BP hit by FERC fine

BP has been fined $7 million by the US Federal Energy Regulatory Commission for violations of agency rules related to interstate natural gas pipeline and storage facilities.

FERC's penalty comes on top of $373 million in fines and restitution BP agreed to pay other US regulators for a deadly explosion at its Texas City oil refinery, oil spills on its Alaska pipeline and manipulation of the US propane market. In the FERC case, the violations involved thousands of individual transactions in 2005 and 2006 related to BP's management of customers' rights to ship and store natural gas. In addition to the penalty, BP will implement a compliance monitoring plan for at least one year under FERC supervision.

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Evergreen Marine honored for the third time

Evergreen Marine, the marine shipping firm based in Taiwan has been awarded for the third consecutive time the title of Most Admired Company from Taiwan's Common Wealth Magazine.

Evergreen Marine president Yen Ho-Yao accepted the award and said the company will continue to devote its efforts in building a more extensive shipping network with its peers to connect Taiwan closer to the world. The Most Admired Company survey was first held in 1994, based on criteria include an enterprise's financial situation, investment value, application of technologies, human resource policy, corporate social responsibility, future prospects and creativity.

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Bourbon orders two from French Yard

Bourbon has ordered for two Multi Purpose Supply Vessels (MPSV) from Socarenam, the French shipyard based in Boulogne-sur-Mer.

The design of these vessels is based on a concept established by Marine Assistance, and will be developed by the consultant firm Bureau Mauric. The two MPSVs built by Socarenam will be used to provide support in specific, demanding offshore operations, such as the maintenance of oil facilities or production maintenance work and subsea inspections. The vessels have 8 anchors which, combined with the Dynamic Positioning technology, offer greater flexibility in operational positioning.

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STX buys stake in European cruise ship builder

STX Shipbuilding, the world's seventh-largest shipyard, said it has purchased a major stake in a European cruise ship builder to make inroads into the European market.

Until now, no world-class level Korean shipbuilders have been involved in the cruise ship building industry, since the construction of the high value-added floating hotels demands sophisticated capabilities such as refined interior design. STX said it bought a 39.2 percent stake in Oslo, Norway-based Aker Yards ASA for US$800 million. The STX purchase makes the Korean shipbuilder the largest individual shareholder. The Norwegian shipbuilder employs 20,000 workers at 18 yards in eight countries including Finland, France, Germany and Brazil. It is the world's largest producer of small and medium-sized ferries and the second largest builder of cruise liners after Italy's Fincantieri.

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Danaos orders five 12,600-TEU ships

Greek shipping giant Danaos Corp said it has ordered five 12,600 TEU containerships, to be built by Hyundai Samho Heavy Industries in a deal worth US$830 million.

Danaos is expected to add about $92 million of earnings before interest, taxes, depreciation and amortisation upon delivery of all five vessels, the company said in a statement.

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Daewoo wins freighter order

Daewoo Shipbuilding & Marine Engineering said that its Romanian joint venture Daewoo Mangalia Heavy Industries Shipyard won an order for nine 5,550 TEU freighters from a European shipping company.

So far this year Daewoo Mangalia has secured a record $1.92b worth of orders for 21 ships, topping the $1b mark for the first time in its history. In 1997, when the company was set up, Daewoo Mangalia won $3m worth of orders. In 2001 it won more than $100m, and this year its orders are up to 640 times what it achieved at its start. Combining orders of Daewoo Shipbuilding & Marine Engineering and the Romanian joint venture, the value of all contracts amount to $16.4b.

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Hallin adds to ROV fleet

UK-based Hallin Marine has expanded its fleet of Remote Operated Vehicles with an order for seven new vehicles, the company officials said.

Hallin Marine said it had placed the $5.4 million order to extend its subsea inspection capabilities. All seven ROVS are designed to operate in the inspection, repair and maintenance market. The new vehicles will complement the company's existing six ROVs, Hallin said. The new machines are scheduled for delivery during the first quarter of 2008.

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