They said NBIM had a vested interest in well-functioning markets in financial instruments, the efficient allocation of capital and risk, and long-term economic growth – and that strong corporate governance practices contributed to these aims.Smith Ihenacho and Gjessing wrote that their organisation continued to support the GGP, and were responding in the letter to the questions of greatest relevance to NBIM.“We concur with the GGP’s emphasis on the role of the board, clarity of its leadership and a composition marked by relevant knowledge, independence, competence, industry experience and diversity of perspectives,” they wrote.Boards should set executive remuneration in a transparent manner, the pair wrote.“We support that remuneration should be designed to effectively align the interests of the CEO with those of the company and its shareholders to help ensure long-term performance and sustainable value creation,” they said.Among other issues mentioned, NBIM said in the letter that – as stated in one of its own published papers – boards should make sure company reporting reflected all material sustainability risks and opportunities.In the months before NBIM’s new chief executive officer Nicolai Tangen started work at Norges Bank’s Oslo offices at the start of September, the central bank’s Chair and Governor Øystein Olsen weathered a storm of public criticism over his handling of Tangen’s appointment.As a final concession to political demands, Tangen agreed just days before starting work to divest his hedge fund management business entirely and put all of his personal investments into the form of bank deposits – in order to avoid even the semblance of conflicts of interest.Contributing to the arts has been one of Tangen’s most well-known priorities, with the Norwegian billionaire having set up a charitable foundation alongside his AKO Capital fund management business, and being set to donate his large collection of Nordic art to a proposed new museum building in his hometown of Kristiansand.Looking for IPE’s latest magazine? Read the digital edition here. Norges Bank Investment Management (NBIM), the central bank arm which runs Norway’s sovereign wealth fund, has singled out in a consultation the aspects of good governance which it sees as most relevant – including clarity of leadership, independence and the contribution companies make to society.The manager of the NOK10.5tn (€977bn) Government Pension Fund Global – which is still reeling from its own governance crisis – outlined its key beliefs around corporate governance in a letter to the International Corporate Governance Network, giving feedback for its review of the network’s Global Governance Principles (GGP).Carine Smith Ihenacho, NBIM’s chief corporate governance officer, and senior analyst Ola Peter Krohn Gjessing, wrote in the letter: “We support companies reflecting on their contribution to society.”Companies choosing to articulate a purpose should, the pair said, take a comprehensive approach and translate it into culture, strategy, targets and actions.
103-105 Hedges Ave, Mermaid Beach sold for $11.6 million – the highest on the Gold Coast this year.A BEACHFRONT house on the Gold Coast’s Millionaire’s Row holds the highest price paid for a property on the Gold Coast this year after trading for $11.6 million.The home, at 103-105 Hedges Ave, has been bought by an interstate buyer.The Frost sale was achieved by Kollosche Prestige Agents principal Michael Kollosche and Prestige Property’s Harry Kakavas. 3250/23 Ferny Ave, Surfers Paradise. 3250/23 Ferny Ave, Surfers Paradise. 3-7 Sir Lancelot Close, Sovereign Islands. 3-7 Sir Lancelot Close, Sovereign Islands changed hands for more than $11 million. Coming in at a close second is another mega mansion, this time on the Sovereign Islands that sold for $11 million.Amir Mian, principal of Prestige Property Agents, confirmed last month’s sale of ‘Grande Vista’ on the Sovereign Islands but would not disclose the sale price. 31-33 The Corso Isle Of Capri sold for $8.8 million. 8-10 Marseille Court, Sorrento changed hands for $9 million. 8-10 Marseille Court, Sorrento. A Surfers Paradise apartment rounds out the top three sales of 2018 — it sold for $9.5 million in January.The luxurious skyhome at the Towers of Chevron Renaissance, which spans the 39th and 40th floors, is on one of the most popular tourists strips in the country and took two years to build.It has four bedrooms, five bathrooms, 21 car spaces and panoramic views over the city, beaches, main river and Gold Coast hinterland. TOP FIVE SALES — 103-105 Hedges Ave, Mermaid Beach, $11.6 million— 3-7 Sir Lancelot Close, more than $11 million— 3250/23 Ferny Ave, Surfers Paradise, $9.5 million— 8-10 Marseille Court, Bundall, $9 million— 31-33 The Corso, Isle of Capri, $8.8 million 103-105 Hedges Ave, Mermaid Beach.The sale is the fourth largest on the Mermaid beachfront since the strip’s GFC-induced doldrums, with one of the sales — former Billabong investor Scott Perrin’s Gold Coast residential record $25 million deal on his home Tidemark — leading the way.The new owner of the Alan Frost property gets a house with three ensuite bedrooms, a guest retreat, study, lap pool, and a basement with a media room, wet bar, powder room, and parking for six cars. 3-7 Sir Lancelot Close, Sovereign Islands.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoIt’s just over $11 million,” Mr Mian said.“It is the highest sale on the Sovereign Islands.”“A local buyer will be moving into it.”The property, at 3-7 Sir Lancelot Close, now holds the sales record on the Sovereign Islands — the record was previously held by Baltimore, a mega mansion that changed hands for $11 million in 2006.
