Victorian property developer selling luxury Surfers Paradise unit

first_img6A/3 Hanland St, Surfers Paradise.WEALTHY Victorian property developer Colin DeLutis has put his luxury Surfers Paradise apartment on the market. The CEO of DeGroup and former vice-president of the Carlton Football Club bought the Glitter Strip residence in 2008 – it was the late property developer Eddie Kornhauser’s property. The property was used as a holiday home for Mr DeLutis, his wife, and their two children.“We renovated when we bought it and it has been used for three to four weeks a year and kept it in really good condition,” he said.“It’s practically brand new.”Mr DeLutis owns another apartment in the Allunga tower and also splashed $5.25 million on a luxury penthouse at Mermaid Beach earlier this year. MORE NEWS: GOLD COAST AUCTIONS HEATING UP Tolemy Stevens of Harcourts Coastal is taking Mr DeLutis’ Allunga apartment to auction on October 13.“At the core of Australia’s most desirable destination is this luxurious beachfront residence offering the ultimate in cosmopolitan coastal living,” Mr Stevens said.“This is the ultimate permanent residence, luxury coastal holiday home or performing investment in the savvy investor’s portfolio.” Colin De Lutis and wife Michelle are selling their Surfers Paradise apartment.The 503sq m three-bedroom apartment is on the sixth level of the Allunga tower on Hanland St and sits above the Paradise Centre Shopping Centre.“He (Kornhauser) built the Paradise Centre and built Allunga in the early 80s,” Mr DeLutis said.“I bought it off his children and am the second owner. 6A/3 Hanland St, Surfers Paradise. MORE NEWS: JEFF HORN ENTERS HOUSEHUNTING RING 6A/3 Hanland St, Surfers Paradise. 6A/3 Hanland St, Surfers Paradise.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy location is everything in real estate01:59 “I love the Gold Coast and have always been a fan of the city,” he said.“After you come out of Melbourne it’s always nice to come to the Coast – sunshine, great restaurants, the beaches – and at the end of the day it’s a great place to come for a holiday.”Mr DeLutis, whose family built their wealth by founding Westco Jeans before going into property development. Soak up that view. 6A/3 Hanland St, Surfers Paradise.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agolast_img read more

These are the Brisbane suburbs where everyone wants to buy

first_img27 Solander Cct, Forest Lake.THEY are the Brisbane suburbs where the most number of houses changed hands in the past 12 months.Top of the list is Forest Lake, where 395 houses were sold, with the median sales price up 0.2 per cent in 12 months to $436,000.The suburb was the location of Brisbane’s first masterplanned community, and was home to almost 23,000 people during the 2016 Census.Re/Max Master agent George Vuong is selling 27 Solander Circuit at Forest Lake. It is on the market for offers over $495,000.He said there had already been a lot of interest in the four bedroom house which sits on a 704sq m lot just 25km from the city.RUSH ON SURF HERO’S DREAM HOME“That is consistent for the suburb,” he said. “It is popular with families, it is still close to the city but it is still very affordable.“It’s a very multicultural community.”The suburb with the second highest number of house sales was Bracken Ridge with 245 homes sold in 12 months, according to CoreLogic.Houses in the suburb, which is booming thanks to infrastructure upgrades, spend an average of 27 days on the market, with the median house sales price up 3.2 per cent to $502,000.Ray White Bracken Ridge agent Roxanne Paterson is marketing 5 Somerton St, a four bedroom modern home on a 590sq m block. It is for sale by negotiation.“The infrastructure upgrades such as the Gateway are behind that I would say,” she said.“A huge amount of airport workers live in Bracken Ridge because the upgrades mean its just minutes to the airport now.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago5 Somerton St, Bracken Ridge“But it is not just that, Bracken Ridge is not far from the city but is still very affordable.”Wynnum rounded out the top three for the highest number of house sales over the 12 months to August, recording 242 sales.Houses in the Bayside suburb spend an average of 38 days on market, with the median sales price up 1.7 per cent to $643,500.A brand new family home in the Manly State School catchment is listed with Belle Property Manly agent David Lazarus.The four bedroom house at 29 Gum St is on a 405sq m block, and includes a custom-designed kitchen withCaesar Stone benchtops including island waterfall bench, butler’s pantry and stainless steel appliances.29 Gum St, Wynnum.There is also a luxury master suite with walk-through wardrobe and spacious ensuite with double vanity.The Gap (227) and Camp Hill (216) came in fourth and fifth spot in terms of house sales.last_img read more

