• 2017 July 15 10:46

    Shell to divest upstream interests in Ireland for up to $1.23 billion

    The transaction includes an initial consideration of $947m (€830m) and additional payments of up to $285m (€250m) between 2018-2025, subject to gas price and production. The transaction, which represents Shell’s exit from the upstream business in Ireland, is subject to partner and regulatory consents and is expected to complete in Q2, 2018. The transaction’s effective date is January 1, 2017, Shell said in a press release.

    The Shell share of the Corrib gas venture’s production represented approximately 27,000 barrels of oil equivalent/day in 2016.

    Shell Energy Europe Limited ("SEEL") has signed an offtake agreement for some 40% of the Corrib gas venture’s production for up to three years following completion.

    CPPIB will be the new Corrib Gas JV partner and Vermilion will become the new operator of the Corrib Gas Venture.

    “This transaction is part of our strategy to reshape Shell and to deliver a world class investment case,” said Shell’s Upstream Director, Andy Brown. “It demonstrates the strong momentum behind our three-year $30 billion divestment programme. At the half-way point, we have now announced deals valued at more than $20 billion.”

    “This transaction is consistent with Shell’s strategy to concentrate our Upstream footprint where we can add most value. I’m confident that Corrib will continue to deliver energy successfully to the people and businesses of Ireland.”

    Ronan Deasy, Shell’s Country Chair in Ireland, said, “Shell is very proud to have led the development of the Corrib gas field. Since coming on-stream, the field and facilities have delivered exceptional performance. I would like to pay tribute to all those who have contributed to the development of this important energy project. In particular, I wish to acknowledge our staff, stakeholders and the local community who have worked closely with us over the years.

    “With our existing staff remaining with the asset - CPPIB as a partner; and Vermilion, as the operator, will be well placed to successfully own and manage Corrib.”

    The transaction will result in an impairment charge of around US$350m, which will be taken in Q2, 2017. At completion, a negative non-cash Cumulative Currency Translation Difference of around US$400m will be released.

    Shell will retain a presence in Ireland through its aviation joint venture, Shell and Topaz Aviation Ireland Limited based near Dublin airport.




2018 February 16

18:06 CMA CGM announces FAK rates from the Indian Subcontinent to North Europe and the Mediterranean
17:54 Future Outlook Forum will take place on 20 March as part of Intermodal Asia 2018
17:36 Global Container Terminals orders 10 more Konecranes RTGs for its terminals in British Columbia
17:09 University of Kent partnership helps the Port of Dover cut queues and boost efficiency
17:06 Port of Oakland reports 2.1 percent increase in export volume in January 2017
16:58 Container throughput of port Hong Kong (China) up 9.2% to 1.81 million TEUs in January 2018
16:35 Royal Vopak expands Vopak tank terminal (JTT) in the Port of Jakarta - Indonesia
16:05 DP World signs agreement with government of Jammu and Kashmir at World Government Summit
15:53 Murmansk Sea Fishing Port handled 11,600 t of fish in January 2018, up 26.1% Y-o-Y (photo)
15:26 Cargo traffic through NSR in 2017 grew by 36% Y-o-Y to 9.9 mln t
15:25 PPR 5 agrees on the outline of IMO draft guidelines for implementation of the 2020 sulphur limit
15:01 NOVATEK to invest USD 1.5 billion in construction of LNG terminal at Kamchatka
14:37 Rosmorport announces tender for maintenance dredging at Volga-Caspian Canal
14:14 22 icebreaker escort operations performed in eastern part of Gulf of Finland during 24 hours on February 15-16
13:49 TransContainer’s net income in 2017 more than doubled Y-o-Y to RUB 5.42 million
13:25 Nuclear power plant of Vaygach icebreaker breaks Arktika’s record
12:30 Rosmorport appoints Irina Egorova as Chief Accountant of its Vanino Branch (photo)
11:56 BSM and Babcock International Group collaborate on innovative LNG Supply Vessel
11:23 EBRD supports efficient grain logistics in Ukraine
11:00 WFS, Marinvest, IINO, Mitsui, NYK to build four new ocean-going vessels capable of running on methanol
10:28 Research vessel Admiral Vladimirsky leaves Mumbai port, India
10:00 Port of Rotterdam container throughput up 12.3% in 2017
10:00 Brent Crude futures price up 0.51% to $64.66, Light Sweet Crude – up 0.54% to $61.67
09:39 New DNV GL class notations aim to improve stern tube bearing performance
09:34 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
09:15 Baltic Dry Index down to 1,089 points

2018 February 15

18:27 Largest vessel to call at The Port of Philadelphia arrives from the West Coast of South America
18:06 Ampelmann gangway system installed succesfully on the Wagenborg Offshore's Walk to Work vessel
17:06 CMA CGM announces FAK rates from North Europe to China & Far East
16:57 Bunker market in anticipation of upward correction
16:38 Container throughput drives growth in Rotterdam
16:05 Caterpillar Marine announces upgrades to reman models in commercial and yachting applications
15:57 Kont to build 4 cruise terminals in the Leningrad Region
15:24 Number of maritime accidents in North Sea Canal Area down in 2017
15:04 LUKOIL's hydrocarbon production in 2017 up 2.4% Y-o-Y to 2.23 million boe per day
14:39 Peresvet and Oslyabya, ships of RF Navy’s Pacific Fleet, sail in training zone in Sea of Japan
14:16 UN Environment visits IMO
13:43 Jan De Nul to install wind turbine generators in Germany
13:12 Seaborne cargo throughput in Hamburg was stable Y-o-Y at 136.5 million tons
12:25 Railway infrastructure management issues of importance to Lithuania discussed with EU Transport Commissioner
12:01 ClassNK releases new PrimeShip-HULL (HCSR) software
11:44 Repair of tanker "President Heydar Aliyev" of Azerbaijan Caspian Shipping Company completed
11:17 Fuel oil prices are going down at the Far East ports of Russia (graph)
11:17 RIKON AS plans to launch manufacturing of mobile cranes in the Port of Riga
10:53 18 icebreaker escort operations performed in eastern part of Gulf of Finland during 24 hours on February 14-15
10:26 Posidonia 2018 to host international unveil of industry titans JV – International Maritime Industries
10:02 Brent Crude futures price up 0.81% to $64.88, Light Sweet Crude – up 1.14% to $61.28
09:40 Sailors of RF Navy’s Caspian Flotilla start training for Sea Cup 2018
09:18 Baltic Dry Index up to 1,095 points

2018 February 14

18:14 Tilbury2 examination process begins
17:51 PortXL selected port related start-ups and scale-ups for 2018
17:25 The Finnish Supreme Court did not grant the leave to appeal on the fairway dues dispute between Finnlines and the Finnish State
17:03 Documentation for maintenance dredging at Kavkaz and Taman ports obtains state environmental approval (photo)
16:44 PTP enforced FAS decision on the appeal of Baltic Sea Tug Agency
16:25 CMA CGM announces PSS from North Europe to Canada East Coast
15:52 Rosmorport target classroom opens at Admiral Makarov State University of Maritime and Inland Shipping
15:17 Sberbank and Sovcomflot conclude new USD 106 million project financing agreement
14:53 Container Terminal Saint-Petersburg spent EUR 9.1 million under its development programme of 2017
14:30 Polarcus awarded 4D project in West Africa
14:01 Keel laying ceremony held at AVIC Dingheng shipyard for Sirius Shipping’s first of two Evolution vessels