Top News of the Week of Mar 17 – Mar 23, 2014

1. Saipem Hired to Build South Stream Offshore Pipeline

South Stream Transport has contracted the Italian company Saipem for the construction of the South Stream Offshore Pipeline. Oleg Aksyutin, CEO of South Stream Transport B.V. and Stefano Bianchi, SVP of Saipem S.p.A signed the contracts in Amsterdam.

2. McDermott’s LV105 Awarded Contract with Petrobras in Brazil

One of McDermott International subsidiaries has entered into an agreement with Petrobras for the supply of its subsea Lay Vessel North Ocean 105 (“LV105”). This contract is included in McDermott’s first quarter 2014 backlog.

3. PETRONAS and Shell Discover Oil Offshore Malaysia

PETRONAS and Shell made an oil discovery offshore Sabah, Malaysia.

4. Ceona’s New Debt Facility to Finance Ceona Amazon Vessel and Polar Onyx VLS

Ceona announced the completion of a new USD$290 million secured debt facility to finance its two new build projects, the Ceona Amazon vessel and the Polar Onyx Vertical Pipelay System (VLS), along with performance bonds to further support the company’s growth initiatives.

5. COSCO Nantong Delivers Pipelay Heavy Lift Vessel SapuraKencana 1200 to Asian Buyer

COSCO (Nantong) Shipyard Co. Ltd, a subsidiary of COSCO Shipyard Group Co. Ltd, has delivered a pipelay heavy lift vessel SapuraKencana 1200 to its Asian buyer.