At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.
Italian Navy divers have recovered video surveillance equipment from the superyacht that sank off Sicily last month, killing British tech tycoon Mike Lynch and six other people, a source close to the matter said on Friday.The recovery of the equipment could help explain why the British-flagged Bayesian went down during a severe and sudden storm off the port of Porticello, near Palermo, on Aug.
Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.
The negative impact on maritime shipping and global supply chains from attacks in the Red Sea continues to intensify as traffic is rerouted away from the Suez Canal, Danish shipping company A.P. Moller-Maersk said on Thursday.Attacks in the Red Sea by Iran-aligned Houthi militants have disrupted a route vital to east-west trade, with prolonged rerouting of shipments
The specialized vessel Sapura Ônix is on its way to Atlanta Field in Santos Basin, offshore Brazil, where it will carry out the installation of subsea equipment to support the oil production, targeted for August 2024.Brazilian oil and gas company Enauta said the Sapura Ônix vessel is en route to install multiphase pumps (MPPs), umbilicals for power and data transmission, and production risers
Malaysia-based offshore services firm Sapura Energy has through its joint venture companies secured $1.8 billion worth of contracts with Brazil’s state-owned energy giant Petrobras for the provision of subsea services and six pipe-laying support vessels (PLSVs).Sapura Energy has through the joint ventures owned by Seabras Sapura Holding and Seabras Sapura Participações
Louis Dreyfus Armateurs (LDA) has unveiled a concept for a first-of-its kind service operations vessel (SOV) that runs on liquid hydrogen.The French-headquartered company said it has been working alongside Norwegian naval architecture firm Salt Ship Design as well as main equipment suppliers, fuel providers, class and flag authorities
Early 2024 saw a group of financial deals that have implications, in a broad sense, for how offshore wind projects may be financed. While offshore wind projects might be thought of as being in the ‘utility finance’ basket, they are ultimately high-risk deals that might better suit the portfolios of ‘infrastructure investment’ which, in recent years
SEACOR Holdings Inc. announced it has concluded the sale of its Caribbean liner and logistics business SEACOR Container Lines LLC (“SEACOR Island Lines”) to King Ocean Services Ltd. The transaction includes all operations and assets.King Ocean specializes in marine transportation and logistics solutions to close to 50 destinations across the Caribbean and South and Central America out of their
Grady Hurley, a partner and co-leader of the maritime litigation, arbitration, and dispute resolution team at Jones Walker LLP, has been elected president of the Maritime Law Association of the United States (MLA) during the organization’s general meeting held in New York City on May 3, 2024.Hurley is the fourth president elected from New Orleans during the MLA’s 125-year history.
Maritime Partners,a Louisiana-based provider of maritime financing solutions primarily focused on Jones Act vessels, announced the addition of Stephen J. Bordes and Greg Chase to its executive leadership team.Bordes joins Maritime Partners as its chief financial officer, and Chase as as the firm’s chief legal officer.
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can ensure the charterers’ uninterrupted use of a ship if the owner defaults under the financing facility. The QELs will be provided by the lender to the charterer to ensure that the charterer