After a slowdown in activity during 2020/2021 due to soft commodity prices, demand for FPSOs is picking up.With exploration hotspots like Namibia’s Orange Basin and the East Mediterranean delivering new finds, the FPSO market outlook is healthy. But shipyard capacity constraints are beginning to weigh on delivery, leading to cost concerns.
As we enter the final month of 2022, a review of the floating production system (FPS) market revealed that some E&Ps have been bold with investments in the development of their oil and gas (O&G) reserves, with a total of 1.9 mmboepd (1.3 mmbpd of oil and 3.8 bcfd of gas) of FPS throughput capacity sanctioned year to date (YTD).
In the United States, marine transportation is responsible for $361 billion, or 1.7% of the U.S. Gross Domestic Product (GDP). Marine transportation, a key part of global logistics and responsible for 40% of international trade, goods and services, is the backbone of U.S. trade. In the U.S. in 2021 alone, ships have transported more than 1.5 billion tons of cargo valued at more than $1.
Born in 1998 and celebrating its 25th anniversary in 2023, Heger Dry Dock holds a unique position as one of the few engineering firms in the world dedicated to the design and lifecycle engineering of drydocks, primarily floating dry docks. Premal Shah, P.E., President and Principal Engineer, discussed some of the company’s recent contract wins with Maritime Reporter & Engineering News.
ClassNK issued an Approval in Principle (AiP) for an ammonia floating storage and regasification barge (A-FSRB) jointly developed by NYK Line, Nihon Shipyard Co., Ltd. (NSY), and IHI Corporation (IHI), reportedly the world's first AiP for A-FSRBs handling ammonia as cargo.Ammonia, which does not emit CO2 during combustion
Colonna's Shipyard said Wednesday that its President & CEO, Tom Godfrey, would retire effective December 31, 2023. Randall Crutchfield has been named to replace Godfrey as the company’s Chief Executive Officer (CEO). Crutchfield is currently Executive Vice President & Chief Operating Officer (COO).
Jonathan (Jon) Henkin has been promoted to the role of Chief Operating Officer for Mack Boring & Parts Co. Most recently Henkin was Director of Operations since 2010, and has led the integration of lean manufacturing principles into our operations, implemented his second ERP upgrade in 2020, planned and led a facility move from Union, NJ to Somerset
Tidewater has appointed Dick H. Fagerstal non-executive Chairman of the Board.In addition, the Board has reduced the size of the Board from nine to eight members.Fagerstal stated, “I am honored to assume the role of Chairman of the Board of Tidewater at such an exciting time for our industry.
ClassNK has released "Guidelines for Direct Load Analysis and Strength Assessment (Edition 3.0)" following the revision of IACS Recommendation No. 34 earlier this year.The guidelines specify the requirements for conducting hull strength assessments based on the latest wave data.IACS Recommendation No.
Armach Robotics announced it has promoted its operations VP John Dunn to chief operating officer.Armach, which uses small autonomous robots to keep ships clean and collect hull data that can inform future maintenance and operations, hired Dunn when the company was launched in late 2021, as a spin-off company by marine software company Greensea Systems.
Marine salvage, rescue, emergency response and specialized services company Resolve Marine announced that Deputy CEO Joseph Farrell, III has been appointed Chief Operating Officer. In the combined role he oversees all operations and administration including emergency response, projects, Alaska, shared resources, HSEQ, strategy and M&A, finance, government relations, human resources, marketing
Seattle-based naval architecture and marine engineering firm Elliott Bay Design Group (EBDG) last week unveiled the design for a new barge engineered to offer power and charging to vessels in ports and harbors.Delivering 7 megawatts (MW) of continuous power generated by methanol, the 225-foot-long floating mobile platform is capable of cold ironing to minimize emissions from large vessels both