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Two Years

Transocean Inc.’s Nautilus Receives Two-Year Contract Extension

Transocean Inc. announced that a subsidiary of Royal Dutch Shell (Shell) has awarded a two-year contract extension for the company's Fifth-Generation moored semi-submersible rig Deepwater Nautilus. The two-year contract extension is expected to commence in December 2006, in direct continuation of the rig's current contract. Revenues of approximately $310 million could be generated over the two-year extension period, excluding revenues for mobilization, demobilization and client reimbursables. The Deepwater Nautilus is currently operating for Shell Exploration and Production in the U.S. Gulf of Mexico and is expected to continue drilling operations for the remainder of 2005 and into 2006 before requiring an estimated 60 days of out-of-service time during 2006 to complete repairs of all remaining storm-related damage, which pertains mainly to the rig's mooring system. The rig, which entered service in 2000 following its construction in Ulsan, South Korea, is capable of operating in water depths of up to 8,000 ft.


Atwood Oceanics Announces Vicksburg Contract

Atwood Oceanics, Inc. (a Houston based International Offshore Drilling Contractor) said that the VICKSBURG (owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a two-year contract by Chevron Overseas Petroleum (Thailand) Limited ("Chevron") which will immediately follow Chevron's current eight (8) month drilling commitment offshore Cambodia. The VICKSBURG is presently working in Malaysia under drilling commitments with dayrates of $82,000 to $87


Oil Price Just Down From Two-Year Highs Set Last Week

Oil markets placed another bet on tightening supply, supporting prices in the vicinity of 22-month highs touched last week. Benchmark Brent for September hit $20.87 a barrel today, just 13 cents off a Friday peak of $21 that was the crude's highest value in almost two years.


IOS Announce Charter Contracts

P/R International Offshore Services ANS (IOS), which is a 50/50 joint venture between Farstad Shipping ASA and P&O Australia, has contracted two anchor handling support vessels at the Simek AS yard in Norway. Delivery of the vessels will take place in March and July 2003. The vessels are a new type of UT 712 of 12,240 bhp with DP and a double drum 370 tonne winch for employment in international markets. IOS has also entered into a two year time charter with Phillips in Australia for the


Koike Aronson - Buyer Financing & Warranty

At a time when many industrial operators are having trouble securing credit, Koike Aronson/Ransome Inc. has joined with a major capital equipment lender to offer Equipment Leasing Financing to Koike’s customers in the U.S. and Canada. Koike Aronson’s business units and field representatives now have the ability to provide their customers with an indicated monthly payment, using a $1 buyout or a 10% purchase option, with terms of 36, 48 or 60 months.


Canada Invests in Nova Scotia Small Craft Harbours

Photo courtesy of Halls Harbour NS

The Government of Canada will invest $10.2 million in maintenance, repair, construction and dredging projects at small craft harbours in Nova Scotia, as part of a country-wide $63 investment in core fishing harbours. “Small craft harbours play a vital role in securing the prosperity of our coastal communities in Nova Scotia,” said the Honourable Gail Shea, Minister of Fisheries and Oceans. “The investment announced today shows our Government’s commitment to providing


Aker Maritime Aims For Savings Via Restructuring

Norwegian offshore services firm Aker Maritime plans to save $62 million within two years through a restructuring program that calls for Aker to merge four of its business divisions into two starting in January. The company plans to set up a deepwater firm in Houston, Texas, and a North Sea firm based in Stavanger, Norway to pool the work previously done by four divisions. The changes would allow for improved competitiveness and cost cuts, resulting in a yearly savings, officials said.


BP Vietnam Awards PTSC/Canyon Two-Year Vessel / ROV Contract

PTSC Production Services and Canyon Offshore have entered into a two-year contract with BP Vietnam to provide a DP Vessel, Remotely Operated Vehicles, Survey and Positioning, and engineering solutions to support BP’s operations offshore Vietnam. Under the terms of the contract Canyon Offshore in conjunction with Petroleum Technical Services Company (PTSC), a division of Vietnam Oil and Gas Corporation, will mobilize Scorpion 25


BP Extends Agreement with Aker Kvaerner

BP Limited UK has extended a three year frame agreement with Aker Kvaerner, for the supply of steel tube umbilicals, for an additional two years until 2007. Aker Kvaerner Subsea will continue to provide project management, engineering and manufacturing of steel tube umbilicals. The steel tube umbilicals are manufactured at Aker Kvaerner Subsea's purpose-built facility in Moss, Norway. Under the existing frame agreement Aker Kvaerner has supplied steel tube umbilicals for the Rhum


Siem PSV Chartered by Petrobras

Siem Atlas (courtesy Siem Offshore)

Siem Offshore and Petrobras have entered into a charter agreement for the Platform Supply Vessel (PSV) Siem Atlas. The charter period has commenced and is for a firm period of two years. Petrobras has an option to extend the charter for two additional years, upon terms to be mutually agreed.   The gross contract value for the firm period is approximately $26 million. siemoffshore.com


Brent Oil Hits 26-month Low Under US$97

HFO: File image

 Brent crude oil on Monday slumped to its lowest in over two years, below $97 per barrel as lacklustre economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.


