offshore news_2010

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SHIPBUILDING

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Marime Press Clipping Tuesday, August 31, 2010

currencies totaling 4.6 billion dollars, the government said.

Several economists have cricized the government for oering Vinashin unjused state support, including a

750-million-dollar state loan in 2005 nanced by a bond sale.

In a move to rescue Vinashin, the government last week asked local commercial banks to allow Vinashin to sus-

pend payments on its debts and negoated with internaonal creditors.Source: earthmes.org

Yangzijiang in talks to buy more shipyards

Yangzijiang Shipbuilding Holdings Ltd., the biggest Chinese shipbuilder listed in Singapore, is in talks to buy ship-

yards aer an industrywide slump in orders last year damped prices.

"We are in acve negoaons," Zhang Yao, head of the company's board of directors' oce, said on Aug. 23 by

phone from Jiangyin, eastern China, without naming any targets. "Asset prices for potenal acquisions are rea-

sonable and may become even more so as some smaller shipyards may have cash -ow problems."

The company in June bought control of Jiangsu Changbo Shipyard Co. as shipping lines begin to resume buying

new vessels following the end of the global recession. China has also encouraged consolidaon in the shipbuild-

ing industry to reduce excess capacity aer orders slumped 55 percent last year, according to government g-ures.

"Demand is slowly recovering and the orders are starng to stream in," Zhang said. The company is seeing more

demand for container ships rather than dry-bulk vessels, he said.

mailto:[email protected]





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The shipbuilder is also trying to boost its scraping and repair operaons, as well as seeking to develop a marine-

engineering business, to help guard against uctuaons in vessel prices, Zhang said.

Yangzijiang Shipbuilding closed unchanged at S$1.51 in Singapore trading yesterday. The stock has risen 25 per-

cent this year compared with a 0.9 percent gain for the Straits Time Index.

The shipbuilder said earlier this week that it had agreed to buy land and a wharf for 107.7 million yuan (US$16million) in the eastern Chinese province of Jiangsu, to expand its shipbuilding capacity.

The company bought 51 percent of Jiangsu Changbo for 51 million yuan in June and injected 105.1 million yuan

to increase capital reserves. Jiangsu Changbo had an order book worth US$338 million, comprising 20 vessels

scheduled to be delivered between the second half of this year and the middle of 2012, according to a June 28

statement.

Source: etaiwannews.com

Yangzijiang clinches 28 shipbuilding

deals worth US$915mSINGAPORE : Mainboard-listed Yangzijiang Shipbuilding has entered into 28 shipbuilding contracts with a total

value of about US$915 million since July 1.

The orders are for containerships and dry bulk carriers, which will be scheduled for deliveries from year 2011 to

2013.

Out of the 28 contracts, 5 contracts worth about US$127 million have been factored into the order book aer

receiving inial deposits from the ship-owners.

Another 15 contracts with the value of some US$490 million will be eecve upon receiving the inial deposits

from the ship-owners.

The remaining 8 contracts worth about US$$298 million are opons to be exercised by the ship-owners.

The China-based group said these new contracts will not have a signicant impact on its earnings for the nan-

cial year ending 31 December 2010.

Yangzijiang added that since July 1, it has successfully delivered 13 more vessels.

It said, in total, the group has delivered 35 vessels so far in 2010 and will deliver 13 more vessels as per sched-

uled for the rest of the year.

Source: channelnewsasia.com

S.KOREA'S POSCO INKS DEAL TO TAKEOVER DAEWOO INTERNATIONALSouth Korea's top steelmaker POSCO (KSE:005490) signed a nal deal with the country's state debt

clearer on Monday to buy a controlling stake in Daewoo Internaonal Corp. (KSE:047050) for 3.37 trillion won

(US$2.8 billion).

Under the deal, POSCO will buy a 68 per cent stake, or 68.68 million shares, in the local trading company, Korea

Asset Management Corp. (KAMCO) said, adding that the sale price is lower than the inial oer of 3.46 trillion

won.

KAMCO holds a 35.5 per cent stake in Daewoo Internaonal. Other creditors, including the Export-Import Bank

of Korea, have a combined 32.65 per cent interest in the trading company.

The formal deal came aer POSCO was chosen in May as the preferred bidder for Daewoo Internaonal, whose

business line ranges from trading to overseas energy development.

POSCO expects the acquision to help the steelmaker procure raw materials due to the trading rm's energyexploraon business and global distribuon network.

Daewoo Internaonal has been developing gas elds o the coast of Myanmar and plans to explore a nickel

mine in Madagascar. The company has been exploring nickel, copper and uranium mines in Australia and Boliv-






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ia.

The steelmaker said earlier it will develop Daewoo Internaonal into a global company with more than 100

overseas units, raising the trading rm's annual sales to 20 trillion won by 2018, nearly twice the company's

2009 sales of 11 trillion won.

Meanwhile, Chung Joon-yang, chief execuve of POSCO, said the steel giant has no plan to take over Daewoo

Shipbuilding & Marine Engineering Co. (KSE:042660), South Korea's No. 2 shipbuilder.

