MAY 3, 2013 — Singapore's Sembcorp Marine today reported a 5 percent growth in net profit from Singapore S$113 million in 1Q 2012 to S$119 million in 1Q 2013. Group turnover for the first quarter of 2013 registered an 11 percent increase to S$1.1 billion as compared with S$943 million for the corresponding period in 2012. The increase came mainly from higher revenue recognition from rig building activities.
Group operating profit increased by 19 percent from S$120 million in 1Q 2012 to S$143 million in 1Q 2013. At pre-tax level, Group profit at S$149 million was 4 percent higher than the S$144 million achieved in the first quarter of last year. The increased contribution which came mainly from the higher operating margins from rig building and ship repair businesses was offset by the lower contribution from an associated company and the absence of interest income received in 1Q 2012 for deferred payment granted to customers.
|Year Description ($’m)||1Q 2013||1Q 2012||% change|
|EPS, basic (cents)||5.69||5.43||5|
Sembcorp Marine reports that it has a strong net order book of S$13.6 billion with completion and deliveries stretching till 2019. This includes S$1.7 billion in rig orders and offshore platform contracts secured since the start of 2013. The Group remains focused on operational efficiency, productivity improvements, safety management and the timely deliveries of orders to our customers.
The fundamentals driving the marine and offshore industry remain intact underpinned by healthy oil prices and projected increases in offshore exploration and production (E&P) spending. Demand for rigs is expected to remain strong given the ageing rig fleet and the increasing focus by oil companies for new, safer and more efficient rigs, in particular high specification rigs capable of operating in harsh and deepwater environment.
For ship repair, there is continued demand for upgrading and life extension work for LNG carriers as well as repair and upgrading work for cruise ships and offshore vessels. Demand for the Group's big docks remains strong.
Overall, enquiries remain healthy across the Group's diverse business segments of ship repair, ship conversion & offshore platforms and rig building. However, competition is intense and impacts margin.
JULY 20, 2012 — Jaya Shipbuilding and Engineering Pte. Ltd., the shipbuilding subsidiary of Singapore's Jaya Holdings, has signed an agreement with IHC Merwede Asia Pacific that enables IHC's high-specification offshore vessels to be produced by Jaya at its shipyards in Singapore and Batam, Indonesia.
As part of the wide-ranging agreement, IHC Merwede will also provide design and engineering support services to Jaya.
The agreement creates the opportunity for further collaboration between the companies in future, aligned with Jaya's strategy of building sophisticated and modern offshore support vessels and IHC Merwede's plans for further expansion of its integrated shipbuilding and equipment manufacturing operations in the region.
Venkatraman Sheshashayee, Chief Executive Officer and Executive Director of Jaya Holdings, said: "This tie up with IHC Merwede represents a major step forward for Jaya Shipbuilding and Engineering. IHC brings a world class track record of maritime engineering and technological innovation to this agreement and they are widely recognised as an industry leader in many areas of the maritime and offshore sectors. We look forward to working with IHC and believe it will be a productive relationship for both parties."
IT'S A DEAL: Venkatraman Sheshashayee, CEO and Executive Director of Jaya Holdings (left) and Denis Welch, CEO of IHC Merwede Asia Pacific, shake hands after signing an agreement that will allow Jaya to build IHC Merwede's high-end offshore support vessel designs at its shipyards in Singapore and Indonesia
Denis Welch, Chief Executive Officer of IHC Merwede Asia Pacific, said: "IHC Merwede is pleased to be collaborating with Jaya Shipbuilding and Engineering as we believe there are plenty of opportunities for our group to add value to Jaya's portfolio. This agreement will bring great mutual benefits to both companies and we are delighted to be working with the Jaya team."
NOVEMBER 12, 2012 — Crowley Maritime Corporation reports that the crew aboard its tugboat Guard recently performed a heroic rescue of a man who was struggling to stay afloat in the waters outside of San Francisco Bay.
The rescue took place during the early morning hours of Wednesday, October 31, while the tugboat was standing by outside the Golden Gate Bridge, waiting to escort a tanker into San Francisco Bay's anchorage. Crowley's Perry Overton, captain of the Guard, noticed the man treading water a little more than a mile and a half from the bridge. Working quickly, the crew tossed the man a life ring and Crowley's Chief Engineer Keith Madding donned a survival suit and entered the frigid 55 degree waters to help the fatigued man climb the Guard's emergency ladder. Once aboard, the crew removed the hypothermic man's wet clothing and wrapped him in warm blankets until the Coast Guard arrived and could perform other life-saving treatments.
Following the rescue, the Guard resumed escort duties on the tanker, bringing it to its destination as scheduled.
