Representatives Clark & Kennedy Applaud Bipartisan Approval For Offshore Wind Center of Excellence – framinghamsource.com

The following is a press release from Congresswoman Katherine Clarks office submitted to SOURCE media.

***

WASHINGTON DC Congresswoman Katherine Clark and Congressman Joe Kennedy III today, July 14 applauded the bipartisan approval of their Offshore Wind Center of Excellence by the House Committee on Appropriations. Just days after the lawmakers broached the idea in a letter to U.S. Department of EnergyAssistantSecretaryfor Energy Efficiency and Renewable EnergyDaniel Simmons.

The measure now advances to the Floor of the House of Representatives.

Offshore Wind will move us to a cleaner economy and environment. With a Center of Excellence, we will dramatically increase the efficiency and effectiveness of the offshore wind industry in the U.S. and help offshore wind energy become cost-competitive.Massachusetts is primed to lead the way on this effort, and Im grateful that my colleagues on the House Appropriations Committee supported this significant step forward toward a better future for our workers, environment, and communities, said Congresswoman Clark.

Offshore wind energy can protect our environment, empower our workers, and reduce energy costs for our communities, saidCongressman Kennedy. By creating an Offshore Wind Center of Excellence, we can coordinate and collaborate with experts, advocates and industry leaders across the country. As our Commonwealth and region begin to enter this new era of energy, we need this Center to ensure our nation gains its rightful place as a leader in this emerging industry.

To read the lawmakers initial letter sent with Congressman Bill Keating,click here.

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Photo courtesy of U.S. Department of Energy

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Representatives Clark & Kennedy Applaud Bipartisan Approval For Offshore Wind Center of Excellence - framinghamsource.com

Partrac lends hand on Irish offshore wind projects – reNEWS

Partrac has been chosen to support the development of three unnamed Irish offshore wind projects.

Services the company has been contracted to provide include assisting developers with marine and coastal physical processes at their sites, as they move through the regulatory and consenting process.

The consultancy has also carried out studies of complex seabed morphodynamics to assist front end engineering design and planning of turbine and cable layouts.

Other activities carried out by Partrac in relation to the three projects in development include scoping and planning of hydrographic and metocean surveys, deployment and servicing of floating lidar and metocean measurement equipment, review and analysis of lidar wind resource data as well as scoping assessments in relation to environmental impact assessments.

Partrac technical director Kevin Black said: We are very pleased to be playing a part in the Irish offshore wind sector, providing specialist support across a range of field surveys and consultancy.

We are confident that our input and assistance will help towards achieving the goals for offshore wind set out in the Irish Governments Climate Action Plan.

The Irish government plans to introduce a new marine planning regime via the Marine Planning and Development Management Bill 2020 and has also designated seven offshore wind projects as relevant, for fast-tracking through the new regime.

The Irish Governments Climate Action Plan commits to having at least 3.5GW of offshore wind in Ireland in the next ten years, which will help renewables account for 70% of electricity generation by 2030.

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Partrac lends hand on Irish offshore wind projects - reNEWS

ExxonMobil approves thermoplastic composite pipe for offshore applications – Offshore Oil and Gas Magazine

6-in. flexible TCP Jumper on subsea pallet ready for deployment in deepwater offshore Nigeria.

(Courtesy Airborne Oil & Gas)

Offshore staff

IJMUIDEN, the Netherlands ExxonMobil Upstream Integrated Solutions Co. has qualified Airborne Oil & Gas thermoplastic composite pipe (TCP) product for applications globally.

Following an assessment of Airbornes qualification test data and track record, ExxonMobil accepted the TCP jumper product for water injection purposes on its various offshore projects.

According to ExxonMobils Krassimir Doynov, senior technical advisor flexibles,umbilicalsand risers: We see potential for the use of TCP as an intrinsically non-corroding andspoolablelightweight pipe that can be used in a range of static and dynamicdeepwaterapplications.

Airbornehas satisfied our criteria for the qualification and design of TCP manufactured from glassfibersandpolyethylene, which enables our upstream affiliates to consider this technology as a potential alternative to existing solutions for projects that use water injection jumpers made ofrigid steel pipe and unbonded flexible pipe.

Henk de BoerPh.D, chief technology officer with Airborne, said:We have built a basis of track record on flowlines and jumpers in water injection, methanol injection, gas lift and hydrocarbon production applications.

Following years of qualification testing, our first product based on carbon fiber and PA12 (nylon) is also qualified, and we are progressing fast with the next material, carbon fiber and PVD.

07/14/2020

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ExxonMobil approves thermoplastic composite pipe for offshore applications - Offshore Oil and Gas Magazine

The virus has reached Petrobras offshore oil rigs; prosecutors investigations into the outbreaks – MercoPress

Tuesday, July 14th 2020 - 09:50 UTC Brazil had registered 1,427 confirmed coronavirus cases among offshore oil workers as of July 10, according to ANP

On Friday, May 1, two workers on the PXA-1 offshore platform owned by Brazil's state-run oil company Petrobras checked into the facility's infirmary complaining of headaches and fever-like symptoms. Another Petrobras employee fell visibly ill the following day, according to Brazilian media.