In 2008, POSCO formed a consorum with GS Group, an energy and construcon conglomerate, to jointly bid

for a controlling stake in the shipbuilder, but the group backed away from the bid, rendering the steel giant inel-

igible.

Chung also said that nothing has not been decided yet on the sale of a 24 per cent stake in Kyobo Life Insurance

Co., the country's third-largest local insurer owned by Daewoo Internaonal.

Shares of POSCO rose 2.79 per cent to 498,000 won as of 11:52 a.m. on the domesc bourse, and shares of

Daewoo Internaonal gained 2.34 per cent to 32,750 won.

Source: tradingmarkets.com

Jadaf Dubai in pact with GoltensDubai: Jadaf Dubai, one of

the oldest ship repair yards in

the Arabian Gulf and a part

of Drydocks World Group,

has awarded a 25-year lease

of two plots to Goltens.

The company recently signed

a long-term ground develop-

ment lease agreement(Musataha) with Goltens, a

global ship repair and

maintenance specialist.

The agreement with Goltens

for a shipbuilding and ship

repair facility at the Industrial

Precinct of Dubai Marime

City was signed by Hamad Al

Maghrabi, managing director

of Jadaf Dubai and director,

Shipli, and Paul Friedberg,president of Goltens Co Lim-

ited — the Dubai branch of

Goltens Worldwide Services,

at a private ceremony held at the Interconnental Hotel, Dubai Fesval City.

Under the Musataha lease agreement, DMC Industrial Precinct plots 6 and 7 measuring about 23,000 square

metres will be leased to Goltens for a period of 25 years. During the past ve years, Goltens has established sev-

en new global repair centres, liing its annual ship repair revenue from $90 million (Dh330.4 million) in 2005 to

approximately $200 million in 2010.

The new agreement will strengthen Jadaf Dubai's stronghold in the shipbuilding and ship repair market. The

Industrial Precinct is a part of Marime City that is dedicated to ship repair facilies, yacht repair and manufac-

turing, as well as workshop units that service the needs of the marime industry as a whole. Al Maghrabi said: "Goltens has been one of our key partners for 22 years and they have proved to be outstand-

ing service providers. Goltens have demonstrated strong capabilies in all-inclusive services in ship repair and

maintenance and our partnership with the company conrms our commitment to excellence and is in line with

As part of an agreement with Goltens, Jadaf Dubai will undertake a shipbuildingand ship repair facility at the Industrial Precinct of Dubai Marime City.Image

Credit: Supplied picture






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our policy of facilitang businesses that enhance Dubai's standing as the premier marime hub in the region."

Paul Friedberg, president of Goltens Worldwide Service, said: "The new repair facility places us in a beer posi-

on to oer a comprehensive range of ship repair and maintenance soluons to our growing customer base in

the region."

A new advanced ship li facility has been built at Dubai Marime City and is managed and operated by Jadaf Dubai. Occupying 106 hectares of land oriented around a central vessel basin, which is just under half of the 2.4

million square metres of the total area of Dubai Marime City, the new facility has open sea access, ready ac-

cess to an expanding market, opportunies for networking among enes having similar interests, advanced

and ecient services — all in close proximity to the commercial districts of Dubai.

The new site has enhanced capability ship lis of 3,000 and 6,000 tonnes each, 700-tonne travel lis and oers

other value-added services geared to meet needs of small vessel owners.

Source: gulfnews.com

Hyundai Heavy builds drill ships for thefirst timeHyundai Heavy Industries Co., the world's leading shipbuilder, said Saturday that it has successfully built two

drill ships.

It marks the rst me that the South Korean company has built such ships used to explore for oil in deep water.

The drill ships, 229.22 meters long, 36 meters wide and 18.3 meters high, will be delivered by May 2011 aer

tests.

Hyundai Heavy said it is currently working on building its third drill ship.

In the rst seven months of the year, Hyundai Heavy earlier said orders for ships and plants have more than

doubled to US$11.3 billion compared to the same period in 2009.Sales gained 4.5 percent in July from a year earlier to 1.65 trillion won, it said.


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Hanjin books 56 vessel orders worth$4.9B

SUBIC BAY FREE PORT—Korean shipbuilder Hanjin Heavy Industries Corp.-Philippines (HHIC-Phil) has booked 56

new building projects for its shipyard at Subic’s Redondo Peninsula, pung projected sales for all its vessel or-

ders at $4.9 billion, a return which is more than double the rm’s total investments of $1.9 billion in the past

four years.

According to Taek Kyun Yoo, HHIC-Phil’s general manager for external business, the Korean shipbuilder conn-

ues to receive ship orders, thereby increasing the rm’s manpower requirements to about 25,000 workers by

2012.

“Hanjin has contracted the construcon of 20 more vessels worth about $1.2 billion in the rst half of this

year,” Yoo said in a recent brieng conducted for Zambales Gov. Hermogenes Ebdane Jr. and other provincial

ocials at the HHIC-Phil headquarters here.

