• 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.




2017 September 21

13:17 Sovcomflot CEO Sergey Frank meets IMO Secretary-General Kitack Lim
13:02 Aker Solutions wins Troll FEED contract with EPCI option from Statoil
12:31 RF Navy’s Northern Fleet takes part in combined-arms exercise in the Barents Sea
12:08 Dorian LPG selects ABS to evaluate LPG as fuel and other 2020 compliance options
11:39 Fuel oil prices are still high at the Far East ports of Russia (graph)
11:08 ZIM marks the 3 millionth container carried through DaChan Bay Terminals
10:47 IMO conducted table-top exercise on maritime security in Lima, Peru
10:29 Brent Crude futures price down 0.23% to $56.16, Light Sweet Crude – down 0.12% to $50.63
10:08 MAN Diesel & Turbo concludes dual-fuel ‘Wes Amelie’ LNG conversion project
09:50 Port of Gdansk to cooperate with new foreign partners - Ukraine and Qatar
09:32 Baltic Dry Index up to 1,449 points
09:17 NCSP volumes for 8M 2017 totaled 97 million tons
09:08 Royal IHC launches NMDC’s first custom-built TSHD
08:28 Berth rehabilitation continues apace at APM Terminals at the Port of New York and New Jersey
08:02 Samsung Heavy Industries showcases in-house glycol LNG regasification system to shipowners
07:57 Wärtsilä tests its automatic wireless induction charging system on a hybrid powered coastal ferry

2017 September 20

18:04 IMO talks Polar matters in Russia
17:49 Uniper and Pavilion Gas sign LNG deal providing access to their assets in respective home markets
17:32 Seaspan accepts delivery of 11000 TEU SAVER containership
17:22 Songa Bulk ASA announces acquisition of Kamsarmax bulk carrier
17:17 Digital Ship returns to Singapore on 4 October with a focus on investigating maritime’s digital future
16:55 Damen to open service hub in Russian Black Sea port
16:48 Almaz Shipyard hosts flag hoising ceremeny for patrol ship Predanny of Project 22460
16:14 Nevsky Shipyard took part in the International Fishery Forum
15:50 Russia and India to cooperate on development of high-speed maritime transport based on Russian designs (photo)
15:12 NIBULON finished constructing B2000 Project vessels
14:37 Gazprom Neft undertakes the company’s largest ever maritime oil shipment
14:06 RF Transport Minister: waterways of Saint-Petersburg can obtain a status of regional waterways in navigation season of 2018 (photo)
13:23 Port of King's Lynn celebrates new bulk store terminal opening
13:09 Skangas’ Coralius performs first ship-to-ship LNG bunkering
12:51 WMU holds inauguration of the Class of 2018 MSc in Maritime Affairs
12:15 Qatargas and BOTAŞ (Turkey) sign new LNG agreement
11:49 IMO Secretary-General Kitack Lim considers Russia to be one of the key players at the IMO
11:39 Northwest Seaport Alliance container volumes up 6 percent in August 2017
10:43 GTT announces an evolution of the Mark III Flex technology
10:14 Brent Crude futures price up 0.44% to $55.38, Light Sweet Crude – up 0.80% to $50.30
09:55 Bunker prices go up at the port of Saint-Petersburg, Russia (graph)
09:31 RS describes procedure for obtaining of Polar Ship Certificates (photo)
09:13 Baltic Dry Index up to 1,415 points

2017 September 19

18:06 Samskip expands shortsea services in Scotland
17:48 Arctic Economic Council welcomes three new members
17:25 IMO is attending 34th session of ASEAN to update the Maritime Transport Working Group on its latest activities
17:06 Turkish shipyard Cemre Marin Endüstri A.S orders 4 x MAN 8L21/31 variable speed GenSets
16:39 Marine Engineering Bureau: half of Russia’s towing fleet is renovated, bunkering fleet situation is worse
16:14 MSC announces a new service between South America’s east coast and the Mediterranean
16:04 Port of Southampton completes construction of sixth multi-story car park
15:52 Turkish landing ship Bayraktar arrived in Novorosiysk
15:27 USPA announces tender for procurement of dredging vessel
15:04 GY Marinas and P&O Marinas launch superyacht complex in Sète, France
14:39 Commissioning works commenced at KN‘s LNG reloading station
14:14 Port of Gdansk, Port of Gdynia and Baltic Gateway attended Seatrade Europe in Hamburg
14:03 Wärtsilä Nacos Platinum bridge systems selected for two new mega yachts
13:50 IMO issues Guidelines on maritime cyber risk management
13:28 IMO says search and rescue is an international responsibility
13:01 Ningbo Zhoushan Port volumes up 72% to 254,000 TEUs
12:43 NEVA 2017, 14th International Maritime Exhibition and Conference of Russia, opens in Saint-Petersburg (photo)
12:22 Fuel oil prices are still high at the Far East ports of Russia (graph)
12:04 Jan De Nul wins IADC Safety Award 2017
11:40 Secretary-General of IMO believes in a great future of Vostochny Port (photo)
11:04 CMA CGM signs strategic partnership with Infosys to accelerate the transformation of its Information System