Babcock reveals £115m half-year profit as it sells engineering consultancy

Defence and engineering giant Babcock International Group Plc has completed the £293m sale of a marine division consultancy with offices in Plymouth as it announced a £115m profit for the past six months.

The company – which operates the dockyards at Devonport, in Plymouth, and Rosyth, in Scotland – sold the Frazer-Nash Consultancy to KBR, Inc. an American engineering giant as part of a “turnaround plan” to tackle financial losses.

It marks the end of a 14-year partnership between Babcock and the Surrey-based engineering and technology consultancy which sprung out of classic carmaker Frazer-Nash.

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SHI wins $1.7bn order to supply components for shuttle tankers

Shipbuilding firm Samsung Heavy Industries (SHI) has secured a $1.7bn order from an unnamed Eurasia-based company to provide design, parts and blocks for seven shuttle tankers.

In a regulatory filing, SHI revealed that it is expected to supply the parts for the tankers by January 2027.

Shuttle tankers are oil tankers that operate as the crude oil carriers between offshore oilfields and oil plants on land.

SHI has secured $10.3bn worth of orders so far this year, surpassing its order target of $9.1bn by 13%, reported Yonhap News Agency.

In addition, Korea Shipbuilding and Offshore Engineering (KSOE) signed a shipbuilding contract worth $350.4m (KRW416bn) with a shipping firm in the Marshall Islands for the construction of two container carriers.

As agreed, KSOE’s unit Hyundai Samho Heavy Industries will be responsible for building the vessels.

The order is expected to be delivered by April 2024.

Furthermore, last week, DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., LTD (DSME) secured a $542m (KRW640.8bn) order to build four container carriers.

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South Korea to Help Colombia Develop Shipbuilding Industry

South Korea will provide $5 million in support to Colombia to help the country develop its shipbuilding industry. The support, which will come from the South Korean government’s Korea International Cooperation Agency, will help to develop a long-term plan as well as training and other support as the South American country seeks to build the industry.

South Korea’s efforts to support the development of Colombia’s shipbuilding industry comes as FINCANTIERI S.p.A. plans to move forward with a $150 million investment to build a new shipyard in Mexico’s Yucatan region at the port of Progreso.

Fincantieri announced last year that it had an agreement with Mexico for the development of a large ship repair facility including the construction of two large dry docks. At the time they said the Mexican yard would become one of the largest in the Americas.

The Colombian government chose the shipbuilding industry to become one of the core national industries and has been making effort to promote its advancement. However, the Colombian shipbuilding industry is currently focused on ship repairs and was held back from entering the international market by its focus on smaller ships and primarily the use of glass-reinforced plastic, best suited to smaller vessels.

At the conclusion of the agreement between the Korea International Cooperation Agency (KOICA) and the Ministerio de Comercio Exterior y Turismo (MINCIT), the Koreans agreed to assist Colombia in the development of the foundation for the shipbuilding industry. 

KOICA will support the establishment of policies that promote the Colombian shipbuilding industry while helping the current shipbuilding operations transition to an industry that focuses on steel ships and the improvements in the industry ecosystem to enter the global market.

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UK partners join forces to advance green hydrogen production and distribution

UK-based marine energy company Marine Power Systems Ltd (MPS) (MPS) has joined forces with National Maritime SME Working Group champion and UK Marine Hydrogen Working Group members Marine2o to develop integrated solutions to support the production of green hydrogen from offshore renewable energy sources, using marine vessels to transport this energy vector to market.

This first collaboration will support the developing pathway in the UK and other markets to deploy MPS’ innovative offshore wind and wave energy capture devices – which can be configured either as a combined solution or independent power plants – to produce green hydrogen.

MPS’ floating wind and wave technology will play a crucial role in Marine2o plans to decarbonise ports and urban water ways around the UK and internationally, according to the partners.

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Shipbuilders sculpture work to begin

Construction of a new 10-metre tall sculpture honouring Inverclyde’s shipbuilding heritage is set to begin.

