Monthly Archives: February 2021

By The Maritime Executive 02-22-2021 10:30:10

Offshore Energy Exhibition and Conference (OEEC) will take place in Amsterdam RAI on Tuesday 26 and Wednesday 27 October 2021. The 14th edition of OEEC will have a physical exhibition floor and content programme combined with an online event and matchmaking environment. The dates for the event were selected after an inquiry amongst our community.

For more than a decade, OEEC has been a focal point of industry knowledge, bringing together prominent speakers, innovations, commercial and networking opportunities under one roof. OEEC is about connecting the energy industry and this years event will enable just that.

The energy industry is changing; a long-term process with global impact. The energy transition has both technical and geopolitical implications. These play out on a practical level, for example with how to reduce CO? emissions or the efficient deployment of ones fleet. As well as on a strategic level through the desired pace of the transition, or policies on innovation. OEEC addresses all these topics and levels in its conference program, company showcases and on the exhibition floor.

At OEEC, companies involved in hydrogen, natural gas, renewable marine energies, offshore wind and other sources of energy can expect opportunities for exposure, lead generation and knowledge sharing. Visitors experience the state of the industry and network with highly qualified experts and professionals. By bringing industry professionals together, Human Capital will also play a substantial part at OEEC. Navingo Career Event will take place simultaneously on the 26th and 27th of October 2021 on the exhibition floor at Amsterdam RAI.

Already, leading companies such as Neptune Energy, Damen Shipyards, Boskalis, TrustLube, Holland Shipyards, Swets Nautical Services among others, have committed to participate in OEEC 2021. The combined strength of the events content programme and professional matchmaking brings participants 2 packed event days with relevant visitors and a positive atmosphere. Indeed, the event is the place for companies to show that they play a leading role as a manufacturer or services and solutions provider.

The products and services herein described in this press release are not endorsed by The Maritime Executive.

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Save the Date for Offshore Energy Exhibition & Conference 2021 - The Maritime Executive

Denmarks Copenhagen Infrastructure Partners (CIP) has unveiled plans to build a Power-to-X plant in Esbjerg which will convert power from offshore wind turbines to green ammonia.

Consisting of 1 GW electrolysis, the plant will be Europes largest production facility of CO2-free green ammonia, CIP said.

The ammonia will be used by the agriculture sector as CO2-free green fertilizer and by the shipping industry as CO2-free green fuel.

The excess heat will be used to provide heating for around one-third of the local households in Esbjerg.

The announcement is made in collaboration with companies within the agriculture and shipping industries including Arla, Danish Crown, DLG, A. P. Moller Maersk, and DFDS.

Together with CIP, they have signed a memorandum of understanding, in which the signatories commit themselves to work towards realizing the establishment of the facility.

With this project, we support further development to cut CO2 emission from agriculture and shipping in Denmark, through the use of CO2-free green fertilizers and green fuel. The agriculture and shipping industries are industries, which are embarking on a journey of decarbonization. Solutions such as Power-to-X are key for these industries to take the next big leap within the decarbonization, said Christian Skakkebk, Senior Partner in CIP, responsible for the Energy Transition Fund.

CIP has recently announced its new Energy Transition Fund to invest in P-t-X and other next-generation renewable technologies. This enables investors to participate in the decarbonization of sectors, such as agriculture and transportation, in addition to renewable electricity generation.

Among the potential investors in the project in Esbjerg and the new fund is PensionDanmark.

More than 10 years ago, we were a first mover into renewable infrastructure investments including offshore wind. We are excited about the opportunity to continue investing with CIP at the forefront of the energy market developments, beginning with the project in Esbjerg, and will present the opportunity to our Board next month, said Torben Mger Pedersen, CEO PensionDanmark and chairman of the Danish Governments Climate Partnership on Finance.

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Offshore Wind to Power Europe's Largest Power-to-X Plant - Offshore WIND

SSE Renewables and Acciona have signed an exclusivity agreement to form a joint venture targeting opportunities in the emerging Iberian offshore wind market.

The 50:50 joint venture will develop, construct and operate offshore wind, as well as other renewables in Spain and Portugal.

Spain and Portugal have both set net zero emissions targets for 2050 and are two of the leading countries in Europe for renewable energy in terms of capacity built to date and ambitions for the future.

