Delft Students Cross North Sea on Self-Built Hydrogen Boat
On July 11, 2024, Dutch students from the TU Delft Hydro Motion Team arrived in Ramsgate with their self-built hydrogen boat, becoming the first to cross from the Netherlands to England with a fully hydrogen-powered vessel, making the nearly 169-km journey across the North Sea on a single tank.Read more about the future of Hydrogen in the maritime space in our inteview with Roy Campe, CTO, CMB.TECH in the January 2024 edition of Maritime Reporter & Engineering News.The teams first attempt to make the crossing on July 9…
Carbon Dioxide Removal (CDR) ... To Clear the Air, Look Beneath the Waves
Participants at the 26th United Nations Climate Change Conference (better known as COP26) late last year in Glasgow reiterated humanity needs to accelerate change in the coming decades to limit global warming to 1.5°C (or even to the 2°C as agreed up in the Paris Agreement). Meeting this goal by 2050, the formidable deadline agreed upon across environmental sectors to prevent dooming the planet, will require more than electric cars and veganism.
Battery-Power Moves Ahead in the Yacht Sector
Yachts de Luxe (YdL) of Singapore placed a 10-year, $5 million contract with OXIS Energy to build the world’s first ever luxury boat to be powered by Lithium Sulfur (Li-S) cell and battery systems technology with a design range between 70 and 100 nautical miles at cruising speed.OXIS will work with YdL to design the new 40 foot luxury day boat which will carry a 400 kWh battery system comprising of Ultra Light, High-Power cells and a BMS. The design and manufacture of the cells modules…
Bribery Probe Slows Petrofac Sales
Petrofac Ltd on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company's dealings in Saudi Arabia and Iraq.Petrofac, which designs, builds and operates oil and gas facilities, said in June it had lost out on $10 billion worth of contracts globally due to the investigation by Britain's Serious Fraud Office (SFO), which led to a February…
Global LNG Demand 16% Up in Q2
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Ltd.The Monaco-headquartered international owner, operator and manager of liquefied LNG carriers said that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea and Taiwan) was flat year-on-year…
Global LNG Demand Up 16%: GasLog
Global liquefied natural gas (LNG) demand was 86 million tonnes (mt) in the second quarter, compared with 74 mt in the second quarter of 2018, an increase of 16%, said GasLog Partners, the international owner and operator of LNG carriers.Monaco-headquartered company quoted a Poten report which says that higher European imports (up 110% year-on-year) accounted for most of the growth, while demand from Northeast Asia (Japan, China, South Korea…
GasLog: LNG Demand Grew 9% in 2018
Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.
DynaGas LNG Partners in the Red in Q3
Monaco-based owner and operator of liquefied natural gas (LNG) carriers, reported a third-quarter ended September 30, 2018 loss of $654,000, after reporting a profit in the same period a year earlier.The gas shipping company said that the Q3 results included $2.3 million of scheduled class survey and dry-docking costs related to the Yenisei River, one of the three tri-fuel diesel engine (TFDE) vessels in our fleet.The company said it had a loss of 7 cents per share. Earnings, adjusted for non-recurring costs, were 4 cents per share.
Enbridge Eyes Additional Asset Sales
Enbridge Inc may sell more assets than expected this year, seeing strong interest from potential buyers after achieving a goal this week for 2018 divestitures.Enbridge has been under pressure to reduce leverage, one of the factors that has weighed on its share price. Selling assets would also help the company become a pure pipeline utility.The company announced two sales on Wednesday that will help it exceed its target for $3 billion in divestitures this year…
UK Fraud Office Charges Two More in Unaoil Investigation
British prosecutors have charged two more people in an investigation into alleged bribery and corruption at privately-held Unaoil, a Monaco-based oil and gas services company. The Serious Fraud Office (SFO) said on Thursday it had charged Paul Bond, 65, and Stephen Whiteley, 62, with conspiracy to make corrupt payments to secure Iraqi contracts for an Unaoil client, SBM Offshore, between June 2005 and August 2011. Scotland-based Whiteley was a former vice president with SBM and Unaoil's general territories manager for Iraq, Kazakhstan and Angola.