Work started this week on the foundations for the giant ‘Shipbuilders of Port Glasgow’ statue, which will take pride of place in the town’s Coronation Park.

The sculpture of two stainless steel figures hard at work has been designed and built by renowned artist John McKenna following a public vote and consultation.
The artwork pays tribute to Port Glasgow and Inverclyde’s shipbuilding past.

When installed, the figures will measure 10 metres (33 feet) in height with a combined weight of 14 tonnes.

It is thought to be the largest sculptural figure of a shipbuilder in the UK and one of the biggest of its kind in Western Europe.

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UK’s path to net zero set out in landmark strategy

The Net Zero Strategy has been published today by UK government as it unveils plans to transform every sector of the economy.

This landmark strategy sets out how the UK will secure 440,000 well-paid jobs and unlock £90 billion in investment in 2030 on its path to ending its contribution to climate change by 2050.

Paolo Enrico Favino, Head of Domestic Emissions Policy, Maritime, Department for Transport (DfT), UK says they will also be extending the CMDC to a multi-year programme, delivering real-world demonstrations and technology trials of clean maritime vessels and infrastructure to decarbonise the maritime sector. This is part of UK Governments commitment to a UK Shipping Office for Reducing Emissions.

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Discovery is just the beginning – Trustees Wanted

We have a great team of trustees at the Nautical Archaeology Society who help promote the preservation, protection and research of our nautical heritage.

As a group of dedicated volunteer trustees we act as the company directors and are legally responsible for the operation of the society.

We are now seeking three additional trustees to strengthen the executive committee. If you are interested in discovering more about becoming a trustee contact our Chair Tim Parker or the societies CEO Mark Beattie-Edwards

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A big future for UK shipbuilding

The second iteration of the National Shipbuilding Strategy (NSbS) is due to be published soon.

The Johnson government has already made a commitment to double spending on shipbuilding in the next 10 years, averaging £1.7Bn a year.

NSbS II looks set to be expanded with a programme that outlines work for the next 30-years.

At the core of the NSbS is the intention to build ships to a regular drumbeat, breaking the disastrous boom and bust cycle that has plagued the industry in the last few decades.

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Join us at the Hidden Lane Brewery, November 4th in Glasgow for the COP26 – UN Climate Change Conference.

We are once again hosting our hugely successful network event Time & Tide at this years COP26. This FREE event will bring together professionals from all aspects of the maritime sector to network and socialise.

Join us to listen and debate with a panel of leading experts who will be Distilling COP26 & Championing the use of Green Hydrogen in the maritime sector and network with members of the National Maritime UK Marine Hydrogen Working Group as they champion the drive to decarbonise the maritime sector

This COP26 fringe event will offer an informal atmosphere and relaxed environment to chat and do business.

Starts: 18.00 hrs

To register your attendance please email

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UK Marine Hydrogen Working Group – Join ‘the’ only UK Marine focussed hydrogen working group

If you or your organisation would like to join ‘the’ only UK Marine focussed hydrogen working group contact Tim Munn or Peter Green or e:

The working group is free to join and is aimed at those organisations or professionals that are either already involved in or have a desire to be involved in the Hydrogen economy.

The intention of the group is to assist with the acceleration of decarbonisation by championing the use of hydrogen. To be `the` leading voice towards government and regulatory bodies and ultimately to provide more opportunities to members by making connections.

With leading influencers in the hydrogen space working alongside the National Maritime membership, it is a well-informed working group discussing the technical, regulatory, and financial challenges to vessel design and conversion and infrastructure development.

Members of the working group will also be at COP26 – UN Climate Change Conference on the 4TH of November, Glasgow, where a panel of leading experts including James Walker EMEC: European Marine Energy Centre, David Scott David Scott Marine Ltd and Tim Munn Marine Zero will be Distilling COP26 & Championing the use of Green Hydrogen in the maritime sector as they drive to decarbonise the sector.

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