Maritime news 2012 - November Third

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Good morning, Ladies and gentlemen.

I am ready to have following Maritime news.
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1.    Mitsubishi plans gas engine

Mitsubishi Heavy Industries will unveil by 2015 a natural-gas-powered vessel engine that emits 30% less carbon dioxide than conventional models, the Nikkei reported.

The Japanese company improved existing technology to develop a combustion engine that efficiently burns high-pressure gas through direct injection.

In addition to reducing CO2 emissions, it also slashes sulphur oxide emissions to effectively zero.

The engine will be marketed to customers after emissions levels and fuel economy are tested through a trial run that starts in late 2013 at Mitsubishi Heavy's Kobe shipyard.

The engine will be used for liquefied-natural-gas carriers, large tankers and containerships.

2.    Wartsila solution for LNG PSV

28 November 2012, Wärtsilä, the marine industry’s leading solutions and services provider, has been contracted to supply an integrated solution comprising ship design services and the power and propulsion system for a newbuild LNG powered Platform Supply Vessel (PSV).

The contract has been signed with the Norwegian yard Hellesøy Verft, and this will be the eighth vessel built at Hellesøy to be based on the Wärtsilä Ship Design VS 485 series. The vessel will be owned and operated by Siem Offshore on a charter contract for TOTAL.

The vessel is of Wärtsilä VS4411 LNG PSV design and features Wärtsilä power and propulsion, electrical and automation systems, including a complete four-split Wärtsilä Low Loss Concept (LLC) solution. This highly redundant electric power distribution system enables energy-efficiency increases of 2 to 4 percent, reduced electrical losses leading to greater fuel economy, while providing additional reliability for continuous operation. It also improves lifecycle performance and the fully-integrated design significantly reduces integration risks. The PSV will also be equipped with the Wärtsilä LNGPac LNG storage and handling system.

The PSV is scheduled to be operational from 2014 and will serve the Martin Linge oilfield, North-West of Stavanger, Norway. It has been designed to specifically meet TOTAL’s North Sea operational requirements.

“The LNG PSV for Siem Offshore is the ninth to be designed by Wärtsilä Ship Design and further strengthens our position as the global leader in supplying integrated solutions for LNG PSVs. The order is testimony to our reputation for reliable, efficient and competitive solutions,” comments Riku-Pekka Hägg, Vice President, Wärtsilä Ship Design.

Close to half of Siem’s fleet consists of vessels with Wärtsilä ship design and equipment. Ten of the company’s anchor handling tug supply (AHTS) vessels have been designed by Wärtsilä and are equipped with complete hybrid diesel electric propulsion systems from Wärtsilä. This will be the first of Siem’s vessels to be powered by LNG. Wärtsilä’s acquisition of Hamworthy and the subsequent integration of Hamworthy’s portfolio has expanded Wärtsilä’s offering with enhanced gas bunkering, storage and feed system, thereby strengthening its technology leadership in LNG powered vessels.

With this new order, the number of LNG powered PSVs reaches 17. Wärtsilä has designed eight and has supplied dual-fuel machinery to 15 of these 17 vessels. Last year, Wärtsilä expanded its offering to include LNG storage and gas handling systems. This vessel marks the fifth LNG powered PSV vessel to use Wärtsilä’s gas handling system.

3.    JDN Hoists on Offshore Rig

Four J D Neuhaus type EH50 air operated monorail hoists have been supplied and mounted by Westcon Løfteteknikk AS of Bergen to the Maersk offshore rig Guardian.

These products have been specified for the synchronized lifting and handling of an 18.3/4” 15,000psi BOP unit before and after drilling operations. Two hoists are each mounted on twin parallel overhead rails; with each hoist providing 50 tone loads and 20 meter lift capacities for between deck operations. Removable connector bars have also been supplied for fitting between paired hoists on the individual rails to maintain a fixed working distance of 4060mm between the load hook centers.

With the two sets of hoists operating together, a combined lift capacity of 200 tones is made available. The minimum horizontal travel distance of the trolleys with the connector bars fitted is 14.81 meters. The maximum available free travel without the connector bars in place is 18 meters, with the travel distance limited by pneumatic end switches mounted on the hoist trolleys.