The sickness spread further in the subsequent days, stoking anxiety among the 45 workers onboard, all but one of whom later tested positive for the novel coronavirus, according to the local union.

While all have since recovered, the three workers said they are deeply embittered because they believe Petrobras failed to take now-standard precautions to prevent the spread of the virus, like testing workers before they went onboard rigs or providing them high-quality masks.

The three workers and Paolo Valterson, the local union's health director, questioned why the workers were not evacuated to the nearby city of Fortaleza in northeastern Brazil until four days after the first ones exhibited symptoms. They were quarantined in a hotel in the city for 15 days, according to Valterson.

In recent months the coronavirus has hit oil production and exposed Petrobras, which employs more than 45,000 people and is Latin America's largest company by most measures, to possible legal problems.

As of mid-June, federal prosecutors had opened 25 coronavirus-related investigations into the Rio de Janeiro-based company's conduct at maritime facilities alone, according to information obtained through a public information request.

Local prosecutors said in a statement they have opened a probe into the incident on the PXA-1 platform.

The company said it had administered more than 70,000 tests among its employees and subcontractors across the country. But that has not kept the virus from ripping through Brazil's roughly 155 offshore oil platforms, according to an analysis of public and confidential data and conversations with doctors, workers, executives and government officials.

Brazil had registered 1,427 confirmed coronavirus cases among offshore oil workers as of July 10, according to ANP, the country's oil regulator. That means around 3% of all workers in the sector have contracted the virus, which is about six times the average incidence in Brazil, home to the worst outbreak in Latin America.

Brazilian mining giant Vale SA and meatpacker JBS SA are among the companies that have been dealing with coronavirus outbreaks among their workers.

Those who work on offshore oil rigs are particularly susceptible to coming down with COVID-19, the respiratory illness caused by the virus, because they are aboard for weeks at a time and work, sleep and eat in close contact with one another.

Workers also have accused Petrobras of failing until early June to implement universal testing for workers departing to offshore facilities. Union officials were particularly irked the firm had donated 600,000 test kits to the federal and state governments by late April, according to company statements, even as union officials had demanded pre-departure tests as early as March.

While originally concentrated in southeastern Brazil, the heart of the country's oil industry, pre-departure testing later expanded to all parts of Brazil. The company said more than 43 per cent of its direct and indirect workers had been tested as of June 29, adding that the high incidence of coronavirus among offshore oil workers may be partially attributable to higher rates of testing than in Brazil as a whole.

Regarding its donations of test kits to federal and state authorities, Petrobras said it considers itself a citizen company, and, as such, it is responsible for safeguarding the health of the Brazilian people.

The 45 workers on the PXA-1 platform off the coast of Ceara were among those that had not been tested, even as the state and its capital Fortaleza had become one of Brazil's worst coronavirus hot spots by late April, according to Valterson, the union official.

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The virus has reached Petrobras offshore oil rigs; prosecutors investigations into the outbreaks - MercoPress

First Taiwan-Built Offshore Installation Vessel To – MarineLink

Finland-based marine engine and technology provider Wrtsil has been tasked to equip the first Taiwan-built offshore wind installation vessel - the Green Jade - with "a broad scope" of its solutions.

The 216 meters long vessel will be built at the CSBC shipyard in Taiwan for the joint-venture company CDWE owned by CSBC and Belgium-based DEME Group.

The vessel is expected to play a major role in developing the offshore wind farm business in both new and established markets, including Taiwan.

Under the order, Wrtsil will deliver four Wrtsil 46DF and two Wrtsil 20DF dual-fuel engines, as well as Transverse and Steerable Thrusters, DP-3 solution, a Navigation system, and selective catalytic reduction (SCR) systems for emissions abatement. The company will also provide site supervision services.

The Wrtsil equipment is scheduled to be delivered during 2021 and the ship is expected to begin operations in the Taiwan Strait in 2023.

The Green Jade, with its 4,000-tonne crane capacity and DP3 capability, will serve the offshore wind market, and according to CDWE , will be able to transport a multitude of heaviest monopiles, jackets, wind turbine components and structures in a single shipment.

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HSBC to set up offshore banking unit in India’s GIFT fintech city – International Investment

HSBC has been approved to set up an office in the Gujarat International Finance Tech (GIFT) City, one of India's largest special economic zones (SEZs), it was announced yesterday.

HSBC, which in India is known as the Hongkong and Shanghai Banking Corporation, headquartered in Hong Kong, said it had gained in-principle approval from the GIFT SEZ Authority to set up a banking unit.

The new unit will operate as an offshore subsidiary of HSBC India, under International Financial Services Centre (IFSC) regulations.

This reiterates HSBCs commitment to India as a core top five global contributor, and our second largest employment base globally."

Surendra Rosha, CEO of HSBC India, said in a statement yesterday, "Our proposed IBU at GIFT IFSC will complement our domestic business in India and flows with our global financial centres."

"This would help expand the options available to our customers to seamlessly conduct international business transactions, in particular, financing, trade and global markets. This reiterates HSBC's commitment to India as a core top five global contributor, and our second largest employment base globally."

