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Boskalis acquires EUR 80 million dredging contract in South Korea

August 8, 2013 News No Comments

boskalis_smallRoyal Boskalis Westminster N.V. (Boskalis) has been awarded a contract by Daewoo E&C for the dredging and reclamation of new land for Songdo International City on the waterfront of Incheon, South Korea. The total value of the contract amounts to approximately EUR 80 million.

The project consists of reclamation of new land which will be used for residential and commercial developments in Songdo, Incheon. This will be achieved through the hydraulic fill of around 23 million cubic meters of sand. The sand will be sourced from the navigation channels approaching the existing and new Ports of Incheon. A jumbo trailing suction hopper dredger will shortly be deployed to South Korea to undertake the works, which are scheduled to be completed by late 2014.

Boskalis’ strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. This projects closely relates to both the increasing global trade and global population growth.

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural … Continue Reading

UK RATIFIES MARITIME LABOUR CONVENTION (MLC)

August 8, 2013 News No Comments

MCA_SMALLThe Maritime Labour Convention, 2006 (MLC) has been ratified by the UK.

This new International Labour Organization (ILO) convention consolidates and updates more than 68 international labour standards in the maritime sector. It sets minimum global standards for seafarers living and working conditions. It also reflects the valuable contribution of the ILO to global employment standards

The ratification of the Maritime Labour Convention has been a lengthy process that involved a number of Government departments including DWP, FCO and BIS alongside extensive contributions from the UK Chamber of Shipping, Nautilus International, the RMT union and other stakeholders. It presented us with the opportunity to update legislation.

The UK has 1,383 vessels on its register totalling 16.57 million gross tonnage. There are approximately 89,000 seafarers working on UK flagged ships and more than 24,100 UK nationals work as seafarers. … Continue Reading

TEEKAY LNG PARTNERS SIGNS CONTRACT WITH DSME FOR TWO ADDITIONAL LNG NEWBUILDINGS

August 3, 2013 News No Comments

TeekayHAMILTON, BERMUDA — (Marketwired) — 07/26/13 — Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP) today announced that during the past week it has exercised two of its three existing options with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400 cubic meter liquefied natural gas (LNG) carrier newbuildings for delivery in 2016. These two newbuilding LNG carriers are in addition to the two LNG carriers Teekay LNG ordered from DSME in December 2012, which have since secured time-charter employment commencing upon delivery. These newbuildings will also be constructed with the M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than other engines currently being utilized in LNG shipping. The Partnership intends to secure long-term contract employment for both vessels prior to their delivery in 2016. In connection with the exercise of these two newbuilding options, the Partnership secured further options from DSME which will enable it to order up to five additional LNG carrier newbuildings in the future.

The contract with DSME includes an installment payment schedule similar to the two LNG carrier newbuildings ordered from DSME in December 2012. The Partnership intends to initially finance the installment payments during construction using a portion of its existing liquidity, and expects to secure long-term debt financing for the two newbuildings prior to their scheduled deliveries. … Continue Reading

Eni: important oil & gas discovery offshore Congo

August 3, 2013 News No Comments

ENIThe discovery was made through the well Nene’ Marine 1, which has been drilled in 24 meters of water to a depth of 3,013 meters.

San Donato Milanese (MI), 1 August 2013 – Eni has made an important oil and gas discovery in the Nene’ Marine exploration prospect located in the Marine XII Block offshore Congo approximately 17 kilometers from the shoreline. The company estimates the volume of the discovery proved with the 2 wells so far drilled at around 600 million barrels of oil and 700 Billion cubic feet of gas in place. The structure has considerable additional upside that will be evaluated with further  delineation wells.

The discovery was made through the well Nene’ Marine 1, which has been drilled in 24 meters of water to a depth of 3,013 meters. The well encountered a significant wet gas and light oil accumulation in the pre-saline clastic sequence of Lower Cretaceous age. Nene’ Marine 2 well was drilled 2 kilometers away from the discovery well and confirmed the significant hydrocarbon accumulation  and the continuity of the reservoir. During production tests both the wells flowed at a commercial rates oil at 37° API gravity.

Eni will continue the appraisal phase of the discovery while starting the studies for the commercial exploitation of this significant hydrocarbon accumulation with the partners of the Joint Venture. … Continue Reading

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