The Spanish Government is expected to publish an offshore wind strategy this year.

The exclusivity agreement between SSE Renewables and Acciona also includes scope to jointly explore other offshore wind markets beyond Spain and Portugal.

SSE Renewables managing director Jim Smith said: I am delighted to be entering into this exclusivity agreement with Acciona.

Partnering with a well-established Spanish renewable developer will enable SSE Renewables to bring its offshore wind expertise to help Spain and Portugal achieve their ambition to reach carbon neutrality by 2050.

It also demonstrates our intent to build our strong wind energy pipeline beyond the UK and Ireland.

Acciona CEO Rafael Mateo added: After successfully developing a leading global position in onshore wind and photovoltaic technologies, a partnership with SSE Renewables will allow us to accelerate our entry into the offshore wind market, where we also see great potential.

It is a natural step forward in our strategy of providing the best possible alternatives for clients looking for clean energy solutions.

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SSE Renewables, Acciona forge offshore wind joint venture - reNEWS

Now under construction by Keppel AmFELS, which is also undertaking theengineering and procurement for Dominion Energy, the 472-foot vessel isdesigned by GustoMSC to handle turbine sizes of 12 MW or larger and willalso be capable of the installation of foundations for turbines and otherheavy lifts. The vessel, Charybdis, will have accommodation forup to 119 crew and wind farm technicians. Seajacks will assist DominionEnergy with construction and operations oversight.ABS is the ideal partner for a highly specialized wind turbine installationvessel such as this for the U.S. market. Our extensive knowledge of U.S.regulations combined with offshore industry leadership means we are uniquelyequipped to support this project and a range of other innovative vesselsnow being commissioned for U.S. wind farms. ABS is committed to playinga significant role in the safe development of the U.S. offshore wind industry,said Matt Tremblay, ABS Senior Vice President, Global Offshore.

Mohamed Sahlan, President of Keppel AmFELS, said: "We are pleasedto be able to build the largest wind turbine installation vessel in theU.S. for Dominion Energy and support the growing offshore wind industry.Keppel AmFELS has a solid track record and capabilities in a wide rangeof offshore vessels and we are also able to leverage the experience ofour parent company, Keppel Offshore & Marine, in offshore renewablesto provide a compelling construction solution for this milestone project."Dominion Energy is proud to be leading a consortium of respected industryparticipants in the construction of the first Jones Act compliant offshorewind turbine installation vessel, which will provide significant Americanjobs, and provide a reliable, home-grown installation solution with thecapacity to handle the next generation of large-scale, highly-efficientturbine technologies, said Mark D. Mitchell, Senior Vice Presidentof Project Construction. This will better enable the offshore windindustry to bring clean, renewable energy to customers in the U.S.

Seajacks Chief Executive Blair Ainslie said: This next-generationturbine installation jack-up vessel is vital to the safe and cost-effectivedeployment of offshore wind energy in the U.S. Seajacks operates a fleetof offshore installation jack-ups in Europe and Asia and is looking forwardto developing the offshore wind supply chain in the U.S. with our partners.Charybdis is just the latest vessel for the U.S. offshore wind industryto be supported by ABS. The first U.S flagged Jones Act offshorewind farm service operation vessel (SOV) ever ordered will be built toABS Class. ABS has also issued AIPs for two Jones Act SOVs to Vard andfor a series of other wind support vessels from European designers.

For more information on installationand maintenance of major offshore wind farm components, clickhere.

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ABS to class first Jones Act installation vessel - 4C Offshore

By Ari Rabinovitch

JERUSALEM (Reuters) Israelis trying to find the ship responsible for anoilspillthat drenched much of its Mediterranean shoreline with tar, an environmental blow that will take months or years to clean up, officials said.

Thousands of volunteers gathered on Sunday to remove the clumps of sticky black refuse from the pale beaches.Israels military said it was deploying thousands of soldiers to help with the effort. Authorities warned everyone else to keep their distance until further notice.

Environmental groups called it an disaster. Attesting to the cost to wildlife, they posted pictures of tar-covered turtles.

The event began last week during a winter storm, which made it harder to see the tar approaching and deal with it at sea,Israeli officials said.

Together with European agencies,Israelwas looking as a possible source at a Feb. 11oilspillfrom a ship passing about 50 km (21 miles) from shore. Satellite images and modelling of wave movements were helping to narrow the search.

