International Maritime Club Newsletter

Grieg Edge, an innovation hub established by Grieg Star Group, and Wä Norway have secured financial support for their project to build the world first green ammonia fueled tanker to ship green ammonia. Specifically, the MS Green Ammonia project will receive NOK 46.3 million from the Norwegian funding scheme Pilot-E confirmed. The partnership aims to launch the GHG emission-free tanker in 2024. The MS Green Ammonia project is the first big venture of Grieg Edge. It is a result of a Nordic industrial collaboration group initiated by Zero Emission Energy Distribution at Sea (ZEEds).We regard the funding from Pilot-E as a valuable stamp of approval for our plans. Both Wä and we feel confident that this project represents the future fo

r the maritime sector. To have the support from the Norwegian Research Council and Innovation Norway is a significant step towards completion,Head of Grieg Edge, Nicolai Grieg says.This year grants show that the Norwegian maritime industry is really at the forefront of developing emission-free solutions with great export potential. This is another great example of how we create new green industry and growth in Norway,says Minister of Trade and Industry Iselin in a press release by Pilot-E. The partners plan to have MS Green Ammonia distribute green ammonia from the planned factory in Berlev to various locations and end-users along the coast. Concrete design, size, and volume are all elements that are dependant on the market and end-users. Grieg Star said that the project has already established LOIs with several heavyweight industrial partners amid strong interest from owners of ferries, offshore supply ships, fishing vessels, and energy-producing companies.(Credits: www.offshore-energy.biz)

January 2021 Edition
Issue No: 112

Shearwater GeoServices signs $437M debt refinancing

Shearwater GeoServices has signed new debt and guarantee facilities totalling $437 million, as part of the planned refinancing of the company maturing debt. The new facilities include the refinancing of the $325 million bridge facility originating from the acquisition of the marine seismic acquisition assets and operations of WesternGeco in November 2018. Andreas Hveding Aubert, the CFO of Shea

rwater, said We enjoy continued confidence from our lenders whose long-term backing has supported Shearwater in driving the necessary consolidation in the market. The agreed financial structure provides us with a flexible and robust financial platform for pursuing our long-term strategy and solidifies our position for a market recovery”. The new facilities with two- and four-years maturities have been signed with DNB Bank ASA, SpareBank 1 SR-Bank AS, DVB Bank SE and GIEK. They replace approximately $500 million of debt under the old structure, effectively refinancing all corporate facilities except for the net liabilities assumed as part of the acquisition of the CGG vessels in January 2020, according to Shearwater. The refinancing is subject to customary closing conditions, the company noted. Additionally, Shearwater said its existing shareholders will contribute $25 million of new equity as part of the refinancing. To remind, Shearwater has recently secured a 3D seismic acquisition contract in India Bay of Bengal for oil and gas company Reliance Industries.(Credits: www.offshore-energy.biz)

Vantage jack-up scores new job off E. Guinea

Offshore drilling contractor Vantage Drilling has been awarded a contract for one of its jack-up drilling rigs by Trident Energy. In its fleet status report this week, Vantage said that the Sapphire Driller has been awarded two firm wells with Trident Energy in Equatorial Guinea. The Sapphire Driller is a jack-up rig of a BMC 375 design built in 2009. The contract with Trident also includes fiv

e options and is scheduled to start in the second quarter of 2021. Vantage has not revealed any further details about the contract, including the day rate, but Bassoe Offshore estimates it to be around $75,000. Trident Energy is an oil and gas company with two producing fields, three exploration blocks, and six platforms in Equatorial Guinea. The Ceiba field and Okume complex are located in the Gulf of Guinea, in water depths ranging from 50m to 800m. Trident is the operator of the G Block producing-fields, while Kosmos operates the surrounding exploration acreage: Block S, Block W and Block EG-21.(Credits: www.offshore-energy.biz)

Windcat Workboats changing hands

SEACOR Marine has entered into an agreement with Compagnie Maritime Belge (CMB) to sell its wholly-owned subsidiary Windcat Workboats and its crew transfer vessel (CTV) business. As consideration for the sale, at the closing of the transaction, CMB will pay SEACOR Marine £32.8 million, and assume the circa £20.4 million of debt outstanding under Windcat existing revolving credit fac

ility. The transaction is expected to close on or prior to 12 January 2021. The existing Windcat management team will continue to lead the company after the completion of the transaction. Windcat owns and operates, directly or through its joint ventures, a fleet of 46 CTVs in the European offshore wind sector. It is headquartered in Lowestoft, the UK, and IJmuiden, the Netherlands, and has joint ventures with FRS Windcat Offshore Logistics in Germany and TSM Windcat in France. The acquisition of Windcat fits into CMB strategy to diversify its business portfolio into the fast-growing offshore wind market and scale up the deployment of hydrogen ships and engines,” said Alexander Saverys, CMB CEO.(Credits: www.offshore-energy.biz)

DOF Subsea scores multiple contracts in Atlantic region

Oslo-listed engineering and marine services player DOF Subsea has been awarded multiple new contracts for execution in the North Sea, Mediterranean and Africa. Contracted work includes a number of turnkey subsea projects within the company core service lines – Survey, Inspection, Maintenance Repair (IMR) and Construction. The vessels Skandi Acergy, Skandi Skansen, Skandi Neptune and Skand

i Seven will be used to deliver work totalling more than 180 vessel days excluding any options. In the North Sea, DOF Subsea will assist a key client with winter subsea inspection programme at UK continental shelf, whilst supporting a leading operator with start-up and commissioning activities for a subsea satellite development in Norway, the company said. In Angola, DOF Subsea will carry out a greenfield AUV and ROV seabed mapping campaign for an international client, prior to commencing a previously announced contract. Also, DOF Subsea has mobilized Skandi Neptune from the North Sea for an undisclosed international client in Africa, conducting FPSO class and field inspections programme.(Credits: www.offshore-energy.biz)