The couple bought a beautiful $1.375m home almost two years ago which they are not selling. Picture: Realestate.com.au Emily Seebohm alone outside the couple’s home in Hendra in October last year. Picture: AAP image, John Gass. Ex-Olympian’s luxury building set for completion FOLLOW SOPHIE FOSTER ON FACEBOOK A four bedroom Toowoomba property that Larkin invested in is not on the market. Picture: Realestate.com.au Loads of potential for expansion. Picture: Realestate.com.auThe added allure to this property though is that it has been deemed a fixer-upper — given its age and older style of layout.Seebohm has it listed as having “generous scope to add your own touches with some cosmetic renovations and the removal of a non bearing wall to make the layout more open plan”.“An alternative, would be to add an level, should more room be required to suit your needs,” according to realestate.com.au. Seebohm’s Hendra investment property has hit the market for sale by private treaty. Picture: Realestate.com.au Emily Seebohm and Mitch Larkin – (pictured from left) in a fashion shoot mid last year with Erin Holland, Sam and Rach Thaiday – are considered the darlings of sport in Queensland. Picture: Mark Cranitch. The suburbs where millionaires are being made MORE: Million-dollar winners and losers The property is deemed a fixer-upper, or one that the buyer could add significant value to via renovation. Emily Seebohm and Mitch Larkin in happier times at their home in Hendra a year ago. Picture: Nigel Hallet.Seven months after a horror split between Australian swimming darlings Emily Seebohm and Mitch Larkin, the first sale of the Brisbane property portfolio has begun. The once golden couple of Australian sport own three properties separately and together — two of which are in Brisbane millionaire suburb Hendra and one in Toowoomba.Surprisingly, despite all the drama since a rift was announced in July last year, the pair have not put the $1.375m four bedroom Brisbane house that’s jointly in their names on the market. It was originally expected to be the first on the market given it’s the one the couple were living in when the very public split occurred. Next month it will have been two years since they’d bought it together. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoInstead, the house that is for sale is a three bedroom brick home that Seebohm bought for over half a million dollars almost seven years ago. The 20-year-old house was rented out at $620 a week a few years ago, which is about $77 a week less than the current median asking rent for the area, according to CoreLogic.Seebohm stands to make a good sum off the sale of this house, given the suburb has become one of the most popular for young high net worth families in the Queensland capital. Prices there have risen 43.6 per cent in the last five years alone, and it has two racecourses on its boundaries. And yes, it does have a pool. Emily Seebohm has moved on afresh after her public split with Mitch Larkin last year. Picture: Nigel Hallett.The house has three bedrooms and a rumpus room, is airconditioned with built-in robes, and has an inground pool with a terrace.A four bedroom investment property — bought in Larkin’s name in Toowoomba four years ago — was not on the market. It was once fetching rental of $385 a month. Emily Seebohm and Mitch Larkin during happier days at their home in Hendra. Picture: NIGEL HALLETT Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58
The Green – Ripley Town Centre. Photo Supplied.The Ripley region is fast taking shape with developer Sekisui House announcing the masterplan community to include high density living in the next stage of the project.Stage two of the Ripley Town Centre will include medium and high density residential seniors living in a new South Village quarter, as well as an extension to the existing centre for additional retail. Health and Wellbeing – Ripley Town Centre. Sekisui House senior development manager Taku Hashimoto said Ripley Town Centre has been masterplanned with a ’20-minute neighbourhood’ philosophy that creates a low-carbon, connected community, surrounded by wide green spaces and interconnected by well-designed natural settings.“Ipswich is growing rapidly, Ripley is the fastest growing area in Ipswich,” Mr Hashimoto said.With the RAAF Base Amberley nearby, he said a lot of families were moving into the area and a need to accommodate different types of lifestyles.Mr Hashimoto said Sekisui was looking at 12 storey units on site.The masterplan is made up of 10 connected areas including: CIVIC HEART: A place for cultural institutions, education and retail experiences surrounding a green forecourt. THE HUB: Exceptional quality office, hotel and residential accommodation above Ripley station. CENTRAL: Open laneways and tree-lined boulevards, home to experiential retail and mid-rise offices. THE ESPLANADE: Indoor/outdoor dining and retail areas with community swimming lagoons and spaces. THE GREEN: A live, work and learn village environment for young professionals, students and creatives. HEALTH and WELLBEING: Hospital and aged care facilities for training, education and research with short term accommodation. GATEWAY NORTH: An iconic ‘Flat Iron’ building with heritage inspired architecture and a shaded plaza. NORTH VILLAGE: Eclectic bars, restaurants and shops with high-street character and open space access. SOUTH VILLAGE: Medium to high rise residential for active lifestyles with ground level retail conveniences. PARKSIDE VILLAGE: Residential terraces with open roof top green spaces and tree lined street level offices. More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoThe Esplanade – Ripley Town Centre. North Village – Ripley Town Centre.
