Singapore-based Otto Marine sells Work Maintenance Vessel 'Oranda 1' for US$38.0-million, simultaneously bareboat-chartered back for GofM work. The sales transaction sets to improve the Group’s cash flow and balance sheet. Oranda 1, of LOA 75 m is an ABS-classed 4,200bhp Work Maintenance Vessel that has completed 4 projects in South East Asia since May 2010. Contemporaneous with the sales transaction, the Group’s subsidiary, Karp Marine Limited, has bareboat chartered back the vessel for a period of 5 years. Oranda 1 is currently executing general topside platform maintenance works in the Gulf of Mexico under a 450-day time charter contract worth US$14.9 million. “Proceed from this sale transaction will be utilized towards repayment of bank loans, thereby improving the Group’s liquidity and working capital. This is very much in line with the Group’s strategy to lighten its balance sheet to optimize operations going forward.” Aw Chin Leng, Executive Director and Deputy President. Otto Marine Limited is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. In addition, Otto Marine is chartering out its own fleet of sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and Offshore Supply vessels for mainly Deep Sea applications.
The cost of maintaining Navy ships is measured in billions of dollars and millions of man-hours. Requiring sailors to perform excessive, unnecessary, and often counter-productive maintenance does more than waste money. It also wastes that most precious of commodities — sailors' time. This problem is being addressed by the U.S. Navy through the Surface Ship Maintenance Effectiveness Review (SURFMER) program. Since October 1996
The U.S. Court of Appeals for the Fifth Circuit ruled that the defense of claim preclusion applies to actions for maintenance and cure. In the instant case, plaintiff brought an action against defendant for maintenance and cure for a slip and fall he suffered onboard a vessel. He then voluntarily dismissed his claim with prejudice. Later, he refiled the maintenance and cure action. Defendant then moved for summary judgment
Damen Services, part of Damen Shipyards Group, said that its Damen Asset Management Operating System (DAMOS) has been independently approved by classification society Bureau Veritas. DAMOS is a unique vessel maintenance management system that allows customers to maximise uptime and optimise cost of ownership. DAMOS is part of the Damen Services Lifecycle Support System and identifies and categorizes all on-board systems of a vessel
Revised IMO guidelines for maintenance, testing and inspection of fire protection systems and appliances will become effective on May 31, 2013 and are contained in the circular MSC.1/Circ. 1432. These guidelines should be followed in accordance with SOLAS regulation II-2/14, which requires that all fire protection systems and appliances are kept in good order and that a maintenance plan is developed. The guidelines state that certain maintenance procedures and inspections may be
SP Fire Technology’s involvement in fire-resistant lightweight materials for marine applications has contributed to the construction of several smaller lightweight vessels, and to the current discussion within the International Maritime Organization (IMO) of how larger ocean-going vessels could be built using plastic composites. Background 2005 saw the start of the LÄSS project, which clearly showed the potential economic and environmental benefits of using lightweight materials
Senator Kerry (D-MA) and Representative Capuano (D-MA) introduced companion bills (S. 1310
The Lloyd's Register Educational Trust (The LRET) has awarded Holland's University of Twente £1 million over the next five years to establish The LRET Maintenance Research and Education Programme, which will be at the core of the university’s new Centre of Excellence in Maintenance Engineering. Maintenance is a technical field which plays a key role in assuring the health of industry and public services such as transportation
Offshore Marine Management (OMM) has launched a new maintenance support service for offshore renewables operators. With little existing guidance and no legislation currently in place, operators may not be conducting the maintenance they need in order to guarantee the integrity of their assets – or they might be spending too much on completing unnecessary routine servicing. OMM’s new Inspection, Maintenance and Repair (‘IMR’) service can give operators the confidence