The new contracts, Yoo also told Ebdane and his group, would progressively increase the number of shipyard

workers from 16,000 in 2008 to 22,000 by the end of 2010, to 24,000 in 2011, and 25,000 in 2012.

Yoo also said in his presentaon that Hanjin had already delivered 14 vessels since starng its marime business

here in 2006 with an inial investment of $750 million.

The Subic-made ships had so far ranged from container carriers, like the Panamax-type MV Argolikos, the rst

to be delivered in July 2008, to the Aframax-type crude oil tanker Eser K, which was delivered in March.

Yoo said, however, that the 56 vessels in Hanjin’s order book includes 34 bulkers that would range from

175,000 to 250,000 deadweight tons (DWT); 16 container ships with capacies ranging from 3,600 to 12,800

twenty-foot equivalent units (TEUs); and six tankers, two of which will be ultra-large crude containers with a

capacity of 320,000 DWT.

With the new orders, Yoo said Hanjin has projected its sales performance to reach about $700 million this year,

$935 million in 2011, and $1.28 billion in 2012.

Nong Hanjin’s projecons, Ebdane said the growing job prospects at the Hanjin shipbuilding facility “augurs

well for the development of the Zambales province, and to local eorts to strengthen the economic empower-

ment of Zambaleños.”

For this, Ebdane expressed appreciaon of eorts by HHIC-Phil and the Subic Bay Metropolitan Authority

(SBMA), the manager of the Subic Bay free port, for providing more local employment opportunies.

Ebdane said that for its part, the Zambales provincial government “would help out in the selecon of qualied

shipyard workers” through its Public Employment Services Oce.






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“We will be your partner in this eort, as you and the SBMA will be ours in making Zambales more progressive,”

Ebdane said.

Yoo added that since 2007, Hanjin has trained some 22,000 welders, painters, pipe ers, electricians, machin-

ists and ouiers at its skills-training center in the Subic Bay free port. The trained workers were mostly hired

later at the Hanjin shipyard, he said. In a statement earlier, the SBMA said Hanjin has remained the topnotch export producer since last year by

posng freight on board (FOB) value totaling $372.74 million in the rst half of 2010.

SBMA Administrator Armand Arreza also said the SBMA expects Subic’s export FOB value to grow in the coming

months, as Hanjin and other free-port enterprises roll out more products due to brightening prospects in global

trade.

Arreza added that Hanjin’s new projects would boost not only local employment, but also the shipbuilding skills

of Subic workers.

“This, in turn, would increase the aracveness and compeveness of the Subic Bay free port as an invest-

ment desnaon with a readily available pool of highly skilled manpower,” he added.

Source: businessmirror.com.ph

Ulstein: 10 X-Bow vessels to hit market

Norwegian shipbuilder Ulstein has recently revealed it has ten new X-Bow hull design vessels under construc-

on, building on the 20 it has already delivered to the market. The inverted bow concept was launched in 2005.

Inially developed for oshore support vessel, Ulstein says new markets are being explored where the X-Bow

can be delivered. Recently the XDS 3600 deepwater drillship was introduced to the market, being the largest X-

Bow ever developed up to date.

Ulstein has developed two concepts for turbine installaons for the oshore wind energy market, the Windlier

system and the F2F (oang to xed) concept.

“The Windlier is a dynamically posioned vessel suitable for single li oshore wind turbine installaons, and

unlike jack-up units is not limited by water depth. The vessel with an Ulstein X-Bow transports four turbines at

the same me and uses a modular, mechanical system to skid the turbines from the vessel onto the founda-

on,” said the head of customised design at Ulstein, Bob Rietveldt.

“As a company we invest heavily in research and development projects and allocate approximately NOK100 mil-lion (US$16.5 million) annually to innovaon and new development,” said Tore Ulstein.

Source: bairdmarime.com






OFFSHORE & ENERGY

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Keppel AmFELS on track to deliver nextRowan rigKeppel Oshore & Marine's wholly owned U.S. subsidiary, Keppel AmFELS L.L.C., in Brownsville, Texas, is on

track to deliver the second of four EXL rigs to Rowan Drilling Companies, Inc. on me, within budget and with

zero lost-me incidents.

The rig, christened Rowan EXL-II last Friday, is scheduled for delivery August 31 and will depart the Keppel Am-

FELS shipyard within the next month. It is expected to be deployed to Trinidad for three years under contract

with BP Trinidad and Tobago.

Construcon for the Rowan EXL-II began in April 2008. Built as an enhancement of the LeTourneau Super 116E

design with leg lengths of 511 and a capable hook load of 2,000,000 lb, the ABS-classed rigs employ the latest

state-of -the-art technology to drill high-pressure, high-temperature and extended-reach wells in jack-up mar-

kets throughout the world. They are capable of operang in 350 of water or more and drilling to a depth of up

to 35,000 .Keppel AmFELS is currently construcng two other similar new build jack-up rigs for Rowan. The construcon of

these rigs is progressing well and is within schedule and budget.