Ranger Shannon Jay, of the National Park Service at Golden Gate National Parks in the San Francisco Bay area, who is assisting the San Francisco Police Department in the investigation of this incident, said of the Crowley crew: "These guys are heroes and without a doubt saved that man's life. In the 20-plus years of my career, I have never seen such a professional rescue by non-professional-rescuers." Ranger Jay added that the event should be considered "a tribute to the training they received and also to the crew for quickly and diligently using their training. They are true heroes."
The Guard's crew has been nominated by the National Park Service for a Citizen's Award for Bravery, which is an honor awarded by the secretary of the interior in Washington, D.C.
"On behalf of everyone here at Crowley, I want to congratulate this brave crew for putting their training to good use to perform the vital measures needed to save this man's life," said Crowley's Rocky Smith, senior vice president and general manager, petroleum distribution and marine services. "These crew members are true heroes and deserve to be recognized for their service."
The crew aboard the Guard, which is a member of Crowley's marine services fleet, is fully trained and prepared to respond to a variety of incidents. In addition to meeting defined regulatory training requirements, the company's crew members participate annually in the Crowley Safety Program, a custom training event designed exclusively for mariners. The program provides training in cold-water survival tactics, shipboard fire fighting, medical incidents and other relevant topics give the mariners the skills and confidence they need to survive in emergency situations. Within the past year, the Guard's crew members participated in an additional in-water training that required the use of immersion suits to better understand techniques for man-overboard and other water rescues.
In 2006, another Crowley crew aboard the Guard was also recognized for responding to a remote house fire on Vashon Island, Wash.
The Guard is one of two Crowley tugs equipped with emergency response capabilities in the San Francisco Bay area. Since 1906, Crowley has providing tug services in U.S. West Coast waterways, and today the company serves the entire Bay area, utilizing technologically advanced and powerful tugs manned by experienced crews. Crowley tugboats are available to assist in the docking, undocking and towing of container ships, car carriers, tankers and other types of vessels entering and leaving this Pacific West Coast harbor gateway. Crowley also provides tanker escort service to ensure safe passage in and out of the San Francisco Bay refinery ports, as well as short- and long-haul ocean towing throughout the U.S. West Coast and around the world.
DECEMBER 5, 2012 — The news at GE Marine's Workboat International show today was the announced of the company's timeline for meeting EPA Tier 3 and Tier 4i, as well as IMO Tier III emission compliance without the need for exhaust gas after-treatment for its L250 and V250 marine diesel engines. GE's engine technology eliminates the need for a Selective Catalytic Reduction system (SCR) and storing or using urea aboard a vessel, thereby preserving cargo and tank space. GE says non-SCR system will be available in mid-2013, months before the Jan. 1, 2014, deadline for EPA Tier 3 emissions standard compliance.
"GE has been working for eight years to reach this breakthrough in diesel engine technology to help businesses worldwide comply with EPA and IMO emission standards," said John Manison, general manager of GE Marine. "This new technology allows the marine industry to meet the upcoming emission compliance requirements and reduce both capital and operating expenditures. In addition, our engineering efforts have further reduced the already class-leading fuel consumption of the L250 engines."
SCR requires using a diesel exhaust fluid, typically urea, to reduce NOx in an after-treatment of exhaust gas. GE's non-SCR solution is based on the technological advancements of the L250 and V250 engines and requires no supplemental equipment or fluids. Depending on duty cycle and application, the L250 engines have greater than 5 percent improved fuel consumption compared to Tier 2 standards, as well as improved torque characteristics and load response rate.
GE's L250 engines rated at less than 2,000 kW will be certified as EPA Tier 2 during 2013 but will meet EPA Tier 3 emission levels, ahead of the January 2014 standard path requirement. In addition, the 8L250 and 12/16V250 engines rated at more than 2,000 kW will meet EPA standard path Tier 4i (interim) requirements in 2014.
MAY 3, 2013 — Kongsberg Evotec AS, a Kongsberg Maritime company, will provide the complete back deck solution for handling of up to 20 streamers simultaneously aboard the GC Rieber owned newbuild seismic exploration vessel recently ordered at Kleven (see earlier story).
The ST324XT designed by Skipsteknisk in Ålesund, will be built at Kleven's Myklebust shipyard in Sande, Norway, and will be operated by Dolphin Geophysical of Bergen. The vessel can tow up to 20 streamers and features the most advanced technology for handling of cables, wires and ropes. Each streamer winch can contain up to 12,000 meters of streamer cable, giving this vessel high 3D capacity.
The Kongsberg Evotec delivery comprises all the back-deck equipment needed for safe and efficient handling of all on board seismic equipment.
Kongsberg Evotec moved into brand new offices and fabrication facilities in the autumn of 2012 and says it will leverage its advanced new engineering and fabrication/test facilities to deliver this project on-time and to specification. These extensive new facilities support Kongsberg Evotec's focus on developing innovative technical solutions for the demanding offshore market.
Delivery of the full back-deck handling system is expected to start in spring 2014.
Page 23 of 46