Tapan Ray, MD and group CEO, GIFT City, added: "The government of India has envisaged GIFT IFSC as a hub to bring offshore financial transactions onshore and the presence of HSBC has further strengthened the IFSC ecosystem of India."

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Hermitage Offshore Services Ltd. (NYSE:PSV) Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility NYSE:PSV -…

HAMILTON, Bermuda, July 09, 2020 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. (NYSE:PSV) (Hermitage Offshore, or the Company) announced today that it has executed a forbearance agreement (the Forbearance Agreement) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the Term Loan Facility) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the Lenders) and DNB Bank ASA, as agent and security agent. While the Forbearance Agreement does not address the long-term liquidity and restructuring needs of the Company, pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising any of their rights and remedies under the Term Loan Facility and any other finance agreements related to the Term Loan Facility in the event of a default by the Company until July 31, 2020.

As previously announced, the outbreak of the novel coronavirus coupled with the collapse in the price of crude oil has resulted in a significant and abrupt deterioration in the financial condition of the Company. These events have given rise to substantial doubt about the Companys ability to continue as a going concern. As a result, the Company has engaged Perella Weinberg Partners andSnapdragon Advisory AB as financial advisors and Proskauer Rose LLP as legal counsel to analyze restructuring alternatives and has been in ongoing discussions with the Lenders in an effort to address these issues.

About the Company

Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 23 vessels consisting of 10 platform supply vessels, or PSVs, two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats. The Companys vessels primarily operate in the North Sea and the West Coast of Africa. Additional information about the Company is available at the Companys website http://www.hermitage-offshore.com, which is not a part of this press release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forwardlooking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forwardlooking statements in order to encourage companies to provide prospective information about their business. Forwardlooking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words believe, expect, anticipate, estimate, intend, plan, target, project, likely, may, will, would, could and similar expressions identify forwardlooking statements.

The forwardlooking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, managements examination of historical operating trends, data contained in the Companys records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Companys control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.

Important factors that, in the Companys view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the offshore support vessel (OSV) market, changes in charter hire rates and vessel values, demand in offshore supply vessels,the length and severity of the novel coronavirus (COVID-19) outbreak, the results of the Companys discussions with its lenders, the Companys operating expenses, including bunker prices, dry docking and insurance costs,governmental rules and regulations or actions taken by regulatory authorities as well as potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, vessel breakdowns and instances of off-hire and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

Contacts:

Hermitage Offshore Services Ltd.+377 9798 5717 (Monaco)+1 646 432 3315 (New York)Web-site: http://www.hermitage-offshore.com

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Hermitage Offshore Services Ltd. (NYSE:PSV) Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility NYSE:PSV -...

Offshore Gas Pipeline Market Growth by Top Companies, Trends by Types and Application, Forecast to 2026 – Cole of Duty

This Offshore Gas Pipeline Market report offers a detailed view of market opportunity by end user segments, product segments, sales channels, key countries, and import / export dynamics. It details market size & forecast, growth drivers, emerging trends, market opportunities, and investment risks in over various segments in Offshore Gas Pipeline industry. It provides a comprehensive understanding of Offshore Gas Pipeline market dynamics in both value and volume terms.

About Offshore Gas Pipeline Industry

The overviews, SWOT analysis and strategies of each vendor in the Offshore Gas Pipeline market provide understanding about the market forces and how those can be exploited to create future opportunities.

Important application areas of Offshore Gas Pipeline are also assessed on the basis of their performance. Market predictions along with the statistical nuances presented in the report render an insightful view of the Offshore Gas Pipeline market. The market study on Global Offshore Gas Pipeline Market 2018 report studies present as well as future aspects of the Offshore Gas Pipeline Market primarily based upon factors on which the companies participate in the market growth, key trends and segmentation analysis.

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Market Segment AnalysisThe research report includes specific segments by Type and by Application. Each type provides information about the production during the forecast period of 2015 to 2026. Application segment also provides consumption during the forecast period of 2015 to 2026. Understanding the segments helps in identifying the importance of different factors that aid the market growth.Segment by TypeDiameter Below 24Diameter Greater Than 24

Segment by ApplicationTransportExportStorageOther

Global Offshore Gas Pipeline Market: Regional AnalysisThe report offers in-depth assessment of the growth and other aspects of the Offshore Gas Pipeline market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue, production, and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2015 to 2026. These analyses will help the reader to understand the potential worth of investment in a particular region.Global Offshore Gas Pipeline Market: Competitive LandscapeThis section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and production by manufacturers during the forecast period of 2015 to 2019.The major players in the market include Saipem, Subsea 7, McDermott, Sapura, Wood Group, Technip, Fugro, Atteris, Penspen, Petrofac, etc.

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The scope of Offshore Gas Pipeline Market report:

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Global (Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]

North America [United States, Canada, Mexico]

Middle East & Africa [GCC, North Africa, South Africa],

South America [Brazil, Argentina, Columbia, Chile, Peru])

Industry chain analysis, raw material and end users information

Global key players information including SWOT analysis, companys financial figures, Laser Marking Machine figures of each company are covered.

Powerful market analysis tools used in the report include: Porters five forces analysis, PEST analysis, drivers and restraints, opportunities and threatens.

Based year in this report is 2019; the historical data is from 2014 to 2018 and forecast year is from 2020 to 2024.