Mr. David Russell, President of Rowan Drilling Companies, said, "We connue to see a strong demand for higher

-specicaon jack-ups worldwide. The Rowan EXL rigs, built to disncon with Keppel AmFELS's experienced

project management and producon capabilies, solidly augment our premium eet."

Mr. G.S. Tan, President of Keppel AmFELS, said, "Keppel O&M's Near Market, Near Customer strategy gives us

the leverage to beer understand and support our customers in the local markets where they operate.

"The Rowan EXL-II is another well-executed project, proving our track record in this region and strengthening

the partnerships with our repeat customers such as Rowan."

Since its establishment in 1990, Keppel AmFELS has built up its facilies and equipment to become the what

Keppel O&M says is most well equipped oshore shipyard in the Gulf of Mexico. The yard engages in the con-strucon, refurbishment, conversion, life extension and repair of a complete range of mobile drilling rigs and

plaorms. Its comprehensive facilies are rst class, with a dry dock capable of docking the largest semisub-

mersible drilling units and a modern steel processing plant.

Source: Marine Log

Baghdad says RWE gas deal with IraqiKurds "illegal"Iraq's Oil Ministry slammed as " illegal" an agreement signed between RWE, the German energy rm, and the

Kurdish regional government (KRG) to help build infrastructure for possible future gas supply for the Nabucco

gas pipeline project.

"The export of Iraqi crude oil, gas and their derivaves are exclusively under the authority of the Oil Ministry of

the central government in Baghdad and its State Oil Markeng Organizaon (SOMO)," The ministry said in a

statement obtained by Xinhua on Monday.

"Any contracts or agreements signed out of the legal framework formally considered in SOMO are null and

void," the statement said.

The ministry's statement came as the German RWE announced on Friday it has signed a gas cooperaon agree-

ment with the KRG "to develop and design domesc and export gas transportaon infrastructure, creang a

route to market for Kurdistan's gas reserves."

The RWE also said the cooperaon agreement is expected to enable gas supply from the Kurdish region to be

transported to Turkey and Europe via the Nabucoo pipeline.

Iraq's central government in Baghdad opposes unilateral oil and gas deals signed by the KRG as dispute over






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energy resources and revenue sharing is sll unsolved more than seven years of the topple of the former presi-

dent Saddam Hussein's regime.

Source: Xinhua

Karoon signs farm-in agreement withPetrobrasKaroon Petroleo e Gas, a wholly owned subsidiary of Karoon Gas Australia, has executed a farm-in agreement

with Petroleo Brasileiro, or Petrobras, to acquire a 20% interest in blocks BM-S-41/ S-M 1352, Maruja Prospect,

and BM-S-41/ S-M 1354, Quasi Prospect, located in the oshore Santos Basin, Brazil.

Subject to obtaining regulatory approvals in Brazil (including from the Brazilian Petroleum agency), Karoon will

earn a 20% interest in both blocks by funding 35% of a well in the Maruja Prospect, as part of a two well drilling

program. Karoon will then pay its equity share of connued work and reimburse Petrobras for sunk costs, Ka-

roon said.Drilling has commenced in the Quasi Prospect and drilling in the Maruja Prospect is expected to commence in

September 2010. Results from both wells are expected by the end of 2010. Petrobras is the operator and the

pares are currently nalizing the terms of a joint operang agreement to govern operaons on the blocks

moving forward.


Second oil find sparks new wave of NorthSea interestA second North Sea oil discovery in just a week has sparked hopes of a revival for the industry in Scotland.

Another giant nd is expected to be announced following a discovery at the Cladhan eld, north east of Shet-

land, and is understood to hold between 100 million and 200 million barrels.

For both Encore Oil, a London-listed explorer and Wintershall, the oil arm of BASF, the German chemicals giant,

it is the second big nd of the summer.

It comes just days aer it was revealed that Wintershall’s rst discovery, esmated at 60 to 100 million barrels,

was made at its Blakeney well, 150 miles east of Aberdeen.

The Cladhan nd follows a string of coups that has triggered a new wave of internaonal interest in the North

Sea and could also spark takeover interest in Encore, the only London-listed explorer in the Cladhan prospect.

The share price of Encore has tripled since June when the 300- million-barrel Catcher eld was idened. It was

hailed as the biggest nd in the North Sea since the 550-million

-barrel Buzzard eld, 60 miles o the Aberdeen

coast, was discovered in 2001.

The consorum rst drilled Cladhan in 2008 when the result was inconclusive, but they tried again this month

on the back of geological data.

The companies are now likely to drill horizontally to determine the total size of the elds and conduct ow tests

to establish how much can be extracted.

However, environmentalists fear the Shetland nd could result in deep-sea drilling.

MPs announced last month there is to be an inquiry into the Gulf of Mexico spill and the energy and climate

change commiee will examine the hazards of drilling in deeper waters west of Shetland. Its inquiry will also

look at whether the Government was right to rule out a moratorium on deep-water drilling.