OSM Ship Management will equip 14 vessels with the BASSnet Maintenance and Procurement modules. In 2011, OSM had signed up two vessels for these modules. The Maintenance and Procurement modules are among a range of BASSnet fleet management systems that are aimed at providing “one, integrated solution” for all aspects of maritime operations. The software helps fleet operators and ship managers to plan and undertake asset management and maintenance, inventory and material control
The US Department of Defense, Navy, inform that Vigor Shipyards Inc., Seattle, Wash., is being awarded a $30,703,417 cost-plus-incentive-fee, cost-plus-award-fee contract to definitize a previously awarded undefinitized contract action (N00024-11-C-4401) for repair and alteration of naval assets
The maintenance of passenger ferry Victoria I at Finland’s largest ship repair yard, a part of BLRT Grupp, has been finished. Scheduled maintenance of Victoria I was carried out within six days at Turku Repair Yard’s dry dock
U.S. crude stocks likely rose 2.2 mln barrels last week. By Manash Goswami Brent futures were steady on Tuesday and held above $108 a barrel as a worsening crisis over Ukraine stoked supply disruption fears, while concerns over demand growth from the world's two biggest oil consumers kept a
To better support marine customers in South America, Rolls-Royce has opened a new training center in Brazil, to cater for customers operating the large number of vessels with Rolls-Royce systems that work in country’s deep water oil and gas fields.
Lessons are still not being learnt when it comes to preventing engine room fires according to Braemar SA (Braemar Incorporating The Salvage Association). Following a review of incidents taking place in 2013, its regional director for Far East operations, Graeme Temple
No very large crude carriers (VLCCs) will load from Britain's Hound Point oil terminal in May and June due to planned maintenance, a spokeswoman for operator BP said on Tuesday. Last week traders reported hearing that Hound Point's Jetty 1 would undergo fender and integrity work in May and June
Congressman Jim McDermott (D-Wash.) introduced The Maritime Goods Movement Act for the 21st Century (H.R. 4105) legislation that would replace the Harbor Maintenance Tax (HMT), designed to fund the operation and maintenance of American ports.
A Coast Guard Dolphin helicopter that was on Washington Island after the crew made an emergency landing on Sunday was recovered Monday and is being transported back to Air Station Traverse City, Mich., to undergo necessary repairs. A six-member recovery team from the air station arrived on
The American Association of Port Authorities (AAPA), on behalf of its United States member seaports, expresses both encouragement and disappointment over the funding levels and programmatic changes in federal port-related programs proposed in the President’s FY 2015 budget.
Rear Admiral William Lescher, Deputy Assistant Secretary of the Navy for Budget explains that in a period of fiscal austerity, the Department of the Navy’s $148 billion FY15 budget balances investments in presence, capabilities and readiness to provide sustainable forward naval presence and
VSE Corporation informs that its International Group has received several delivery orders totaling more than $13.4M to continue work performed under its Foreign Military Sales (FMS) Naval Ship Transfer and Repair (N*STAR) contract through the Naval Sea Systems Command (NAVSEA) International Fleet
The 2013 shipping season was a record-setter for the Port of Monroe (located on Lake Erie and bisected by the River Raisin, the Port of Monroe is Michigan’s only port on the Lake). Nearly 2.2 million metric tons of cargo was handled by the port
The nuclear reactor in HMS Vanguard is to be refuelled, the Defence Secretary has announced. The decision comes after low levels of radioactivity were detected in a prototype core that has been running at the Naval Reactor Test Establishment at Dounreay in Scotland since 2002.
The Port of Erie is located on the southeast shore of Lake Erie in a natural bay formed and sheltered by Presque Isle peninsula. Its harbor entrance channel is narrow and 29 feet deep. Dredging is a constant concern. In fact, dredging of harbors around the Great Lakes has been a hot button issue
Reuters - Britain's biggest oilfield Buzzard will undergo 25 days of planned maintenance starting in late July, its operator Nexen confirmed on Friday. During this period production will be offline but the outage coincides with the planned 14-day shutdown of the Forties Pipeline System (FPS)