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Manufacturing Analysis Offshore Gas Pipeline Market

Manufacturing process for the Offshore Gas Pipeline is studied in this section. It includes through analysis of Key Raw Materials, Key Suppliers of Raw Materials, Price Trend of Key Raw Materials, cost of Raw Materials & Labor Cost, Manufacturing Process Analysis of Offshore Gas Pipeline market

Marketing Strategy Analysis, Distributors/Traders Analysis of Offshore Gas Pipeline Market

Various marketing channels like direct and indirect marketing are portrayed in Offshore Gas Pipeline market report. Important marketing strategical data , Marketing Channel Development Trend, , Pricing Strategy, Market Positioning, Target Client Brand Strategy and Distributors/Traders List

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Offshore Gas Pipeline Market Growth by Top Companies, Trends by Types and Application, Forecast to 2026 - Cole of Duty

Potential impact of coronavirus outbreak on Offshore Pipeline Market Growth of to Remain Sluggish During 2019 to 2029 – 3rd Watch News

Latest Study on the Global Offshore Pipeline Market

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As per the report, the global Offshore Pipeline market is projected to grow at a CAGR of ~XX% and exceed the value of ~US$ towards the end of 2029. Moreover, an in-depth analysis of the micro and macro-economic factors that are anticipated to influence the trajectory of the Offshore Pipeline market during the forecast period (2019-2029) is included in the report.

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Offshore Pipeline Market Segments

Competitive landscape

NOTE All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views ofthe company

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Potential impact of coronavirus outbreak on Offshore Pipeline Market Growth of to Remain Sluggish During 2019 to 2029 - 3rd Watch News

Borssele 1 & 2 array cables installed offshore the Netherlands – Offshore Oil and Gas Magazine

The cable-laying vessel Nexus installed the cables at the Borssele 1 & 2 offshore wind farm in the Dutch North Sea.

(Courtesy Van Oord)

Offshore staff

ROTTERDAM, the Netherlands rsted and Van Oord have installed all 94 array cables connecting the turbines of the Borssele 1 & 2 offshore wind farm in the Dutch North Sea.

The installation started, ahead of schedule, in February 2020.

Van Oords cable-laying vessel Nexus installed the cables that Nexans fabricated.

Next month, the companies expect to finalize the cable burial campaign with Van Oords trencher Dig-It.

Borssele 1 & 2 is rsteds first offshore wind farm in the Netherlands. It is 22 km (14 mi) off the coast of the Dutch province of Zeeland, in water depths ranging from 14 to 39.7 m (46 to 130 ft).

The 752-MW wind farm is expected to be completed this year.

07/13/2020

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Borssele 1 & 2 array cables installed offshore the Netherlands - Offshore Oil and Gas Magazine

US and Canada Bolster Offshore Wind Ties – Offshore WIND

The Business Network for Offshore Wind and Marine Renewables Canada have entered into an affiliation agreement to share knowledge and support the development of offshore wind.

The aim of the agreement is to demonstrate the commitment to ensuring Canadian and U.S. industry and suppliers receive increased support to engage in offshore wind development.

According to Marine Renewables Canada, although Canada does not yet have active offshore wind development, many suppliers have experience from working in related marine and offshore industries that could contribute to helping the U.S. meet its offshore wind goals.

Offshore wind is a growing industry vital to the growth of a blue economy. We look forward to working closely with Marine Renewables Canada cultivate to cultivate the opportunities in the US and Canada, said CEO and President of the Business Network for Offshore Wind, Liz Burdock.

By working together, we can help industry collaborate on key issues, build partnerships, and share information that will support advancement of the industry.

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US and Canada Bolster Offshore Wind Ties - Offshore WIND

Offshore Decommissioning Market by Type, Application, Element Global Trends and Forecast to 2026 – Cole of Duty

Market Study Report LLC has added a new report on Offshore Decommissioning Market Size that provides a comprehensive review of this industry with respect to the driving forces influencing the industry. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Offshore Decommissioning market in tandem with its competitive terrain.

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Is more rare earths processing about to be lost offshore? – @AuManufacturing

Comment by Peter Roberts

Australian Strategic Materials (ASM) Korean research and development partner, ZironTech has successfully produced a kilogramme of neodymium metal alloy.

While this would normally be seen as a win for Australia the fact that production took place in ZironTechs laboratory in South Korea rings alarm bells.

Neodymium is a critical rare earth used with iron and boron to create powerful permanent NIB magnets for computers, cell phones, medical equipment, toys, motors, wind turbines and audio systems.

There are few sources of rare earths outside China and recent supply chain disruptions have shown the wisdom of onshoring rare earths processing based on Australian minerals.

During the covid-19 pandemic Australias biggest rare earths producer Lynas Corporation was forced to close its Malaysian processing facilities.

That company is now relocating some processing closer to its Mt Weld mine in Western Australia.

Lynas should never have been allowed to site such strategic operations offshore, but now the prospect is that ASMs Australian raw materials will lead to the same result, with value adding this time in South Korea.

The joint venture between ASM, a subsidiary of listed Alkane Resources, and ZironTech is targeting 45 per cent less energy use in its rare earth metallisation process than in traditional processes.

