Borr Drilling amends bank facility covenants [Finance]
Borr Drilling announced on January 2 that it has agreed with its financing banks to make certain amendments to its financial covenants. The required minimum book equity ratio has been adjusted from 40% to 33.3% and the minimum free liquidity cove...
2020-01-07 09:44:30
Equinor promotes cutting emissions [Offshore]
Equinor has recently launched new climate ambitions to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40% by 2030, 70% by 2040 and to near zero by 2050. By 2030 this implies annual...
2020-01-07 09:41:13
TOP Ships sells tanker duo [Shipping]
TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced on January 3 that it has sold to unaffiliated third parties its two MR1 Product Tankers, the M/T Eco Fleet and the M/T Eco Revolution (e...
2020-01-07 09:36:22
Subsea 7 executive teams changed [General]
Subsea 7 has recently announced changes to the Executive Management Team, effective from 1 January, 2020. John Evans is now in place as Chief Executive Officer, succeeding Jean Cahuzac who retired at the end of 2019. Jean remains on the Board ...
2020-01-07 09:31:52
GMS secures two contracts [Offshore]
GMS announced the award of two Contracts on January 3. Details are below:   1. A 7-month contract (firm period plus options to extend) for a K-Class (Small) vessel.  GMS will provide support for offshore activities on behalf of ...
2020-01-07 09:28:02
A 58% decrease in Korean ship exports [Shipbuilding]
Korea's exports fell 5.2% year on year to $457.2bn in December 2019, imports fell 0.7% to $437bn and the trade balance recorded a surplus of $2.2 billion for the 95th straight month. The Ministry of Trade, Industry and Energy announced that ...
2020-01-07 09:22:22
SHI-DSME compete for winning Canadian FPSO hull [Offshore]
In an FPSO tender for deep-water Bay du Nord project in Canada, ▲Aker Solution+Kvaerner+Samsung Heavy Industries (SHI) consortium and ▲Wood+Kiewit+Daewoo Shipbuilding & Marine Engineering (DSME) consortium are likely to receive bid packag...
2020-01-07 09:19:50
Valaris receives payment from SHI [Offshore]
Valaris, which is headquartered in London, the UK, has recently announced that the offshore drilling rig operator received $200m cash payment from Samsung Heavy Industries (SHI).  SHI delivered a new drillship (DS-5) in 2011, which it won...
2020-01-07 09:18:29
HHI smart ship solution approved by ABS [Shipbuilding]
Hyundai Heavy Industries (HHI) has strengthen its technological competitiveness in smart ship sector.  The Korean shipbuilding giant has recently attained a technical certification from the American Bureau of Shipping (ABS) for its next-g...
2020-01-07 09:14:49
Yangfan receives an order in five years [Shipbuilding]
China's Yangfan Group announced on January 2nd that it has won an order for a 23,000-dwt Product Oil & Chemical Tanker from its Zhejiang Henghui Shipping. The group explained that the contract includes one additional option. The newbuil...
2020-01-07 09:12:34
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