KS Drilling scraps ZPMC offshore rig order

first_imgSingapore’s KS Energy, via subsidiary KS Drilling, has reached an agreement with ZPMC to cancel a jack-up rig construction order signed in 2014.For illustration purposes only – KS Java Star – Image source: KS Drilling“The termination agreement was reached following discussions between KS Drilling and ZPMC. Pursuant to the Termination Agreement, KS Drilling shall not take delivery of the Rig,“ KS Energy said.“There is no material impact on the operations of the Group due to the Termination Agreement however the costs of construction relating to the Rig which were previously capitalized with a book value of US$12.6 million as at 31st March 2019 will be written off,” KS Energy said.As previously reported, Singapore Exchange in April sought an answer from KS Energy on whether the company and the group could continue to operate as a going concern, that is, if it would be able to meet its obligations as and when they fall due.The SGX query followed a report by independent auditor KPMG, which at the time highlighted that KS Energy’s current liabilities exceeded current assets, and pointed to the Group’s capital commitments of $489 million as at December 31, 2018, with “currently no financing arrangements put in place to meet the obligations.”Related: KS Energy in $4.9M rig deal as auditor casts doubt on driller’s ability to stay afloatThe $489 million commitment was related to two newbuild jack-up rigs under construction in Chinese shipyards Cosco and Shanghai Zhenhua Heavy Industry Co, (ZPMC). While the ZPMC rig order has now been canceled, it is unclear what the status of the other rig under construction at Cosco yard is.To remind, the drilling firm ordered the newbuild jack-up rigs from Cosco and Shanghai Zhenhua Heavy Industry in October 2011, and October 2014, respectively.The first rig was originally to be delivered in February 2014, and the second in September 2016. According to KS’ recent statements, after several revisions of delivery dates, the Shanghai Zhenhua Heavy Industry-built rig was to be delivered on December 31, 2018 (now canceled), and the Cosco rig on December 2019.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more

Stewart, Storm surge past Mystics 98-82 for WNBA title

first_imgSeattle Storm forward Natasha Howard (6) and Washington Mystics forward Monique Currie (25) fight for the ball during the second half of Game 3 of the WNBA basketball finals, Wednesday, Sept. 18 2018, in Fairfax, Va. The Seattle Storm won 98-82. (AP Photo/Carolyn Kaster) “We thought, ‘Oh, crap, what kind of year is this going to be?’” Bird reminisced.The answer came nearly four months later with a championship.Stewart led the Storm to their third WNBA title Wednesday night, scoring 30 points in a 98-82 victory over the Washington Mystics in Game 3 of the best-of-five series.Natasha Howard added career-high 29 points and 14 rebounds for the Storm. Seattle won 26 games during the regular season — 11 more than the 2017 campaign — entered the playoffs as the No. 1 seed, and swept the finals.Stewart was the league MVP and was selected the Finals MVP after averaging 25.6 points in the three games. She scored 17 points in the first half as the Storm raced to a 47-30 lead.“Stewie was just amazing,” Storm coach Dan Hughes said. “She truly was the MVP of this league. She truly was the MVP of these Finals. God blessed me with an opportunity to coach her and I will be forever grateful.”Seattle Storm forward Breanna Stewart holds and poses with the trophy with her teammates after Game 3 of the WNBA basketball finals against the Washington Mystics, Wednesday, Sept. 12, 2018, in Fairfax, Va. The Storm won 98-82 and the title. (AP Photo/Nick Wass)Bird, also a member of a Seattle’s championship teams in 2004 and 2010, was certainly appreciative of the title — and the growth of the Storm’s younger players. Seattle landed Jewell Loyd and Stewart, both All-Stars in 2018 with Bird, with the No. 1 overall picks in 2015 and 2016 respectively.“Each (championship) is special in its own way, but this one is probably going to have a different meaning for me,” said the 37-year-old point guard who had 10 points and 10 assists. “There is probably no comparison to be honest. I didn’t know if I’d be playing at this point. Our team went through a rebuild and yes, I decided to stay. Once we got Stewie and Jewell, we knew we’d get to the other side, but how do you know you’re going to get to the other side this fast?”The coach sensed something brewing early in his first year with the franchise. Following the Phoenix loss, Seattle won five in a row.“I think this was our year,” Hughes said. “All year you could just see the escalation.”Elena Delle Donne scored 23 points for the Mystics. Kristi Toliver had 22 points.“Obviously, this finals didn’t go the way we wanted it. The great thing is we can still improve. We don’t feel like we peaked and this is it for us,” Delle Donne said.Washington reached the Finals for the first time in franchise history. Seattle Storm forward Breanna Stewart, back, celebrates and hugs guard Sue Bird (10) after Game 3 of the WNBA basketball finals against the Washington Mystics, Wednesday, Sept. 12, 2018, in Fairfax, Va. The Storm won 98-82. (AP Photo/Nick Wass) FAIRFAX, Va. (AP) — Sue Bird and Breanna Stewart fretted following the regular-season opener after the Seattle Storm lost at home to the Phoenix Mercury. “There’s been a huge transformation with the culture of this team,” said Delle Donne, who was acquired by Washington before the 2017 season. “Last year we were brand new. I didn’t know (Toliver’s’ favorite) beer. That’s a pretty important thing to know about Panda. Now I can go to the bar and order her everything she needs.Toliver, seated next to the first-team All-WNBA player, chimed in. “I’m going to need a lot tonight.”Alysha Clark had 15 points for Seattle.Washington battled Seattle and history. Since the league went to a best-of-five format in 2005, four teams trailed 0-2. Each lost Game 3. The Mystics joined that unwanted club. Poor perimeter shooting contributed. Washington finished 8 of 23 on 3-pointers in Game 3 and 11 for 60 (18.3) in the series.Despite the misfires, Washington rallied from down 18 points to trailing 72-67 with 6:49 remaining. Starting with a Stewart 3-point play, Seattle countered with eight consecutive points and pulled away.“We were up at halftime, but we knew D.C. was going to come back,” Stewart said. “It was how we countered that when things got close. That’s what really separated us again.”This is likely just the beginning for the dynamic 24-year-old forward, who won the NCAA Championship during each of her four seasons at the University of Connecticut.“It didn’t feel like my first WNBA finals closeout game,” the poised Stewart said.Bird understands her career is nearing the end, even though she remains among the league’s best. One of the league’s most decorated players also grasps the impact of her latest triumph.“This is probably going to be one of the most defining moments of my career,” Bird said.TIP-INSThe location, George Mason University, marked the third arena Washington has called home this season and the second in the playoffs. … Washington starting center LaToya Sanders sprained her left ankle diving for a loose ball in the third quarter. She was carried to the locker room and did not return. … Among those in attendance were Washington Wizards guards John Wall and Bradley Beal, University of Connecticut coach Geno Auriemma, University of Maryland coach Brenda Frese and Washington Redskins running back Derrius Guice.last_img read more

