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.

 

www.subsea7.com

Heavy Lift | News

Marine insurance: Reducing costs and capacity thumbnail image

Marine insurance: Reducing costs and capacity

September 19 - Marine insurance providers are commoditising their products in order to reduce costs. The result, according to the International Union of Marine Insurance (IUMI), is a loss of expertise.
Views: 274
Zeaborn forms JV with MPC thumbnail image

Zeaborn forms JV with MPC

September 18 - Zeaborn Group has formed a joint venture with MPC Capital Group to handle the chartering and commercial management of a fleet of more than 160 container and bulk carriers.
Views: 656
DHL strengthens network in Middle East and Africa thumbnail image

DHL strengthens network in Middle East and Africa

September 18 - DHL Industrial Projects is opening a centre of excellence (COE) in Dubai as well as offices in Egypt, Ethiopia, Kenya and Turkey to coordinate complex logistics projects in the Middle East and Africa.
Views: 693
ALE plans Swedish branch thumbnail image

ALE plans Swedish branch

September 18 - ALE will open an office in Sweden during the last quarter of 2019 as it looks to expand its operations in Scandinavia.
Views: 518

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.