International Maritime Club Newsletter

Offshore drilling contractor Borr Drilling has sold two jack-up rigs for total cash proceeds of $15.8 million. Borr said on Thursday it had sold two standard jack-up drilling rigs, the Dhabi II and the Paragon B152, built in 1981 and 1982, respectively. The sale also included the associated backlog effective from 1 April 2020. The company noted it would continue to operate the rigs under a services agreement, which would ensure continuity for the customer. Both rigs are currently under contract with ADNOC in the UAE. The rigs are unencumbered, and the liquidity effect for the company is equal to the sales proceeds. The company expects to record a gain of approximately $11.5 million. Borr also added that the sale of the rigs was in line with

its long-term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.(credit:

May 1st,2020 Edition
Issue No: 104

Polarcus shrinks deficit; preps for market uncertainty

Marine seismic player Polarcus has cut its deficit in Q1 2020 despite slightly lower revenues on improved pricing compared to prior year. The Oslo-listed company reported loss for the Q1 2020 of $4.2 million, on revenues of $66.3 million, versus loss of $5.3 million and revenues of $67.1 million in Q1 2019. The Polarcus core fleet scored 26 per cent higher revenues in Q1 2020 against Q1 2019 drive
n by improved pricing. Polarcus’ EBITDA more than doubled year-on-year from $10 million in Q1 2019 at $22.2 million in 2019. Vessel utilization for the quarter ended March 31, 2020 was at 89 percent, versus 92 percent in Q1 2019. The oil price drop and the COVID-19 pandemic during March 2020 impacted the short-term activity outlook of the company. Premature termination of West Africa project resulted in 6 per cent standby time in the quarter. In addition, Polarcus backlog took a hit by another cancellation in Asia Pacific which was set for Q2 2020. Company’s backlog stands at $157 million as of March 31, 2019, versus $170 million same time last year. Going forward, Polarcus said it will implement business continuity initiatives and cost reduction measures to navigate the current market uncertainty.(credit:

The Japanese technology firm Eco Marine Power has launched a feasibility study into the installation of its zero-emission power and propulsion system onto an LR2 tanker. The system is known as Aquarius Marine Renewable Energy (Aquarius MRE) and it aims to enable ships to tap into renewable energy by harnessing the power provided by the wind and sun. It incorporates an array of automated rigid sail
s, marine-grade solar panels, energy storage modules, charging equipment and computer systems. The array of rigid sails are automatically positioned by a computer system to best suit the prevailing weather conditions and can be lowered and stored when not in use or in bad weather. The study is being undertaken in co-operation with the unnamed shipowner and will investigate how various technologies can reduce fuel consumption and emissions on-board the vessel, the company said. The study will look into the potential installation locations for marine-grade solar panel and frames, an energy-storage system, an automated alarm and monitoring system as well as the fitting of EnergySail’s onto the ship. Modeling of the expected fuel consumption and emission reductions will also be investigated during the study combined with Computational Fluid Dynamic (CFD) modeling of airflow around the ship. EMP is also investigating which marine-grade solar panels would be the most suitable for the project and the feasibility of adding further equipment including low power LED lighting and other power-saving devices. Japanese companies Teramoto Iron Works, The Furukawa Battery Company, KEI System and Fuji Trading are also involved in the study at this stage.(credits:

PGS wraps up 3D survey offshore PNG

Oslo-listed seismic player PGS has completed the Painimaut 3D multi-client program in Papua New Guinea. Fast-track 3D GeoStreamer data is now available. The Painimaut program targets a number of play types in the under-explored Papuan Basin in both held and vacant acreage. The survey targets the Tertiary carbonate buildups and Mesozoic rift basins adjacent to the Papuan and Eastern Plateaus, as we
ll as pinch-out plays and drapes over deeper structural highs. The vessel Ramform Hyperion towed a 12 x 8 km x 150-meter streamer configuration to acquire data. PGS imaging teams are now processing these results using the latest seismic imaging workflows, including FWI and a full prestack time and depth workflow. Full integrity, high-resolution GeoStreamer data will be available in Q1 2021. Gravity and magnetic data will also be available.(credits:

NAMEPA’s Annual Safety at Sea Seminar, 2020 William M. Benkert Award for Environmental Excellence Presentation, & AMVER Awards Go VIRTUAL

May 5, 2020 The American Club’s Chairman and CEO, and Chairman of North American Marine Environment Protection Association (NAMEPA), announced the lineup for this year Safety at Sea seminar being held on May 21. The seminar will be followed by the United States Coast Guard’s 2020 William M. Benkert Award for Environmental Excellence Presentation and its AMVER Awards for volunteering sh
ips to perform rescues at sea. This year brings many new challenges and opportunities as never before experienced. The Coronavirus has presented vast changes in how the world operates socially, economically and governmentally!” stated Hughes. Never has the issue of safety been such an important discussion for the maritime industry amidst a myriad of other industry changes. NAMEPA’s goal for this event is to assess the industry responsibilities and how best to deliver on them. We celebrate National Maritime Day by reflecting on the role the maritime industry plays economically and globally by bringing industry and governmental leaders together to discuss concerns about safety, and strategies for meeting them in this rapidly changing shipping environment: What are shipping vulnerabilities today? What are the challenges facing shipowners? How can companies mitigate risk in shipping today? What do companies need to do to accommodate remote working? Why is piracy on the upswing in 2020? What are the needs of the mariner in today’s world? Key speakers include RADM Rich Timme, Assistant Commandant for Prevention Policy, USCG, Gareth Burton American Bureau of Shipping, Cynthia Hudson, CEO, HudsonCyber, Steve Kozlowski, Fairfield Chemical Carriers, and Rev. Marsh Drege, President of North American Maritime Ministry Association (NAMMA). Following the seminar, VADM Charles Ray, Vice Commandant, will share leadership reflections on the partnership between industry and the Coast Guard.   The William M. Benkert Award for Environmental Excellence will be presented to the 2020 recipient by VADM Ray and Galia Kaplan, Program Manager.The presentation of AMVER Awards will be held for the participants of AMVER, honoring merchant ships that volunteer to be available for maritime emergency response.The AMVER Awards Program was inaugurated in 1971 to recognize those vessels which regularly participate in the AMVER system.  Ships flying the various colored AMVER pennants are a constant reminder on the oceans of that ship and company commitment to safety at sea. Prominent display of AMVER Certificates, found in company boardrooms, corporate office reception areas and on the bulkhead of a ship bridge or wardroom, attest to the prestige accorded with these awards.  VADM Charles Ray and AMVER Program Manager Ben Strong will “present” the recognition flags and certificates to the participants in the ceremony. There is no fee to attend this event, but donations are gratefully accepted.  Like many non-profit organizations in these tumultuous times, NAMEPA is reliant upon its supporters to contribute to our operational costs.  We are grateful to those who share our vision and support our work. To register for this virtual event, or for more information, please go to