Despite the slow market conditions in 2015, the Singapore-listed container port business trust Hutchison Port Holdings Trust (HPH Trust) managed to end the year in black, as the company’s revenue and other income for the year was at HKD 12.6 billion (USD 1.6 billion). The number represents a decreas
Malaysia Marine and Heavy Engineering (MHB) posted a profit of RM44.4 (US$10.52 million) in 2015, almost three times lower as compared to the year before. The drop in net profit was due to lower contribution from the company’s offshore segment and the impact from “a provision for impairment on the g
NOF Energy is supporting a cluster of Shetland-based energy sector supply chain businesses access new markets and sectors. The seven companies, which are the first from the Highlands and Islands region of Scotland to join NOF Energy, are all active in the North Sea oil & gas industry and are engagin
The TraPac terminal at the Port of Los Angeles has failed to meet pollution-reduction targets introduced by the city authorities several years ago, the Los Angeles Times reports citing unnamed city officials. The air improvement measures included shutting down of ship engines while entering port and
The US National Retail Federation called on the International Longshoremen’s Association and the U.S. Maritime Alliance to seek long-term stability at East Coast and Gulf Coast ports following last week’s strike at the Port of New York and New Jersey. More that a thousand dock workers staged a strik
Italian oil and gas contractor Saipem said on Tuesday it will appeal an Algerian court ruling ordering one of its units to pay a 34,000 euro ($37,100) fine for allegedly inflating bid prices for contracts associated with the GK3 gas pipeline. Sonatrach of Algeria awarded in 2009 the contract to Saip
The government of the United Kingdom needs to deliver “real and tangible reform” of the UK Ship Register, UK Chamber of Shipping President, Tom Boardley stressed while speaking at the UK Chamber Annual Dinner. Boardley voiced the urgent need for substantial changes if the UK Flag is to remain compet
Lundin Petroleum, a Swedish oil and gas exploration and production company, has seen its loss deepen in the fourth quarter of 2015 when compared to the fourth quarter of 2014. Lundin on Wednesday posted a net loss of $493.7 million for the 4Q 2015, including a net foreign exchange loss of $129.2 mil
The prices of spot liquefied natural gas in Asia are climbing after hitting a 6-year low in late January, due to production problems at Russia’s LNG export facility located on Sakhalin Island. The Platts March JKM rose 30 cents/MMBtu to $5.35/MMBtu Tuesday, and bids emerged close to $6/MMBtu by earl
Norwegian offshore services firm Aker Solutions has won a framework agreement to provide engineering and construction services for several offshore oil and gas fields in the UK North Sea. The contract has a fixed period of five years as well as an option to be extended by five years. Aker Solutions’
Subsea services provider Oceaneering International, Inc. will return the chartered vessel to its owners after losing a contract in Angola with BP. According to Oceaneering, BP has exercised its right, under the field support vessel services contract it had with Oceaneering for work offshore Angola,
The U.S. Federal Energy Regulatory Commission (FERC) said it has extended the date for the release of its environmental impact statement for the Oregon LNG terminal and pipeline project. The first notice of schedule, issued on April 17 last year, identified February 12, 2016 as the final EIS issuanc
Russian gas exports to the Austrian market grew by 76.2 percent in January versus the same month in 2015. This was revealed during a meeting in Moscow held Tuesday between Alexey Miller of Gazprom and Reinhold Mitterlehner, Austrian Vice Chancellor. Throughout 2015, the gas deliveries to Austria ros
The U.S. Bureau of Safety and Environmental Enforcement has warned the oil and gas industry of a recurring problem with connector and bolt failures in various components used in risers and subsea blowout preventers used in offshore operations. “These failures are of great concern to BSEE due to thei
