Dutch design office Ulstein Sea of Solution has designed a new vessel capable of combining three offshore operating functions into one design.
The vessel, ordered by Romanian contractor GSP Drilling will be built at the Keppel Singmarine facility in Singapore, and will be able to carry out pipelay, heavy lift and tender assist drilling operations. ‘GSP Titan’ measures 161.5 metes long on a moulded beam of 37.8 metres. A total of six powerful 4,300kW engines give the vessel a transit speed of 13 knots. The vessel will be delivered in August 2011, and will be the first large pipelay / heavy lift vessel in the world that will be propelled by three Voith Schneider Propellers on the aft, which will also be used for roll damping. The customized 1,800-tonne Huisman heavy lift mast crane has been lowered and integrated in the starboard aft side enabling the vessel to pass Istanbul Strait underneath the Bosphorus bridge to enter the Black Sea.
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Monday, August 25, 2008
DP World profit may vrise on port network
DP World Ltd., the world's fourth- largest port operator, may this week report first-half profit doubled on African acquisitions and greater handling capacity at its Dubai hub even as the world's biggest economies slow.
The 45-terminal operator's net income may reach $244.3 million when it reports August 28, according to the average estimate of three analysts surveyed by Bloomberg. The Dubai state-controlled firm said its profit for the same period in 2007 was $111.2 million before separately disclosable items. "The company's first-half growth is driven by an increase in cargo handling, especially in Jebel Ali, and acquisitions in Africa and Saudi Arabia," analyst Muneeba Kayani at Morgan Stanley said. The Dubai-based analyst has an "equal-weight" recommendation on the stock. DP World's $4.96 billion-public share sale in November, the Middle East's largest, has left investors disappointed as its shares have dropped 35 per cent to $0.85 since listing on the Dubai International Financial Exchange Ltd. in November. DP World last month reported container volume jumped 21 per cent in the first half, helped by growth in India and the Middle East. In 2007 the company gained control of Egypt's Sokhna Port at the southern entrance to the Suez Canal, its third on the Red Sea after Jeddah in Saudi Arabia and Djibouti, East Africa. This year it plans to raise the capacity of its base at Jebel Ali port by more than a quarter.
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The 45-terminal operator's net income may reach $244.3 million when it reports August 28, according to the average estimate of three analysts surveyed by Bloomberg. The Dubai state-controlled firm said its profit for the same period in 2007 was $111.2 million before separately disclosable items. "The company's first-half growth is driven by an increase in cargo handling, especially in Jebel Ali, and acquisitions in Africa and Saudi Arabia," analyst Muneeba Kayani at Morgan Stanley said. The Dubai-based analyst has an "equal-weight" recommendation on the stock. DP World's $4.96 billion-public share sale in November, the Middle East's largest, has left investors disappointed as its shares have dropped 35 per cent to $0.85 since listing on the Dubai International Financial Exchange Ltd. in November. DP World last month reported container volume jumped 21 per cent in the first half, helped by growth in India and the Middle East. In 2007 the company gained control of Egypt's Sokhna Port at the southern entrance to the Suez Canal, its third on the Red Sea after Jeddah in Saudi Arabia and Djibouti, East Africa. This year it plans to raise the capacity of its base at Jebel Ali port by more than a quarter.
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New oil discovery in Rio de Janeiro
State-owned Brazilian company Petroleo Brasileiro (Petrobras) and Galp Energia have made an oil discovery.
The discovery was made on Block BM-S-11 in the presalt layers of the Santos basin off Brazil. Informally known as lara, the 1-BRSA-618-RJS discovery well, was drilled 230km off Rio de Janeiro in 2,230 metres of water.
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The discovery was made on Block BM-S-11 in the presalt layers of the Santos basin off Brazil. Informally known as lara, the 1-BRSA-618-RJS discovery well, was drilled 230km off Rio de Janeiro in 2,230 metres of water.