The creation of the alloy is the first stage of production, with the next step electrorefining to produce a 99.9 per cent purity Nd metal to be completed this month.

Following that a commercial pilot plant sited in South Korea will process larger quantities of neodymium and praseodymium metal alloys.

Praseodymium is another rare earth primarily used as an alloying agent to produce high strength metals, including those used inside jet engines.

ASM managing director David Woodall said: This is a major milestone in ASMs integrated strategy that includes clean metal production for all products from the development of the Dubbo Project in Central West NSW.

Integration of metal production into ASMs business is consistent with the Australian Governments objective of adding value within Australia, while ensuring supply security of these critical materials to global and Australian manufacturing sectors.

It is simply not apparent how overseas processing can be classed as adding value within Australia, nor how it ensures supply in case of disruption to supply chains.

This story has been edited to clarify the ownership of the processing IP, which is by South Korea.

Picture: Australian Strategic Materials/1kg Neodymium (87%) metal alloy

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Is more rare earths processing about to be lost offshore? - @AuManufacturing

rsted Seeking New Location for Skipjack Interconnection Hub – Offshore WIND

Offshore wind developer rsted has decided against constructing the interconnection facility for the Skipjack wind farm at Fenwick Island State Park in Sussex County, Delaware, US.

In July 2019, rsted entered into a non-binding memorandum of understanding with the Delaware Department of Natural Resources and Environmental Control (DNREC) to construct the interconnection facility on a portion of a site within Fenwick Island State Park.

Following the completion of more thorough evaluations of the area proposed for the facility, rsted has determined that a large portion of the site is comprised of undisturbed wetlands.

Accordingly, rsted has notified DNREC that it will no longer pursue plans to build the interconnection facility at Fenwick Island State Park as initially proposed.

A new interconnection site will be announced in the coming weeks, the developer said.

Constructing an interconnection facility on a site with such an extensive presence of undisturbed wetlands runs contrary to rsteds deeply-held commitment to building our business sustainably, said Brady Walker, Mid-Atlantic Market Manager for rsted.

The Skipjack Wind Farm will deliver significant environmental and economic benefits to the Delmarva region, from good-paying jobs to renewable energy for tens of thousands of homes. However, rsted is committed to constructing the wind farm and associated infrastructure in a way that seeks to mitigate potential adverse impacts on local ecosystems and communities.

Located 19 miles off the Maryland-Delaware coast, the 120 MW Skipjack Wind Farmwill feature GE Haliade-X 12 MW wind turbines, subject to final agreed and signed contract, and all required project approvals.

rstedwill developthe project at Marylands first offshore wind energy staging center at Tradepoint Atlantic, Baltimore County.

The wind farm is scheduled to be operational by the end of 2023.

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rsted Seeking New Location for Skipjack Interconnection Hub - Offshore WIND

Immigration Minister’s message to work visa holders offshore: stay where you are for the time being – Stuff.co.nz

The Minister for Immigration has a message for the majority of temporary visa holders stuck offshore: stay where you are for the time being.

Iain Lees-Gallowway, in an interview withRadio Taranatoday, said there was a lack of opportunity to safely let back in temporary visa holders mostly because of a large influx returning New Zealand citizens and residents.

"Whatwe're seeing is as the number of Covid-19 cases around the world continues to increase, New Zealand citizens and residents who perhaps initially decided to stay in the country where they were are increasingly deciding to come back home to New Zealand," Lees-Galloway said.

MONIQUE FORD / STUFF

Immigration Minister Iain Lees-Galloway.

"And that really limits our ability to take people who are on visas, particularly temporary visas.

READ MORE:* New border exceptions in place, but many will have to wait for a while to reunite with loved ones*Government suspends compassionate exemptions from managed isolation*Coronavirus: 'Our expectations have not been met' says PM*PM offers ray of hope for work visa holders stranded overseas to be able to return to their lives in NZ*No quick return to New Zealand in sight for migrant workers stuck overseas, says Immigration Minister*Work visa holders stranded overseas share heartbreak stories*Migrant workers stuck overseas on temporary visas share their plight of waiting to be let back in

"So for the time being, the message to temporary visa holders is unfortunately there is no opportunity to expand the number of people who can come into the country," Lees-Galloway said.

"We have limited exceptions, for humanitarian purposes, for family reunification and for people who offer a significant economicimpact on New Zealand.

"Butfor the vast majority of temporary visa holders, for the time being, the message has to be to stay where they are, and whilst we're working on increasing the capacity for managed isolation, for nowthat managed isolation is largely being taken up by New Zealand citizens and residents."

Lees-Galloway was in Auckland this week, and met with migrant community leaders on Monday, before the interview inTaranastudios earlier today, Tuesday, July 14.

In a later live video, Lees-Galloway pointed out why Immigration New Zealand was not able to extend the visas of temporary visa holders who were stuck overseas.

"One of the things that we are concerned about is that an essential skills visa, which is what most people hold, is issued in order to fill a particular role, where we can demonstrate that the particular role is not one that New Zealanders can fill.

"If weautomaticallyextend all those visas now, you may find that people may hold a visa even ifa jobthatno longer exists," Lees-Galloway said.

