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Teekay Corporation Completes Banff Decommissioning Agreement

Teekay Corporation announces the completion of the remaining conditions precedent relating to the previously announced Decommissioning Services Agreement (DSA) with CNR International (UK) Limited (CNRI), on behalf of the Banff joint venture, whereby Teekay has engaged CNRI to decommission the Company’s remaining subsea infrastructure located within the CNRI-operated Banff Field. As part of the DSA, …

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AMP Promotes The Placement Of Panamanian Seafarers In Vessels Of The Panama Ship Registry

In order to create new job opportunities for Panamanians, the Panama Maritime Authority (AMP) issued Resolution ADM No. 017-2021 of February 24, 2021, which grants a discount incentive to shipping companies of up to fifty percent (50%) on the current rate for technical documentation services for foreign seafarers who work on board ships with Panamanian …

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An alternative way to finance the decarbonization of shipping that actually works

We are pleased to see that “insetting” is slowly but surely gaining recognition as an alternative to offsetting. By focusing on projects that reduce GHG emissions within shipping, insetting supports the green transition in the sector. It also enables all the participants in the supply chains to collaborate on reducing the overall carbon footprint from …

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WFW advises CIT on US$34.25m refinancing facility to Globus Maritime Limited

Watson Farley & Williams (“WFW”) advised CIT Bank, N.A. (“CIT”) in relation to a US$34.25m term loan facility provided to subsidiaries of Globus Maritime Limited (“Globus”) for the refinancing of its fleet of dry-bulk vessels. NYSE-listed CIT is a financial institution headquartered in New York City. It provides financing to a wide range of industries, …

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In Focus: Renewables making headway as Shell ruling sounds alarm on energy transition urgency

A historic ruling has shaken the energy market this week after a Dutch court ordered oil major Shell to reduce its carbon emissions by 45 per cent by 2030 compared with 2019 levels. The decision was delivered in connection with a climate change case filed against Shell in 2019 by Dutch environmental organization Friends of the …

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Maersk CEO: Business is ahead of govts on decarbonization agenda

There needs to be a greater sense of urgency among global governments in relation to the adoption of policies that would accelerate decarbonization in the shipping sector, the head of the world’s largest container shipping company believes. “Business is ahead of governments on this agenda,” Soren Skou, CEO of A.P. Moller Maersk said yesterday while …

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Fate of two delayed ex-Seadrill drillships still uncertain but owner sees improvement in deepwater market

John Frederiksen’s Northern Drilling, an offshore drilling contractor with a focus on ultra-deepwater environments, currently has no rigs in operation but it does have two new 7th generation ultra-deepwater drillships whose fate is still uncertain. West Aquila and West Libra drillships; Source: Northern Drilling Incorporated in March 2017 for the purpose of ownership of offshore …

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