Mermaid Maritime PCL said it signed a letter of intent with Keppel FELS Shipyard for the construction of two jack-up rigs worth about US$360 million ($468.4 million). The contract also includes options for another two rigs and could be worth a total of more than US$700 million, Mermaid Maritime said today in a statement to the Singapore stock exchange.
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Sembcorp Marine’s subsidiary PPL Shipyard has secured two turnkey contracts with a combined value up to US$364 million ($478 million) to build two jack-up rigs with options for another three jack-up rigs from Atwood Oceanics Pacific Limited (AOPL), a wholly-owned subsidiary of Atwood Oceanics Inc.
Scheduled for delivery in September 30 and December 31 of 2012, the jack- up rigs will be built based on PPL Shipyard’s latest proprietary design, the Pacific Class 400. These new rigs will be capable of operating in deeper waters of 400 feet and equipped with offline handling features. They will have accommodation for 150 men as compared with 120 men in the Pacific Class 375 jack-up rigs.
Sembcorp Marine’s Sembawang Shipyard has secured two FPSO contracts worth $75 million.
The first contract is awarded by BW Offshore, one of the world’s leading FPSO contractors and a market leader with advanced offshore loading and production systems for the oil and gas industry.
The contract calls for the conversion of a 97,172 dwt tanker BW Genie into a Floating Production Unit (FPU). Major conversion works include repairs and life extension for the vessel to operate for another 20 years. The FPU will be installed in the field through a new 12-point mooring system.
Keppel Shipyard says it has secured a $50 million contract for the modification of the Floating Production Storage and Offloading (FPSO) vessel OSX-1.
The FPSO OSX-1 is owned by OSX 1 Leasing B.V., a subsidiary of OSX Brasil S/A.
Commencing in the third quarter of 2010, Keppel Shipyard’s scope of work includes procurement, detailed engineering and the modification of the topside process modules.
Baker Technology, the Mainboard-listed manufacturer and provider of specialised marine offshore equipment and services for the oil and gas industry, has reported a 76% rise in net profit of $20.3 million for the six months ended 30 June 2010 (1H 2010), buoyed by a strong second quarter performance.
For the three months ended 30 June 2010 (2Q 2010), revenue fell 59% to $6.8 million compared to a year ago due to the slow new order intake last year, a result of the global credit crunch which delayed many oil and gas projects. Gross profit was down 61% to S$4.5 million.
Yangzijiang Shipbuilding (Holdings), one of China’s leading and most enterprising shipbuilder, says its wholly-owned subsidiary, Jiangsu Yangzijiang Shipbuilding Co., today acquired 51% of the equity interest in the capital of Jiangsu Changbo Shipyard Co.
EMS Energy, the provider of engineered services for the global Oil and Gas industry, says subsidiary Engineering & Marine Services (EMS) has secured an engineering, procurement and construction (EPC) contract worth US$22.35 million ($31 million) from a regional shipyard to design and build a ship transfer system within 14 months.
EMS Energy says the shipyard is spending US$250 million to develop a ship repair facility that can handle 160 vessels a year when fully operational.
The company announced in May that it won a award to build a Mobile Modular Workover Unit for US$17 million.
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Baker Technology says it has accepted the offer by Yangzijiang Shipbuilding Holdings to buy the entire issued and paid-up share capital of PPL Shipyard held by the company for US$155 million ($212.8 million).
ST Engineering announced that its US shipyard VT Halter Marine Inc (VT Halter Marine), has signed a contract with subsidiaries of Overseas Shipholding Group, Inc. (OSG) to build two 8,000 ATB tugs worth over US$21 million ($29.4 million). VT Halter Marine is the US operation of ST Engineering’s marine arm, ST Marine.
ST Engineering today announced that its US shipyard VT Halter Marine Inc (VT Halter Marine), has secured an undefinitised contract in excess of US$165 million ($232.5 million) with the US Navy for a fourth Fast Missile Craft (FMC) for the Egyptian Navy.
The FMC is designed to perform coastal patrol, surveillance, interdiction, surface strike and naval battle group support for the 21st century. The vessels will allow the Republic of Egypt to maintain the security of its coastal regions for both itself and friendly countries, while denying access to the areas by any potential adversaries.
Keppel Shipyard has secured two contracts totaling $160 million to convert a Floating Production Storage and Offloading (FPSO) vessel for Single Buoy Moorings Inc (SBM), and a livestock carrier for an affiliated company of Hijazi & Ghosheh Co.
Keppel Offshore & Marine has joined hands with State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC) to develop and manage a new 52-ha shipbuilding and shiprepair facility in Baku, Azerbaijan.
Sembcorp Marine says wholly-owned subsidiary Jurong Shipyard (JSPL) will be building a new shipyard in Brazil to cater directly to one of the fastest growing offshore oil and gas exploration and production markets in the world.
A freehold land area of 825,000 sqm (1.7 times larger than the land size of Jurong Shipyard’s Tanjong Kling location) with 1.6 km of coastline in the state of Espirito Santo in Brazil has been acquired and will be developed as a shipyard.
Sembcorp Marine, the world’s second-largest maker of oil rigs, said its unit Jurong Shipyard Pte started legal action against Societe Generale in Singapore to recover $198.9 million related to foreign exchange deals.
Of the claim, $83.5 million was paid to Societe Generale before the “unauthorised” transactions were uncovered in October 2007, Sembcorp said in a statement to the Singapore stock exchange. The remainder of $115.4 million was paid as part of a pre-condition for the closing out of the transactions with Jurong Shipyard in November that same year, it said.
Singapore-based ship builder Otto Marine said an agreement with a Chinese local government to build a shipyard in China has been terminated.
The agreement, dated Oct 12, 2007, between Otto Marine’s unit and Qidong city of Jiangsu province, was terminated after the local government failed to provide a suitable land for the shipyard within the timeframe agreed by the two parties, Otto Marine said in a statement to the Singapore stock exchange.
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The European Commission has backed a restructuring plan for Poland’s ailing Gdansk shipyard which calls for a big cut in its capacity.
The Commission approved the 251m euros (£217m) in state aid granted to the shipyard since Poland joined the EU in 2004. Some of the aid is yet to come.
The shipyard was the birthplace of the anti-communist trade union Solidarity.
The yard’s new owners, ISD of Ukraine, will have to close two of the yard’s three slipways under the plan.
"As the continuous subsidies for the yard’s production since 2002 caused a significant distortion of competition on the shipbuilding market, the yard’s shipbuilding capacity has to be reduced substantially," the Commission said on Wednesday.
The decision is the result of a four-year investigation into state aid for the shipyard.
The EU allows state aid in member states only under strict conditions. The Commission can authorise such help if it is accompanied by a viable restructuring programme.
The Polish government, which has its roots in the Solidarity movement, is very satisfied with the decision announced on Wednesday, the BBC’s Adam Easton reports from Warsaw.
The shipyard enjoys iconic status in Poland, he says.
In 1980 Lech Walesa led a strike there against price rises and employee dismissals. Solidarity then became the first independent trade union in the then-Soviet bloc.
In 1989 Solidarity successfully negotiated the peaceful end of the communist system in Poland. That helped galvanise anti-communist protests across Eastern Europe.</p
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