Eni: closing of the sale of 12.5% of Saipem share capital to Fondo Strategico Italiano

The Shareholders Agreement between Eni and FSI has taken full effect

San Donato Milanese (Milan), 22 January 2016 – With reference to the sale and purchase agreement between Eni S.p.A. (“Eni”) and Fondo Strategico Italiano S.p.A. (“FSI”), the object of which is the sale, from Eni to FSI, of a stake in Saipem S.p.A. (“Saipem”) share capital, consisting of n. 55,176,364 ordinary shares, equal to 12.5% of the share capital plus one share, as announced to the market on 28 October 2015, Eni announces the closing of the transaction has taken place following occurrence of all the conditions precedent under the agreement.

Eni has collected an EUR 463,238,681.60 consideration for the sale.

Upon the closing of the transaction, the shareholders agreement entered into on 27 October 2015 between Eni and FSI in relation to Saipem’s shares has taken effect in full. Pursuant to art. 130 of the CONSOB’s regulation no. 11971/99, basic information on the shareholders agreement is available at Saipem’s (www.saipem.com) and CONSOB’s (www.consob.it) websites. … Continue Reading

Wärtsilä signs maintenance agreement with Ensco

Wärtsilä signs maintenance agreement with Ensco for sustained cost savings and improved reliability

Wärtsilä, the leading global supplier of flexible and efficient power plant solutions and services, has signed a maintenance agreement with Ensco, a global provider of offshore drilling services to the petroleum industry. The agreement, signed in September 2015, will create both short- and long-term savings by optimising Ensco’s assets and improving predictability through extensive condition monitoring services and parts supply management for Ensco’s four drillships equipped with six Wärtsilä 32 engines.

In the offshore markets, Wärtsilä’s customers are continuously seeking increased reliability, maximum uptime and optimal operational efficiency as well as ensuring safe and sustainable environmental performance in harsh environments. With more stringent environmental regulation related to CO2 emissions and growing environmental awareness among customers, environmental efficiency is a key issue for offshore industry.

Under this seven-year agreement, Wärtsilä will monitor Ensco’s installations to safely and reliably extend time between equipment overhauls for scheduled maintenance, providing clear cost savings and improved lifecycle and environmental efficiency. Wärtsilä will also provide Ensco full service support from Wärtsilä’s remote service centres. … Continue Reading

The Barents Sea ice challenge: Loads to learn

There is a sustained high interest for oil and gas exploration in the new unlocked areas of the Barents Sea, as announced in the 23rd licensing round in Norway. In particular southeast Barents Sea areas are so far unexplored, leaving an ocean of opportunities ahead. However, new challenges accompany the harsher, darker and most of all, colder operational conditions, requiring adaption of new technology and all time high expectations for safe and sustainable operations.
Published: January 28, 2016

DNV GL promotes joint industry projects (JIPs) as a tool to accelerate the technology development needed in meeting the challenges of oil and gas exploration in northern areas. While the industry is gathered at The Arctic Frontiers conference in Tromsø in North Norway, to discuss the global crossroad between commercial and environmental interests of exploration in the Arctic, DNV GL presents its latest industry collaboration project together with Statoil, to tackle the Barents Sea ice challenge head on.

“The most severe actions on Arctic offshore structures are often caused by ice-structure interaction. It is therefore of great importance for the design of safe and reliable structures to address ice loads and ice loads effects properly,” … Continue Reading

Criteria for entry into force of BWM Convention not yet reached

Insufficient tonnage to trigger entry into force despite recent ratifications

Following the spate of ratifications in November 2015 of the Ballast Water Management (BWM) Convention, IMO and partner IHS Maritime & Trade have been engaged in a process to verify tonnage figures to ascertain whether or not the convention’s final entry-into-force requirement has been met.

Although that process is not yet complete, and will continue for up to three more weeks, IMO is in a position to confirm that the November ratifications did not trigger the convention’s entry into force.

Forty-seven countries have now ratified the convention, substantially more than the 30 required, but their combined fleets comprise, at most, 34.56 per cent of global tonnage, with 35 per cent required for entry into force.

IMO Secretary-General Kitack Lim said, “The recent ratifications have brought the BWM Convention so very close to entry into force. While we cannot predict exactly when that will happen, … Continue Reading