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TechnipFMC to sell G1201 subsea vessel

first_img Image: TechnipFMC has entered into a memorandum of agreement (MOA) to sell the Global 1201 subsea vessel. Photo: courtesy of TechnipFMC plc. UK-based oil and gas company TechnipFMC has entered into a memorandum of agreement (MOA) to sell the Global 1201 subsea vessel in order to optimise the profile and size of its subsea fleet.The MOA also comprises a collaboration agreement with the purchaser that would offer 5 years of exclusivity for a list of named subsea projects in a specific jurisdiction.It also includes the right of first refusal for other projects not specifically named in the agreement.TechnipFMC also reviewed the carrying value of the G1200 vessel, the sister vessel to the G1201As a result of the MOA, the global oil and gas company also assessed the carrying value of the G1200 vessel, the sister vessel to the G1201, of similar design, asset class and functionality.Taking into account the proposed sales price of the G1201 and its existing book value and the book value of the G1200, TechnipFMC has recorded a non-cash asset impairment charge. The combined non-cash charge was valued at $125m for G1200 and G1201vessels.The MOA is subject to certain conditions for the completion of the deal.TechnipFMC expects to conclude the sale of the subsea vessel in December if conditions are met, including delivery of the vessel in December this year.In October, TechnipFMC secured subsea contract for PetroVietnam Gas’ Nam Con Son 2 Phase 2 gas pipeline development in Vietnam.The engineering, procurement and construction (EPC) contract was awarded by Vietnam’s state-run oil and gas firm PetroVietnam Gas (PV Gas). The value of the contract is estimated to be between $75m and $250m.TechnipFMC will be responsible for the engineering and installation of 118km of rigid pipeline. The UK-based oil and gas company will also carry out fabrication of subsea structures to tie back the existing Nam Con Son 2 Phase 1 gas pipeline to the Long Hai Landfall Station. TechnipFMC expects to complete the sale of the subsea vessel in Decemberlast_img read more

Fest Gear

first_img1. Outdoor Research TerminiIn the thick of summer, the Termini is just what you need to get through long days of festing. Despite the casual look, it’s made of technical, extremely lightweight nylon with an airy fit that will let what little wind’s out there reach you for sweet relief. Add odor control treatment and UPF 30 sun protection, and you’ve found the shirt that will carry you through the weekend. $65; outdoorresearch.com2. Chaco UpdraftA revamped take on the classic Chaco, the Updraft features a lighter streamlined sole with a comfortably sculpted platform that cradles your foot and the expected grippy Vibram® traction on the bottom that you can’t live without. $110; chacos.com3. Kelty LumaSpot RhythmPerfect for campsite illumination and background tunes, the LumaSpot Rhythm is a versatile lantern with a bright, movable spotlight mounted to the top and a built-in MP3 player to keep the jams rolling all night. Bonus feature: multi-colored LED’s can be set to disco mode for your late night campsite dance party. $65; kelty.com4. Sierra Yahi 6 TentTake advantage of basecamp-style festy camping and stretch out with the Yahi 6. The border pole design pops quickly and delivers plenty of room for the whole family or a handful of close friends and a cooler. Two doors and two vestibules mean easy entry and exit, as well as simple organization of gear and other festival essentials. $399; sierradesigns.com5. Crazy Creek New Hex 2.0There’s no hassle bringing the New Hex 2.0 out to the main stage for a set of bluegrass. The lightweight camp chair features high-density core foam for long stints of comfortable chillaxing with your favorite tunes. Plus, when it’s time to bounce around the grounds, it rolls up to only four inches in diameter. $40; crazycreek.com6. Eagles Nest Outfitter SlackWireIn between sets, hook up the SlackWire and challenge your friends to a balance competition. See who has the strongest core with this slacklining wire that sets up in minutes and comes in a convenient carrying case for festy transport. $60; eaglesnestoutfittersinc.com 7. Eureka Sawtooth 45LEureka makes its first foray into backpacks with the Sawtooth, a rugged, durable, and affordable overnight pack. Extensive exterior pocketing keeps water bottles and maps within easy reach, and the roomy interior stows a week’s worth of gear and food. $109; eureka.com8. Scarpa SparkAnother crossover company, Scarpa has long been known for its tough hiking and mountaineering footwear. Now it has released its first trail shoe. The Spark weighs in at a lean 9.7 ounces, yet it has plenty of grip and support for rugged Blue Ridge trails. A minimalist design and a sturdy sole make the Spark a quick, nimble trail shoe for running, fastpacking, or day hiking. Eco-bonus: the Spark is made of 40 percent recycled materials. $115; scarpa.com9. Pura Water BottleMany water bottles claim to be BPA-free, but Pura ensures that every component—from lid to lining—is made from 100%, BPA-free stainless steel. Even the lid is steel, ensuring no sneaky endocrine disruptors leach into your water. It’s also 100% recyclable and made from 60% recycled steel. No other water bottle offers the safety and durability of the Pura. $25; purastainless.com10. Anarchy McCoy SunglassesLightweight and flexible, the McCoys withstood a week of getting smashed, crunched, and sat on. Named after Steve McCoy from the 1972 movie The Getaway, these classic shades provide complete UV protection, and the polarized lenses are especially impressive behind the wheel. Rugged and durable, they didn’t break or scratch after a road trip that involved multiple cars, hikes, and kids. $40; anarchyeyewear.com11. Outdoor Research Helium JacketIt’s as light as its name. The Helium compresses into its own pocket so small that it’s barely noticeable, yet the durable storm shell protects hikers from sudden downpours or cold fronts. The elastic cuffs and drawcord ensure weather-tight shielding. $130; outdooresearch.com12. Carhartt Canvas Cargo PantsCarhartt is synoymous with rugged durability, and the cargo pants live up to the Carhartt legacy. They are ideal for rugged adventure. Made of 7.5-ounce, 100% ring-spun cotton, they offer thigh, multiple tool, and utility pockets and a right leg utility band. They’re quite simply the toughest pants on the planet, yet the cotton is comfortable and lightweight. Wear them on and off the trail for durable, long-lasting comfort and style. $82; carhartt.comClick here for our full list of festivals!last_img read more