But just last week oil giant BP abandoned plans to drill o the coast of Greenland, amid suggesons the Gulf of

Mexico spill could be a factor in its decision.

Campaigners at Greenpeace said that while oil companies may be “licking their lips” at the prospect of a second

nd, it was me to pause.






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Ben Aylife, senior climate campaigner at Greenpeace said: “The Atlanc froner o the coast of Shetland is one

of the most unique, prisne, areas of wilderness in the UK, and home to unique deep water corals and virtually

a whale motorway. The idea of drilling there at greater depths is quesonable in the extreme.”

The Blakeney well discovery, reported in The Herald last week, is sizeable in terms of recent nds, which typical-

ly come in at around 25 million barrels for wells in a sector where producon is now into its h decade. The size of oil and gas discoveries in the North Sea has been dropping in recent years. A spokeswoman for the

Scosh Government said the recent announcements prove the North Sea sll has a huge amount to oer.

She added: “This underlines why it is essenal that Scotland benets fully from its own resources.

“These discoveries show that huge quanes of oil remain to be extracted, and make it imperave that a

Scosh oil fund – similar to Norway’s, which is now worth around £300 billion – is now established to help se-

cure this vast wealth for future generaons.

“The most recent Government Expenditure and Revenue report showed that in 2008-09, with a geographical

share of North Sea oil revenues, Scotland was £1.3bn in surplus, compared to a UK decit of almost £50bn.

“At a me when we are facing unprecedented budget cuts from Westminster, the case for Scotland being given

its fair share of North Sea resources is rapidly becoming unanswerable.”

Source: heraldscotland.com

BAM Clough receives letter of intent forcontract in PNGBAM Internaonal bv, operang company of Royal BAM Group, together with engineering and construcon

company Clough Ltd has received a Leer of Intent from Chiyoda JGC Joint Venture to proceed with the design

and construct of the LNG and condensate ooading jey for the Papua New Guinea (PNG) LNG project. The

contract is valued at approximately USD 260 million (more than EUR200 million). Engineering, procurement and

planning work for the project has already commenced under a separate work order.

The LNG and condensate jey will be constructed adjacent to the planned LNG facility twenty kilometres north-

west of Port Moresby on the coast of the Gulf of Papua, ulising an ancipated workforce of up to 500. The

scope includes the design and construcon of a 2.4-kilometre-long trestle with substaon plaorm, loading

plaorm and single berth. The contract period is 30 months, compleon is scheduled for year-end 2012.

BAM Clough JV is a 50/50 joint venture between BAM Internaonal bv and Clough Ltd. Established in 1965, the

joint venture has successfully delivered several jey projects for the oil and gas sector in that 45-year period.

Source: minsk.by

Chevron to explore for oil off LiberiaMONROVIA (Reuters) - Chevron Corp has signed a deal with Liberia to explore for oil and gas in three deepwater

blocks o the West African country's coast, an ocial in the president's oce said.

The exploratory work, which has been submied to parliament for approval, is expected to begin in the fourth

quarter of this year and will last three years, the ocial said on Monday.

Liberia is slowly recovering from nearly 15 years of conict that only ended in 2003. Prospects for tapping into

oil were boosted last year when a consorum led by Anadarko Petroleum Corp made a nd in Sierra Leone,

near Liberia's border.

"We are delighted to welcome Chevron as a partner for Liberia to explore out oil and gas assets," Liberian presi-

denal press secretary Cyrus Badio said on Monday.

"Along with its involvement, Chevron will bring the latest technologies, best pracces in transparency and e-

ciencies and an excellent record of community and social responsibility."

No further details were given on the deal.

The gradual return to peace has led to mining and agriculture companies launching projects worth billions of

dollars in Liberia, but its development remains fragile and elecons are due next year.






OFFSHORE & ENERGY

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President Ellen Johnson Sirleaf, who came to power in 2006, is likely to stand for re-elecon.

She has been praised for restoring stability and encouraging investors, which include ArcelorMial and the

world's biggest miner BHP Billiton, though crics say she has failed to crack down on corrupon.

Source: Reuters

Gran Tierra Energy buys exploration andproduction properties in BrazilCALGARY - Gran Tierra Energy Inc. (TSX:GTE), a Calgary junior which focuses on oil and gas exploraon and pro-

ducon in South America, says it has nalized a deal to acquire oil and gas interests in Brazil.

The company said Monday it will pay Alvorada Petroleo S.A. US$22.6 million and commit to drilling two wells in2011 to acquire a 70 per cent working interest in several properes in the on-shore Reconcavo Basin in Brazil.

The transacon is subject to Gran Tierra obtaining regulatory approvals from the Brazilian government.

