McDermott restructures debt and files Chapter 11 bankruptcy

McDermott has finalised a pre-packaged restructuring of its estimated $9.86bn in debt, and will file for Chapter 11 bankruptcy protection. The r... read more

Topaz and P&O merger forms new brand

Topaz Energy and Marine has been merged into P&O Maritime to form new brand P&O Maritime Logistics (POML) following its acquisition by ... read more

SEACOR Marine : Innovation and aggressive cost-cutting measures are helping transform the Louisiana-based OSV owner

When it announced its Q3 2019 earnings, US-based SEACOR Marine did something it had not done in five years; it generated its highest ‘direct v... read more

Nam Cheong secures three vessel contracts

Malaysian OSV operator Nam Cheong has entered into three chartering contracts worth a total of RM54.8m ($17.9m). The contracts, awarded by forei... read more

Gulf Marine Services posts $4.4m loss in H1-18

Gulf Marine Services posts $4.4m loss in H1-18 Abu Dhabi-based company optimistic of profits in the second half ... read more

UAE’s Stanford Marine creditors in talks about sale of business

Dubai/Abu Dhabi: Creditors of Stanford Marine Group (SMG), which has links to troubled private equity firm Abraaj, are in talks with three potential... read more

Oilfield support services firm GOL Offshore shut down

MUMBAI, AUGUST 7   GOL Offshore Ltd, the offshore oilfield services company that was at the centre of a takeover battle in ... read more

Tidewater and GulfMark in $1.25bn merger to create largest OSV operator

In another consolidation in the offshore sector US offshore support vessel (OSV) players Tidewater and GulfMark are to merge in a $1.25bn all-st... read more

Govt set to pull the plug on ‘right of first refusal’ for Indian ships

Local shipping companies says move will hurt their revenue, wipe out some from business MUMBAI, JUNE 28 The Centre is set to scrap a decades... read more

Shipping companies stop Iran business as US indicates secondary sanctions are in effect

With the US withdrawing from the Joint Comprehensive Plan of Action (JPCOA) on Iran on 8 May there are two wind-down periods for existing business &... read more

IMO moving towards 2020 ban on marine fuel with over 0.5% sulphur

The IMO is moving towards ships being banned from carrying fuel with greater than 0.5% sulphur content from 2020 unless a scrubber is fitted. ... read more

Big banks accept Opec was right as they embrace oil near $80

London Wall Street’s biggest banks have changed sides and are embracing a surge in oil prices.   &nb... read more

Changes will take place in the offshore vessel sector in the next 6–12 months – big changes – with the fate of well known players in the balance

Late 2016/early 2017 could see an industry-leading company file for bankruptcy protection, such is the state of the market in the Gulf of Mexico. It... read more

Iran Aims For Oil, Gas Fields Tender In November

TEHRAN, Oct 17 (Reuters) - Iran will launch next month its first new style tender to develop oil and gas fields since the lifting of international s... read more

‘If we buy vessels at current prices, we are never going to make losses’: Brave words from departing SCI boss

“If we buy vessels at current prices, we are never going to make losses.” Bold words for the departing boss of Shipping Corporation of I... read more

M3 Marine: Offshore distress asset sales rain in

“We are navigating a storm like we have never seen before and the end is not in sight.” That’s the words of respected offshore bro... read more

Total to invest US$2 billion in Qatar

French oil major Total intends to invest more than US$2 billion in Qatar after ousting Maersk Oil from the Al-Shaheen oil concession. Total won a 30... read more

Judicial management in Singapore: Florence Nightingale to a vulnerable company?

