Burleigh gets set to demolish fire-damaged hotel

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Petronas lifts first topside module for PFLNG1

first_imgPress Release, September 24, 2014; Image: Petronas The topside module lifting marks another major construction milestone for the facility, as it signifies the near completion of the PFLNG1, which will be the world’s first floating LNG facility in operation, Petronas said in a statement.The first topside module, on which power generation and control functions instruments are to be installed, weighs about 2,000 tonnes and this is equivalent to the weight of approximately 100 ordinary cargo containers.A 3,600-ton marine crane was used to conduct the lifting operation by DSME. There are 20 remaining modules weighing approximately 40,000 tonnes that are to be installed on the hull and the topside module lifting is scheduled to be completed in the first quarter of 2015.Petronas Vice President and Venture Director of LNG Projects – Domestic, Datuk Abdullah Karim said, “It is meaningful that the PFLNG1 construction is approaching another step closer towards successfully becoming the world’s first operational floating LNG facility, with the first module lifting achieved on the 13th month since commencement of topsides construction.”“The topside is the heart of this floating LNG facility where pre-treatment and liquefaction process for the gas will be carried out. Therefore, the safe and successful installation of the topside is critical to the delivery of the project,” he added.Petronas has appointed Technip and DSME as a consortium to jointly develop the PFLNG1 facility with LNG capacity of 1.2 mtpa, 365-metre length, 60-metre width and 33-metre height.Once the construction and installation phases complete in 2015, PFLNG1 will be moored in Kanowit field located 180 kilometres offshore Sarawak, Malaysia.Once operational, the PFLNG1 will change the landscape of the LNG business and at the same time play a significant role in Petronas’ efforts to unlock and monetise gas reserves especially in Malaysia’s remote and stranded fields. Petronas commenced the lifting of the first topside module for its floating liquefied natural gas (PFLNG1) facility at the Quayside of Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in Okpo, South Korea. last_img read more

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Bremer Landesbank Refutes Claims on ECB’s Request to Boost Capital

first_imgGerman shipping lender Bremer Landesbank has denied media reports alleging that the European Central Bank had asked it to boost its capital against non-performing shipping loans with up to EUR 700 million (USD 795 million) in equity.The report emerged in German weekly magazine Focus on Saturday, basing its claims on talks between the city-state’s finance chief and parliamentary leaders.However, the bank said in a statement that both the claim on the request from the ECB and the amount of capital required is “factually inaccurate and unfounded.”Earlier in June, the bank said that due to the continuing difficult market conditions in ship-financing it expects to log EUR 400 million in unplanned value adjustments. For the entire financial year 2016, the bank expects unplanned value adjustments in its portfolio of shipping loans to reach a “high three-digit million figure”, as no significant recovery in the sector is expected in the mid-term.Bremer Landesbank said that its current capital and profit reserves, which count as equity, total in EUR 1.078 billion, and that it has a fund for general banking risks pursuant to § 340g HGB in the amount of EUR 589 million, both of which would, as of now, be available to absorb the expected annual loss.In addition, the bank noted that it has launched “measures to strengthen Bremer Landesbank’s equity”. However, further details on the type of measures being pursued were not disclosed.World Maritime News Stafflast_img read more

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