"That is certainly a concernfrom agood immigration perspective and also for the vulnerability of the people themselves - if they come to New Zealand and they have no job, and no source of income, that makes them very vulnerable to things like exploitation.

"This is not to say that we completely dismiss the idea of doing some kind of extensions for people who are offshore, but that is one of the big questions that we need to have a good answer to, which is how do we ensure that expending visas doesn't actually work against our immigration policy, but secondlyit doesn't actually put people into a position where they are extremely vulnerable," he said.

Lees-Galloway emphasised the firm view the government held about the border closure and restrictions that were in place.

"I make no apology for the border closurein New Zealand, that is what is protecting everybody in New Zealand - you, me, and the team of five million from Covid-19.

"So we've got to be realistic about what the prospects are for the people who are currently offshore.

"What I have said, and I do want to do is produce a plan that demonstrates to people how we will sequence the return to New Zealand of people who hold temporary visas," Lees-Galloway said.

"We know it's frustrating, incredibly frustrating for all of us, especially for the temporary visa holders that we can't give a timeline, but we can't give a timeline because the virus clearly has not peaked, we've seen somethinglike a 100,000 new cases of the virus around the world every single day.

"We can't predict what's going to happen with the flow of New Zealanders back into the country,whenwe do see that flow start to reduce, then that willpotentiallyopen up spaces in managed isolation, and that is the time we can potentially try an opportunity for temporary visa holders toreturn.

"I get that it's frustrating,I get that there are people in really difficult circumstances, I do feel for them, I wish it wasn't the case."

Asked about thedelays in theprocessingresidency applicationsand the backlog of cases at Immigration New Zealand offices, Lees-Galloway said he was satisfied that the "priority" and "non-priority" were nowmoving.

"Immigration New Zealand has a planning range, they are meeting that planning range;in the last 18-month planning range they issued 52,000 residencies, and that was within the planningrange the government had set," Lees-Galloway said.

"Immigration New Zealand are meeting the government's expectations of issuing a number of visas within that planning range.

"The challenge we are having at themomentis that the number of applications coming in is much higherthanexpected, and that automatically means the wait is going to increase.

He denied that INZ was facing a staff shortage.

"Immigration New Zealand has put enough resources into the processing of residency visas to meet the government's planning range, that's what is asked of them and that's what they are doing."

Lees-Galloway said hehaddiscussed a range of issues with migrant community leaders in Onehunga on Monday.

"We had a long conversation about all the challenges we're facing at a time when the whole world is facing a massive global pandemic.

"And every country in the world is dealing with the question of border closures, who is able to travel in out of their country and obviously a lot of conversationabout the impact that has had on people, and the real human impact that has had on people's lives," Lees-Galloway said.

He reiterated that the border closure was the "single best protection that New Zealand hasagainst Covid-19".

"The fact that we are doing such a good job makes us very popular and people all around the world -New Zealand citizens, people who hold residency visas, people who hold temporary visas - all want to come here because they see us as a progressive, successful country that has done a great job of suppressing the virus and where there's a lot of opportunities.

"Obviously, in order to continue protecting everybody in the community that is here in New Zealand now, we have to limit the number of people that are able to come in to the country."

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Immigration Minister's message to work visa holders offshore: stay where you are for the time being - Stuff.co.nz

Hermitage Offshore Services Ltd. (NYSE:PSV) Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility – Yahoo Finance

HAMILTON, Bermuda, July 09, 2020 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. (NYSE:PSV) (Hermitage Offshore, or the Company) announced today that it has executed a forbearance agreement (the Forbearance Agreement) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the Term Loan Facility) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the Lenders) and DNB Bank ASA, as agent and security agent. While the Forbearance Agreement does not address the long-term liquidity and restructuring needs of the Company, pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising any of their rights and remedies under the Term Loan Facility and any other finance agreements related to the Term Loan Facility in the event of a default by the Company until July 31, 2020.

As previously announced, the outbreak of the novel coronavirus coupled with the collapse in the price of crude oil has resulted in a significant and abrupt deterioration in the financial condition of the Company. These events have given rise to substantial doubt about the Companys ability to continue as a going concern. As a result, the Company has engaged Perella Weinberg Partners andSnapdragon Advisory AB as financial advisors and Proskauer Rose LLP as legal counsel to analyze restructuring alternatives and has been in ongoing discussions with the Lenders in an effort to address these issues.

About the Company

Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 23 vessels consisting of 10 platform supply vessels, or PSVs, two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats. The Companys vessels primarily operate in the North Sea and the West Coast of Africa. Additional information about the Company is available at the Companys website http://www.hermitage-offshore.com, which is not a part of this press release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forwardlooking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forwardlooking statements in order to encourage companies to provide prospective information about their business. Forwardlooking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words believe, expect, anticipate, estimate, intend, plan, target, project, likely, may, will, would, could and similar expressions identify forwardlooking statements.

The forwardlooking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, managements examination of historical operating trends, data contained in the Companys records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Companys control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.