OHT is a Norwegian shipping company, owning andoperating four semi-submersible heavy-lift vessels. Thevessels are suitable for dry transportation of offshorefacilities and equipment, up to app. 40,000 tons.The company is the second largest heavy-lift operator inthe world






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"This farm-in opportunity presents Gran Tierra Energy with a solid entry-point into Brazil, with new light oil re-

serves, producon and exploraon upside, including near-term drilling opportunies," Dana Coeld, president

and CEO, said in a release before stock markets opened.

"Gran Tierra Energy connues to evaluate addional exploraon and producon opportunies in Brazil, with

the intenon of expanding our presence in Brazil's growing oil and gas sector."

Under terms of the agreement, Gran Tierra will become the operator of Blocks REC -T-129, -142, -155 and -224

and has commied to pay 100 per cent of the costs of drilling an exploraon well on each of Blocks REC -T-129

and -142.

The exploraon properes are located 70 kilometres northeast of Salvador, Brazil in the prolic Reconcavo Ba-

sin. This basin covers an 10,000 square kilometres and contains 129 oil and gas elds, and has produced over

1.5 billion barrels of oil to date.

Gran Tierra holds interests in producing and prospecve properes in Argenna, Colombia, Peru, and Brazil.

Source: winnipegfreepress.com

Bristow secures billion deal

Three Sikorsky S92 helicopters will y from Flesland heliport for Statoil from 15 January 2012. The ten year deal

also includes a new hangar and oce facilies at Flesland.

The contract has a value of more than two billion Norwegian kroner.Secures compeon

“Statoil is thus secured helicopter capacity for a long me,” says Kjell Kristoersen, vice president of the opera-

ons and maintenance unit in Statoil. “This long-term agreement ensured good compeon as several helicop-

ter companies parcipated in the tendering process.”

Replacing the helicopter eet to the latest generaon of helicopters ed with the latest in safety equipment, is

a harmonised strategy on the Norwegian connental shelf, according to Statoil.

Replacing the enre eet

“This contract has ensured that we are nearing our goal of replacing our enre helicopter eet with the very

latest in tested helicopter technology,” says Hans Jakob Hegge, head of Statoil’s operaonal development unit.

“The transion to new technology is one of the most important measures to improve helicopter safety.”

Statoil has ights from six helicopter bases along the Norwegian coast. The Bergen base is the largest and the

only locaon with two helicopter contracts.

Two helicopter companies are currently contracted by Statoil on the NCS, Bristow Norway and CHC Norway.

From 2012 Bristow Norway will y Statoil personnel from Sola, Bergen and Hammerfest, while CHC Norway will








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Dry bulk market stabilizes, albeit at a

falling noteThe dry bulk market’s leading benchmark, the Balc Dry Index (BDI) ended the week at 2712 points, a marginalweekly loss of 1.6% or 44 points versus the previous week. As a result, August’s monthly average is now at 2417

points, signicantly improved over lastmonth’s average of 1910 points. Ac-cording to a weekly report prepared byN. Cotzias Shipping Group, the BDI is

set to increase before year end andpossibly peak beyond the 5,500 pointsmark. “For this increase to be eecve

some resistance levels have to be met

and surpassed and some other condi-ons have to be met”. Commenng onthis week’s performance of the mar-ket, the Piraeus-based shipbroker saidthat it was a mixed feeling week, a

breather. “The larger capes and panamaxes suered minor losses and the smaller supramaxes and handymaxesposted minor gains. Overall the general index fell and the overall senment is that the overwhelming increasedwas too rapid and had to correct somehow. Sll there are many ships chasing lesser/fewer cargoes and this im-balance of the market is self-implicated and will sooner become far worse than beer. Have owners beenshoong at their own feet? Denitely yes!” the broker menoned.Sll, the shipping markets seem to have regained a great share of the heavy losses encountered during the rsttwo months of this summer period and “before August says “kalo xeimona” - a Greek tradional wish for a

pleasant winter - to us, we will be in a posive situaon where we recovered a great percentage share of theheavy losses in both the indices and actual daily freight hire. The shipping markets were greatly assisted, by theadded momentum that were oered in the past 2 weeks by the Capes and the Supramaxes. However the un-derlying global market fundamentals sll pose a great degree of an uncertainty level although overall the pic-ture looks much beer than 2 months ago. China has imposed their game rules in the iron/ore pricing agree-ment, and the country’s size and import appete on its own have such great weight that they can and havebrought the per tone prices to the desired levels. Russian grain exports embargo/ban went into acon as from

the 15th August unl 31st December 2010, and the Russian exports will be limited to 60-65 million tones for2010 as opposed to 97 million tones for 2009. This is a serious quanty reducon that will be needed to beshipped from alternave locaons and this will denitely act posively on shipping freights as the per ton mile

cost will increase. A notable slowdown in period and me charter xtures was noceable this week and a total

of only 84 xtures were recorded compared with 112 of last week” Cotzias said.