Nine ships that were in the area at the time are being looked at, said Environmental Protection Minister Gila Gamliel.

There is a more than reasonable chance that we will be able to locate the specific ship, she told Ynet TV.

If found,Israelcould take legal action. One course would be to sue insurance companies for compensation to help deal with the ecological fallout, she said, which could cost tens of millions of shekels.

Late last week a 17-metre-long (55ft) fin whale was found washed up on a beach in southernIsrael. The Nature and Parks Authority said on Sunday that an autopsy had foundoil-based material in the whales body, with further tests pending.

(1 shekel = $0.31) (Reporting by Ari Rabinovitch Editing by Raissa Kasolowsky)

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Israel Investigates Ships As Source Of Mystery Offshore Oil Spill gCaptain - gcaptain.com

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With the US China trade war, US elections, civil unrest inHong Kong and a global pandemic, 2020 posed enormous challenges forthe investment fund industry in the Asia-Pacific region.

In this interview, excerpts of which originally appeared inAsian Legal Business, Ogier partner and head of ESG Funds in HongKong Kate Hodson discusses how offshore law firms have stepped upto meet this changing business landscape, the ramping up ofregulations, and the growing momentum around ESG.

It's hard to look back at 2020 without focusing on theimpacts of Covid-19. At the start of the year there were liquidityconcerns and a significant number of projects put on hold, withmany of our China deals stalling. However, as lockdowns eased andthe asset management industry in Asia adjusted to "the newnormal", activity quickly resumed. The tech industry inparticular proved very resilient and there were a number ofpandemic-induced opportunities such as in healthcare and thoseindustries benefiting from changing purchasing patterns, with ahuge shift to online spending. However, other key trendsevolved irrespective of the pandemic including increased regulationand the emergence of new forms of fund vehicles.

During my 11 years with Ogier I have seen the team kept busywith increased layering of regulation for funds and asset managers,including in respect of AML, FATCA and CRS, Economic Substance,data protection and so on. 2020 saw a new development in theprivate equity space with private funds domiciled in the CaymanIslands and British Virgin Islands becoming subject to regulation.The new legislation was a result of certain EU and otherinternational recommendations and was developed to align the BVIand Cayman Islands investment fund regulatory regime with otherjurisdictions. In terms of new fund vehicles, Hong Kong andSingapore have been increasingly competing as a funds domicile withHong Kong introducing the new limited partnership fund regime andthe Singapore VCC becoming available.

Despite the increasing choice available to managers in terms offund domicile, we continue to see a strong interest in CaymanIslands fund structures with our 13-strong investment funds team inHong Kong remaining extremely busy for 2020. We have also startedto see more interest in BVI funds and managers in the last 6 monthsas we see some managers accessing differences in regulatorytreatment for their particular structures.

Another key trend has been the momentum around ESG. This hasstarted to translate into new funds products arising in Asia whichincorporate ESG in some form. We have also seen a number ofmanagers indicating interest to bring more ESG strategies to themarket. This reflects a diversification in the sustainableinvestment product bank away from fixed income. Beyond newproducts, we are seeing a number of things happening in the fundsindustry related to ESG, including a spree of hiring individualswith experience in sustainable finance. This is not just into assetmanagement firms but also banks and accounting firms. There hasalso been increased opportunities for new partnerships andco-operations such as in the form of blended finance and NGOsworking with asset managers on fund launches.

We see ESG as a long-term trend as substantiated by thecommitments seen at the levels of government, as well asregulators. As an example, both Hong Kong and Singapore havestarted a consultation process with regards to guiding the assetmanagement industry on climate disclosures and are competitivelypositioning themselves as Asia's green financial centres. Infact, the SFC in Hong Kong is proposing to introduce measures torequire HK licensed fund managers to consider climate related risksin their investment and risk management processes.

The headwinds this last year have been unprecedented, with theglobal impacts of the pandemic, the chaos surrounding the USelections, continued tensions around the US/China trade war,political unrest in Hong Kong and the introduction of the Hong Kongnational security law, to name a few. This has put certainstrategies under particular pressure whilst benefiting others. Italso drove high levels of innovation and adaption with many firmsseeing staff move to remote working for much of the year. Thecircumstances highlighted those with the strongest contingencyplans and technology solutions, with others quickly investing tomeet their technology needs. Operational due diligence also had togo-online in order for deals to be able to push ahead with travelrestrictions in place and social distancing limitations.

