rss icon Subscribe
desktop mobile

Finance

Swiss Court Tells Egypt Energy Companies to Pay Israel

A Swiss court has rejected an appeal by Egyptian energy companies after a French court last year ordered them to pay $2 billion in compensation to state-owned Israel Electric Corp (IEC), the Israeli utility said.   An IEC statement on Friday said that Egyptian Natural Gas (EGAS) and Egyptian General

Marshall Islands Court Sets Date for Frontline Case against DHT

File photo: DHT

Oil tanker firm Frontline said on Friday the high court in the Marshall Islands has agreed to hear on May 17 its complaint against takeover target DHT Holdings, which is incorporated in the remote Pacific republic, over a rival deal with BW Offshore.   Frontline, controlled by Norwegian-born billionaire John Fredriksen and owner of a 14.

DOF Takes Over Canadian Subsea Shipping Company

Norway’s DOF Subsea AS said it has purchased the remaining shares in Canadian Subsea Shipping Company AS.   Before the transaction, DOF Subsea AS owned 45 percent of the shares in the company.   Canadian Subsea Shipping Company AS has a newbuild vessel under construction at Vard Group in Norway.  

Maersk to Pay $4 Bln for Hamburg Sud

File photo: Hamburg Sud

The world's biggest container shipping company Maersk Line will pay 3.7 billion euros ($4.02 billion) for its acquisition of smaller German rival Hamburg Sud, it said on Friday.   Combined, the two companies will be able to realise annual operational savings of about $350 million to $400 million,

Hyundai Heavy Sails Back to Profit in Q1

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries (HHI) has posted a net profit of KRW462.3bn ($409.6m) for the first quarter of 2017, making it the fifth consecutive quarterly profit for the group.   This represents a surge of 90% from the previous corresponding quarter. However, sales fell 1.9 percent to 10.76 trillion won.

DSME Turns Profit in Q1

Photo: Daewoo Shipbuilding & Marine Engineering

 Daewoo Shipbuilding & Marine Engineering (DSME) swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures, reports Yonhap.   The Korean shipyard reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter,

Wilhelmsen Acquires Drew Marine Technical Solutions

Thomas Wilhelmsen (Photo: Wilhelmsen)

The Wilhelmsen group has signed an agreement to acquire the technical solutions business from Drew Marine.   “This acquisition offers a unique opportunity to enhance the scale and geographic reach of our marine products division,” said Wilhelmsen group CEO, Thomas Wilhelmsen.   The acquired business

Updated Forecast: Floating Production System Orders

© ggw / Adobe Stock

World Energy Reports has released its midterm five year forecast of production floater orders. The forecast, detailed in the March 2017 WER report, reflects positive and negative developments in underlying business drivers since WER’s five year forecast last October.   Positive developments Likelihood that the November U.

Norway's Heavyweights & Entrepreneurs

Arctic drilling: the Polar Pioneer in Norway’s arctic waters (Photo: Harald Pettersen, Statoil)

Signs of recovery and innovation in Norway’s offshore sector   Big lender Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he tells a floating production conference in Oslo.

Anadarko Shares Dive as Wells Close

Shares of Anadarko Petroleum Corp plunged on Thursday after the oil and natural gas producer said it would temporarily close more than 3,000 wells in Colorado in the wake of an explosion that killed two.   The company's stock fell more than 5 percent to $56.69 in Wednesday afternoon trading, touching six-month lows.

Suncor Evaluates Potential Oil-sand Deals as Majors Exit

Photo: Suncor Energy Inc.

Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, Chief Executive Steve Williams said on Thursday.   However, the company has a high bar in terms of return on investments

Long-haul Arbitrage Trades to Benefit VLCCs

© donvictori0 / Adobe Stock

The OPEC production cuts since the start of 2017 has tightened supplies of medium and heavy sour crudes, leading to a narrowing Brent-Dubai EFS. This has made long-haul crude trades from the Atlantic Basin to the Far East economically viable, resulting in a surge in flows from the North Sea as well

Keppel FloaTEC Secures Contract for TLWP in Vietnam

Keppel FloaTEC LLC, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract worth about $40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension

Frontline Takes Legal Battle over DHT to Marshall Islands

File photo: DHT

John Fredriksen's Frontline is switching its legal battle for control of tanker operator DHT Holdings from New York to the tiny Marshall Islands after making a fifth offer for the company this week.   Frontline, controlled by Norwegian billionaire Fredriksen and owner of a 14.5 percent stake in DHT,

Maritime Apps