Northrop Grumman Delivers USS Makin Island

Northrop Grumman Corporation's (NYSE:NOC) Shipbuilding sector delivered to the U.S. Navy on April 16, one of the nation's newest and most advanced ships, the amphibious-assault ship Makin Island (LHD 8) during a short ceremony held on the vessel's flight deck.

Makin Island (LHD 8) was delivered to the U.S. Navy after successfully completing acceptance sea trials. Acceptance trials are conducted to allow representatives of the U.S. Navy Board of Inspection and Survey to witness and evaluate operation of ship systems and ship performance. Makin Island is the eighth USS Wasp (LHD 1)-class amphibious assault ship built by the company's shipbuilders in Pascagoula, Miss. It is 844 ft long, 106 ft wide and weighs 42,800 tons. Its 70,000 horsepower hybrid propulsion system will drive it to speeds in excess of 20 knots. Makin Island contains the first gas turbine/electric-powered propulsion system ever used on large deck amphibious assault ships. The gas turbine engines and electric drive, a change from previous steam-powered amphibious-assault ships, will provide significant life-cycle savings in manpower and maintenance costs over the previous ships.

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No news may be good news for UK shipping

The 2009 UK Budget did not include any measures, which significantly affected the shipping sector.

This could be regarded as good news for the industry, accountant Moore Stephens said. Although the government had been asked to make changes to UK tonnage tax, the 2009 Budget made no mention of it. Moore Stephens tax partner Sue Bill said; “Possible changes to the tonnage tax regime could have included an amendment to the EU flagging rules excluding ships timechartered into the fleet, and clarification of the position with regard to the changes proposed in January 2008 which were later withdrawn. But these are complex issues to resolve as they depend on agreement with the European Commission. “In the current economic climate, it is not surprising that the relatively minor change to the tonnage tax regime which has been requested has not been made, and that the UK government’s position has not been clarified. Companies in the shipping sector may in any case have more pressing financial concerns at the moment. And, overall, the fact that there is not a great deal of specific interest for the shipping sector might be regarded as good news, because the taxation regime at least continues to be reasonably stable,“ she concluded.

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Talisman pursues Cuu Long Basin field development project

HANOI: A state-run Vietnamese newspaper reports that Calgary-based Talisman Energy Inc. (NYSE: TLM) will spend about US$1.1 billion to develop the Hai Su Trang and Hai Su Den offshore oil fields.

The fields in offshore block 15-2/01 in the Cuu Long Basin will go into production in the third quarter of 2011, according to joint venture partner Petrovietnam. Talisman holds a 60 percent interest in Block 15-2/01 and in the Thang Long joint operating company which operates the block.In 2008, the Vietnamese government approved reserves assessments for the Hai Su Trang and Hai Su Den fields. The joint operating company drilled two successful and one unsuccessful exploration wells in the block. A declaration of commerciality occurred early in 2009. A development plan is expected to be sanctioned this year.Earlier this year, Talisman revealed plans to spend approximately US$189 million in Vietnam in 2009, with US$99 million directed to development spending. Talisman plans to drill an appraisal/development well in the basement structure of Block 15-2/01 and two exploration wells to test additional prospects in the block. The company will also participate in three development wells.

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Beibu Gulf Port unites three Gulf of Tonkin ports

The Guangxi Autonomous Region, located in southwestern China, has unified three sea ports, Fangcheng, Qinzhou and Beihai into one port under a single name.

The three are located along the Beibu Gulf, also known as the Gulf of Tonkin, and will now operate under the name Beibu Gulf Port. Ye Shixiang, Director of the Guangxi Beibu Gulf International Port Group, said unifying the ports would enhance competitiveness and strengthen their ability to reduce market risk.

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