Maritime Vessels Directory

Borr Drilling's Prospector 5 jack-up rig has sunk offshore Gabon after experiencing a punch-through event during preload operations that caused it to lose stability, leaving five people missing and 110 safely accounted for among the 115 personnel on board.In its latest update on October 26, Borr Drilling said extensive marine and air search and rescue operations were continuing for the five missing individuals, while the 110 personnel accounted for were being brought ashore in Gabon, where care and support was being provided.

HD Hyundai, Kiewit Team Up to Build New US Shipyard

2 days ago

HD Hyundai and Kiewit Maritime Co. have announced plans to establish a joint venture to develop a new shipyard in the United States, targeting the start of construction in 2027 and full-scale operations in 2029.The proposed venture, HD Kiewit Shipbuilding LLC, would combine HD Hyundai's shipbuilding technology and shipyard operating expertise with Kiewit's engineering, construction and fabrication capabilities, the companies said.The shipyard is planned for an existing industrial site with deep water and unrestricted access to the Gulf, with the facility potentially supporting up to 3,000 jobs at full operating capacity.

Saipem and MDC Join Forces to Expand Offshore Drilling Activities

3 days ago

Saipem and Egypt's Modern Drilling Company (MDC) have signed a memorandum of understanding (MoU) to explore offshore drilling opportunities in Egypt, with the potential to extend their cooperation to other countries.The non-exclusive agreement covers the identification and development of new offshore drilling business opportunities, with the companies considering different forms of cooperation depending on individual projects.Potential arrangements include joint ventures, consortia and project-specific agreements.The companies will establish a joint coordination committee to monitor market developments, identify potential projects and determine the next steps in their cooperation.

Global Shipyard Orderbook Up 13%, China Dominates

3 days ago

"On 1 September 2026, the global shipyard order book reached an estimated 203.2m Compensated Gross Tonnage (CGT), up 13% from 180.0m CGT a year earlier,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.This is slightly below the all-time high of 210.4m CGT reached in May but remains above the previous record of 195.4m CGT from 2008.Much of the growth has been captured by Chinese shipyards, who secured 74% of the CGT contracted during the past year. This has further strengthened China’s position as the world’s largest shipbuilding nation. Chinese shipyards now hold 64% of the global order book while South Korean shipyards hold 19% and Japanese 6%.

IFM Investors Fund to Acquire Majority Stake in Associated British Ports

3 days ago

Canada Pension Plan Investment Board (CPP Investments) and OMERS have agreed to sell their combined 63.9% stake in Associated British Ports (ABP) to a fund managed by IFM Investors, in a deal expected to close in the first half of 2027.Under the agreement announced on October 21, CPP Investments will sell its entire 33.9% holding, while OMERS will dispose of its 30% stake in the UK ports operator.IFM Investors is a global asset manager, founded and owned by Australian pension funds and the UK pension fund, Nest, with capabilities in infrastructure equity and debt, private equity, private credit, real estate and listed equities.

Maritime Reporter and Engineering News (October 2026)