Given the significant number of regulatory changes at the startof the year it was important to continue to reach clients andsupport their needs as efficiently as possible. Technology was verymuch at the forefront of the solutions. We were quick to move toonline seminars, rolling out educational series at the start of theyear and continued to deliver these over the course of the year.Further, Ogier's IT infrastructure and common use of testedplatforms allowed us to facilitate a timely move to remote workingand online deal completion.

Ogier has been using an electronic signature product for sometime now and we were able to roll this out to clients who wereunable to provide wet ink signatures. Fortunately, the CaymanIslands has been well placed to adjust to the move to the signatureof documents in electronic form having introduced the CaymanIslands Electronic Transactions Act in 2003.

A key aspect of delivering to clients this year was also seen inthe high levels of collaboration between the offshore law firms aswe came together to ensure that the raft of new regulatory changesfor the funds industry in the BVI and Cayman Islands was dissectedand disseminated in a clear and as consistent manner as possible tosupport the industry. It was very much an industry firstmentality and this was particularly important with clients under somany other strains this last year. The funds team at Ogier alsomade an important new hire in Dave Sherwin to lead a dedicatedregulatory practice in Cayman. Clients have been benefitingfrom this dedicated regulatory support.

Whilst there have been many downsides to the lack offace-to-face interactions in the industry there has also been aresulting efficiency benefit. As an example, we have beenable to attend more conferences this last year than ever before andacross a wider number of jurisdictions as we have been able to doso from the comfort of our homes and offices. However, onlineforums don't offer the same networking opportunities and soextra efforts have been required to stay connected and to continueto expand our connections.

I am sure that to a fund manager it feels like every year, a newfund regulation. Keeping up with all the developments can be a fulltime job. However, one important takeaway is the adaptability ofthe industry. When FATCA and CRS first came out there was a realconcern about how firms would cope with the requirements. However,that seems a long distant memory now and has become a relativelystandard process for funds, largely taken care of by fundadministrators.

One new type of regulation that has perhaps taken managers bysurprise in the APAC region is the gradual introduction of climatechange regulation. Legal frameworks have begun to reflectsupport for the transition to a low carbon economy and thistransition is expected to have a major impact on financial marketsand products in the near to medium term.

The two key offshore regulatory changes affecting our Hong Kongfunds practice was the new regulatory regimes for BVI and Caymanclosed ended fund vehicles. In Asia these have been two of the mostpopular jurisdictions for private equity, venture capital, realestate and credit funds and so the changes affected a significantportion of funds in the closed ended space. Despite the newobligations of having to become registered with a regulator, we sawvery little interest to move out of these jurisdictions to avoidregulation. Rather, most in-scope entities have chosen to registerwith the BVI and Cayman regulators.

Through the process of registration it became apparent thatthere were a lot of Cayman funds out there over 12,200closed-ended entities registered by the August 2020 deadline. Inaddition, there are more than 11,600 open ended hedge fundsregistered with CIMA. Whilst the introduction of the new regimesinitially might have been seen as a bit of shake-up, once againmanagers have adapted. We haven't seen this as detractingfrom the continued interest in Cayman and the BVI for fund set-up,although there is now perhaps a slight uptake in drilling into therespective regulatory treatment of different vehicles in eachjurisdiction.

The start of 2021 has demonstrated a significant amount of pentup activity and we are experiencing a very busy January with asignificant number of new fund launches kicking off and newenquiries. We are cautiously optimistic about the 2021pipeline.

I would expect to see greater levels of sustainable investmentin 2021. In Standard Chartered Private Bank's SustainableInvesting Review 2020 report, a survey of around 1,000 investorswith a focus on affluent and HNW investors in Singapore, Hong Kong,the UAE and the UK, found that 90% of respondents in Asia said theyare interested in sustainable investments and 42% plan to investbetween 5% and 15% in this area over the next 3 years. The pandemichas accelerated and highlighted the importance of sustainabilityand ESG factors as a business strategy for some of the world'slargest companies and this is not a momentum I expect to slow evenas we come out of the pandemic.

Another key trend is likely to be China focused activity withthe further opening up of China to foreign investment, allowingforeign firms to take majority stake ownerships in securities andfund management firms.