Meanwhile, in a separate report by shipbrokers Golden Desny, last week ended with 29 sales reported in thesecondhand and demolion market. The highest acvity has been recorded in the newbuilding market with 48orders reported in total. “The secondhand market has been marked with almost 52.17% negave yearly changewith 11 vessels reported to have changed hands this week equalling a total amount of money invested around$185,800,000. In the demolion market, 18 vessels have been headed to the scrap yards of total deadweight356,048 tons, while in 2009 14 vessels reported for scrap indicang a posive yearly change of around 28.5%. Inthe newbuilding market, 48 vessels reported to have been ordered equalling a total deadweight around4,490,500 tons. The dry sector has held the largest share of newbuilding contracts, equalling a total deadweightof 2,154,500 tons, with kamsarmaxes being the most popular vessel type. The Greek presence has been nocedthis week in the secondhand market with 2 transacons, one in the handysize bulkcarrier sector and one in theMR tanker sector, and in the newbuilding market with 5 transacons, 1 in the kamsarmax bulkcarrier sector, 2

in the handysize bulkcarrier sector and 2 in the container handy sector. The cumulave amount invested byGreeks can be calculated only in the secondhand market, which was $ 11,000,000 , since in the newbuildingmarket the relevant informaon has not been disclosed” Golden Desny concluded. Nikos Roussanoglou, Hellenic Shipping News Worldwide






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Yangtze River now world's busiest ship-ping river

The Yangtze River has become the world's busiest navigable river, according to China Youth Daily. Along withthe deepening of China's opening up policy, the number of the foreign ships that sail into the Yangtze River,Asia's largest river, increased sharply from an average of hundreds per year at the beginning of the reforms upto an average of hundreds per day.Stascs from the Changjiang Pilot Center show that the center has accumulated pilot work of more than

360,000 ships since the Yangtze River opened. In 2009, the number of ships reached over 50,000, of which for-eign ships numbered, 37,500, accounng for almost 70 percent. The rapid increase of foreign ships led to an average double-digit yearly growth of the annual volume of goodstransported, rotaon volume of goods transported and the port throughput in the Yangtze River.In 2009, the volume of goods transported on the main lines of the Yangtze River reached 1.33 billion tons, morethan 60 percent of the naonal total volume of goods transported in inland rivers, two mes than that of the

Mississippi River in the United States, three mes than that of Europe’s Rhine river, and the Yangtze River hasoutranked inland rivers for ve consecuve years.Source: People's Daily Online

Canada rescues cruise ship in ArcticOceanPassengers aboard a cruise ship that ran aground on a rock in the Arcc Ocean on August 27 are nally beingferried to a small town called Kagluktuk by the Canadian Coast Guard. The ‘Clipper Adventurer’ is carrying 128 passengers and 68 crewmembers, all of who are safe. The vessel has a

slight list but remains stable.

A coast guard icebreaker is currently ferrying the passengers to land. Source: bairdmarime.com






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Korea, Singapore sign maritime MOUThe Marime and Port Authority of Singapore (MPA) and the Min-

istry of Land, Transport and Marime Aairs (MLTM) of the Repub-lic of Korea, have signed a Memorandum of Understanding (MOU)to further marime relaons between Singapore and the Republicof Korea. Mr Lam Yi Young, Chief Execuve of MPA at the signing of MOUwith Mr Lim Ki-Tack, Director-General of Marime Safety of MLTMin the Republic of Korea. This MOU provides a plaorm for both MPA and MLTM to increasecooperaon and promote marime safety and protecon of themarine environment. Its scope includes cooperaon in internaon-al forums such as the Internaonal Marime Organisaon (IMO),the Regional Cooperaon Agreement on Combang Piracy and

Armed Robbery against Ships in Asia (ReCAAP) and the Co-operave Mechanism for Safety of Navigaon and

Environmental Protecon in the Straits of Malacca and Singapore."As IMO Council member states, the Republic of Korea and Singapore have made great contribuons to the in-ternaonal community to ensure marime safety and the development of the shipping industry,” Mr Lim Ki-

Tack, Director-General for Marime Safety of MLTMThe MOU provides opportunies to cooperate beyond the IMO, including ReCAAP-based cooperaon againstthe threat of piracy in Asia as well as the promoon and enhancement of navigaonal safety in the Straits of Malacca and Singapore. Source: bairdmarime.com

Retired after 50 years of serviceThe passenger vessel Krisna Reginahas most likely done her last longersea journey and is aer a docking tobe permanently moored in Turku as aoang hotel, restaurant and muse-um. The vessel arrived at Naantali onAugust 29, where she during the se-cond half of September will be dockedat Turku Repair Yard. During the retshe will be painted in her original Bore

-livery and get her old name back. The

vessel was delivered in 1960 by Os-

karshamn’s Varv in Sweden to theFinnish shipping company Bore as theBore. Krisna Cruises has replaced the

Krisna Regina with the newer cruisevessel Krisna Katarina, which startedher maiden voyage the same day as

the Krisna Regina le the eet aer having been handed over to her new owners. Source: shipgaz.com

Mærsk sued for 70 million kronerShipper is accused of walking away from deal with Brish retailer Shipping rm Mærsk is being sued for 70 million kroner by Brish retailer Argos, writes nancial daily Børsen,

The Krisna Regina approaching Naantali on August 29 during her

probably last voyage in open sea. Photo: Pär -Henrik Sjöström






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cing Brish newspaper The Independent. Argos is suing Mærsk for 8 million pounds (approximately 72 million kroner), accusing Mærsk of walking awayfrom a deal to transport 5,000 40-foot containers from the Far East to Britain in 2010 and another 5,000 in2011.

