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LR and Fincantieri marked a milestone in their long-standing relationship earlier this year with the delivery of the Discovery Princess cruise ship – the 75th vessel to be built to LR class by Fincantieri.

We recently spoke to Fincantieri’s Luigi Matarazzo (pictured right), General Manager of Fincantieri’s Merchant Ships Division, about the shipbuilding group’s relationship with LR, the maritime energy transition and digital transformation in the shipbuilding industry.

The relationship between LR and Fincantieri dates back to 1990. How would you describe your relationship and collaboration with LR?

LM: First of all, I would describe it as a valuable relationship from many points of view. In a complex sector such as the one in which we operate, characterised by high-profile technological projects and competition on a global scale, it is essential to establish relationships built on mutual trust, and this is what we have been able to do with LR. I want to add that this type of approach, based on solid relationships, has always belonged to our group and we identify it as one of the keys to success for us and for the partners we work with.

With Covid-19 increasing the appetite for digital technology, how is the digital shipyard concept progressing and how does digital class co-exist with this journey?

LM: Not only the impacts of Covid-19, but also the challenges related to the maritime energy transition, require a radical transformation of business models. The pervasive use of intelligent devices, Internet of Things and artificial intelligence, is already having an impact in most industrial sectors, including the design, production and construction processes in segments related to the maritime sector and others in which Fincantieri operates. The world of digitalisation also poses important challenges in the context of the development of pervasive and efficient network infrastructures, in the management of increasingly relevant quantities of data and in the extraction of value from data analysis. We are fully engaged in this process.

With the shipping industry in a state of transformation, how will this impact the shipbuilding sector? What role is Fincanteri playing?

LM: Despite the pandemic, in 2021 Fincantieri acquired 3.3 billion euros of orders and created over 800 direct jobs in Italy and over 3,800 in related industries thanks to increases in our workforce. The results achieved in the last year provide concrete proof of the effectiveness of the strategic choices made by Mr. Bono and the management and the ability to respond to highly critical situations, with reference to the health emergency but also to the conflict in Ukraine, which introduces further uncertainties. In other words, solidity and reliability are objectives that we have set ourselves to pursue in all circumstances, even in the exceptional ones of recent years, and the entire sector benefits from them.

What do you foresee will happen in the run up to 2050? Can you share any insights on the dominating alternative fuel pathways and technologies?

LM: In order to achieve decarbonisation of the maritime sector it will be necessary to act in an integrated and phased manner on multiple fronts. This process will not be determined with constant technology: a breakthrough is needed, a revolutionary innovation. To achieve climate goals, hydrogen and other alternative sustainable fuels will play a decisive role. But many other intermediate steps are still necessary, which will imply the coexistence of multiple solutions. Furthermore, it is essential to recognise that the variety of the sector will not allow the adoption of a ‘one size fits all solution’, but multiple technological trajectories will be required.

Fincantieri is seen as a world shipbuilding success story. What is your vision for the company but also your country’s shipbuilding industry as a whole?

LM: Our vision for the future of the industry is linked to what we call the ‘green ship’. On our side, Fincantieri aims to solve the green challenge through a holistic approach, covering all the onboard sub-systems. Future research will be focused on reducing air and water emissions, greater innovation of onboard waste management systems and disposal systems and reducing noise and vibrations. Furthermore, we support the green fuel switch also by harnessing renewable energy, and we believe in new technologies for decarbonisation such as fuel cells and encourage the use of high-performance materials and eco-design ideas. The road that leads to a different future is still long, but it has been undertaken with determination and today we see the goal is a little closer.

What does sustainability mean to Fincantieri?

LM: A company is sustainable when it generates value for the future, not just in the current moment. We are a reference point in industrial culture and this position comes with the responsibility to act in a sustainable manner. Thus, it is in our interest to combine competitiveness with environmental sustainability and social responsibility. Therefore, we are continuing on our path to sustainable success with the adoption of an integrated strategy capable of combining business growth and financial stability with social and environmental sustainability.

