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Study examines ban on development offshore the Arctic

WASHINGTON, D.C. – The Alliance for Innovation and Infrastructure (AII) has issued a new report exploring the impact and economic benefits created by infrastructure development in the Arctic.

Entitled, “Arctic Promise: Challenges and Opportunities in Realizing the Next Generation of U.S. Arctic Infrastructure,” the report emphasizes the role that the oil and gas industry has historically played in developing the economy of the region.


Hyundai Merchant Expects Losses Until Mid-2018

Hyundai Merchant Marine CEO Yoo Chang-keun said Monday that the firm expects to post losses through the first half of next year due to poor market conditions. 

“This year will be the year to strengthen our financials,” Yoo told Bloomberg. “We are targeting to make an operating profit in the third quarter of next year. By early next year, we expect much of the overcapacity in the market will be resolved . . . We are cautiously expecting rates this year to recover." 


Maersk Group May Split Up

Danish shipping and oil group A. P. Moller-Maersk could be split up into separate companies, its chairman said on Thursday after naming Soren Skou, the head of its container business, as chief executive.

Maersk shares rose more than 10 percent on the news with investors speculating on a break-up of the company and seeing the appointment as a sign of a more profound restructuring.


Norway Overtakes Russia as Western Europe's Top Gas Supplier

Norway has overtaken Russia as western Europe's top gas supplier, data from state firms shows, indicating the European Union's drive to reduce its dependence on Russian energy is bearing fruit.

The sharp drop in oil prices has been another factor, as Norway offers more flexible pricing and big buyers held off buying from Russia in the hope the fall in crude price levels would eventually filter through to Russian gas.


Consortium Seeks Collaboration; Medical Tools to Solve Industry Problems

Many of the problems that Dr. Alan Lumsden deals with on a daily basis have been solved, but the solutions aren’t available in the medical industry’s toolbox.

Finding technology solutions in other industry’s toolboxes was behind the launch in 2007 of the Pumps and Pipes Consortium, through which members of the oil and gas and medical industries sought to brainstorm ideas on how technologies from each industry could be applied to problems in the other. Since its founding, National Aeronautical and Space Administration (NASA) has joined in that collaboration.

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SapuraKencana Profits Rise Despite Q4 Dive

SapuraKencana said net profit fell to RM129.13 million in the fourth quarter ended Jan 31, 2015 (4QFY15) from RM337.23 million. Revenue was, however, higher at RM2.39 billion versus RM1.88 billion.


House of Lords Wants North Sea Coordination

The UK House of Lords has released a European Union Committee report highlighting the “often conflicting” activities underway in the North Sea. Releasing the report, the House of Lords EU Committee called for strong leadership on the management of resources among the countries along the shoreline of the North Sea.


Boskalis and Fugro Go to Court

Fugro said it has received a writ of summons from Boskalis to force a shareholder vote at its annual shareholders meeting scheduled for April 30, 2015 on a recommendation in respect of one of Fugro’s three protective measures, i.e. the Foundation Continuity Fugro (“Stichting Continuïteit Fugro”).


Seatronics, 2G Robotics in Sales and Distribution Partnership

Seatronics, an Acteon company, leaders in the rental and sale of marine electronic equipment, and 2G Robotics, leaders in high precision subsea measurement technology, are pleased to announce a global sales and distribution partnership. The 2G Robotics line of underwater laser scanners will now be available through Seatronics for equipment rentals and sales. Customers will benefit from global access to the high resolution and precision of the 2G Robotics underwater laser scanners and from the offshore expertise and global technical support provided by Seatronics.


Gazprom Mothballs Extension of Nord Stream Pipeline

Gazprom has put an expansion of its Nord Stream gas pipeline on hold, rowing back for the second time in two months on plans to extend its European network as relations between Russia and the West fester over Ukraine.

Existing capacity through Nord Stream, which runs under the Baltic Sea and serves Germany, was enough for now and there was no immediate need for an expansion, the state-controlled firm said on Wednesday.

Gazprom Chairman Viktor Zubkov said a weak gas market was forcing the firm to defer projects.

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