Argos states it was informed by Mærsk on January 15 that Mærsk could no longer guarantee space for the con-tainers at the price agreed, and that Argos would need to increase the payment from 930 to 2,730 dollars percontainer. Documents led by Argos with the UK High Court claim that Mærsk ‘wrongfully repudiated and/or renouncedthe contract’ and that Argos ‘had to nd another shipping line in order to ship containers from the Far East tothe UK’, resulng in aggregate losses of close to 14 million dollars. Neither rm has commented on the report.Source: cphpost.dk

Four Wilh. Wilhelmsen ro-ro’s to recy-

cling in China

Wilh. Wilhelmsen has sold four of its car carriers to China for recycling. Since the market for vehicle carriers col-lapsed in 2008, the ships have been surplus. The ships are the Tampere (built in 1979 as Barber Nara), Tapiola

(built in 1978 as Bongabilla), Toba (built in 1979) and Tourcoing (built in 1978). Two of the Singapore-aggedvessels were laid up at Lyngdal, Norway, from April 2009 to April 2010. The four ships are sold for an undis-closed price, but in the last couple of weeks recyclers in China have paid around USD 407 per light ton. The sum

is a substanal increase from last months USD 360. The 32,000 DWT ro-ro’s are have around 4,300 lane metreson the decks. Source: shipgaz.com

GSI expands into Jiangsu

Toba and three sisters are sold for recycling. Photo: Dale E. Crisp






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Hong Kong: Larger handysize tanker newbuildings will soon beon oer at Guangzhou Shipyard Internaonal as it expands intoanother province. The Hong Kong-listed builder is looking to

alleviate a logjam of orders as well as chase higher turnover

through the lease of a yard in Jiangsu province. It is payingCNY 90m ($13.24m) to rent the property in Runzhou Industrial

Park in Zhenjiang City for four years starng from August 27th.GSI is renng the land from Jiangsu Shenghua “for shipbuild-

ing and other projects”, a bourse statement read on Friday.

“The board considers that the assets lease contract could helpthe company to alleviate its workspace bole neck, improve itsshipbuilding capacity, secure orders for large-size handy-sizetankers, and improve the shipbuilding output as well as turno-ver,” the statement read. The 450,000-square-metre plot

comes equipped with a drydock and a berth, both operaonal since March. Some other shipbuilding equipmentand infrastructure is in the process of being built.

Source: Seatrade Asia Online

Even better Performance Monitoring withnew module OCTOPUS-onboardOCTOPUS-Onboard is extended with a module that constutes a new dynamic approach to voyage planning. Itcombines onboard measurements and forecasts with a new algorithm which will assist the Master to reach thedesnaon by choosing the route with the lowest resistance and cruising with the opmal speed. Furthermorethe crew and for that maer the oce ashore will obtain a clear view of the hull performance of the vessel

throughout its lifecycle.

Large internaonal companies like Dockwise, CMA CGM en Jumbo Shipping are using OCTOPUS-onboard. To-gether with these companies, Amarcon is connuously working on rening the system, tailored to the individualwishes of these companies.Source: Amarcon

India plans to triple its port capacityIndia, Asia’s third biggest economy, plans to triple port capacity within a decade as it tackles infrastructure de-ciencies that threaten to damp growth. The country needs “urgent acon” to ensure that it has sucient seaport capacity, Secretary of Shipping K. Mo-

handas said in an interview last Wednesday in his oce in New Delhi.

“Ports are very important to India’s economic growth.”

The government intends to open new harbours and sell stakes in ports to help annual capacity reach 3.2 billiontons under a 10-year plan that will be released next month, Mohandas said. The naon is also building highways, railways and airports to ease transport bolenecks that could cost 1.1 per-centage points of growth in scal 2017, according to McKinsey & Co.

Indian ports will likely handle more than 2.5 billion tons of cargo a year by 2020, Mohandas said. Throughput inthe year ended March rose 14 per cent to 844.9 million tons. Naonwide capacity is about 996 million tons, saidRakesh Srivastava, joint secretary for ports at the shipping ministry.

Contracts for 25 public-private port projects will be awarded in the year ending March, which will draw 140 bil-lion rupees (100 rupees = RM6.93) of private investments, Mohandas said. The government awarded 13 projects last scal year. State contribuons to these partnerships are usually in the form of land, dredging and con-necons to road and rail links, he said. The government also intends to award concessions for two new terminals at the Jawaharlal Nehru Port herethis scal year, including one for a facility able to handle more shipments than the harbour’s three exisng ter-minals, Mohandas said.