2022 marks the 150-year anniversary of LR in Italy. Since the first LR surveyor in Genoa was appointed in 1872, LR has supported Italy to become a global leader in passenger ship building. Sharing rich maritime heritage, LR and Fincantieri have together achieved numerous notable industry firsts, such as Carnival Destiny, delivered in 1996, the first cruise ship over 100,000 GT and the world’s largest cruise ship at that time. Grand Princess was also the largest cruise ship in the world when delivered in 1998. Additionally, LR classed the first dual fuel/LNG ferry ever built in Italy – F.A Gauthier, delivered by Fincantieri in 2015.
Source: Lloyd’s Register


The June 22 vote also adopted positions on a carbon border tax and social climate fund, making up three key pillars of the “Fit for 55” package.

The proposals will next be negotiated with member states, a process which may prove difficult as Europe faces rising energy prices, high inflation and war in Ukraine.

The European Community Shipowners’ Association (ECSA) welcomed the European Parliament’s support for ETS, particularly the Ocean Fund and pass-through of ETS costs to vessel operators.

The parliament’s position would create a shipping industry fund to invest 75% of ETS revenues generated by shipping to support the sector’s transition to greener energy. The pass-through would make a vessel’s commercial operators contractually liable for ETS costs, the subject of some friction between owners and operators.

The EU ETS is set to come into force in January 2023 with a four-year adjustment period. For shipping, the ETS will cover 50% of emissions from voyages to and from third countries during the transition period, and 100% of those emissions from January 2027. Parliament also rewrote a phased transition for shipping companies over the four-year period, instead opting for payment of 100% of due allowances from January 2024.

“The Parliament’s vote is a strong signal that the European policy-makers listen to us and take into account the proposals of our sector. We need all hands on deck and the role of the commercial operators is key for reducing emissions,” said ECSA secretary general Sotiris Raptis.

“The earmarking of the revenues to shipping is a prerequisite for financing the uptake of cleaner fuels. It’s a make-or-break moment for the decarbonisation of shipping and the competitiveness of the sector” said Raptis.

The latest vote followed a tense vote on June 8, in which the ETS was rejected after attempts to water it down, and members jeered and booed in the chamber.


Chinese and Indian buyers are keeping Russia’s oil export industry afloat, providing critical foreign revenue for the Russian government, according to the latest market data from research firm Kpler.

The numbers show that Asian refiners are now buying an extra 500,000 barrels a day, absorbing almost exactly the same amount that European buyers have cut back. Meanwhile, Indian imports have soared from a negligible volume last year to 840,000 barrels per day last month.

For perspective, according to numbers from TankerTrackers.com, all BRICS nations combined were buying 520,000 bpd of Russian oil in the month before the invasion.

One reason for the shift is price: Russian crude is trading at a heavy discount due to its invasion of Ukraine, and it is now worth about $30 a barrel less than Brent on the open market. The discount and geographic shift are a product of the efforts of NATO-allied nations to exit Russian energy. The U.S., UK and Canada have banned Russian oil imports, and the EU is taking steps to exclude Russian oil cargoes from its own borders and from the global marketplace. Working together with the UK, the EU plans to ban European companies from providing marine insurance cover for any Russian oil, anywhere in the world. This would exclude Russian cargoes from the overwhelming majority of the P&I and reinsurance markets.

However, Russian energy exporters say that they have already begun to arrange their own domestic insurance in order to keep commerce moving. State-owned shipping company Sovcomflot has new cover from another state-owned enterprise, the Russian National Reinsurance Company. In addition, Sovcomflot has reportedly arranged to have its fleet classed by a well-known class society by working through a subsidiary in Dubai.

While these workarounds might appear to subvert the allied pressure campaign on Moscow, the diversion of Russian oil may also come as a relief to some. If Russian crude were fully removed from the market, the price of Brent could soar to $185 a barrel, according to JP Morgan. This is not lost on the U.S. and its NATO allies: the FT reports that the White House has quietly asked its European partners to consider softening the insurance ban on Russian oil, fearing that extreme oil prices could damage the economy.


Evergreen took delivery today on its newest containership, Ever Alot, which its Chinese builders are highlighting as both the world’s largest containership and their first 24,000 TEU construction. While the vessel is the same dimensions as the South Korean-built members of Evergreen’s A Class, the Chinese design resulted in a slight increase in capacity taking the ship to a rated capacity of 24,004 TEU. The South Korean-built Ever Ace delivered in the summer of 2021 by comparison is rated at 23,992 TEU.

The new Ever Alot is the first of the vessels China’s Hudong-Zhonghua Shipbuilding Co, a subsidiary of China State Shipbuilding Corporation is building for Evergreen. The vessel was delayed by the recent lockdowns in Shanghai, so she will be closely followed by a sister ship Ever Aria. The images released by CSSC show the sister ships side by side at the shipyard’s outfitting berth.

