The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.
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.
Baker-Polito Administration Celebrates the First-in-the-Nation Offshore Wind Training Facility Located at Massachusetts Maritime Academy. MMA steps out in front to train the professionals who will make the coming wave of domestic offshore wind.Today, Governor Charlie Baker, Lt. Governor Karyn Polito, Secretary of Energy and Environmental Affairs Kathleen Theoharides, and Stephen Pike
U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
The Massachusetts Department of Public Utilities (DPU) has approved long-term contracts for 800MW of offshore wind between Vineyard Wind and the Commonwealth’s electric distribution companies.The DPU green signal is a crucial approval needed for the offshore wind farm developer to start construction by the end of the year.
Philippine's Udenna Corporation has broken off negotiations over a potential investment of $73 million in struggling Singapore-based offshore vessel company Emas Offshore.The ailing Singaporean contractor Emas Offshore announced in a regulatory filing that Udenna had informed the company that it would no longer be injecting $73.29 million into the offshore services provider.
The Port of Everett has achieved another vital step in reducing congestion on the I-5 corridor while moving more freight in the region. The Port was notified this month that it received designation by the U.S. Secretary of Transportation as a Federal Maritime Administration Marine Highway Project for the Puget Sound Container on Barge Service under the America’s Marine Highway Program.
Baker Hughes, a GE company (BHGE) announced the inauguration of its multimodal facility (MMF) for oil and gas in Luanda, Angola.The facility, with its additional capabilities across multiple product lines, will deliver a suite of products and services across the oil and gas value chain.
Italian infrastructure investment fund F2i announced its entry into the ports sector with the acquisition of the Porto di Carrara Spa (PDC Spa) Group, which owns port terminals at Carrara, Marghera and Chioggia.The Group, which each year handles around 5 million tons of solid bulk cargoes
US project management services provider Bechtel has won the engineering, procurement, and construction (EPC) contracts totaling $9.565 billion for the LNG export project developer NextDecade-led Rio Grande liquefied natural gas (LNG) project in the US.The fully wrapped lump-sum turnkey (LSTK) EPC contracts include cost, schedule, and performance guarantees, NextDecade said in its statement.
Kalmar, the provider of eco-efficient cargo handling equipment and automated terminal solutions, , has signed a deal to supply six Kalmar Zero Emission Rubber-tired Gantry cranes (RTGs) to South Florida Container Terminal, LLC.The cranes will be equipped with a busbar energy system and operator assist features like auto steering and container stack profiling, said a press statement from Kalmar