Offshore Oil Gas News

Greek shipowners have spent an unprecedented $18 billion on newbuild gas vessels since 2021 as companies diversify their portfolios away from traditional tanker, bulker and container asset classes according to new research by Veson Nautical's data intelligence arm VesselsValue.Approximately $13.8 billion of the figure has been spent on 59 liquefied natural gas (LNG) vessels, and approximately $4 billionn on 41 liquid petroleum gas (LPG) vessels, according to the new report, ‘Greek Speculative S&P Investments’.

Examining similarities and differences between the deepwater oil & gas and the emerging floating wind segment.There has been much excitement around the potential for the offshore wind industry to access deeper water sites through the deployment of floating wind technology.Further, there has been much discussion around the development and deployment of disruptive technologies to leverage the opportunity of floating wind. However, in the short- to medium-term, there is insufficient…

Subsea services firm N-Sea Group has agreed to charter Rederij Groen's Dutch-flagged vessel 4-WINDS, an offshore support vessel built in 2012. The 4-WINDS is 60.25 meters long, with a 14.95-meter beam and a draught of 5 meters.According to N-Sea Group, which offers survey, IRM & construction, subsea cable repair & installation, and UXO ID and disposal services, the 4-WINDS is the ideal vessel to execute survey and other subsea tasks in the North Sea. "With the long-term charter of the 4-WINDS N-Sea is strengthening its footprint and position in the subsea service industry…

The energy transition is moving ahead amid recovery in offshore oil & gas and growth in offshore wind, leaving vessel owners that serve these markets with big questions about energy carrier and energy converter selection for their newbuilds.What is driving the change?The foundations of energy transition in the offshore and marine segment can be found at global, regional, national and local levels:At a global level, International Maritime Organization (IMO) measures cover vessel energy efficiency (for vessels over 400 gross tonnes) and carbon intensity (for vessels over 5…

Scientists warn that climate change is the greatest peril that humankind has ever faced. Yet oil and gas exploration is set to clock the highest growth for more than a decade this year and next. Protesters cause disruption but, for the moment, hydrocarbon energy underpins life as we know it“Offshore oil and gas production probably matters now more than ever,” said Audun Martinsen. The Rystad Energy Partner and Head of Energy Research told Maritime Reporter & Engineering News.“It…

A.P. Møller Holding A/S has acquired offshore vessel services firm Maersk Supply Service A/S from A.P. Møller – Mærsk A/S, through the closing of the previously announced transaction.In connection with the closing of this acquisition, A.P. Moller Holding has elected a new CEO and Board of Directors for Maersk Supply Service A/S. Christian M. Ingerslev will take over the Chief Executive Officer (CEO) position from Steen S. Karstensen, who has been at the helm of Maersk Supply Service since 2016.

When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime…

Finland-based marine technology company Wärtsilä has signed a five-year vessel maintenance deal with Abu Dhabi-based firm National Petroleum Construction Company (NPCC).Wärtsilä said that the agreement covered seven vessels in the NPCC fleet and was designed to maximize operational uptime."It will also provide flexibility in maintenance scheduling, which will ease chartering arrangements, while providing long-term cost predictability," Wärtsilä said.NPCC is an engineering, procurement…

Bourbon and Horizon Maritime have created a new joint venture that will offer marine services and operations in the North Sea and Canadian offshore markets.Incorporated in Norway, the new company is called Bourbon Horizon, and, according to a press release issued Thursday, it will become "a new leader in offshore operations in the harshest environments."It will be strategically positioned in Fosnavåg (Norway) and St. John’s (Newfoundland and Labrador, Canada), with a base fleet of "seven modern and capable offshore support vessels."The fleet includes five platform supply vessels…

The U.S. Department of the Interior will reform its regulations for the development of wind energy facilities on the country's outer continental shelf to help meet crucial climate goals, it said in a statement on Thursday.The proposed rule changes would save developers a projected $1 billion over a 20-year period by streamlining burdensome processes, clarifying ambiguous provisions, and lowering compliance costs, the statement said. "Updating these regulations will facilitate the safe and efficient development of offshore wind energy resources…

The U.S. Interior Department on Tuesday named Elizabeth Klein, a lawyer who worked in the Obama and Clinton administrations, to head the bureau that oversees offshore oil, gas and wind development.Klein will take over for the current head of the Bureau of Ocean Energy Management, Amanda Lefton, who has resigned from the post effective Jan.