The Chinese-built ships were independently designed by Hudong-Zhonghua and the yard reports that it owns the ship’s intellectual property rights. To impress the magnitude of the ship Chinese media is providing a range of comparisons. The mega-ship measures 1,312 feet in length, which the shipyard highlights is nearly 200 feet longer than the current world’s largest aircraft carrier. It is 200 feet wide and has a deck area of more than 24,000 square meters, which the shipyard points out is about the size of three and a half soccer fields.

With a depth of just over 100 feet, the cargo hold they report can carry 240,000 tons of goods. The maximum stack of containers can be up to 25 stories high, equivalent to the height of a 22-story building, CCTV reported.

 

In addition to the containerships being built for Evergreen, last week on June 11, the same shipbuilder started simultaneous construction in two dry docks for two 24,000 TEU container ships being built for MSC. They explained that the staff has worked hard to accelerate the company’s resumption of work and production making possible the keel laying for the two vessels. These are the second and third vessels being built for MSC and the yard currently has four 24,000 containerships under construction between the dock and in outfitting.

They are highlighting several design features for the new 24,000 TEU class of vessels. They have incorporated a bubble drag reduction system and shaft generators. The air lubrication system they report not only effectively reduces the total energy consumption of the ship but also reduces the corresponding carbon emission by three to four percent. The use of shaft generators the shipyard says can reduce fuel consumption, optimize EEDI energy efficiency indicators, reduce greenhouse gas emissions, and at the same time significantly reduce the fuel costs of ships, with considerable economic and social benefits.

The “Hudong-type” design they report also employs a unique small bulbous bow, large-diameter propellers, and energy-saving ducts to give the ship a fast performance and low energy consumption.


Globalization makes the Malaysian maritime industry an international business which requires all relevant individuals to meet global standards.  The provision of Maritime Education and Training (MET) has been providing a significant talent pool for the port and shipping sector over the past decades.

In recent years, artificial intelligence, automation and digitalization are dramatically transforming the maritime business. These technologies have precipitated a profound social and economic revolution in the maritime industry. The future of the Malaysian MET must be envisioned in terms of local context as well as with an eye on the global stage.

Thus, we must learn to stay up to date with technological innovation. Future generations must be molded by inter-disciplinary learning, individually tailored and oriented on human skills.

Most MET programs now provide students with the opportunity to begin with theoretical knowledge that has been abstracted from applicability in the profession.  However, there seems to be a disconnect between theory and the “real” working world, and this is one of the biggest problems MET is facing right now.

To mitigate this problem, one strategy to assure educational quality and better prepare students for future jobs is to continuously update and included the latest technology and innovation into the curriculum and also to engage actively with the industry.

For the maritime industry to be sustainable, there is a need to switch from knowledge-based to competency-based training, and for working professionals to regularly learn and recertify their skills.  Therefore, collaboration between MET and the industry is important.

To meet the challenge of learning in this age of technology advancement and innovation, it is suggested that transformative learning be used by MET providers. Transformative learning is one theory of learning, and particularly focuses on adult education and young adult learning.

Transformative learning is also sometimes called transformational learning, and focuses on the idea that learners can adjust their thinking based on new information.  Transformative learning has three stages of “perspective transformation”, i.e., psychological (changes in understanding of the self), convictional (revision of belief systems), and behavioral (changes in lifestyle).

Focusing on transformative learning will help a new generation of students become professionals who are strong, curious, and creative, and will encourage students to learn how to be lifelong learners.  They will have the ability to adapt, be flexible, be able to recognize the importance of each scenario, appreciate other people’s perspectives, deal with rejection and failure, and keep moving forward regardless of the circumstances.

However, education is a long process, and so the government, MET providers and maritime stakeholders must work together and prioritize long-term plans which address the root of the problems over quick fixes.


MASSPeople was launched in early 2021 with the task of bringing focus to the people behind the technology revolution currently gripping the maritime industry. The working group founded and chaired by Fugro with support from SeaBot Maritime has brought together multiple national maritime authorities representing the Netherlands, United Kingdom, Norway, Belgium, Denmark, France, New Zealand, Italy and Poland, to share in the challenge of developing world-class training and competency standards for the workforce of tomorrow. The involvement at the Flag State level is key for driving the conversation to the highest regulatory tables with the aim of aligning international standards and enabling MASS operators.

