SoundingsSamsung Engineering Merges With Samsung Heavy Industries. Samsung Engineering Co. Ltd. (Seoul, South Korea) will merge with Samsung Heavy Industries (Seoul). The merger is intended to create a “world-class total solution provider for shipbuilding and onshore and offshore services,” according to the companies. The merger ratio will be fixed at 1:2.36. Therefore, Samsung Heavy Industries will issue new stocks so the shareholders of Samsung Engineering can exchange their shares for the Samsung Heavy Industries’ shares and receive 2.36 Samsung Heavy Industries shares for every Samsung Engineering share they own. Samsung Heavy Industries will gain engineering, procurement and project management capabilities, which are the strengths of Samsung Engineering, and establish a stable foundation for the growth of its offshore plant business. Samsung Engineering, which has focused on onshore hydrocarbon plants, will be able to diversify into high value-added projects such as onshore LNG and offshore plants by securing Samsung Heavy Industries’ offshore plant fabrication capabilities. The merger will give the two companies a chance to become a global top-tier EPC (engineering, procurement and construction) company. The goal is to increase their combined revenues of 25 trillion won in 2013 to 40 trillion won in 2020.
Halliburton Agrees to Settlement on Macondo. Halliburton (Houston, Texas) has reached an agreement to settle a substantial majority of the plaintiffs’ class claims against the company as a result of the April 20, 2010 Macondo well incident in the Gulf of Mexico. The approximately $1.1 billion settlement is subject to approval by the United States District Court for the Eastern District of Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years. The company’s previously accrued loss contingency provision relating to the multidistrict litigation proceedings is currently $1.3 billion. The agreement includes: claims against Halliburton that BP (London, England) assigned to the settlement class in BP’s April 2012 settlement, punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon incident, and affirmation that Halliburton has no liability for compensatory damages to the members of the settlement class in the BP April 2012 settlement. Payments will be held in the trust, pending the finalization of this settlement, which is contingent on final Court approval, including any appeals of the BP 2012 settlement with the settlement class, the District Court’s earlier determination that the contractual indemnity provided by BP to Halliburton is valid and enforceable, and the District Court’s earlier dismissal of economic damage claims against Halliburton. The settlement is subject to an agreed-upon level of participation by the current claimants which, if not achieved, allows termination of the agreement.
ZeroCat120 Wins Ship of the Year at SMM. The all-electric car ferry ZeroCat 120 owned by Norwegian ferry operator Norled AS (Bergen, Norway) was given Skipsrevyen’s Ship of the Year 2014 award at SMM in Hamburg, Germany. The electric-powered ferry was developed for submission to a competition organized by Norway’s Ministry of Transport. As a reward for winning the competition, the shipping company Norled has been granted the license to operate the route until 2025. Norled will operate the world’s first battery-driven ferry on the Lavik-Oppedal route. The ferry will operate the route with 34 crossings a day, 365 days a year. The ferry is a catamaran built of aluminum, with slender hulls and low weight. The electric powertrain was designed by Fjellstrand (Omastrand, Norway), with battery technology from Siemens (Munich, Germany). The ZeroCat 120 does not discharge greenhouse gases, carbon dioxide, methane or nitrogen oxides. Its operational and maintenance costs will be lower compared to a conventional ferry. According to Siemens, ZeroCat could eliminate nearly 3,000 tons of carbon dioxide emissions.
Traditional Flowmeter Market to Exceed $3.3 Billion by 2018. A new study from Flow Research (Wakefield, Massachusetts) finds that the worldwide traditional technology flowmeter market totaled $2.7 billion in 2013 and is projected to exceed $3.3 billion by 2018. Traditional technology flowmeters include differential pressure (DP), positive displacement, turbine, open channel and variable area flowmeters. All these flowmeter types were introduced before 1950 and have a large installed base. The DP and open channel flowmeter markets are showing the fastest growth, with the DP flowmeter market the largest of the group in terms of revenues. Flow Research projects a compound annual growth rate in revenues for the total worldwide traditional technology flowmeter market of 4.1 percent from 2013 to 2018. Despite a trend towards new-technology flowmeters, traditional technology flowmeters have been holding their own in the worldwide flowmeter market. Turbine flowmeter suppliers have been very active in updating products. Another important area of development is primary elements, which are used together with differential pressure transmitters to measure flow by placing a constriction in the flowstream. Research is also occurring on Venturi tubes, flow nozzles and averaging Pitot tubes.
Schooner Found in Great Lakes Deepwater. A rare dagger-board schooner, Three Brothers, has been discovered in deepwater off Oswego, New York, by a team of shipwreck enthusiasts—Jim Kennard, Roger Pawlowski and Roland Stevens—utilizing high-resolution side scan sonar. Video surveys were conducted using a VideoRay (Pottstown, Pennsylvania) Pro IV ROV. The schooner was en route from Pultneyville, New York, to Oswego with a cargo of produce when it sank in a gale in 1833. The Three Brothers is the first fully working dagger-board schooner ever found and is believed to be the oldest confirmed commercial schooner to have been discovered in the Great Lakes. Dagger-board schooners were in use on the lakes from the early 1800s until the 1830s.