N'GENIUS claims its high-strength austenitic stainless steels will transform the design and construction of onshore and offshore oil, gas, and LNG facilities."The global demand for LNG is projected to reach 700 million tonnes per year by 2040 fuelling the need for greater LNG infrastructure including import receiving and export terminals, FLNG vessels, and LNG carriers. Since these facilities are being designed with larger capacities and operating under increasingly more challenging conditions…

Erik Milito, president of the U.S. National Ocean Industries Association, said this week that the U.S. government's decision not to hold offshore oil and gas lease sales in the Gulf of Mexico and Alaska’s Cook Inlet was expected, but also "devastating to Americans.""This decision is not surprising at all. As early as March 2020, then-candidate Biden made it clear that he would stop federal oil and gas development if elected. This was followed by additional formal campaign declarations…

Norwegian shipowning company Norside has taken ownership of Blue Ship Invest’s platform supply vessel ‘Farland’ and will convert it into a walk-to-work vessel for the offshore wind industry."The PX121 design by Ulstein has once more proven to be a preferred design for conversions into new segments, and 'Farland' is about to transfer from the offshore oil & gas industry to the offshore wind industry," Ulstein, a Norwegian shipbuilder and designer said this week.Hans Martin Gravdal…

BMT appointed Hittesh Gupta as Head of Casualty Investigation, Asia, a key position as BMT looks to expand its office presence for Marine Surveys in Singapore and strengthen its marine consulting services hub position in Asia.With more than 23-years of experience in the shipping industry, Gupta has a deep understanding of marine surveying having served on product and crude oil tankers and offshore oil & gas production units. He has worked extensively for underwriters and leading P&I Clubs undertaking casualty investigations across the full spectrum of vessels and provided assessments of their Cargo / Seaworthiness – Oil, Chemical, Gas tankers…

The Nippon Foundation signed a Memorandum of Understanding (MoU) with the offshore technology development consortium DeepStar to establish a joint research and development program focused on decarbonization in offshore oil and gas, with a focus on renewable energy and the environment.The initial program budget is up to $10 million through 2026, and the overall plan is to develop technologies for commercialization.“I am very pleased that we have been able to conclude this new memorandum of understanding,” said Mr. Sasakawa.

Squire Patton Boggs continued the expansion of its commodities and shipping capabilities with the addition of partner Kate Sherrard into its Financial Services Practice. She joins the firm from Clifford Chance where she was Head of the Asia Pacific Maritime and Offshore Group and is accompanied by senior associate Bernice Chia.“When we launched our commodities and shipping group last year we set our sights on creating one of the premier practices in the market,” said Steve Mahon, global managing partner – clients and strategy.

The Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in March 2020, provided relief to numerous industries impacted by the COVID-19 pandemic. Air carriers, for example, benefitted from the creation of a $25 billion Treasury direct loan program, in addition to a $25 billion worker support program that provides a mix of grants and loans to cover employee wages, salaries and benefits. In addition, Congress waived the small business affiliation rules for businesses…

DP World's subsidiary Drydocks World Dubai has started converting an Aframax tanker capable of carrying 700,000 barrels of oil to a Floating Storage and Offloading Unit (FSO) for Dixstone, part of Perenco.As part of the extensive modification and life extension work at the FSO Pargo project, Drydocks will apply a new hull coating, which will ensure the FSO's performance remains reliable for the next 20 years of offshore operations.The work will also involve fabrication and installation of an external turret for weather waning…

Electric propulsion and hybrid drives manufacturer Torqeedo said it ha established direct distribution in Norway to address the growing market for its systems in the region.Norway has a long tradition of seafaring and is a world maritime center for shipping, shipyards and maritime infrastructure, commercial fishing, offshore oil/gas, ferries, pleasure boats and a rapidly growing offshore wind industry.“Norway is a world leader in the movement toward electrification of land and water transportation…

Norwegian maritime tech and equipment company Kongsberg Maritime (KM) will deliver a large technology package for Triumph Subsea Services' field development vessel (FDV).Triumph Subsea Services in December 2020 signed a contract with the Croatian shipbuilder Brodosplit for the construction of the vessel, with options to order three more.Kongsberg Maritime said Thursday it had signed a Letter of Intent with Brodosplit Shipyard and DIV Group in Croatia to deliver a large technology package for the vessel.

Gulf Marine Services, a UAE-based provider of self-propelled, self-elevating support vessels serving the offshore oil, gas, and renewables industries, has struck a deal with banks to reduce the interest rate on its loan."Under the revised agreement the rate of interest payable by the Company on its borrowings will decrease from LIBOR +5% to LIBOR +3%, retrospectively from the beginning of this year. The reduced interest rate will apply until the end of 2022, after which the existing ratchet will apply…

Triumph Subsea Services has signed a contract with the Croatian shipbuilder Brodosplit for the construction of a field development vessel.Triumph said Tuesday that the contract was for one firm vessel, with options to order three more.Options will be executed upon completion of the detailed engineering drawings and upon cutting of steel of the initial hull, Triumph Subsea Services said.The first vessel has been assigned hull number 495 and named ‘FDV Chronos’ with expected steel cutting in March / April 2021. The delivery is scheduled for the fourth quarter of 2023.