KHI cancels Island Offshore order, will take $114.8 million hit; Keppel O&M to pay $422 million in corruption case

KHI cancels Island Offshore order, will take $114.8 million hit
December 26, 2017 —Japan’s Kawasaki Heavy Industries, Ltd. (KHI) says it has decided to terminate its shipbuilding contract with Island Offshore Shipholding LP for the top hole drilling/light well intervention vessel, Island Navigator. KHI will recognize Yen 13 billion (about US$114.8 million) in extraordinary losses on revaluation of inventories (work-in-progress) in relation to the vessel in its consolidated settlement of accounts for the third quarter of the fiscal year ending March 31, 2018.

Keppel O&M to pay $422 million to settle Brazil corruption case
The U.S. Department of Justice reports that Singapore-based Keppel Offshore & Marine Ltd. (KOM) and its wholly owned U.S. subsidiary, Keppel Offshore & Marine USA Inc. (KOM USA), have agreed to pay a combined total penalty of more than $422 million to resolve charges with authorities in the United States, Brazil and Singapore arising out of a decade-long scheme to pay millions of dollars in bribes to officials in Brazil.
Get ready for China’s ECA requirements

In its latest Member Alert, The American Club is reminding ship operators that ships operating in China’s three Emission Control Areas (ECAs) will be required to burn low sulfur fuel when at berth in port starting January 1, 2018.
Vard “reels in” contract for two

The FSV Group operates and charters smaller vessels to support towing, freight, installation and inspection of fish farms, and assistance for ROV and subsea assignments.
Sailors’ Snug Harbor: Caring for our mariners

For those who make their living on the water, physical hardship and injury is a common part of the everyday routine. We have come to accept it as a part of the life, and are more than willing to live with it for the love of the job.