Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations.Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows.Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin was hit hard by a collapse in oil prices from 2014 to 2016 as well as competition from newcomers that drove down rig rates.
Infrastructure continues to expand, and pricing incentives will continue to shift as the market matures. The LNG markets look like they may resemble the clean product tanker market in several years, which is highly arbitrage driven. We look to see an increased number of portfolio players working the spot market, which will drive the commoditization of the space and enable further demand.The total ton-mile demand for LNG carriers has increased over the past several years.
Hydrogen fuel cell technology to Satisfy Future IMO RequirementsWith an ongoing push by the maritime community to reduce ship emissions to satisfy IMO MARPOL Annex VI regulations and limit the sulfur content of ships from 01 January 2020 to 0.5 percent world-wide, many ship owners are starting to consider hydrogen fuel cell technology to satisfy evolving emissions regulations. To date, hundreds of millions of dollars have been spent on research programs to utilize hydrogen fuel cells for transportation.
Damen Shiprepair Amsterdam has finished repair work on the 156m Diving Support Vessel (DSV) Deep Arctic. The shipyard reports that it was a complex project with a total of 2198 work permits issued, an indication of the large number of individual jobs that were completed and the number of stakeholders involved. The TechnipFMC-owned Deep Arctic came to Damen Shiprepair Amsterdam (DSAm) primarily for a main class renewal (intermediate) docking and for maintenance including the renewal of the steel plates to its box coolers.
Is your company a Top 100 performer? The application period for this year’s MN100 edition is officially open and underway! Only those who apply can be considered for inclusion.The MN100, always our August print edition, is our annual look at the best 100 firms in the MarineNews, brown water, workboat space. There will never be a better time for you to tell MarineNews just why your firm is one of the best in the business. All of that – the selected 100 companies – will be featured in the August edition of the largest BPA-audited b-to-b publication in this genre.
American international technical professional services firm Jacobs will deliver design engineering services for what will be the largest shipyard on the Arabian Gulf: the King Salman International Complex for Maritime Industries and Services at Ras Al Khair, Saudi ArabiaA press announcement stated that Jacobs has been selected by SEPCO Electric Power Construction Corporation to deliver engineering services for Packages 4, 5 and 6 of the Complex.
Shell said that Europe’s first inland-waterway LNG bunker vessel has carried out its first bunkering operations, providing fuel for the Containerships Polar and Containerships Nord vessels in Rotterdam, the Netherlands.The LNG London (which is owned by LNG Shipping – a cooperation between Victrol and Sogestran) is on long-term charter to Shell. It will primarily be used by Shell for LNG bunkering in the ports of Amsterdam, Rotterdam and Antwerp.
Sri Lanka's Colombo Dockyard PLC (CDPLC) delivered its biggest and most sophisticated vessel, the submarine cable-laying ship KDDI Cable Infinity built for Japan's Kokusai Cable Ship Co.The KDDI Cable Infinity is meant for subsea operation and cable installation and repair works of optical cables as well as power cables. For the handling of power cables, the forward tank has been fitted with a carousel system with a Spooling Arm.
Greek-Euro Towage Maritime Company (GMC), a joint venture company operated by Italian tug owners Rimorchiatori Mediterranei, Fratelli Neri and Rimorchiatori Laziali, is set to acquire 80% of the assets and operational interests in Zouros Group.Zouros retains the remaining 20% stake, with the two companies’ fleet of tugs to be brought together under their joint operational responsibility.Rimorchiatori Riuniti is an operating holding company active in the harbor, offshore and shipping sectors, controlled by private Genoese families long active in the maritime industry.
Maritime Blockchain Labs (MBL) and BLOC participated in Massachusetts Institute of Technology's (MIT) Solve challenge, where tech entrepreneurs to address the world’s most pressing problems."BLOC and MBL participated in the challenge on coastal communities on how to mitigate and adapt to climate change while developing and prospering," said a press release."We are extremely proud to be part of the Solver class of this challenge, and are looking forward to the future collaboration with MIT," it said.
A new report says shipping companies failing to push for the critical technologies required to reduce their carbon footprint, such as emission-free ships.CDP, an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, said that the world’s shipping heavyweights are not investing in key technologies to reduce their carbon footprint, with the sector at risk of not meeting the International Maritime Organization’s (IMO) targets to reduce greenhouse gas emissions by 50% by 2050.
Danish shipping conglomerate Maersk launched a digital service that is designed to simplify supply chains and provides customers with a cargo loading guarantee at a fixed price.The Maersk Spot platform also helps its clients by addressing some of the fundamental inefficiencies that exist across the industry, said a press release."It is not uncommon to see overbookings to the tune of 30%, and often this leads to rolling of the customers’ cargoes since there is overbooking to compensate for the high downfall," said Silvia Ding, Global Head of Ocean Products at Maersk.