Horizon and Kotug launch Canadian joint venture

Horizon Maritime and Kotug International are joining forces to provide tug and terminal services in Canada. The two companies announced the joint venture, called Kotug Canada, Wednesday. “We are very pleased to partner with the world leaders in sustainable marine towing operations, combining our local experience and expertise to offer Canadian customers a top-notch level of towage services,” said Horizon chief operating officer Steve Widmeyer. The companies said the joint…

October 9, 2019
Read More >>

Fredriksen’s Northern Drilling cancels DSME drillship

John Fredriksen’s Northern Drilling has torn up a deal for a drillship resale in South Korea. The company said the decision to cancel the ultra deepwater West Cobalt was due to “various reasons including repudiatory breach of contract by DSME.” Northern has Source: http://www.tradewindsnews.com

October 8, 2019
Read More >>

Bugbee buys Hermitage shares

Hermitage Offshore president Robert Bugbee has upped his stake in the company. The New York-traded PVS owner announced after the close Wednesday that on 1 October the shipping veteran bought 70,000 shares at $1.03. Hermitage shares closed at $1.05 Tuesday and opened at $1.10 Thursday. Bugbee Source: http://www.tradewindsnews.com

October 3, 2019
Read More >>

Siem’s Subsea 7 agrees 4Subsea takeover deal

Norwegian oil and gas contractor Subsea 7 is to boost its artificial intelligence (AI) vessel operations through a domestic takeover. The Kristian Siem-backed group, which owns subsea ships and cable-layers, has agreed to buy 100% of offshore technology company 4Subsea. No price has been revealed for the deal. 4Subsea’s Peter Jenkins will continue in his role as CEO. The company will support Subsea 7 in monitoring of key operational data…

October 3, 2019
Read More >>

Ostensjo and Foss team up for US offshore push

Norway’s Ostensjo Rederi is targeting the US wind market with a new offshore joint venture. It is teaming up with domestic operator Foss Maritime to provide service operation vessels (SOVs). The companies said they would offer state-of-the-art vessel designs and proven solutions. Ostensjo CEO Kenneth Walland said the shipowner has several years’ experience of operating SOVs servicing offshore wind farms across Europe. “In Foss Maritime we believe we have found…

October 2, 2019
Read More >>

Tug operators pulling for owed towing fees

Four tug operators are chasing a heavy lift vessel, alleging a now-bankrupt company owes them $1.1m. McAllister Towing, Central Boat Rentals, Offshore Towing and Global Towing Service are seeking to arrest the 21,000-dwt Nor Goliath (built 2011) in the southern district of Mississippi Source: http://www.tradewindsnews.com

October 1, 2019
Read More >>

‘Prolonged’ OSV weakness led to POSH Terasea default

Singapore’s Ezion Holdings has blamed “prolonged weakness” in OSV markets for the loan default experienced by its joint venture POSH Terasea. Its partner in the company, PACC Offshore Services Holdings (POSH), revealed the default involving an unnamed lender this week, and said it faced an impairment of $42m. Ezion has an effective 25% stake through its share in POSH Terasea co-owner Terasea, which also involves Seabridge Marine Services. It said:…

September 20, 2019
Read More >>

POSH facing $42m impairment as JV defaults

Singapore OSV owner PACC Offshore Services Holdings (POSH) has said it is facing a big impairment charge after a joint venture defaulted on a loan. The Robert Kuok-backed company said an unnamed lender has called in the $27.6m outstanding on ship financing loans and a revolving credit facility. These were granted to its 50%-owned venture POSH Terasea and secured solely by five anchor-handlers owned by the JV: the 13,500-hp Salvanguard…

September 19, 2019
Read More >>

SeaBird Exploration lines up survey work in Africa and Asia

SeaBird Exploration has won new deals to conduct offshore surveys in Africa and in the Asia-Pacific region. The Oslo-listed company said it has signed a contract to acquire a 2D seismic survey for an unnamed “international” oil and gas company in the Africa region. The three-week-long contract will employ Seabird’s 81-metre seismic survey vessel Nordic Explorer (built 1986) from the end of September. AIS data shows the vessel is currently…

September 19, 2019
Read More >>

Van Oord bags Taiwan offshore wind farm contract

Van Oord has become the latest shipowner to benefit from Taiwan’s huge investments in offshore wind technology. The Dutch company has just secured a contract by Denmark’s Orsted for the cable installation works at the Greater Changhua 1 & 2a offshore wind farms. Van Oord said it will be responsible for the transportation, installation and burial of the 111 inter array cables and three export cables. To carry out the…

September 19, 2019
Read More >>