Plans for a $4.3bn mega-shipyard in Saudi Arabia by Hyundai Heavy Industries (HHI), Saudi Aramco, Bahri and Lamprell have moved a step closer to construction with an inauguration ceremony.

Dubai-headquartered shipowner Gulf Navigation Holdings (GulfNav) is expanding in the shipyard business with a tie-up with two yards from the China Shipbuilding Industry Corp (CSIC) Group.

Unlike some of the recent acrimonious attempts at bond restructuring by Singapore-listed offshore and shipping companies Marco Polo’s bondholders have approved its plans.

GC Rieber Shipping and Rasmussengruppen are setting up a new joint venture geophysical marine company, taking over the former’s fleet of four seismic vessels.

Oil and gas services provider and budding FPSO vessel player Yinson Holdings saw second quarter net profit fall by almost a quarter to MYR60.4m ($14.7m) from MYR78.4m in the previous corresponding period due to impairment of receivables.

SapuraKencana Petroleum reported slightly higher FY2017 second quarter earnings of MYR112.3m ($27.1m), 8% higher than the MYR104.3m gained in the previous corresponding period, but most of this was due to a MYR539.9m provision for impairment on oil and gas properties which it had booked in the previous period.

TH Heavy Enginnering (THHE) and US engineering, procurement, construction and installation (EPCI) company McDermott International are parting ways after a three-year partnership, local reports said.

Hard-hit Norwegian shipbuilders are adopting new business strategies as the offshore meltdown continues.

Out-going Lamprell chief Jim Moffat trumpeted a founding stake in a joint venture investigating a massive shipyard in Saudi Arabia as a potential “game changer” for the group. 

Delays in sail-away and first oil dates for the Armada Kraken floating production storage and offloading (FPSO) vessel have forced Malaysian FPSO player Bumi Armada to make payments of $85m to the charterer, UK firm EnQuest, the company said in a stock market release.

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