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Sri Lanka's Mercantile Shipping to Receive New Vessel Mid-2009
Sri Lanka's Mercantile Shipping Company said it expects delivery of the first of two new cargo ships on order by the middle of next year as construction is slightly ahead of schedule.
The company said it made good profits in the last financial year but added that cash flow would be tight this year as funds would be tied up in the new buildings projects. Net profit rose almost 83 per cent to 106 million rupees (US$997,672) from 58 million rupees in the year ended March 31, 2008 while revenue increased 18.3 per cent to 671 million rupees from 567 million rupees. Mercantile Shipping is acquiring the two new cargo ships as part of efforts to renew its fleet. Construction of the two multi-purpose vessels, each of 7,800 tonnes deadweight, has begun with the hulls being built by a ship yard in the Ukraine. The completed hulls will be towed to the Bodewes Shipyard in The Netherlands where final installation will take place. "The construction process is a little bit ahead of schedule and the first vessel is expected to be delivered by the middle of next year, the second by end of 2009," chairman A. N. U. Jayawardena said in the company's annual report. The ships will be hired out on a two-year charter. The charter market has "improved considerably" during the last two years with global demand for ships and transport being driven by rapidly growing economies like India and China, Jayawardena said. The vessels will be financed by a package comprising of the company's own funds, a non-repayable grant from the Dutch government and a bank loan from a German commercial bank. It has set up a fully-owned subsidiary called Mercantile Emerald Shipping to build two multipurpose cargo vessels. Mercantile Emerald Shipping will borrow a total of 16 million euros (US$23.79 million) to finance the construction of the ships from Germany's Bremer Landesbank.
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The company said it made good profits in the last financial year but added that cash flow would be tight this year as funds would be tied up in the new buildings projects. Net profit rose almost 83 per cent to 106 million rupees (US$997,672) from 58 million rupees in the year ended March 31, 2008 while revenue increased 18.3 per cent to 671 million rupees from 567 million rupees. Mercantile Shipping is acquiring the two new cargo ships as part of efforts to renew its fleet. Construction of the two multi-purpose vessels, each of 7,800 tonnes deadweight, has begun with the hulls being built by a ship yard in the Ukraine. The completed hulls will be towed to the Bodewes Shipyard in The Netherlands where final installation will take place. "The construction process is a little bit ahead of schedule and the first vessel is expected to be delivered by the middle of next year, the second by end of 2009," chairman A. N. U. Jayawardena said in the company's annual report. The ships will be hired out on a two-year charter. The charter market has "improved considerably" during the last two years with global demand for ships and transport being driven by rapidly growing economies like India and China, Jayawardena said. The vessels will be financed by a package comprising of the company's own funds, a non-repayable grant from the Dutch government and a bank loan from a German commercial bank. It has set up a fully-owned subsidiary called Mercantile Emerald Shipping to build two multipurpose cargo vessels. Mercantile Emerald Shipping will borrow a total of 16 million euros (US$23.79 million) to finance the construction of the ships from Germany's Bremer Landesbank.
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LNG Ltd seals technology pact
Australia’s Liquefied Natural Gas Limited has sealed a separate technology agreement with South Korea’s SK Engineering & Construction (SKEC) paving the way for a joint venture.