The 60% slump in oil prices over the last two years has caused a major downturn in the oil and gas industry, which in turn has led to many Singapore... read more

Mothballed Ships In SE Asia Show Pain Inflicted By Oil Slump

SINGAPORE, May 31 - Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of companies that help preserv... read more

ONGC terminates 27 ship contracts

India’s Oil and Natural Gas Corporation (ONGC) has issued notices to terminate contracts for 27 Indian-registered offshore vessels with local ... read more

GOL OFFSHORE & DVB BANK

According to sources, DVB Bank has secured an order from the Bombay High Court for the disposal of six GOL Offshore's vessels to recover its out... read more

Fitch downgrades Seacor Holdings

Fitch Ratings has downgraded Seacor Holdings' long-term Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Rating Outlook ... read more

Saudis Seen Rejecting Calls For OPEC Cuts As Rivals Pump More

VIENNA, Dec 2 (Reuters) - Saudi Arabia is seen rejecting calls from fellow OPEC members to cut output when the group meets this week as the group... read more

Halul Offshore in Qatar simulator first

    Halul Offshore Services has become the first company to have a ship simulator to Qatar. T... read more

Seacor cushioned by diverse fleet and international operations

Seacor Holdings made a loss in the nine months to 30 September 2015 and says it plans to further reduce costs. Seacor Holdings’ ceo Charles Fa... read more

Iran Urges OPEC to Cut Oil Output to Lift Prices to $70-$80

(Bloomberg) -- OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar ... read more

Swire Pacific’s marine division braces for $129m loss in 2015

Swire Pacific Limited warned of a HKD1bn ($129m) loss in 2015 for its marine services division due to the adverse operating conditions in the of... read more

“The Oil and Gas Industry is at Crossroads”, says Global Thought Leader

World Renowned Speaker Jon Duschinsky to Provide Ground-Breaking Insights at ADIPEC on Staying Ahead in Today’s Energy Landscape Embracing... read more

Nam Cheong faces slowing OSV sales, reports lower earnings

The offshore industry downturn is presenting challenges to the build-to-stock business model of Malaysia’s OSV builder Nam Cheong, as vessel d... read more

Vallianz Holdings

Singapore-based offshore support vessel (OSV) operator Vallianz Holdings said it will step up its focus and resources on the Middle East market. Val... read more

Oil's rapid fall could lead to global turmoil .

"We are in for a longer and more sustained period of low oil prices than in the late 1980s." Why? He points to a perfect storm. While... read more

GE Shipping sells AHTS vessel

The Great Eastern Shipping Company (GE Shipping) has announced the sale of a AHTS vessel to an unnamed buyer. The 2009-built, 7,080-bh... read more

ECDIS "not a one week job" says UKHO

At the UKHO platform Captain Paul Hailwood has once again warned that ECDIS implementation is still not being taken seriously, despite carriage mand... read more

Bourbon takes over Global Offshore Services in India

According to sources, Bourbon SA is set to acquire a majority stake in India's Global Offshore Services.  The France-based offshore service... read more

McDermott News

McDermott’s Dive Support Vessel Thebaud Sea has been mobilized for an Emergency Pipeline Repair intervention offshore the Unite... read more

SWISSCO ENTERS OFFSHORE RIG CHARTERING BUSINESS THROUGH S$285.0 MILLION ACQUISITION OF SCOTT AND ENGLISH ENERGY

• Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy.   ... read more

Mermaid Marine Australia is to buy all the businesses of Jaya Holdings for SGD625m ($495.2m) following a strategic review of the Singapore company announced on 9 September last year.

Mermaid Marine Australia is to buy all the businesses of Jaya Holdings for SGD625m ($495.2m) following a strategic review of the Singapore company&n... read more

Otto Marine Limited, an offshore marine company is set to hold a vessel naming ceremony for ‘Norshore Atlantic’ at its Batam Shipyard, Indonesia, on 28 February 2014.

  The Norshore Atlantic is the first of its kind to be successfully constructed by an Asian yard. It is an efficient and environmental frie... read more

PSV bonanza for De Hoop

Dutch shipyard De Hoop has won a big new offshore vessel order from Abu Dhabi.   The company announced it will design and build 10 plat... read more

Jindal Rig

JINDAL STAR DELIVERED ... read more

UAE: Stanford Marine Increases Fleet Value by USD 200 Million

Stanford Marine, a regional marine business headquartered in Dubai, announced the successful completion of its newbuild program and delivery of its ... read more