Hog’s Breath Cafe founder sells Whitsundays mansion

first_img The breathtaking views from Chesapeake Whitsunday, which overlooks Airlie Beach and the islands.Mr Galloway, of the world famous Alabar horse breeding stud in Victoria, said he fell in love with the architecturally designed Chesapeake when he saw it from the air. “I was flying and I saw the mountain with Chesapeake on the top at 1000ft above sea level, it was like a beacon,” Mr Galloway said. “It’s a magic location here. Johnny Depp stayed at the bottom of the mountain when they filmed Pirates of the Caribbean. “It’s a very special part of the world and it’s been rebuilt after Cyclone Debbie, but now the tourism industry has taken a knock as there’s no international tourists.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:09Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:09 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenIconic riverfront estate in Brisbane02:10 GROUND FLOOR APARTMENT SPARKS BIDDING FRENZY The property features two helipads and a 25-metre lap pool.Mr Galloway’s father was well known for breeding horses and he also owned the yacht, Koomooloo, which won the Sydney to Hobart in the late 1980s.Mr Algie built the four-bedroom house on the site, boasting 360 degree views to Shute Harbour and Hamilton Island from every room. The property comes with not one, but two, helicopter pads and a 25-metre lap pool. Ray White Whitsunday principal Mark Beale with Hog’s Breath Cafe founder Don Algie at Chesapeake Whitsunday.More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours agoThe sale of the Whitsundays mansion is the largest transaction in the region for two years.It comes as this column reported last week that Mr Algie had sold a block of land he was holding onto for future development in Airlie Beach.The property at 21-23 The Cove Road sold to a prominent local in the real estate industry. Whitsunday Regional Council records show that a site, which can never be built out, was granted a development permit for change of use to short-term accommodation in July. The sale comes as agents in Queensland’s far north report unprecedented demand from southerners looking for luxury tropical getaways. Hog’s Breath Cafe founder Don Algie has just sold his mansion at Airlie Beach.Ray White Whitsunday principal Mark Beale said his team had just sold more than $21 million worth of stock in August and was fielding “dozens of calls” a day from southerners ready to travel to Airlie Beach as soon as the lockdown was over and the borders reopened.“So many people are looking to buy a holiday home in Airlie Beach with the option of living here full time or working from home,” Mr Beale said. “It feels like everyone from down south wants to have a property here. So many of our buyers are working remotely anyway.“Next time there’s a pandemic they will escape the lockdown as things are pretty much normal compared to down south. Rentals are going nuts. Holiday letting inquiries are very strong in particular for the expenses homes at Mandalay and on the waterfront in Airlie Beach.” INTERSTATE BUYERS LOOKING TO ‘BUG OUT’ TO THE REGIONScenter_img Ray White Whitsunday has sold ‘Chesapeake Whitsunday’, a three-storey house perched on a mountain 300 metres above Airlie Beach.HOG’S Breath Cafe co-founder Don Algie has sold his hilltop Whitsundays mansion in the region’s biggest sale in years.The local legend, who opened his first restaurant in Airlie Beach back in 1989, has offloaded the three-storey property known as ‘Chesapeake Whitsunday’ at 3/188 Mandalay Road to horse racing personality Alan Galloway.The off-market sale, through the Ray White Whitsunday office, is the highest sale price achieved on the Whitsunday mainland since 2018, when Mandalay estate sold for $14 million to a Sydney family. RELATED STORIES: BRISBANE SECURES AUSTRALIA’S TOP AUCTION SALElast_img read more

