As clearly communicated in the reporting of preliminary financial results for 2007, Aker Yards may have a breach of one financial covenant in some loan agreements on corporate level as of 31 December 2007. A potential breach will most likely be repaired during March at the latest.
Technip has been awarded by Petrofac Energy Developments Ltd (Petrofac) a contract, worth approximately €36 million, for the development of the Don West and Don South West oil fields. These fields are located 150 miles off Shetland, in the United Kingdom North Sea and will be tied back to the Northe
Ben Vree, Smit CEO, comments: ‘The strategy pursued so far continues to prove its worth across all four Divisions. The activities’ mutual synergy made a substantial contribution to this. The Salvage and Transport & Heavy Lift Divisions have seen an exceptionally high volume of work. The Terminals Di
StatoilHydro Petroleum AS, operator of production licence 169, has completed the drilling of wildcat well 25/11-25 A. The well was located just to the southwest of the Grane Field, 160 kilometres west of Karmøy. The purpose of the well was to prove petroleum in Lower Jurassic reservoir sandstone. Th
Frontline Ltd. announces that Independent Tankers Corporation Limited (‘Independent Tankers’) will be registered on the over-the-counter market in Oslo, Norway (the ‘Oslo OTC Market’) as from Friday 7 March, 2008. Independent Tankers has been assigned the ticker code ‘ITCL’.
Exxon Mobil Corporation Chairman and CEO Rex Tillerson today announced plans to invest more than $125 billion in capital spending over the next five years to deliver major projects to help meet growing world energy demand. ‘We will invest record amounts to develop new technology, bring on new upstre
Triangle Petroleum Corporation is pleased to report an update on its Kennetcook #1 (‘KC #1’) and Kennetcook #2 (‘KC #2’) test wells in the 516,000 gross acre Windsor Basin shale gas project of Nova Scotia, Canada.
Three men who set off in a small boat across the English Channel to France have been detained by French police. Concerns were raised for the trio after Dover Coastguard received a 999 call from the mother of one of them saying they had set off in a 12ft boat.
The Antarctic cod puts itself into a state similar to hibernation for the winter, researchers have found, which is highly unusual for a fish. Scientists with the British Antarctic Survey (Bas) found Notothenia coriiceps lowers its metabolic rate during winter, saving energy.
Van Oord recorded a turnover of EUR 1,652 million in 2007 (2006: EUR 1,516 million). At EUR 164 million, net profits rose by 85% compared with the previous year 2006 (EUR 89 million). The company succeeded in capitalising on favourable market conditions, in addition, both employees and equipment wer
Eitzen Chemical ASA has reached an agreement to sell the 42,000 dwt SITEAM MERKUR built in 1981. The delivery is expected to take place during the second quarter of 2008. The price is in line with the basis for the latest net asset value guidance and the company expects to book a gain of approximate
Austal has been awarded the Engineering Project of the Year for its high speed vehicle-passenger ferry ‘Alakai’ at the Mobile Area Council of Engineers (MACE) annual awards banquet held on February 22. Austal designed and built Hawaii Superferry’s ‘Alakai’ which currently operates inter-island route
Heritage Oil Corporation is pleased to announce that it has signed the previously announced farm-in documentation on two onshore exploration licences in the Republic of Mali, following the Government of Mali’s approval of the transaction. The two licences have a gross area of over 72,000 square kilo
India on Tuesday did not rule out the possibility of the missing ship with 25 Indian crew on board being targeted by sea pirates. The Directorate General of Shipping has sought the help of Kuala Lumpur-based International Maritime Board (IMB) in this connection after it decided to despatch an Indian
