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Coro Energy Awaits Approval on Duyung

Feb 10, 2020

Southeast Asian focused upstream company Coro Energy Plc said that Duyung PSC partners have agreed to a six-month extension for receipt of the necessary Indonesian approvals for the transfer of a 15 percent interest in the Duyung PSC offshore IndonesiaIn February 2019…

MOL in Restructuring Excercise

Feb 02, 2020

Japanese shipping major Mitsui O.S.K. Lines (MOL) has unveiled a number of new restructuring measures effective April 1, 2020.According to a press release, the  marine transportation provider intends to establish three new divisions and integrate its two tanker divisions to achieve synergy…

JFLCO Acquires Global Marine Group

Jan 31, 2020

British-headquartered specialist provider of submarine cables Global Marine Group (GMG) has been acquired by an investment affiliate of private equity firm J.F. Lehman & Company (JFLCO) for around $250 million.With a legacy dating to 1850, GMG…

Prosafe Misses Payment to Cosco

Jan 14, 2020

The largest and most versatile fleet of semi-submersible accommodation vessels in operation worldwide Prosafe SE has missed its final payment to China’s Cosco shipyard for the Safe Notos flotel.Offshore accommodation specialist  informed last…

Fugro Loses Arbitration Case

Jan 06, 2020

Dutch multinational Geo-data specialist Fugro announced that it has been disappointed in an arbitration case involving Tasik Toba Subsea in March 2019, of a long-term chartered DP3 diving support vessel, the Southern Star.An arbitration tribunal…

SHI Pays Valaris $200 Million

Dec 30, 2019

UK headquartered offshore drilling contractor Valaris announced on Monday that it has received a $200 million cash payment resulting from a settled dispute with South Korean shipbuilder Samsung Heavy Industries (SHI).Earlier this year, an arbitration…

Greece Proposes World Court if Maritime Dialogue with Turkey Fails

Dec 30, 2019

Greece's Prime Minister said in remarks published on Sunday that if Athens and Ankara cannot solve their dispute about maritime zones in the Mediterranean they should turn to the International Court of Justice (ICJ) in The Hague to settle the disagreement…

Petrobras Approves Sete Brasil Plan

Dec 26, 2019

Petrobras reports that its Executive Board and Board of Directors have approved the final terms of an agreement with Sete Brasil subject to the fulfillment of precedent conditions.The Agreement preserves the terms previously announced: (i) maintenance…

Bourbon Assets Taken Over by Creditor Banks

Dec 23, 2019

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial…

SNC-Lavalin to Pay Over $210 Mln for Libyan Affair

Dec 19, 2019

Canadian offshore contractor, SNC-Lavalin, will pay a CAD 280 million (USD 213 million) fine after pleading guilty to fraud and an influence-peddling charges involving the son of former Libyan leader, Moammar Gadhafi.On Thursday, the Quebec…

Court Lifts Injunction Against Leviathan Operations

Dec 19, 2019

An Israeli court lifted on Thursday a temporary injunction that had threatened to delay production at the Leviathan gas field due to environmental concerns.Rescinding Tuesday's injunction, the Jerusalem District Court said appellants had not provided sufficient evidence that Leviathan's emissions…

Court Order Threatens Leviathan Output

Dec 18, 2019

Companies developing the huge natural gas field Leviathan will try to convince an Israeli court on Wednesday to remove an injunction that threatens to delay production due to environmental concerns.On Tuesday, the Jerusalem District Court, in a surprise decision…

Far Expects Outcome Over Senegal Dispute in 2020

Dec 16, 2019

Australian oil minnow FAR Ltd on Monday said it does not expect to receive the final outcome of a long-running dispute with Woodside Petroleum regarding an oil field off Senegal until January or February next year.The arbitration ruling was due by December 28…

Cyprus Petitions The Hague to Safeguard Offshore Rights

Dec 06, 2019

Cyprus has petitioned the International Court of Justice (ICJ) in The Hague to safeguard its offshore mineral rights, its president said on Thursday, upping the ante with neighbor Turkey which disputes its claims.Cyprus's internationally recognized…

Norway Wealth Fund Drops Petrobras from Watchlist

Dec 04, 2019

Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday.Petrobras was put under observation in 2016 over corruption risks…

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