Swissco Acquires Its First Liftboat

New asset expands and diversifies fleet offerings, enhancing the group’s value proposition to oil and gas majors as a comprehensive marine services provider; liftboatoat to be deployed within two years, enabling the group to tap into rising demand for liftboat services in Southeast Asia


Damen Shiprepair Dunkerque Offers Strategic Advantages

Damen Arno Dunkerque, general impression web.jpg

Acquired less than two years ago, Damen Shiprepair Dunkerque is a relatively new addition to the group’s worldwide network of ship repair and conversion yards. Originally called Arno Dunkerque, the shipyard was officially renamed Damen Shiprepair Dunkerque on September 1 this year and brings


Video: Former Captives Discuss Iceberg 1 Hijacking

Jewel Ahiable of the MV Iceberg I

Piracy: Not a Thing of the Past Think Somali piracy is a thing of the past? That “past” haunts thousands of seafarers today; but the reports from individual seafarers mostly go unnoticed, as some shipowners leave seafarers high and dry after release—ignored and uncompensated


Moore Stephens Welcomes UK Tonnage Tax Training Initiative

Sue Bill

International accountant and shipping adviser Moore Stephens has welcomed an initiative by the UK Department for Transport (DfT) which it says will encourage the training of ratings. The DfT is to pilot a change to the tonnage tax training commitment which will allow three ratings to be trained


StealthGas Announces Newbuilds, New Vessel Contracts

StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today as part of its fleet expansion program the acquisition of two newbuilding LPG vessels.


Last Steel Installed at Irving’s Navy Build Yard

Photo: Irving Shipbuilding

Government of Canada and Irving Shipbuilding Mark Installation of Last Steel in Facility to Build Navy’s New Combat Fleet The Government of Canada and Irving Shipbuilding today marked the installation of the final piece of steel frame for the Assembly and Ultra Hall Production facility


Vancouver Shipyards Begins Building New Cable Ferry

(left to right) Vancouver Shipyard’s Chester Saret - Burning Area Chargehand, Brian Carter – President, Seaspan Shipyards, and Mike Corrigan – President & CEO, BC Ferries, oversee the first cut of steel on the new BCFS Cable Ferry.

Seaspan’s Vancouver Shipyards (VSY) announced today it has officially started construction on a new Cable Ferry for BC Ferries. The 78.5 meter ferry, slated for delivery in Spring 2015, will accommodate up to 50 vehicles and 150 passengers


LNG Hybrid Barge Launched

Photo: Becker Marine Systems

Becker Marine Systems’ new LNG Hybrid Barge acts like a floating power plant, supplying low-emission energy to cruise ships The LNG Hybrid Barge is being eagerly awaited at the Port of Hamburg. On September 5, 2014, the technical launching was celebrated in Komárno, Slovakia.


Bestobell Secures Valves Contract with DSME

Photo courtesy of Bestobell Marine

Bestobell Marine has recently secured its first order to supply its brand new range of cryogenic high pressure Globe valves to DSME (Daewoo Shipbuilding & Marine Engineering Co Ltd) in South Korea.     The innovative new valves have been developed over the past two years


Another Strong Month for US Lakes Fleet

U.S.-flag Great Lakes freighters (lakers) moved 11 million tons of cargo in August, their second-highest monthly total in two years. The August float, while down 3.2 percent from July, also represents an increase of 5 percent compared to a year ago.


US Approves LNG Exports from Sempra, Carib Energy Projects

The U.S. Energy Department on Wednesday approved liquefied natural gas exports from two projects, as lawmakers pressed the administration to move quickly to clear a backlog of applications to ship gas abroad. Sempra Energy's Cameron LNG facility in Louisiana and Carib Energy's small-scale


Vale, Cosco to Cooperate on Iron Ore Shipping

Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly two-year ban on docking its mega-ships at Chinese ports. Vale said in a statement that it would transfer ownership of four very


Canada Invests in Harbor Grace Project

Senator Manning announces funding for a harbor improvement project Senator Fabian Manning, on behalf of the Honorable Gail Shea, Minister of Fisheries and Oceans, announced today that the Government of Canada is investing in a harbor improvement project at Harbor Grace


Yang Ming Extends Charter Terms for Five 14,000-TEU Ships

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  Seaspan Corporation announced today that Yang Ming Marine Transport Corp., has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER design containerships currently being constructed at CSBC Corporation will be extended to ten years with one two-year option






 
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