Synchronized operation of all linear movement and lifting operations of individual, paired or all the four hoists when used in conjunction, is provided with the F type multi-function pendant controllers also supplied by JDN. These tough, ergonomically designed controllers are suitable for the outdoor, heavy-duty operations that can be experienced offshore. A main air emergency stop together with load monitoring device is incorporated in the controllers. The two overhead beams are 23 meters in length and also carry twin energy chain power supplies, with each power chain comprising two x 1” diameter air supply hoses.

A complete offshore documentation package was supplied together with all hoists having JDN’s full protection kit for offshore corrosion protection which includes:
- Exposed components including valves, valve heads and all bolts and nuts smaller than 12mm are manufactured from stainless steel
- Trolley wheel bearings and threaded bolt ends and nuts fitted with grease packed covers
- Hoists fitted with special-design galvanized chain containers with stainless steel suspension chains
- Hoists finished with a JDN four layer marine paint, top coat in traffic yellow RAL1023, providing a total dry thickness of minimum 280 microns.

4.    Standard sells newbuild rig

Cyprus 26 November 2012 - Offshore Driller 1 Ltd, a wholly owned subsidiary of SD Standard Drilling Plc ("Standard Drilling"), has today entered into a final Sale and Purchase Agreement (SPA) for the sale of one rig (hull no B337) under construction for a total consideration of USD 222.5m.

The buyer is CP Latina, a company incorporated in Mexico. Completion of the transaction will take place on 15 January 2013 and is subject to acceptance from the yard of novation of the construction contract. A non-refundable 1st installment of USD 10m has already been paid into Offshore Driller 1 Ltd's account.

The sale of the rig will give an estimated net profit of USD 25m. The book equity of Standard Drilling will be approximately USD 430m after the transaction has been completed or USD 1.64 per share.

Net cash proceed from the sale of B337 is USD 67.9m.

Following the effectiveness of the SPA with CP Latina, an Option Agreement has also been entered into whereby CP Latina has a first right of refusal to purchase a
second rig under construction (hull no B338 or alternatively B339). The Option Agreement expires 15 January 2013 and the agreed price, if the first right of refusal or option is exercised, is USD 215m for B338 or, alternatively, USD 214m for B339.

The sale of B337 will reduce the future capital investments (obligations vs Keppel FELS) by USD 153.6m. The total remaining commitment vs the yard, Keppel FELS, will correspondingly be reduced from USD 614.4m to USD 460.8m. After the transaction, Standard Drilling will have a strong net cash position.

The Board of Directors in Standard Drilling is pleased with the sale of the rig and finds the net funding need for the remaining 3 rigs comfortable.

Following sale of B337, Standard Drilling will have 3 identical MOD B V drilling rigs under construction at Keppel FELS in Singapore with contractual delivery in November and December 2013 respectively and in May 2014. The construction is progressing well for all 3 units with no delays.

5.    Damen wins Twin Axe trio

Maritime Craft Services (Clyde) Ltd has ordered three more Damen Twin Axe Fast Crew Suppliers just months after taking delivery of its first FCS 2610 catamarans.

Based in Largs, Ayrshire (UK), MCS signed for three Twin Axes in November. The vessels will be delivered in the first quarter 2013.

With more than 30 years of experience, the Scottish firm operates a 16-strong fleet of tugs and workboats internationally and already has several Damen vessels including Multi Cats, Shoal busters and Dredge Helpers. MCS has been active in the offshore wind market for many years but decided to enter the crew transfer market in 2011.

The company’s first Twin Axe FCS 2610, MCS Sirocco was delivered in April this year and the second, MCS Pampero is awaiting a heavy lift carrier in Singapore and is due to arrive in Rotterdam before the end of the year.

New Twin Axe standard
Arjen van Elk, Damen Sales Manager North, West & South Europe, says that these latest two MCS vessels are built according to the new “Damen standard” FCS 2610, which has evolved and is now outfitted with a larger wheelhouse and superstructure, providing more accommodation space than the first models.

