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Energy

Dry Bulk Market Looks Up: J. Lauritzen

Lauritzen Bulkers. Photo:  J. Lauritzen

 Both the dry bulk market and the market for small gas carriers are anticipated to benefit from the expected rise in economic activity in 2018, more so as supply growth will be rather limited in both segments, says J. Lauritzen, the Danish shipping company with worldwide operations.   For dry bulk though,

Japan Seeks to Boost Offshore Wind Power

© Yaz / Adobe Stock

The Yomiuri newspaper reported on Tuesday that:      -Japan's government will submit legislation early next month to boost the use of offshore wind power      -Bill to allow operators to use sites for 30 years, from 3-5 years now      -Japan has high potential for offshore wind as it is surrounded by ocean (Reporting by Aaron Sheldrick)

Enerplus Profit Beats as Oil Focus Pays Off

Photo: Enerplus Corp

Canadian oil and gas producer Enerplus Corp reported a quarterly profit that beat estimates on Friday as the company's strategy to focus on oil assets paid off. Shares of the company, which has historically produced more natural gas than oil, were up as much as 4.5 percent. Enerplus, which has significant operations in the United States,

CEO Haugan Leaves Kvaerner to Lead Aker Energy

Jan Arve Haugan (Photo courtesy Kvaerner)

Jan Arve Haugan resigns as President & CEO of Kvaerner, and from March 1, 2018, he will start his new role as CEO of the newly established oil company Aker Energy. Idar Eikrem, Executive Vice President and Chief Financial Officer in Kvaerner, is appointed interim CEO.   Haugan has been President &

Hyundai Heavy Bags LPG Storage Tank Deal in Nigeria

Image: Hyundai Heavy Industries

South Korea’s largest shipbuilder Hyundai Heavy Industries (HHI) has bagged a $58 million deal to build  15 liquefied petroleum gas (LPG) storage tanks for a refining and petrochemical plant in Nigeria, reported Yonhap  Hyundai Heavy said it plans to start to build the tanks in May and is set to deliver

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday.   A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration,

IMO to Ban Ships without Scrubbers from Carrying High Sulphur Fuel

© Giuseppe Elio Cammarata / Adobe Stock

The International Maritime Organization intends to ban ships that do not have equipment to strip sulphur from carrying fuel that has a sulphur content above new limits in 2020, an IMO official said on Thursday.   The ban, which still has to go through two formal approval steps, was presented at IMO compliance meetings earlier this month.

LNG Heats Up Again as Market Changes: Russell

File Image: A Depiction of Harvey Gulf's Q-LNG ATB bunkering vessel. When built, this vessel, partnering with Shell, will provide LNG to a raft of new LNG / Dual Fuel Cruise ships currently being built. CREDIT: Harvey Gulf

If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence.   Global majors Exxon Mobil and Total are considering plans to double LNG exports from Papua New Guinea to about 16 million tonnes per annum,

HSH Nordbank to Finance Brotorp Wind Farm

Image: Center for Climate Protection

 HSH Nordbank will provide the investor BlackRock with a long-term loan amounting to about € 31 million to refinance the Brotorp wind farm in southern Sweden.   The farm with 14 Vestas 126 type wind turbines and a total capacity of 46.2 megawatts (MW) has been in operation since December 2015.   With US$ 6.

Exmar Barge-Based FSRU on Way to Singapore

Pic: Exmar

 Exmar said its FSRU (Floating Storage and Regasification Unit) barge delivered end of 2017 has left the Wison Offshore Marine shipyard on Wednesday left the Wison Offshore Marine shipyard in China and set course towards Singapore.   The unit, which has a re-gasification capacity of up to 600MMSCFD and a storage capacity of 26,

Offshore Sector Shows Improvement: Sembcorp Marine

Semi-submersible platform. Photo: Sembcorp

 Global exploration and production (E&P) capex spending continues to show signs of improvement, underpinned by higher oil prices, says Sembcorp Marine Ltd (SembMarine).   Offshore rigs utilization and day rates have stabilized, but rig orders recovery may take some time as the oversupply in most drilling segments has yet to re-balance.

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

File photo: Transocean

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row.   Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn,

Noble Corp Reports Smaller Q4 Loss

Offshore drilling contractor Noble Corp Plc's fourth-quarter loss narrowed from a year earlier, when it recorded impairment charges of $1.44 billion.   Net loss attributable to Noble narrowed to $24.68 million, or 10 cents per share, in the quarter ended Dec. 31, from $1.3 billion, or $5.36 a share, a year earlier, the company said on Wednesday.

Cyprus to Pursue Gas Exploration Amid Standoff with Turkey

Cyprus said on Wednesday it would press ahead with oil and gas exploration, signalling resolve in a standoff with Turkey over access to potential energy riches after Ankara extended military exercises in the eastern Mediterranean to early March. Cyprus has accused Turkey of obstructing a drill ship

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