Important factors that, in the Companys view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the offshore support vessel (OSV) market, changes in charter hire rates and vessel values, demand in offshore supply vessels,the length and severity of the novel coronavirus (COVID-19) outbreak, the results of the Companys discussions with its lenders, the Companys operating expenses, including bunker prices, dry docking and insurance costs,governmental rules and regulations or actions taken by regulatory authorities as well as potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, vessel breakdowns and instances of off-hire and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

Contacts:

Hermitage Offshore Services Ltd.+377 9798 5717 (Monaco)+1 646 432 3315 (New York)Web-site: http://www.hermitage-offshore.com

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Hermitage Offshore Services Ltd. (NYSE:PSV) Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility - Yahoo Finance

Older South Africans are taking their wealth and pensions offshore – BusinessTech

In the current precarious economic climate, South African residents over age 55, who invested in retirement annuities (RAs), preservation funds or pensions, are increasingly transferring their investments to living annuities with offshore equity exposure.

Claudia Mendes, international financial planner at Sable International, considers the argument for going offshore.

South African residents find themselves investing in a country that has a concentration of resource stocks and a volatile currency.

With South Africa being 1% of the global stock market sell-offs globally have a habit of hurting both the SA equity market and the currency at the same time, said Mendes.

This double whammy effect has hurt too many retirement accounts for South Africans.

Most people are not aware that when funds move from a retirement annuity or pension covered by the Pension Funds Act and pension regulations into a living annuity, these funds are no longer constrained by Regulation 28.

While your pension funds are accumulating in South Africa, they are bound by this investment restriction, which allows only 30% of the fund to be invested offshore.

Once your pension funds go into the living annuity environment, however, you have retired and are no longer bound by Regulation 28, so you can take your living annuity offshore.

Finding the right portfolio solution

The South African equity market had period of time when it has performed well in global terms.

That hasnt been the case for well over a decade now. Its impossible to tell where the fastest growth will come from over the next decade but theres a 99% chance its not going to be in South Africa.

Therefore in order to generate returns South African investors need offshore assets preferably in diversified low cost form, Mendes said.

Holding offshore assets does however, create a liability matching problem. i.e. the dividends from offshore companies are in a different currency to the spending being done in local ZAR.

Most portfolios should however, hold a portion of assets in fixed income portfolios. Fixed income reduces the overall portfolio risk and generates income yield needed in retirement, Sable said.

Global fixed income portfolios currency see very low yields as the largest debt issuers in the worlds (The US, UK, Europe and Japan) all have very low interest rate environments.

These low interest rates are likely to stay low in the medium term, said Mendes.

South African fixed income on the other hand (corporate and sovereign) offers a good risk adjusted yield that is matched to the currency being spent by the retiree, she said.

The combination of offshore equity and local fixed income generates a goldilocks combination of total return in hard currency and natural yield in local currency.

What does this mean for an SA resident retiree?

Looking at the data

The Covid-19 market panic is in full bloom, said Mendes. The South African market took a knock of -30% and the rand fell 25% against the dollar and 15% against the pound.

The Sable Living Annuity portfolio holding 60% in offshore equity and 40% in local South African bonds rises by 5.62%.

Looking at a five-year return period

The power of compounding hard currency returns becomes even more clear over longer time periods, Mendes further noted.

Below is a view of the performance of this 60% offshore equity 40% local fixed income portfolio in the global market over the past five years.

The table quickly makes stark the underperformance of SA equity vs global equity and even when compared to local rand cash compounded returns.

This illustrates the importance of building portfolios for a range of possible outcomes rather than a single expectation, which is why our risk-rated model portfolios are built with a mix ofhigh-risk, high-return global equities and lower-risk, lower return global bonds in mix thats suitable for each client, Mendes said.

The conclusion that can be drawn from the above charts is that with the right portfolio you can have a cost effective, globally diversified solution for your living annuity that also mitigates the volatility of the local currency.

Who can best benefit from an offshore living annuity?

If you are a South African resident and over the age of 55 you have the option to transfer your Living Annuity to one that invests directly into offshore funds.

You just need to ensure that the offshore/onshore portfolio you choose is optimised for both your personal situation and fluctuating market conditions, said Mendes.

Read: This little tax-haven island off England is has become a popular spot for South Africans to invest

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Older South Africans are taking their wealth and pensions offshore - BusinessTech

rsted backs out of offshore wind connection at Fenwick Island – The News Journal

Fishermen say there isn't enough known about the impacts of offshore wind. With two projects in the work off Delmarva, fishermen are worried about their livelihoods. Salisbury Daily Times

OCEAN CITY, Md.The construction of an interconnection facility at Fenwick Island State Park is no longer in the works due to environment concerns, according to an announcement from rsted.

rsted and the Delaware Department Natural Resources and Environmental Control have worked together since July 2019 to create a connection point for the Skipjack Wind Farm.rsted offered to invest $18 million in the state parkin exchange for the opportunity to build an interconnection facility.

rsted has "pivoted" away from Fenwick Island because of the park's "undisturbed wetlands," according to the announcement.

This draft rendering shows where the interconnection facility will be, in the top of the photo to the left of the highway along the bay side of Fenwick Island State Park. On the ocean side are some renderings of improvements such as a new visitor center and pedestrian overpass.(Photo: Courtesy of DNREC)

"Constructing an interconnection facility on a site with such an extensive presence of undisturbed wetlands runs contrary torsted's deeply held commitment to building our business sustainably," said Brady Walker, Mid-Atlantic market manager forrsted.