Experts warn of sharp fall in house prices

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:46Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:46 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCOVID renter FAQs answered!01:46 MORE: 28-year-old buys house sight unseen, again “Nevertheless, we believe house prices will face downward pressure nationwide, as supportive factors will be outweighed by the impact of the change in net immigration, along with high unemployment and general economic uncertainty.”“Indeed, risks to our forecast for house prices are skewed to the downside, and price falls could exceed 10 per cent if our assumptions about the path of the pandemic prove to be overly optimistic.”The comments came after Fitch modelled the risk to house prices associated with the impact of the pandemic for 2021. Fitch Ratings expects house prices to face downward pressure nation wide but inner Sydney and Melbourne units would be hardest hit.“Fitch estimates that immigration into Australia has added approximately 1 per cent to GDP annually over the past 10 years. An end to pandemic-related travel restrictions could result in a rapid reversion of immigration to previous trends, and we expect new permanent arrivals to remain a driver of medium-term growth.”But, it said, “we do not expect restrictions to be eased until well into 2021, and there may be public pressure on the authorities to limit immigration in the near term as long as unemployment remains high”. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:37Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:37 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenSpring selling predictions for 202002:37 Ugly duckling no more after massive three-year renovation Thousands of affordable homes in limbocenter_img Australia net immigration. Source: Fitch Ratings“Immigration had already been slowing prior to the outbreak of the pandemic, but has plunged since the health crisis led to strict controls on international travel,” Fitch said. “The Australian government in May predicted that immigration would fall by 15 per cent in the year to June 2020 (FY20) and by a further 85 per cent in FY21. This would represent a fall of almost 200,000 permanent arrivals in FY21 relative to FY19, and mark the lowest level of net immigration since June 1993.” Inner city units in Sydney and Melbourne were expected to be hardest hit.It estimated that around 76,000 fewer dwellings would be required as a result next year.“Assuming the natural population increase remains similar to previous years, Fitch estimates the population growth for Australia will reach just 0.7 per cent in 2020, a level not seen in the past 40 years, and down from 1.4 per cent in 2019.”Hardest hit from the fall in immigration-led housing demand would be the inner suburbs of the two major southern capitals, it said.“Price declines will vary between regions, and transactions that have collateral concentrated on inner city units in Sydney and Melbourne may be more affected,” it said. Fitch Ratings table over fallout of immigration ban on housing.Fewer adult children moving out was also hitting demand, it said.“The exceptional uncertainty related to the current recession, and its disproportionate impact on young people, is likely to reduce household formation and property demand even more.”It said some factors helped including a significant fall in housing approvals with Australian Bureau of Statistics figures showing 171,000 housing approvals were granted in FY20 – way off the year to August 2016 peak of 243,000.Fitch also pointed out that monetary policy had eased, which could support house prices as well as any government policies specifically targeting support for the housing sector.More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours ago LATEST REAL ESTATE NEWS Around 76,000 fewer dwellings were expected to be needed next year as a result of the fall in immigration. Picture: Alan BarberA ban on immigration could make the next few months a great time to buy a house, with COVID-19 sparking conditions not seen in 40 years.The COVID-19-induced ban is set to see Australia hit a giant population slump, the likes of which we have not seen in four decades, according to market experts, Fitch Ratings.The agency’s analysis predicted that Australian house prices would fall by 5 to 10 per cent in the next 12 to 18 months as a result, spared by an estimated 76,000 fewer dwellings required in 2021 because immigration will have dried up.last_img read more

Petrobras in strategic partnership with CNPC

first_imgPetrobras CEO Pedro Parente and Vice President of CNPC and CEO of PetroChina Wang Dongjin on Tuesday signed a memorandum of understanding in Beijing to structure a strategic partnership.Pursuant to this MoU, the companies agreed to jointly evaluate opportunities in Brazil and abroad in key areas of mutual interest, benefiting from their skills and experiences in all segments of the oil and gas supply chain, including potential financing structuring.For Petrobras, the achievement of partnerships is an important strategy of the 2017-2021 Business and Management Plan, the Brazilian company explained. Strategic partnerships have the potential benefits of sharing risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and the enhancement of corporate governance,For CNPC, the partnership with Petrobras reinforces its interest in investing and increasing its activities in Brazil.Petrobras and CNPC have been partners in the Libra area since 2013, which is the first contract under the production sharing agreement regime, located in the Santos Basin pre-salt layer.last_img read more