MASSPeople will work to develop new job profiles for the people involved in ensuring the safe operation of MASS. These profiles will inform recommendations on new competency standards for discussion at the International Maritime Organisation (IMO), where currently, a roadmap containing scope, steps and timelines is being prepared by the Maritime Safety Committee (MSC).

By focusing on the people who will operate this new technology, the group aims to ensure that workforce skills evolve effectively and align with high industry safety standards.

Ross Macfarlane, Fugro Remote Operations Program Manager UAE and Chairperson of the MASSPeople group, said: “By establishing MASSPeople, we are preparing for the future and the transition to remote and autonomous technology, which is already changing the way our industry operates. The involvement of the 9 Flag States in this group highlights the importance of people in the conversation when it comes to realising this new technology and how to effectively legislate for its introduction. This new technology contributes to creating a safe and liveable world, but ultimately, our people make change happen, and MASSPeople will ensure they are fully trained and supported in their important mission.”


RETIRED Vice Admiral Rene Villena Medina tendered his resignation as executive director of the STCW Office of the Maritime Industry Authority (Marina) on Friday (June 17).

In a letter to President-elect Ferdinand Marcos Jr., Medina said he resigned to give way to the new administration, adding that he already completed his tasks for the STCW Office.

“With the feeling of having accomplished nearly all the goals that I have set to do for this organization and to give way to your incoming administration, I am now tendering my courtesy resignation at the Marina, as the executive director of the STCW Office,” he said.

He believes he is leaving the office with a legacy of dignity and integrity that is expected of a public servant. “I am confident that the next in line can expect a smooth turn-over of all documents and responsibilities. It has been my pleasure and honor to serve this government, especially to be of service to our Filipino seafarers who continuously sail the seven seas.”

“May this courtesy resignation take effect upon approval,” Medina said.

Medina was appointed as executive director of the STCW Office on March 30, 2021. At that time, he was tasked to ensure the Philippines’ full compliance with the International Convention on Standards of Training, Certification and Watchkeeping (STCW) Convention, 1978, as amended.

Before his appointment, he served as the commander of the naval forces in Western Mindanao, the largest naval operating command in the country for two years.

In the earlier years of his career, Medina served the Philippine Coast Guard (PCG) in different capacities.

He was the port state control officer of South Harbor Manila, and the commander of the Sealift Amphibious Force and commander of Naval Education and Training Command.

Medina received the esteemed Order of the Lapu-Lapu, which was personally awarded to him by President Duterte. The Order of the Lapu-Lapu is a national order of merit granted to those who have exhibited an extraordinary standard of service in their respective positions.


In the latest twist for the international sanctions against Russian entities and their impact on the shipping industry, the recently relaunched expedition cruise line Swan Hellenic is finding itself forced to bid for its newest cruise ship just weeks before its scheduled entry into service. The 10,600 gross ton SH Vega, which Helsinki Shipyard is referring to simply as Hull No 517 is being sold “as is” and “where is” with bids due by this Friday, June 24.

The SH Vega is a sister ship to the SH Minerva which was delivered to the cruise line in late 2021 as part of an effort to restart the brand which dated back to the 1950s and is considered one of the pioneers in expedition and educational travel. The sister ships, along with a third large cruise ship still under construction, were financed by the new cruise line working with Russian leasing company GTLK. The contracts call for the vessels to operate under long-term charters to Swan Hellenic.

In April 2022, however, the EU and the United States extended their sanctions against Russian entities including GTLK and its subsidiaries. Swan Hellenic was one of several shipping companies including Havila Voyages that found itself caught in the sanctions. Last week, Havila reported it had turned to the UK courts attempting to resolve its ownership problems and was able to protect its cruise ships under construction from the shipyard acting without Havila’s permission. Swan Hellenic in the spring announced that it would exercise the purchase options in its contracts for the cruise ships but is still seeking court authorization to complete the acquisitions because like Havila they can not send money to a sanctioned company.

“As a consequence of the sanctions announced in April, the leasing company GTLK Europe defaulted on the payments as the per newbuilding contract of NB 517 SH Vega. Moreover, all assets belonging to GTLK should be frozen in EU,” said Swan Hellenic in a statement today reporting that GTLK will not be able to take the delivery of the ship.

