The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.
Prime Minister Boris Johnson has announced that work will commence before the end of the year on the first of a series of new Type 31 frigates as part of the UK Government’s planned expansion of the Royal Navy fleet over the next 20 years. The new ships will replace Type 23 frigates currently in service and the construction of the first of these will be completed by 2023.The £1.
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the “feast or famine” conditions in the North Sea.
The Ferry’s second season this year presents permanent possibilities.The Cross Bay Ferry from Tampa’s Florida Aquarium dock to the dock at the North Yacht Basin in St. Petersburg, Florida is off to a rollicking start, with 3,000 more passengers in it’s debut month of November 2018 than its strongest month during the 2016/2017 test period, and with continued support from Tampa Bay area leadership.
Gaztransport & Technigaz (GTT), a company specialised in the design of membrane containment systems for maritime transportation and storage of liquefied gas, said its business activity was marked by a number of successes during the first nine months of 2019, particularly in the field of LNG carriers.
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.
The world’s largest port operator DP World is in advanced discussions to acquire Topaz Energy & Marine, marking the Dubai-based company's first potential foray into the oil and gas industry.Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday.
William J. “Bill” Shea, Jr. to Receive 2019 Connie Award in Long Beach, CAJ. Christopher Lytle to Be Honored with the Lifetime Achievement AwardWilliam J. “Bill” Shea, Jr., Chief Executive Officer of Direct ChassisLink Inc. (DCLI), will receive the 2019 Connie Award presented by the Containerization and Intermodal Institute on September 17. The industry-wide event to honor Mr.
Russian natural gas producer Novatek's next LNG project, Arctic LNG 2, has signed an agreement on the design and construction of gravity-based structures (GBS).The Russian company SAREN, a joint venture of Renaissance Heavy Industries Russia (RHI Russia B.V.) and SAIPEM S.p.A, will perform the work.
Italian oil and gas industry contractor Saipem and Turkey's Ronesans signed a joint venture (JV) agreement for infrastructure construction for Russian Federation's Arctic LNG-2 project.Saipem said the contract for the construction of the project is worth EUR 2.2 billion (USD 2.5 billion).
Lower oil prices will push the global oilfield services (OFS) sector into a recession in 2020 after three successive years of growth, according to Rystad Energy.In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year.
Performance of the propulsion solutions supplied by the technology group Wärtsilä exceeded the design specification and contributed to the success of the sea trials for the world’s largest semi-submersible crane vessel (SSCV). The ‘Sleipnir’ was built at Sembcorp Marine’s Tuas Boulevard Yard in Singapore for the Dutch offshore contractor Heerema Offshore Services (HOS).