Latest news from Heavy Lift & Project Forwarding International Magazine

Subsea 7 downscaling plans succeed

November 12 - Subsea 7 has disclosed a bigger fleet reduction plan with six of its ships being laid up in order to reduce the fleet in "subdued markets".

After both net profit and revenue dropped significantly in 2014, the company announced recently that its reduction plan, announced in May 2015, is on track to deliver approximately USD550 million of savings.

The fleet reduction has progressed as planned. 12 vessels are scheduled to leave the fleet by early 2016, six vessels have been laid up and one chartered vessel has been returned. The 16,500 dwt pipe-laying vessel Seven Polaris will also be scrapped, in spite of an impairment charge of USD36 million.

Subsea 7 ceo Jean Cahuzac said: "Subsea 7 has delivered another quarter of good results in the three months to September 30, 2015, despite the continuation of difficult industry conditions and resultant decline in market activity, with strong operational performance in both business units driven by consistently good project execution."


Subsea 7's Luanda spoolbase.

Heavy Lift | News

Ceva launches BRI block train thumbnail image

Ceva launches BRI block train

April 22 - Ceva Logistics North Asia has launched a block train service from China to Europe as the company looks to tap into the potential of the Belt and Road Initiative (BRI).
Views: 98
Crowley promotes Sandra Goranovic thumbnail image

Crowley promotes Sandra Goranovic

April 22 - Crowley Maritime has appointed Sandra Goranovic as vice president of finance and accounting for the Crowley Shipping business unit.
Views: 99
Penman joins Malin React thumbnail image

Penman joins Malin React

April 22 - Malin Group has named Graham Penman as business unit manager of its recently launched Malin React division.
Views: 323
Big Bend Channel expanded thumbnail image

Big Bend Channel expanded

April 22 - Port Tampa Bay in Florida has completed the USD63 million expansion of the Big Bend Channel, one year ahead of schedule.
Views: 141

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