Finnish shipbuilder Helsinki Shipyard a week ago released a tender notice inviting interested bidders to acquire the expedition cruise ship. “Helsinki Shipyard seeks to obtain the best fair market value for the vessel and reserves the right to reject any and all bids,” the company announced in the notice. The shipyard attests to having become the sole owner of the cruise ship reporting that it will select the winner and announce the new owner by July 1 with the delivery of the ship to be completed by July 19.

Explaining its current situation, Swan Hellenic reports that Helsinki Shipyard started the legal process of auctioning the newbuild under the terms of the shipbuilding contract. Swan Hellenic says that it is the “priority buyer” and has already submitted a bid for the ship it expects to place in service on July 20 with an Arctic cruise from Trömso, Norway.

Swan Hellenic said “it is at an advanced stage of preparing the documents for transfer of the title on SH Vega and is ready to take full control over the vessel at the completion of the tender. Therefore, we expect there will be no change of plans in the scheduled cruises.”

Hellenic Shipyard reports that hull 517 is ready for delivery and that “upon completion of the sale and purchase, possession of the vessel shall be automatic and immediately deemed to be passed to the purchaser.” Sea trials for the vessel were completed on May 20 with Jonas Packalén, project manager for the vessel reporting that they had completed about 800 tests. Final testing was proceeding at the shipyard.

Work is also continuing on the third cruise ship being built for Swan Hellenic. The shipyard reported that the last block for the vessel arrived in Helsinki on May 22. They plan to float out the ship named SH Diana later this summer. Delivery is expected by the end of 2022.

Swan Hellenic in May reported that they would be focusing their operation for the summer of 2022 on the SH Vega in the Arctic. The company had planned to reposition the SH Minerva after its first season in the Antarctic also to the Arctic. They however reported that renewed COVID-related restrictions required a change to itineraries and routes and that with a general softening in the travel market in part due to the situation in Ukraine they were leaving the vessel in Montevideo, Uruguay so that it would be ready for the Antarctic season in October.


Clean tanker rates across Asia-Pacific reached multiyear highs June 16, and a record for some routes, as strong demand to lift naphtha cargoes from the Persian Gulf and deliver distillates to Africa and Australia drove up the daily earnings of owners, despite rising bunker prices.

Ships are ballasting to Asia from almost every corner of the world to push up their earnings. It is definitely positive for the owners to position their fleet in the East, one of the brokers said.

Owners of both Long Range I and II, or LR1s and LR2s, are raking in the moolah, earning around $55,000 daily at current freight on the benchmark Persian Gulf-Japan route, according to brokers’ estimates.

Earnings are even better for Medium Range, or MR, tankers around $60,000/day on the key Singapore-Australia route, prompting ships to ballast from even Latin America.

Clean tankers are enjoying hefty earnings at a time when the dirty tankers are bleeding, with VLCCs bearing daily losses of more than $20,000 on key Persian Gulf-East Asia routes. Fundamentals are totally different for VLCCs, where heavy supply with hardly any scrappings in recent years, is more than sufficient to meet the current demand, said a broker in Singapore.

A flurry of LR1 fixtures, including at least 10 since late-last week to move naphtha on the Middle East-North Asia routes, is pushing up rates for the last five successive trading days, gaining a whopping 145 Worldscale points during the period, according to S&P Global Commodity Insights data.

Owners are holding back their ships in anticipation of even further increase, said a chartering executive in North Asia.

“Charterers are not looking, but instead begging for LR1s,” said a broker in Copenhagen.

MR rates on the key South Korea-Australia and Persian Gulf-East Africa routes are in uncharted territory, at all-time highs, breaking the previous records set in April 2020, according to S&P Global data.

For LR1s, the latest deal on the Persian Gulf-Japan route has been done at w375, for loading in the last week of June, a 25-month high.

Sources pointed out that the ongoing rally is different from the previous one in March when rates increased due to the strong demand for gasoil from Europe and dislocation of tonnage due to the Russia-Ukraine war.

This time, the driver is naphtha and not all ships can load the product due to technical restrictions, they said. That a substantial chunk of all LR1s are controlled by a handful of companies such as Hafnia, has not helped matters for charterers, they added.
According to the shipping industry estimates, at the beginning of the week, close to 35 LR1s and LR2s each were projected to be available for loading in Persian Gulf and India during the next three weeks, but with several among them not suitable for naphtha loading and controlled by same owner, rates kept moving up.