Rose Hall Town Area ‘H’ Ground undergoing major upgrading

first_imgTHE Rose Hall Town Community Centre known as the Area ‘H’ Ground is currently undergoing some major restoration work due to the efforts of Guyana’s number one youth and sports organisation and the Regional Democratic Council of Region 6.The Area ‘H’ Ground is the home base of the Rose Hall Town Youth & Sports Club, MS and since 1990, the club has been spearheading the efforts to transform the venue from a swampland into a modern sport facility.With funding from the Region 6 Regional Democratic Council, the entire outfield of the ground has been boosted with a large amount of suitable clay and has been leveled.Two new cricket pitches have also been constructed measuring 80 feet by 23 feet and have crusher-run as their foundation. The pitches have also been constructed six inches above the ground while special work has also been done on the two bowlers’ run-up.The Club and its ten cricket teams would shortly be installing 410 running feet of boundary boards while four electric lamps would be installed around the all-weather court to allow its usage in the evenings.Secretary/CEO of the Rose Hall Town Youth & Sports Club, MS, Hilbert Foster also disclosed that earlier in the year, the Ministry of Sport had contributed $1M towards restoration of the outfield and stated that in the future the Area ‘H’ Ground would be one of the best facilities in Berbice.Additionally, the Rose Hall Town Youth & Sports Club also received assistance from the Regional Democratic Council to cover the front part of the Rose Hall Town Primary School compound with asphalt at the cost of millions of dollars as part of the Club’s Community Developmental Programme.The Club on an annual basis uses the school compound to host its popular Christmas Village Project.Foster expressed gratitude to Regional Chairman David Armogan, Vice-Chairman Dennis Deroop, Regional Executive Officer Kim Williams-Stephens, engineer Mr Ali, Mayor of Rose Hall Town Vijay Ramoo, contractors Annirud Ramcharitar and Peter Lewis for their cooperation.The club would also be receiving assistance from another government agency to plant grass on the relaid outfield while funding would be sought to construct an indoor training complex so that Rose Hall Town Youth & Sports Club cricketers can practise all year round, despite the rainy season.Foster recalled that when the Rose Hall Town Youth & Sports Club was founded in 1990, the Area ‘H’ Ground was virtually a swampland.The Club single-handedly financed over $25M to transform it into its current state and works done included fencing of the entire ground, internal fence, two sightscreens, concrete pitch, scoreboard, sanitary facilities, charity kitchen, storage room, three pavilions, all-weather court while a children’s playfield was constructed at the entrance of the ground.The Area ‘H’ Ground, despite its shortcomings, has produced a total of sixteen national cricketers, one hundred Berbice players and five for the West Indies at all levels.Additionally, the Rose Hall Town Youth & Sports Club won three National Championships, five Guyana Cricket Club-of-the-Year Awards, over fifty major cricket tournaments and is the only cricket club in the history of Guyana to have ever received a National Award.Vice-President Mark Papannah praised the cooperation of the Region 6 Regional Democratic Council and expressed confidence that the relationship between the David Armogan-led Regional Democratic Council and the Rose Hall Town Youth & Sports Club would be strengthened in the future to benefit more youths in Guyana’s smallest township.last_img read more

