A comprehensive directory published for the shiprepairing, shipbuilding, marine technology, offshore technology and maritime Industries

NEWS

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Provisions offer clue to oil & gas sector turning the corner

Singapore

MARKETS were taken by surprise early last week when DBS Group Holdings unveiled a decisive move to clean up its exposure to troubled borrowers in the oil-and-gas sector.

The bank nearly doubled its provisions for bad debts to S$815 million as it classified residual weak oil-and-gas support services exposures as non-performing assets, and booked, as a result, an unexpected ...more

Yangzijiang posts 208% surge in Q3 earnings

Singapore

HIGHER turnover helped boost earnings at Yangzijiang Shipbuilding (Holdings) by more than three times in the third quarter.

The Chinese shipbuilder on Thursday reported a net profit of 866 million yuan (S$177 million) for the three months ended Sept 30 - a whopping 208 per cent up on the 281.2 million yuan in the same period a year ago.

Revenue rose 13 per cent ...more

CMA CGM confirms order for nine super-sized LNG-powered box ships

Singapore

THE contest to build ever-larger container ships is heating up, but with a greener twist. Box ship giants are now racing to also build a fleet that will comply with stricter emissions rules.

On Tuesday, Marseilles-based CMA CGM confirmed a shipbuilding contract for nine large box ships that will run on engines burning liquefied natural gas (LNG).

This deal, reportedly ...more

Soilbuild, Super families to help refloat Marco Polo

Singapore

TWO families behind household names in real estate and the consumer-goods sectors, Soilbuild and Super Group respectively, have been identified as being among white-knight investors looking to extend a S$60 million lifeline to troubled listed group, Marco Polo Marine.

The family office of Soilbuild's Lim Chap Huat and the private-investment firm of Super Group's David Teo ...more

Oil treads US$60 line to lift O&M stocks

Singapore

AS INVENTORIES fall and expectations build on a sustained output cut, Brent crude oil prices stayed above the psychologically important US$60 a barrel mark for a third day in a row.

Singapore Exchange (SGX) oil and gas stocks, as represented by the FTSE ST Oil and Gas Index, traded near a 23-month high, propelled by optimism that the worst is over.

Torbjorn Kjus, ...more

Sembmarine back in the black with Q3 net profit of S$2.72m

Singapore

SEMBCORP Marine returned to profitability in the third quarter with a net gain of S$2.72 million, a reversal from a loss of S$21.79 million for a year-ago period despite a tough operating environment in the offshore and marine (O&M) sector.

Earnings per share were 0.13 Singapore cents compared to a loss per share of 1.04 Singapore cents.

Revenue decreased by 64.3 ...more

Offshore and marine sector remains key to economy

The oil price crash in 2014 has had a catastrophic effect on the offshore and marine sector - one of the jewels in the Singapore economy - and while the pain lingers, some light has appeared at the end of the tunnel.

No one is talking about a major rebound yet but the rig-building industry, for one, has been on the mend in recent months as market activity continues to pick up, albeit slowly. ...more

Bargain hunting in OSV sub-sector still an 'extreme sport' for select few

Singapore

THE worst may be over for the offshore support vessel (OSV) sub-sector but with recovery still years away, bargain hunting in this sub-sector is only suited for those able to comprehend and stomach the risks involved.

Pareto Securities Pte Ltd's chief executive David Palmer pointed to two key signs supporting a turnaround that could have fed investor interest in the OSV ...more

Sembmarine shares buoyed by US$1.3b sale of jack-up rigs

Singapore

SEMBCORP Marine's share price rose on expectations that the US$1.3 billion sale of nine jack-up drilling rigs to Borr Drilling would bolster the yard group's balance sheet.

The stock closed at S$1.815 on Monday, up eight cents or 4.6 per cent. Over 19.6 million shares changed hands compared to a three-month average trading volume of 3.6 million shares.

Investors ...more

Keppel unit bags FPSO conversion contract from SBM Offshore

Singapore

KEPPEL Corporation's shipyard unit has secured a vessel conversion contract valued at an estimated S$100 million to S$150 million from repeat customer SBM Offshore NV.

The contract is for the conversion of a very large crude carrier (VLCC) to a floating production, storage and offloading (FPSO) vessel.

Upon completion of the work, the vessel will be deployed to ...more

Platts to launch price assessments for low-sulphur fuel oil in 2019

Singapore

OIL pricing agency S&P Global Platts plans to launch new pricing assessments for low-sulphur fuel oil in January 2019.

The assessments, to be done in Singapore, Fujairah, Rotterdam and Houston, will come ahead of regulations by the International Maritime Organisation (IMO) that cap sulphur limits in marine fuels at 0.5 per cent, from the current 3.5 per cent level.

The ...more

Turning obstacles into opportunities

NOW in its 18th year of operations, Oilfield Services & Supplies Pte Ltd (OSS) is a Singapore company that manufactures, services and provides rental of tools and components for the oil, gas and mining exploration and production industries.

Founded by Peter Ong in 1999, the company started out as a humble rented machine workshop in Loyang. The year before, when oil prices were low, he had ...more

Swissco lands US$28.5m offer for offshore support vessel business

Singapore

THE court-appointed judicial managers (JMs) of Swissco Holdings have secured an offer valued at US$28.5 million from a white knight investor for the offshore support vessel (OSV) business of the beleaguered Singapore-listed offshore and marine (O&M) group.

The deal with the said investor, Asian Strategic Turnaround Ventures Pte Ltd, is the first of its kind tabled for an ...more

SembMarine inks LOI with US firm to deliver S'pore's first CGL carriers

Singapore

A SUBSIDIARY of yard group Sembcorp Marine (SembMarine) has signed a letter of intent (LOI) with Houston-based SeaOne Caribbean LLC that may mark the design and construction of the first pair of compressed gas liquid (CGL) carriers in Singapore.

SembMarine said the LOI penned by its specialised shipbuilding unit will cover at least two large CGL carriers earmarked for SeaOne's ...more

Keppel's US unit lands US$400m contract to build LNG vessels

Singapore

KEPPEL Corp's wholly owned offshore and marine unit has clinched a contract worth more than US$400 million from a Honolulu-based ocean shipping firm to build two liquefied natural gas (LNG) vessels.

Under the contract for the dual-fuel LNG vessels, secured by Keppel Offshore & Marine's wholly owned subsidiary Keppel AmFELS from Pasha Hawaii, one vessel is expected to be ...more
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