More: Delmarva wind farms delayed to 2023-24, developers blame U.S. government for setback

More than 200 people attended a statemeeting in November 2019, many of whom were against the project, according to The New Journal. The agreement was made quietly, with discussions not held in public.

The company said it plans to announce a newlocation for the interconnection facility in the coming weeks.

The interconnection facility at Fenwick Island would have connected directly to the Skipjack Wind Farm, bringing energy captured by the wind turbines from 19 miles offshore to land.

This map shows where an offshore wind lease area is along Delaware's coast. The yellow portion is where the Skipjack Wind Farm will be placed.(Photo: Bureau of Ocean Energy Management)

The Skipjack Wind Farm is a 120 megawatt offshore wind farm under development off the coast of Delaware and Maryland.rsted says when the project is complete the wind farm will power 35,000 homes on the Delmarva Peninsula.

More: Was Delawares connection to offshore wind born in secrecy? Depends who you ask(for subscribers)

Background: Offshore wind company wants to build on state parkland, offering upgrades in exchange

rsted is one of the world's largest offshore wind developers and is currently building several projects off the East Coast of the U.S., including off of Virginia and Delaware.

rsted is currently building the Coastal Virginia Offshore Wind Farm, which will be operational by the end of 2020, according torsted. The 12-megawatt wind farm will be located 27 miles off the coast of Virginia Beach.

The project is part of a larger effort by Dominion Energy to build the largest wind farm in the U.S., according to Dominion Energy.

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rsted backs out of offshore wind connection at Fenwick Island - The News Journal

Interior Department to streamline offshore wind permitting, nix unsolicited leasing – Utility Dive

Dive Brief:

States along the East Coast have issued ambitious goals for offshore wind, and industry stakeholders, including prospective developers, have urged BOEM for more federal leasing opportunities.

BOEM identified "deregulatory opportunities" on offshore wind developments, that will add more flexibility to geophysical and geothechnical survey submission requirements, streamlining approval of meteorological buoys, revising project verification procedures, and providing "greater clarity regarding safety requirements." The Trump administration is pushing deregulation and streamlined permitting as a general approach for energy and other projects.

"This latest process announcement from BOEMoffers some long-term hope for improvement, but the time is now; the federal government cant wait or delay using its existing tools to spur economic investment,"Noah Shaw, partner at Hodgson Russ and former general counsel at the New York State Energy Research and Development Authority (NYSERDA), told Utility Dive.

"Of course, the proof will be in the pudding as this process moves along, as to whether BOEM can deliver on the promise of improvement," he said.

The practice of unsolicited lease requests has served to inform BOEM of interest in offshore leasing, but the continued interest in leasing activity has become well-established. While stakeholders await the notices of proposed rulemakings, state energy officials are also keen on more federal leasing areas.

"We've been extremely clear with the federal government for a number of years about the need for new lease areas that could serve New York, and now the broader region ... as other goals have also shifted,"Doreen Harris, Acting President and CEO of NYSERDA, told Utility Dive.

NYSERDA is progressing with its second offshore wind solicitation notwithstanding any earlier implications from the COVID-19 pandemic earlier in 2020. The agency is working"to maintain the market momentum" established in the state's first solicitation for a total 1.7 GW of offshore wind in 2019, she said."We need to continue our work and we need BOEM to continue their leasing and permitting."

New York does not need additional federal leasing for its upcoming 2.5 GW offshore wind solicitation, according to Harris, but federal action is needed to assure the industry's future growth.

BOEM will host two webinars on Tuesday and Thursday on its new Supplemental Environmental Impact Statement forthe 800 MW Massachusetts offshore wind project, Vineyard Wind.

"The fact that BOEM has made the progress that they did [on Vineyard Wind] is encouraging on its surface," Harris said of the 420-page filing.

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Interior Department to streamline offshore wind permitting, nix unsolicited leasing - Utility Dive

Hermitage Offshore Services Ltd. Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility – Hellenic Shipping News…

Hermitage Offshore Services Ltd. announced that it has executed a forbearance agreement (the Forbearance Agreement) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the Term Loan Facility) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the Lenders) and DNB Bank ASA, as agent and security agent. While the Forbearance Agreement does not address the long-term liquidity and restructuring needs of the Company, pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising any of their rights and remedies under the Term Loan Facility and any other finance agreements related to the Term Loan Facility in the event of a default by the Company until July 31, 2020.

As previously announced, the outbreak of the novel coronavirus coupled with the collapse in the price of crude oil has resulted in a significant and abrupt deterioration in the financial condition of the Company. These events have given rise to substantial doubt about the Companys ability to continue as a going concern. As a result, the Company has engaged Perella Weinberg Partners and Snapdragon Advisory AB as financial advisors and Proskauer Rose LLP as legal counsel to analyze restructuring alternatives and has been in ongoing discussions with the Lenders in an effort to address these issues.Source: Hermitage Offshore Services Ltd.

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Hermitage Offshore Services Ltd. Announces Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility - Hellenic Shipping News...