Royal IHC Expert at Dredging Today Conference

first_imgThe countdown has begun for the first ever Dredging Today Conference that will take place on 9 and 10 October 2017 at Amsterdam RAI Convention Center, under the theme ‘Changing Climate, Resilient Business’.We are pleased to announce that Mr Erik van der Blom, Development and Innovation Manager at Royal IHC, has just confirmed his participation to our first Dredging Today Conference (DTC).The Dredging Today Conference will offer a forward-looking agenda for the industry addressing economic, social and environmental challenges and the capabilities of the dredging industry to tackle these.DTC is distinctive in its choice of speakers from around the globe, its room for dialogue and its attention for business rather than technology. The conference is supported by the International Association of Dredging Companies (IADC).An important part of the conference is dedicated to climate change, adaptation and resilience. Topics include the impact of climate change on the dredging industry, available funds for climate adaptation solutions, changing client demands and future proofing business strategies.DredgingToday Conference: Changing Climate, Resilient BusinessThe world in which the dredging industry operates, is changing. Climate change, global trade developments and shifts in the world’s energy mix have significant impact on dredging. But where will the effects of climate change be felt most? And what public funds are available to pay for solutions that can protect vulnerable regions? We are also witnessing changes in client demands and with these in the role of dredging contractors. What business strategies do we see emerging and ultimately – what makes the dredging industry future proof?Delegates attending the 1st Dredging Today Conference can expect a forward-looking agenda with attention for business rather than technology.last_img read more

STX Cuts Steel for 1st MSC Meraviglia-Plus Class Ship

first_imgFrench shipbuilder STX France cut the first steel on Wednesday, November 15, for MSC Cruises’  first Meraviglia-Plus class ship, to be named MSC Grandiosa. The Meraviglia-Plus ships are a further evolution of the Meraviglia class prototype, increasing their gross tonnage to 181,000 GRT, 1,086 ft. in length and maximum capacity of 6,334 guests.The Meraviglia-Plus ships will feature the very first fine art museum at sea and Cirque du Soleil at Sea.“The Meraviglia generation of ships is already setting a new standard for the cruise industry and is just one of the three brand new prototypes that we have designed to bring the cruise guest experience to the next level. MSC Grandiosa is named to signify magnificence and grandeur, a fitting name for this even richer, ultra-modern mega-ship,” Pierfrancesco Vago, executive chairman of MSC Cruises, said.“Of course, over and above everything else, these ships will be once again at the forefront of environmental technology at sea. In fact, amongst other innovations, they will feature the latest hybrid exhaust gas cleaning systems, SCR-Catalysts, state-of-the-art waste management and recycling capabilities, emission-reducing energy and heat recovery systems, and highly advanced wastewater treatment,” Vago added.Another construction milestone was achieved at the yard on the same day- the traditional coin ceremony for MSC Bellissima.Namely, two commemorative coins were placed into one of the ship’s blocks as a sign of blessing and good fortune for the ship and its crew.The two mega-ships — MSC Bellissima and MSC Grandiosa — are due to come into service in March 2019 and November 2019, respectively.“Today as we celebrate a cutting of the first steel and then a keel laying in the same day, we are living an unprecedented experience that marks the beginning of a new era, both for our client and for our yard,” said Laurent Castaing, general manager of STX France.The two ships are part of MSC Cruises’ongoing investment plan, which includes the development of new prototypes for each of the three new classes of ships – the Meraviglia class, Seaside Class and World Class.In June 2017, MSC Cruises launched the first of these new ships, MSC Meraviglia in Le Havre France, and will welcome MSC Seaside to Miami in December. In June 2018, MSC Seaview will join the company’s fleet.Under the nearly EUR 10 billion plan, six out of 11 new ships total will have come into service between June 2017 and November 2020, doubling MSC Cruises’ fleet capacity in just three and a half years.Image Courtesy: MSClast_img read more