Why Barcelona and Messi might be heading for a convenient divorce

first_imgBarcelona might well be a club on the brink of institutional crisis.There are problems in La Masia where the production line is malfunctioning. The style of play in the first team under Luis Enrique betrays the principles that brought Barca widespread acclaim – and titles – under his predecessors.He has the Messi – Suarez – Neymar trio at his disposal but has laid waste to Barca’s controlled style to make sure they get the ball quickly and often.Enrique preparing tactical switchThe transfer policy under sporting director Robert Fernandez is turning up more misses than hits, including signings such as Paco Alcacer, Aleix Vidal and Arda Turan.There is bound to be upheaval at Camp Nou this summer. Barca could well be looking at an outlay of more than €100m – yet again – just to get the squad up to standard. The problem is that they’ve not got that amount to spend.The late summer signing of Andre Gomes from Valencia was part-financed by bringing forward a portion of the 2017 transfer budget – estimated to be a shade under €30m – meaning they will only have around €60m to play with. For that you might get Marco Verratti’s left foot and not much else.Then there is the issue of Lionel Messi’s contract. The 29-year-old has not yet reached a deal with Barca regarding the renewal of his current deal which expires in 2018.Barca are right at the very top of their wage budget as things stand – sustaining the MSN trident is no cheap trick – but will have to match Messi’s demands. As he is the only superstar currently pulling his weight, he will be entitled to ask for his market value.Messi is more than halfway through a four-year deal worth a basic €32m per season after tax but it’s structured unconventionally. For the first two seasons of that deal Messi received €22m. This season – and next – he receives €42m.Messi will no doubt be expecting an improvement; at least €35m per season for the duration of another four-year term. He has scored 19 goals in 20 league games this season and is shouldering an increasing burden for Luis Enrique’s side, so it would appear to be a no-brainer for Barca to pay up.Messi’s interests – however – might not be best served by remaining in Catalunya this summer.These are not the conditions in which Messi can sustain his own streak of success. Barca are on a downward trend – unless something drastic happens – and Messi deserves more than enduring the whistles and boos of a Camp Nou crowd frustrated by a lack of progress.Barca is all Messi knows. He is the clear boss having grown into the role as leader following the departures of big personalities like Carles Puyol, Xavi Hernandez and Dani Alves. The team is bent to his will.Barcelona’s 2016-17 season, however, has laid bare the extent of their structural deficiencies not just on the pitch but off it. Messi’s contributions – such as his double against Leganes last weekend – are serving to paper over the cracks. The significant fan dismay around Camp Nou – including recent boos and whistles against Gomes – is said to have agitated him. What Messi deserves is the assurance that Barca can build a team around him good enough to compete with Real Madrid for the biggest trophies in Spain and in Europe. Currently they cannot make that promise to him.Barcelona are going to have to rebuild their team and strengthen it for the coming seasons but that is not what Messi needs. Barca’s financial constraints mean that they cannot build easily. Messi wants a team good enough to sustain a treble bid but the irony is that he might have to leave for them to afford it. The indulgence of MSN costs a lot both in terms of investment and identity.It might be easier for them to create a side without him, as painful as that might sound, and that’s why a divorce is not as unthinkable as it once was.It would not be completely without precedent. Former Barca president Sandro Rosell has revealed that the time to sell Ronaldinho was after winning the Champions League in 2006 and admits he would have done so had Cristiano Ronaldo or Kaka been available.Zidane: our lead is nothing “When you are Barca manager you have to be cold-blooded,” he said to El Periodico.Messi’s buyout clause stands at €250m but Barca would accept significantly less than that with only one year on his contract. Let’s say for example they take in €150m for him plus the €140m-odd in saved wages over the life of another four-year contract. Those are not inconsiderable sums – especially for a team sorely lacking balance in the squad.Once upon a time homegrown players like Victor Valdes, Puyol, Sergio Busquets, Xavi, Andres Iniesta and Pedro were coming through and ensuring massive fees were not needed to maintain that balance. Those days are over.The pain of losing Messi is going to come some day for Barcelona. When all is said and done he will have led them through their most successful period in history. Will he retire there? Will he decline?Footballers usually get around a decade at the very top and in that respect Messi is already in added time. Wouldn’t it be prudent – and not to mention brave – for Barcelona to cash in while the price is high and ensure they can move forward?last_img read more