Design & Solutions business area at ULSTEIN, in connection with a strategic effort to strengthen the engineering area.

“Engineering is an important focus for Design & Solutions, as it ties together what we do in design with what we do in terms of delivery and integration of equipment packages”, says Tore Ulstein, COO for the business area.
West Maritime are engineering professionals, and ULSTEIN acquires the consultancy services in this company. Responsible for Engineering in Design &Solutions, Richard Schofield, comments that the purchase of the engineering operation at West Maritime is an integral part of their engineering strategy. “We are striving to build one of the best maritime engineering teams in the world. The individuals from West Maritime will add significant depth to our knowledge and capability and provide us with the platform to improve on the contracts we already have, and on future contracts.
Director Solutions, Roar Stenersen, explains that their company has had a long-lasting relationship with West Maritime:
“We have cooperated for long periods of time, as West Maritime employees have been hired staff to follow up on external engineering projects. They have worked closely with ULSTEIN, and know our products and our organisation.”
Svein Frode Eggesbø, chairman of the board at West Maritime, believes that the acquisition is a good solution for their company. “We share ULSTEIN´s beliefs in the future. The focus on the external engineering resources is the right choice for future strength, and I strongly believe in the organization that we are now developing”, says Eggesbø.
Engineering is important in all business areas at ULSTEIN. In addition to the engineering teams at Design & Solutions, there is a large engineering department in Shipbuilding, and engineering teams in Power&Control.
Source: West Maritime

GE Capital is Co-Agent on $145 Million Cash Flow Credit Facility for Vigor

NORWALK, Conn.--(BUSINESS WIRE)--GE Capital, Corporate Finance today announced it is co-administrative agent on a $145 million cash flow-based credit facility for Vigor Industrial LLC, a ship building and repair company. The loan is being used to support the acquisition of Todd Shipyards Corporation, a ship repair and maintenance company. GE Capital Markets served as co-lead arranger.

“Access to GE’s institutional best practices, tailored financing options and deep industry expertise means smarter capital for our clients.”

Based in Portland, OR, Vigor Industrial provides ship construction, repair and conversion, barge building, industrial coating, machining, industrial real estate, and fabrication services. Todd Shipyards repairs, maintains, overhauls and rebuilds government-owned and commercial vessels. The acquisition of Todd makes Vigor the largest ship repair and building business in the Pacific Northwest.

“GE Capital’s in-depth marine industry knowledge and environmental expertise was invaluable during this transaction,” said Frank Foti, president of Vigor Industrial LLC. “In addition to providing us with capital to help expand our business, they also gave us insights into GE best practices on acquisition integration to support our strategy.”

“We go beyond providing capital to help our customers succeed,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Access to GE’s institutional best practices, tailored financing options and deep industry expertise means smarter capital for our clients.”
Source: Business Wire

GE Shipping sells its 3 VLCC's under construction

In March 2010, The Great Eastern Shipping Company Ltd. (G E Shipping) had signed a contract with Hyundai Heavy Industries Ltd, (HHI) South Korea for the construction of

three Very Large Crude Carriers (VLCCs) of 318,000 dwt each. These vessels were scheduled to be delivered between January and April 2012.

The Company has now entered into a contract to sell en bloc all three VLCC’s on order. These will be delivered to the new buyer immediately upon delivery from the yard.

With the exit of this contract, the Company’s current new building order comes down to 3 dry bulk carriers (1 Supramax and 2 Kamsarmaxes).

Source: The Great Eastern Shipping Company

HHI RECEIVES ORDER OF A NEW ULTRA-DEEPWATER DRILLSHIP

A wholly owned subsidiary of Fred. Olsen Energy ASA has entered into a turnkey contract with Hyundai Heavy Industries Co., Ltd. for the building of a new ultra-deepwater drillship with scheduled delivery in 3rd quarter 2013. Total project cost is estimated to USD 615 million (including spare parts, owner furnished equipment and project team). The contract includes an option from Hyundai for the purchase of a similar second drillship exercisable within October 2011.

This DP drillship will be designed for water depth capacity up to 12,000 feet, have a seven ram BOP (Blow Out Preventer), dual activity capability, five mud pumps, a 165 ton capacity heave compensated crane, a maximum hook-load capacity of 1,250 tons and an accommodation module housing up to 210 people.
Source: Fred. Olsen Energy

EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard

EMAS Production is set to take delivery of one of Vietnam's largest Floating Production Storage and Offloading (FPSO) vessels from Keppel Shipyard Limited (Keppel Shipyard), on behalf of owner PV Keez Pte. Ltd (PV Keez).

To be managed and operated by EMAS Production, FPSO Lewek EMAS has been chartered by Premier Oil Vietnam Offshore B.V. for the development of the Chim Sáo field off southern Vietnam for six years, with a further option to extend the charter by another six years. The FPSO charter contract is one of only seven signed worldwide in 2009, and is worth approximately US$1 billion.

The project to convert the 168,000 dwt Suezmax tanker into an FPSO was awarded to Keppel Shipyard in December 2009. To date, Keppel Shipyard has achieved a good safety record of over 4.1 million incident-free man-hours for its conversion.