Offshore Wind Brings Two More Companies to Lowestoft

first_imgRed Nine, a company providing solutions in the inhospitable and remote locations for the oil and gas sector, has set up an office at the OrbisEnergy hub at Lowestoft in Suffolk, UK, in order to offer its services to the offshore wind sector.Red Nine believes that setting up its first UK office in the OrbisEnergy building will help broker solutions to colleagues in the offshore wind sector.Alan Leech, Red Nine Director and Consulting Engineer, said: “OrbisEnergy is a key location for developing offshore renewables. We have years of experience offshore, in oil & gas, but moving to OrbisEnergy will help us diversify and develop into the offshore renewables industry with a real emphasis on providing cost-optimised solutions. We will start with a two-man office, but plan to grow.”Red Nine Director Alan LeechRed Nine is one of the two businesses that recently opened an office at OrbisEnergy. Namely, Norwich-based Vissim Renewables, a provider of monitoring systems for ships, personnel and assets ranging from wind farms to military missile ranges, also decided to set up an office at the hub.The company hopes to use the new location to set up a marine control suite which will be used for training for up to six people, but can also be used as a standby control suite for clients if their own has problems.“This is an ideal coastal location – because we can rub shoulders with others in the offshore wind world, and it is as close as you can get to the wind energy environment,” Managing Director, Glyn Grayson, said.Glyn Grayson with colleagues James Offord and Rachel MorrisOrbisEnergy, opened in 2008, is an industry incubator owned by Suffolk County Council and managed by enterprise agency Nwes.The hub, home to 160 tenants, is close to a number of developing offshore wind farms.last_img read more

McDermott back to black as revenues increase

first_imgHouston-based engineering, procurement, construction and installation company McDermott International wrapped up 2017 with a fourth-quarter profit of $25.5 million.According to McDermott’s financial report announced on Wednesday, the company returned to the black with earnings of $25.5 million in the last quarter of 2017, compared to a net loss of $0.5 million for the same period of 2016.As for the company’s fourth-quarter 2017 revenues, McDermott saw an increase of $76.3 million when compared to 4Q 2016. Namely, the company’s revenues increased from $641.8 million to $718.1 million.The key projects driving revenue for the fourth quarter of 2017 were the Saudi Aramco’s LTA II Lump Sum, Marjan power system replacement, and Safaniya Phase 5 as well as Inpex’s Ichthys project, the company explained.McDermott also said that the increase from the prior-year fourth quarter was primarily due to an increase in Middle East activity, partially offset by a decrease in activity on the Ichthys project which is now substantially complete.The company’s order intake in the fourth quarter of 2017 totaled $2.2 billion, resulting in backlog of $3.9 billion.David Dickson, President and CEO of McDermott, said: “Our strong order intake in the fourth quarter gave McDermott a solid backlog heading into a new year, and we have continued the momentum with our recent announcement of the 13 jackets award from Saudi Aramco in the first quarter of 2018.”McDermott’s full year 2018 revenue guidance is estimated between $3.1 billion and $3.3 billion.It is worth reminding that the closing of McDermott’s combination with CB&I, announced in December 2017, is expected to close in the second quarter of 2018. The proposed deal, with an estimated worth of $6 billion, in January received an early termination of the Hart-Scott-Rodino waiting period.Offshore Energy Today Stafflast_img read more

CSSC, CSIC Deny Merger Reports

first_imgChina State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) have denied reports of a combination saying that they are not planning a merger.The companies released separate notices denying the merger talks following reports that China’s government was looking to combine the shipbuilders in an effort to create an industrial mammoth.On March 30, Bloomberg cited undisclosed sources as saying that China’s state council gave its preliminary approval to merge CSSC and CSIC.The shipbuilders informed that their parent companies have not received any written documents from the government about a merger or held talks on the matter.After the merger reports, Bloomberg informed that the shares of China CSSC Holdings jumped 10 percent in Shanghai, while CSSC Offshore & Marine Engineering Group climbed 6.7 percent.CSSC and CSIC have a combined revenue of at least CNY 508 billion (USD 80.8 billion).World Maritime News Stafflast_img read more