Author: omc_admin

Ocean services provider DeepOcean said it has acquired subsea services provider Shelf Subsea. The acquisition creates “a global subsea services player with an extensive portfolio of solutions” and adds coverage of the Asia-Pacific and Middle East regions, DeepOcean said in a news release. Financial terms of the acquisition were not disclosed. DeepOcean acquired 100 percent of the shares in Shelf Subsea, with the combined group having approximately 1,800 employees and generating more than $1 billion in revenue, the company said. Shelf Subsea will be integrated into DeepOcean and will form the company’s business region, DeepOcean APAC. Shelf Subsea offers engineering…

Switzerland-based Mercuria Energy Trading S.A., a subsidiary of Mercuria Energy Group Holding SA, has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Guangzhou Gas Group Co., Ltd., a subsidiary of Guangzhou Development Group Co., Ltd. The LNG supplied under this long-term arrangement will “enhance Guangzhou Gas Group’s capacity to secure stable gas resources, optimize the local energy mix, and reduce carbon emissions, further enabling high-quality regional economic development,” Mercuria said in a news release. Financial terms and other details of the agreement were not disclosed. Mercuria said the agreement consolidates its role “as a strategic LNG…

Raymond Corporation and Toyota Material Handling are expanding their presence in upstate New York with a new test center focused on battery and fuel cell technology. The new site will support research and testing of advanced energy systems for Raymond and Toyota lift trucks. What’s RelatedRaymond has more than 2,500 workers in New York and says the new center could create up to 40 new jobs. “This new Honeoye Falls site reflects our shared commitment to creating high-quality jobs and advancing next-generation energy technologies,” said Michael G. Field, Chief Operations Officer of Toyota Material Handling North America (TMHNA). “With strong…

CMA CGM is making a major move in Vietnam, investing $600 million to build a new deep-water terminal in Haiphong, a growing industrial hub in the country’s north. What’s RelatedThe global shipping company has signed a partnership with Saigon Newport Corporation (SNP) to design, build, and run the new terminal. Located in Haiphong’s Lach Huyen area, the facility will be able to handle 1.9 million TEUs and is expected to open in 2028. CMA CGM said the project is meant to keep up with the rising number of containers moving through northern Vietnam, one of the fastest-growing regions in Southeast…

MIT has launched a new program to help bring manufacturing jobs and innovation back to the U.S. The Initiative for New Manufacturing (INM), announced May 27, aims to help companies improve the way they make things — using digital tools, hands-on research, and partnerships across a range of industries. What’s Related“We want to work with firms big and small, in cities, small towns, and everywhere in between, to help them adopt new approaches for increased productivity,” MIT President Sally Kornbluth said in a letter to the campus community. “We want to deliberately design high-quality, human-centered manufacturing jobs that bring new…

(Investing) – HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds’ affiliate Red Tree Investments as the starting bid in the auction of shares, aimed at compensating 15 creditors for debt defaults and expropriations in the South American country. Red Tree and rival consortia had been given until May 28 to submit competing or…

Daily Light Crude Oil Futures Crude futures are consolidating below a tight resistance cluster centered around the 50-day moving average at $62.60 and a nearby pivot at $62.59. A decisive move above this zone would open the way toward the next upside targets at $64.19 and $64.90. On the downside, the 50% retracement level at $59.51 marks key technical support, setting the range for near-term price action. Until a breakout occurs, traders should expect continued consolidation. Supply Risk Supports Prices Despite Looming OPEC+ Increase Oil prices inched higher on Wednesday, lifted by geopolitical supply constraints. The U.S. has prohibited Chevron…

The European Commission issued a new report today, assessing the energy and climate plans of EU member states, revealing that the EU is very nearly on track to hit its climate and energy targets, including its goal to cut greenhouse gas (GHG) emissions by 55% by 2030, compared to 1990 levels. According to the report, the Commission’s assessment of the National Energy and Climate Plans (NECPs), the EU is currently on course to reduce net GHG emissions by around 54% by 2030, and that member states plans reflect an ambition to achieve a 41% renewable energy share, only slightly behind…

In a release sent to Rigzone recently by the Rystad Energy team, Rystad warned that “record breaking shareholder payouts are now under threat as [the] oil price hovers at $60 [per barrel]”. “Western energy supermajors are faced with an increasingly difficult challenge – either keep their promise of returning ever-higher shareholder returns or risk spurning investors to save their balance sheets,” the company stated in the release. Rystad noted in the release that record cash has been allocated to shareholders, but added that, with recent double-digit dips in oil prices not reversing, these payouts will be increasingly difficult to maintain.…

Tankers sanctioned by the United States in January have been used in recent ship-to-ship (STS) transfers of Russian crude on vessels that have ultimately discharged oil in India, Bloomberg reported on Wednesday, citing tanker-tracking data from Kpler and Vortexa.India has become one of the two top buyers of Russian crude alongside China, but it has said it wouldn’t allow sanctioned tankers to discharge crude at its import terminals.At least three tankers under U.S. sanctions have been detected in recent weeks loading crude from Russia’s Far Eastern terminals, and then transfer the oil to other vessels in Russian or Malaysian waters,…