Offshore law firms, like any law firm, need to be innovative andforward thinking. Just as is the case for the businesses we advise,law firms need to consider how they build resilience to ensuresustainability. We have an active focus on D&I, the environmentand wellness, in addition to our investment in technology andclient services. The environment has become a particularlybig focus for us. We are building an environmental managementsystem for the firm and have hired a head of sustainability to leadthis process. As an example of innovation, Ogier created anentirely new service line during the pandemic which sets it apart,namely Ogier Global's ESG and Impact Advisory business. Thisservice line, which offers bespoke ESG and Impact design,integration, and implementation solutions, supports clients tonavigate ESG goals and requirements and to leverage the landscapeof sustainable investing opportunities.

Originally Published by Ogier, February 2021

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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How Offshore Law Firms Have Stepped Up To The Challenges Of 2020: Q&A With Kate Hodson - Finance and Banking - Hong Kong - Mondaq News Alerts

The offshore explosion

The nineties saw an explosion in the deployment of offshore service centres, the most popular destinations being China, India, Malaysia, Indonesia, Philippines and Brazil. The main benefit of this dash to offshoring and outsourcing was seen as reduced cost, given the compelling lower staffing and real estate costs these locations could offer. And with global spending on service centres estimated to be someUS$325 billion annually, according to Everest, it was a desirable proposition. However, as so often is the case, everything that glitters is not always gold, as there have been some well-documented offshoring problems.

These include:

Heading for home

In recent years, due to plummeting customer satisfaction rates and spiralling costs, there has been a reversal in the offshoring trend as many firms have decided to up sticks and head for home. In 2010, only 35% of service centres were onshore; by 2015, this had risen to 53%. As the cost benefits reduce, so too has to the tolerance of the limitations of offshoring as many firms recognise the need to increase employee and client satisfaction by automating processes for a slicker service, and upskilling staff. However, while this can be done in offshore centres, often it is more easily achieved locally.

Out with the old and in with the old?

According to a Fukuoka Mutual Life Insurance study, pre-pandemic home working had proven to reduce costs by an estimated 10%. But now, unfortunately, for many, working from home is essential. The advantages of a near-permanent home working model from a cost perspective are apparent, as firms will no longer need to maintain expensive office space and related operating expenditure. Sounds plausible, but without careful consideration and planning, could one merely be replacing the challenges encountered with the offshore model with similar problems on the newly deployed home territory?

The rise of the mighty customer

These days disgruntled customers have a mighty voice and are not afraid to use it. Easy access to influential social media channels is either a firm's best friend or their worst nightmare, and unhappy customers can make or break a reputation almost overnight. Modern technology has a significant role to play and is already proven to enable a business to deliver a seamless and highly positive customer experience. Scarily, according to a report by Contact Centre Helper and Calabrio in May 2020, based on 300 contact centres surveyed, only 1 in 10 businesses have their service facility based in the cloud, but 8 out of 10 are now deploying cloud software, or at the planning stage.

The onset of coronavirus worldwide and subsequent spikes in incoming communication, mainly via email and voice calls, led to 70% of companies providing clients with an increasing range of automated alternatives. This spike caused massive issues as firms struggled to support overworked and distressed call handlers and increasingly dissatisfied customers, leaving many scrabbling to find a solution to this unsatisfactory situation.The answer is undoubtedly intelligent business automation provided by new AI-powered SaaS technology, which can automate inefficient and time-consuming labour-intensive processes based on unstructured data such as incoming emails. Apart from significant cost benefits, this strategy also enables a firm to liberate its staff to work on more productive, value-added tasks, leading to the higher employee and customer satisfaction that all businesses crave.

By using the latest SaaS/CCaaS (Customer Centre as a Service) technology based in the cloud, a few forward-thinking firms have already adopted technologies which has transformed inefficient home working into a highly productive customer-centric business environment,If remaining offshore is the preferred option, adopting a cloud-based customer centre will also allow firms to provide a more seamless, automated service. So, while to some extent, the place of domicile becomes irrelevant if this comes at the expense of increased customer satisfaction as reported by clients when the call centre is closer to home, the price could become fools gold. The choice is yours.

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When it comes to offshore call centres, what price is a happy customer? How can AI help? - Finextra