Speaking at the vessel's naming ceremony today, Mr Lionel Lee, Group Managing Director of EMAS said, "Lewek EMAS is our second FPSO project with Keppel Shipyard with whom we have established a win-win partnership. This FPSO underscores EMAS' ability to deliver a diverse range of customised marine and offshore support solutions, from design and engineering to maintenance and offshore installation. The addition of Lewek EMAS to our fleet propels EMAS Production to be one of Asia's leading FPSO operators."

Mr Nelson Yeo, Managing Director of Keppel Shipyard said, "Keppel Shipyard is pleased to support the conversion of Lewek EMAS. We provided a broad spectrum of FPSO conversion services on this project, including the engineering and fabrication of topsides modules.

"In spite of the tight schedule, the project teams for this conversion have worked hard to upkeep the highest standards of quality and safety of our people and workplace. The successful conversion of Lewek EMAS further enhances Keppel as the choice provider of reliable and value-added services."

Lewek EMAS is on track for delivery in the second quarter of 2011, and is expected to begin production in July this year.

A joint venture between Ezra Holdings Limited, PetroVietnam Transportation Corporation, EOC Limited and KSI Production Pte Ltd, PV Keez is the first overseas company to secure an offshore Vietnam loan in order to finance the FPSO's conversion.
Source: Keppel Shipyard

MHI Receives Order from PGS of Norway for 2 Ramform Vessels

Tokyo, April 15, 2011 - Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two vessels capable of three-dimensional (3D) seismic data acquisition for sea bottom resource exploration from Petroleum Geo-Services ASA (PGS), a leading company in marine seismic and reservoir data acquisition, processing and analysis/interpretation services in Norway. The contract, which was signed on April 14 in Oslo, also provides an option to PGS to order another two vessels in the future. Delivery of the two ships on order is slated to begin in the spring of 2013.

[Ramform W-class, <br />an offshore 3D seismic vessel of PGS]

[Ramform W-class,
an offshore 3D seismic vessel of PGS]

The vessels ordered are the "Ramform W-class," the newest generation in the Ramform series featuring today's most advanced 3D seismic data acquisition/analysis capability. The 104 meter (m) long vessel has a very wide breadth of 70m. For quiet operation, the vessel adopts diesel electric for the main propulsion system.

The Ramform W-class vessel employs multiple streamer cables, each several kilometers in length, towed from the vessel's stern. The cables contain a vibration sensor known as a "hydrophone" which detects echoes of sound waves emitted from sound sources and bounced back from the sea bottom and stratum boundaries. The detected echoes are used for 3D seismic analysis. The new Ramform vessels ordered by PGS have a 30m wider stern compared with existing vessels; this feature permits deployment of a greater number of streamer cables-up to 24 lines-enabling exploration of a wider area at one time.

In selecting a supplier for the two Ramform vessels, PGS solicited proposals from shipbuilders both in Norway and abroad. MHI is the leading company in Japan in building special ships-including various ocean exploration ships, training ships and cable-laying vessels. MHI believes its abundant experience and track record in this category and the company's diversified expertise and comprehensive technological capabilities accumulated through its long history in shipbuilding, plus the strength of the MHI brand, were highly acclaimed by PGS and contributed to the order.

PGS, which was established in 1991, currently owns and operates 16 offshore seismic vessels. The company has decided to introduce the newest-generation Ramforms in order to expand its fleet and further strengthen its competitiveness in the seismic industry.

MHI has instituted a policy to expand its business in ocean development field as part of a new strategy for its Shipbuilding & Ocean Development business segment. Gaining further momentum from the PGS order, going forward MHI will now further strengthen its aggressive activities to explore demand for special ships in Japan and other countries.
Source: MHI

Changxing Shipyard Repairs MV Atlantic Monterrey

MV Atlantic Monterrey started her new voyage from Changxing Shipyard along with whistle on 5th April. The vessel belongs to Singapore PCL company and she was a 25-year old bulk carrier. There were lots of problems existed in hatch covers especially No.2 hatch cover. The machinery workshop operation head Mr. Zhu Jianhua found that the hatch cover wheel centre excursion after his inspection with the working team. He immediately started to re-positioning the wheel centre and renew the rubber gasket from No.1 to No.4 hatch covers. The adjusting job was difficult due to the hatch coaming steel renewal job and the chain wheel renewal. The yard management and machinery workshop managers paid high attention to this job and yard’s GM, Mr. Zhang lingen, came on board to supervise the working procedure. They finished the hatch cover adjusting job and passed the hatch cover hose test only in a short span of four days. The machinery workshop working team positively responded the requirement “ Strive for the famous brand and ensure the high-level quality” from the yard leaders.
Source: CSGCIC

Christening and Launching for New Vessel Held at Barkmeijer Shipyard

After christening and name giving by Miss Deborah Danser, m.v. Marietje Deborah was launched at Barkmeijer Shipyards in Stroobos on April 14th. The Marietje Deborah is the third in a series of four 1A ice-classed nozzle fitted 8300 tons vessels Barkmeijer is building for the Danser-Van Gent family in Delfzijl.

Principal particulars: length overall 126,20 m., width 15,20 m., moulded depth 9,50 m., container capacity 305 TEU of which 125 on deck, main engine: 3060 kW B&W MAN-diesel.

The expected delivery of m.v. Marietje Deborah will be mid July.