The Twin Axe design is a further development of Damen’s pioneering and highly successful Sea Axe concept. This unique hull form provides excellent sea keeping behavior and means that the vessel can travel at full speed (26 knots), while still providing a safe and comfortable ride for the crew. The vessel can easily handle 2.5 m significant wave heights, without losing any performance and extensive tests have proven that the vessel reduces bow slamming entirely under certain conditions.

Offshore Wind standard
Introduced to the market in June 2011, the Damen Twin Axe Fast Crew Supplier 2610 is already establishing itself as “the industry standard” in the offshore wind industry when it comes to a number of maintenance tasks. Damen was delighted when a major wind turbine manufacturer recently put out a tender requiring that companies deploy Twin Axe vessels when handling its turbines. Damen is the only manufacturer of this type of catamaran, which was developed in close cooperation with the Delft University of Technology and other scientific research institutes.

Although the vessel has been eagerly adopted by the offshore wind industry, the vessel is suitable in multiple roles and provides a very stable platform for diving support for instance. It can easily be converted back into a basic crew supplier overnight.

About the Twin Axe Fast Crew Supplier (FCS) 2610:

The Twin Axe FCS 2610, which is 26 m x 10 m,,,,,,,,,,,,,,, has accommodation for crew in a maximum of five cabins and a capacity for transporting 12 technicians. Depending on the sea state, the maximum speed is 26 knots with a range of 1,200 nm.

With ample working and storage space on deck it is suitable for a variety of cargoes, including containers and has a large 20 tm deck crane, a spacious rescue platform, HP cleaning unit, a three-point mooring system and extra mooring winches.

It can be used to deliver cargo to platforms and carry out crew transfers to and from the turbine. The standard version has a 14.2 cu m fuel tank, which can be increased to 20.0 cu m using the aft trim tanks. Classed by Bureau Veritas, it operates under the Workboat Code, Category 1 in the UK, or any other Classification Society or Flag State if required.

6.    Shell's Olympus Hull completed

HOUSTON, Nov. 28, 2012 - Shell Offshore Inc.'s (Shell) Olympus hull, the approximately 32,500 metric ton main body of the Olympus TLP, departed from South Korea today to begin its two month journey to the U.S. Gulf Coast. After nearly 4 million man hours and a peak of approximately 1,300 workers on-site, construction of the Olympus hull was completed in November 2012.

The hull will be transported from South Korea to Ingleside, TX on Dock wise’s world-class Blue Marlin marine vessel, a semi-submersible heavy lift ship specifically designed to transport larger equipment above the ship's deck. The hull is expected to reach Ingleside, Texas in early 2013 where installation of the topsides will take place before the TLP departs for its final location on the Mars Field in the Gulf of Mexico.

The Mars Field, owned by Shell (71.5%) and BP (28.5%), and operated by Shell, continues to contribute to the Gulf of Mexico's position as a critical component of the US energy supply. Discovered in 1989 and brought onto production in 1996, the Mars Field is considered one of the largest resource basins in the Gulf of Mexico. The site for the Olympus TLP, known as the Mars B development, is located about 130-miles south of New Orleans in the Mississippi Canyon and lies in approximately 3000 feet of water.

The Olympus TLP, Shell's sixth and largest tension leg platform, will also provide process infrastructure for two of Shell's deep water discoveries, West Boreas and South Deimos. The Mars B development is the first project of its kind to expand an existing deep water Gulf of Mexico oil field. A combination of factors produced this growth, including improved understanding of the reservoir and recovery potential due to advanced seismic and modeling technologies, and new discoveries in the Mars Field.

7.    Golar profit improved by Eco ship

John Frederickson’s Golar LNG's quarterly profit has vastly improved thanks to fuel efficient vessels.

Golar LNG said fuel efficient vessels are starting to command a premium from charterers in the LNG market and creating a two tier market.

Golar said, “The chartering market is beginning to differentiate between shipping technologies by creating a tiered pricing environment where TFDE vessels will command a premium against all other types of tonnage."

Also added that ultra-modern TFDE generates a $20-40,000/day operational savings, as compared to steam turbine propulsion systems.

That’s it for today.

Have a good today. Thank you very much.

Brgds,

Heun Woo Lee

heunwool@gmail.com

010-9332-4039