The three week LR1 availability is below the average of 50 seen in the last few months, said a chartering source in Japan.

Supply has tightened because cargo count has increased. There have been more than 60 LR1 fixtures so far for loading in the first half of June compared with around 53 in the same period last month, according to the shipping industry estimates. The corresponding increase for LR2 is to 49 from 41.

Australia demand, China exports

As lockdowns eased in China and demand for gasoil and jet fuel picked up in Australia, shipments on MR tankers in North Asia started to rise significantly late-last month and freight tested fresh highs in June, sources said.

LRs, which were on a downturn, smelt an opportunity to fill in the supply gap in North Asia and so did MRs in Singapore, they said. While MRs from Singapore started to ballast to North Asia, LRs which brought in naphtha from the Persian Gulf, got backhaul cargoes and delayed their return to the Middle East, they added.

Finally, demand from Africa meant that rates for loading in India and Persian Gulf for delivery in the continent also rose as supply tightened.

It all conjured up into a scenario where rates for every segment and region pushed up to fresh highs for the year. “It’s a cascading effect, one leading to another,” said a source with an LR owner.

“The market has flipped, MRs in Persian Gulf are leading the charge while North Asia is trailing,” said a chartering executive with a global commodities trading company.

Distortions

In the process, the rise in rates is creating a distortion in the market in terms of unusually high differentials between various segments. A case in point is the discount that LR2s enjoy over LR1s on the key Persian Gulf-North Asia routes. It is currently at w75, according to S&P Global Commodity Insights compared with the usual w10-40.

As a result, it will be significantly cheaper to charter LR2s instead of LR1s but the differential is not of an extent where 55,000 mt cargoes can be loaded on LR2s as ‘partials’, said a chartering source.

Both the ship sizes have slightly different supply fundamentals and the position list is taking care of itself, said a source with an LR owner.

In contrast, the gap between LR1 and LR2 rates on Persian Gulf-Europe routes is small due to limited demand to move gasoil to the continent.
Source: Platts


Solstad Offshore, DeepOcean Group and Østensjø Group have established two joint ventures (JVs) aiming to provide remote and semi-autonomous maritime operations services to the marine and offshore industries.

One of the JVs, named Remota AS, will own and operate onshore Remote Operations Centres, while the other JV will develop, own and operate unmanned surface vehicles (USVs). The three partners will each own 33.33% of the two JVs.

“Solstad, DeepOcean and Østensjø already have the technologies, competence and assets in place, but teaming up will further enhance the capacity, growth prospects and market penetration of our remote operations offering,” said Lars Peder Solstad, CEO of Solstad Offshore.

“Operators of offshore energy assets have challenged the supplier industry to deliver even more cost-efficient services. This is our response.”

Remota will offer remote operations and semi-autonomous maritime services to existing vessels, as well as remote operations of remotely operated vehicles (ROVs) and USVs.

In addition, the company’s first Remote Operations Centre will function as a control centre for drone technologies. That centre is already in operation, currently controlling DeepOcean’s ROVs from Haugesund, Norway, having been up and running since 2019.

“This is about taking the current experience, track record and technology and bring it to a bigger scale, thereby making it a more powerful offering to the ocean-based industries. Remota will have operations and turnover from day one, and we will immediately double the support capacity at the Remote Operations Centre in Haugesund,” said Øyvind Mikaelsen, CEO of DeepOcean.

The centre will operate independently of its three owners and offer its services to all operators, vessel owners and service companies worldwide, initially focusing on offshore shipping companies and ROV-operators but with the goal of expanding to other industries over time.

The second JV will be called USV AS, a separate company for investing in USVs equipped with a WROV (Work-Class ROV) onboard.

The USV technology has been developed by DeepOcean, with the two other partners having been involved in the final stage of development. The partners estimate that the USV system can reduce CO2 emissions by more than 90% compared with a conventional offshore vessel when conducting subsea operations.

“By introducing USVs, we are moving the captain onshore who will remain in control over the offshore operations. This is an excellent way of reducing cost and the CO2 footprint,” said Mr Mikaelsen.

“By limiting personnel exposure to offshore operations, this also introduces a brand-new safety aspect. It also represents a significant business potential for the JV.”


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