Enbridge Shares Climb After $2.3 bln in Asset Sales
Enbridge Inc shares jumped as much as 6.2 percent on Thursday after North America's largest energy infrastructure company announced plans to sell C$3 billion ($2.3 billion) of noncore assets to focus on its central business. The company is also raising C$1.5 billion by selling new shares to pay down debt. It has identified C$22 billion worth of projects it intends to complete through 2020. The Calgary-based company said late on Wednesday it…
SBM Offshore: The Cost of Corruption Rises
Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch company has also been forced to suspend its involvement in tenders with Brazilian oil company Petrobras , a major customer. Shares fell 10 percent to 13.96 euros at 0930 GMT, wiping out gains made this year when investors believed the builder of floating oil and gas platforms had settled the issue.
Corruption Cases Weigh on SBM Offshore Bottom Line
Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch company has also been forced to suspend its involvement in tenders with Brazilian oil company Petrobras , a major customer. Shares fell 10 percent to 13.96 euros at 0930 GMT, wiping out gains made this year when investors believed the builder of floating oil and gas platforms had settled the issue.
Petrofac Names External Specialist to Oversee SFO Probe
Oilfield services provider Petrofac on Wednesday appointed Edward Sparrow as an external specialist to oversee an investigation by Britain's Serious Fraud Office announced in May. Sparrow is a partner at the law firm Ashurst LLP, Petrofac said in a statement. The SFO said in May it had begun an investigation into the activities of Petrofac and its subsidiaries in connection with a probe into Monaco-based Unaoil. Petrofac had said in May that it would set up a committee responsible for responding to the investigation…
Petrofac JV Wins $2 Bln Refinery Contract in Oman
Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering, procurement, construction, training and start-up operations for all utilities at Duqm, the Middle East-focused company said on Friday. The company's high exposure to oil markets in the Middle East has resulted in good backlog coverage for 2017…
Petrofac Suspends COO Amid Fraud Probe
Oilfield services provider Petrofac has suspended Chief Operating Officer Marwan Chedid until further notice after Britain's Serious Fraud Office (SFO) questioned him as part of an investigation into Monaco-based Unaoil. The SFO launched a criminal investigation into Unaoil, its officers, employees and agents in July last year in connection with suspected bribery, corruption and money laundering. As part of its investigation, the SFO arrested…
Canada's Enbridge Expects Adjusted Profit to Rise on Spectra Deal
Enbridge Inc , Canada's largest pipeline company, said on Thursday it may acquire more assets and forecast a rise in adjusted earnings before interest and taxes this year following its purchase of Spectra Energy Corp. Enbridge said last September it would buy Spectra, a smaller rival then valued at $28 billion, to create the largest energy infrastructure company in North America. The deal, which closed on Feb. 27, highlighted the pressure on pipeline companies to merge as they grapple with over-capacity and sliding tariffs.
Canada's Enbridge to Buy Spectra Energy in $28 bln Deal
Enbridge Inc, Canada's largest pipeline company, said on Tuesday it would buy Spectra Energy Corp in an all-stock deal valued at about C$37 billion ($28 billion) to create the largest North American energy infrastructure company. Enbridge's biggest-ever deal comes as the company has been steadily expanding its North American pipeline network, which carries the bulk of Canadian crude oil to the United States. Spectra shareholders will get 0.984 shares of the combined company for each share held.
Directors Elected at Gaslog AGM
GasLog Ltd. (the "Company" (NYSE:GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announced the election of ten directors at the Company's annual general meeting of shareholders held in Monaco today. The elected directors are Peter G. Livanos, Bruce L. Blythe, David P. Conner, William M. Friedrich, Dennis M. Houston, Donald J. Kintzer, Julian R. Metherell, Anthony S. Papadimitriou, Philip Radziwill and Paul A. Wogan.
Eni CEO Says Has No Ties with Unaoil
The head of Italy's Eni said on Monday the oil major had no ties with Unaoil, the Monaco-based energy services company caught up in an investigation into alleged corruption. "There are no contacts with the company (Unaoil)," Eni CEO Claudio Descalzi said on the sidelines of a business plan presentation. Authorities in Monaco recently raided the offices of Unaoil and the homes of its directors after Britain sought help investigating alleged corruption in the oil industry.