Australia’s Liquefied Natural Gas Limited is partnering with Arrow Energy to build an LNG export terminal near Gladstone, Queensland. The agreement relates to LNG Ltd’s “Optimised Single Mixed Refrigerant” (OSMR) LNG processing technology and sets out the framework for the company to establish a technology joint venture, owned 50% by each party, which lays the foundation for SKEC and LNG Ltd to collaborate on other LNG project opportunities. “Not only is it (the Gladstone LNG project) likely to be the first coalbed methane gas-to-LNG project in the world but with the application of the OSMR process technology it has the potential to set new industry benchmarks as to plant cost, efficiency and carbon emissions,” SKEC’s vice president Yang-Kyoo Ju said. The agreement covers the final design of the OSMR process technology for the Gladstone plant, the pursuit of other opportunities to market and commercialise OSMR and collaborate in the development of other LNG processing and related technology, LNG Representatives of SKEC are in Queensland this week to further the proposed engineering, procurement and construction consortium with Laing O’Rourke Australia, which signed a pre-construction services agreement with LNG Ltd for LNG storage tank selection and front-end engineering and design works in March. The Gladstone LNG joint venture plans first gas in 2011 with annual export volumes initially pegged around 1 million tonnes per annum. If the venture achieves this target it will be the first CBM to LNG facility in the world, beating the larger rival projects proposed by a Santos and Petronas venture, scheduled to start up in 2014, and a BG and Queensland Gas Company venture set to start up in 2013.
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Australia’s Liquefied Natural Gas Limited is partnering with Arrow Energy to build an LNG export terminal near Gladstone, Queensland. The agreement relates to LNG Ltd’s “Optimised Single Mixed Refrigerant” (OSMR) LNG processing technology and sets out the framework for the company to establish a technology joint venture, owned 50% by each party, which lays the foundation for SKEC and LNG Ltd to collaborate on other LNG project opportunities. “Not only is it (the Gladstone LNG project) likely to be the first coalbed methane gas-to-LNG project in the world but with the application of the OSMR process technology it has the potential to set new industry benchmarks as to plant cost, efficiency and carbon emissions,” SKEC’s vice president Yang-Kyoo Ju said. The agreement covers the final design of the OSMR process technology for the Gladstone plant, the pursuit of other opportunities to market and commercialise OSMR and collaborate in the development of other LNG processing and related technology, LNG Representatives of SKEC are in Queensland this week to further the proposed engineering, procurement and construction consortium with Laing O’Rourke Australia, which signed a pre-construction services agreement with LNG Ltd for LNG storage tank selection and front-end engineering and design works in March. The Gladstone LNG joint venture plans first gas in 2011 with annual export volumes initially pegged around 1 million tonnes per annum. If the venture achieves this target it will be the first CBM to LNG facility in the world, beating the larger rival projects proposed by a Santos and Petronas venture, scheduled to start up in 2014, and a BG and Queensland Gas Company venture set to start up in 2013.
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Formal bids invited for DSME sale
Seoul: Creditors of Daewoo Shipbuilding & Marine Engineering have formally launched the bidding process for a 50.4% stake in shipyard.
Korea Development Bank and state-run Korea Asset Management Corp are offering 96.4 million shares they hold in Daewoo Shipbuilding. The notice, which gave Wednesday August 27 as the closing date for bids, specified that a bidder must meet the legal requirements to invest in the defense industry, a condition that effectively rules out foreign contenders. The deal is expected to fetch up to $8bn, more than double its current market valuation, due to competition from local conglomerates seeking a new growth engine and strong earnings prospects for Daewoo. POSCO, the world's fourth largest steelmaker, is seen as a strong candidate to buy Daewoo and has been seeking partners to bid with. Construction-focused GS Group and energy-to-insurance group Hanwha are also reported to be preparing bids, while would-be buyer Doosan Group recently decided to drop out of the race.
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Korea Development Bank and state-run Korea Asset Management Corp are offering 96.4 million shares they hold in Daewoo Shipbuilding. The notice, which gave Wednesday August 27 as the closing date for bids, specified that a bidder must meet the legal requirements to invest in the defense industry, a condition that effectively rules out foreign contenders. The deal is expected to fetch up to $8bn, more than double its current market valuation, due to competition from local conglomerates seeking a new growth engine and strong earnings prospects for Daewoo. POSCO, the world's fourth largest steelmaker, is seen as a strong candidate to buy Daewoo and has been seeking partners to bid with. Construction-focused GS Group and energy-to-insurance group Hanwha are also reported to be preparing bids, while would-be buyer Doosan Group recently decided to drop out of the race.
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