If it walks like a duck and throws like a duck…it’s Devlin ‘Duck’ Hodges! (Dec. 18)

first_img:10—Yeah, I am on board, big time. And for you “Never Duckers,” allow me to remind you why it’s been said you can never measure the size of a man’s heart. Here are a few reminders. Spud Webb, Eddie LeBaron (the shortest QB of all-time—5’7” —168 lbs), Muggsy Bogues, Doug Flutie. Just a few of the legends that knew one thing and one thing only…How To Win! Quack…Quack!!!.:09—Never you mind that the 2019 Heisman Trophy winner looks like he’s 16 years old, Joe Burrow throws the football like a 30-year-old veteran. Throwing for 48 touchdowns with only six interceptions for a grand total of 4,715 yards. His 2,608 points was the largest winning margin in the history of the Heisman voting. And was 1,846 more points that second-place finisher Jalen Hurts. The LSU star will now set his sights on NCAA Championship Gold.:08—Mama let your boys grow up to be pitchers…Major League pitchers that is…based on Gerrit Cole’s new contract with the Yankees for $324 million. And to think he used to be a Pittsburgh Pirate. C’mon Man!:07—If you need to add some spice to your life, go see “The Irishman” starring Robert De Niro, Al Pacino and Joe Pesci. The true-to-life story about the mob and who may have really done away with Jimmy Hoffa as told by Frank Sheeran, the alleged hitman. Even if his story is half-true, it still shakes you to your core. 4 basketballs…almost 5. But it’s that good. “Yeah, I am talking to you!”:06—Oh, by the way, here’s two things you need to know. #1. Anytime Mr. Doss, editor and publisher of the New Pittsburgh Courier, calls me to lend a helping hand, I am coming. Mr. Doss has been very, very good to me. But when he calls me to help 50 fabulous, intelligent, beautiful women to be recognized and honored, I am there faster than you can say “Party Over Here!” #2. I don’t know if you heard, but the Pittsburgh City League High School Hall of Fame Awards had its sixth consecutive sellout of 500-plus. I know ya’ll are waiting to see the story. In the immortal words of the great Sam and Dave – “Hold on…I’m coming!”:05—And let me squeeze this in cause Mr. Doss and R.T. done told me to back it up. If anybody has kids ages 5-12 that want toys, bring them to the East Liberty McDonald’s by Staples for our 45th consecutive Toys for Tots Christmas Party. Kids must be present—no exceptions—Saturday, Dec. 21, noon to 4 p.m.. Hey…It’s Christmas!:04—You mark my words, and I am not really hating on the brother. But someone will figure out a way to stop Ravens quarterback Lamar Jackson. You can mark this, too…remember we held him down better than any other team. I am just sayin’.:03—Hey Brother Zik, yes, you my Akron LeBron James/anti-Laker man. My Lakers are back and with my favorite all-time player LeBron “King” James. (That’s right, I said it. Now what?):02—Hold up…wait a minute…turn the music up, you mean to tell me the five top titles to be bestowed upon women in pageantry has gone to Black women!?!? MMMAAANNN that’s powerful. “Make ya want to holler and throw up your hands!”:01—And that’s as fine a way as possible to close by saying…You all know Trump Must Go! But it will never happen unless you vote. You-Must-Vote!!!:00—GAME OVER.DEVLIN ‘DUCK’ HODGES (Photo by Courier photographer Brian Cook Sr.) (Feature Photo)by Bill Neal, For New Pittsburgh Courierlast_img read more