Hoegh LNG cuts loss and eyes more FSRUs

Hoegh LNG (HLNG), the Oslo-based listed gas carrier company controlled by the Leif Hoegh group, has cut its loss in 1Q15 and says it plans to continue to grow its floating storage and regasification unit (FSRU) business.
Group net loss narrowed to USD2.4 million in 1Q15 from USD4.5 million in the

Lloyd’s Register CEO resigns

Lloyd’s Register CEO Richard Sadler has resigned, the classification society has announced.
Sadler had been in the role for eight years and will be replaced by the current CFO Alastair Marsh at the end of 2015.
Sadler’s tenure has seen LR’s yearly turnover reach GBP1 billion (USD1.5 billion).

BP Settles Deepwater Horizon Partner Claims

By Reuters 2015-05-21 04:10:02

BP has settled with oilfield services provider Halliburton and contract driller Transocean cross claims related to the 2010 Gulf of Mexico oil spill, the worst offshore disaster in U.S. history.

BP still faces a potential fine of up to $13.7 billion under the U.S. Clean Water Act.

Transocean, which owned the Deepwater Horizon rig, had settled its Clean Water Act liability for $1 billion. The U.S. government never sued Halliburton under the Act, one person familiar with the case said.

“We have now settled all matters relating to the accident with both our partners in the well and our contractors,” BP spokesman Geoff Morrell said in an email.

Transocean said BP would pay the company $125 million in compensation for legal fees it incurred, adding the companies will mutually release all claims against each other.

The company added BP will also discontinue its attempts to recover as an “additional insured” under Transocean’s liability policies that will accelerate the company’s recovery of about $538 million in insurance claims.

Transocean also said it would pay about $212 million to a fund set up to pay out claims to people and businesses harmed by the spill, subject to the approval by U.S. District Court for the Eastern District of Louisiana.

“We applaud Transocean for adding to the settlement funds established in the Halliburton settlement to help compensate people and businesses for their losses,” said co-lead plaintiffs’ attorneys, Stephen Herman and James Roy.

Transocean said it intends to make the payments using cash on hand.

In September, a U.S. judge ruled that BP was mostly at fault and that Transocean and Halliburton were not as much to blame.

Halliburton, which did the cementing work for BP’s well, had earlier blamed BP’s decision to use only six centralizers for the blowout that spilled millions of barrels of oil for 87 days.

Halliburton said in September that it reached a $1.1 billion settlement for a majority of claims related to its role in the oil spill.

London-based BP has already taken $43.8 billion in pretax charges for clean-up and other costs.


Nippon Foundation announces major financial support for enhanced World Maritime University

The Nippon Foundation, a Japanese philanthropic organization that promotes social innovation, has said it is willing to establish a US$100 million endowment fund to support expansive and innovative activities at the World Maritime University (WMU). Based in Malmo, Sweden, the WMU is a postgraduate maritime university founded by the International Maritime Organization (IMO) in 1983…