The marble kitchen bench has a waterfall edge. MORE: Why Andrew Winter’s home pops Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 558 London Road, Chandler, was the most viewed property in Queensland last week.A home dubbed the ‘James Bond House’ that comes with a 16-car garage with a hectare of land to boot was the hottest property in Queensland this week. Rolling lawn and serenity. The separate two bedroom apartment in front of the main “James Bond” style home.The home, just 17km from Brisbane’s CBD, is open for inspection Thursday October 31 at 6-7pm as well as Saturday November 2 from 10.30-11.30am. FOLLOW SOPHIE FOSTER ON TWITTER This is what a $1.5m renovation looks like The home has a modern minimalist look.The main house has 1,533sq m of living and entertainment space inside and out, according to agent Tyson Clarke of Queensland Sotheby’s International Realty – Brisbane.“A modern masterpiece dubbed the ‘James Bond House’ which fuses sleek minimalism with a serene, semirural sanctuary,” was how he listed it. The home has its own home theatre with bar. The gym leads out to entertainment space.Among its features was a 45sq m wine cellar with its own kitchenette and tasting facilities, a state-of-the-art home theatre as well as an outdoor cinema, a dramatic kitchen with butler’s pantry, an 11m x 7m pool, outdoor kitchen, pizza oven, executive office, home automation system and a gym.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours ago The property is 1.01ha.Latest data from realestate.com.au show the six bedroom property at 558 London Road, Chandler, was the most viewed in the state last week.The property, which has seven and half bathrooms and sits on a massive 1.01ha of land, includes a separate apartment that’s got two bedrooms, one bath, and its own a two-car garage. Would you swim in a skip bin?
Ray White Surfers Paradise Group’s mega-auction The Event drew a big crowd at the weekend.PROPERTY on the Gold Coast is as hot as ever with almost $20 million worth of sales inked at the nation’s largest in-house auction The Event at the weekend.The success of Ray White Surfers Paradise Group’s annual mega-auction was on par with last year’s, which racked up $19 million in sales on the day.Hundreds of house hunters crowded into Royal Pines Resort on Saturday where more than 100 registered buyers engaged in frenzied bidding. By the end of the day, 31 properties had sold while many more were under negotiation.Several prestige properties were among those being negotiated, including a Sovereign Islands residence that received an $8.5 million pre-auction offer.Ray White Surfers Paradise Group chief executive Andrew Bell said they were pleased with the outcome and expected the clearance rate to rise in coming days. MORE NEWS: The Event: Last ditch attempt to buy pays off Ray White Surfers Paradise Group chief executive Andrew Bell led the auction.“The results came off the back of 176 registered bidders, which saw many properties the subject of strong bidding, and as often happens in a rising market, a gap occurs between the ambitions of the sellers and the comfort of the purchaser,” he said.“But the gap is so small in most cases we expect to see strong further outcomes in terms of sales.“Another observation from this year’s Event was the number of properties that sold well over the reserve price, which is a telltale sign of the market’s strength.”Mr Bell said the strong start to 2020 was a standout in the company’s 30-year history. “We’ve done just over 110 sales in the past three weeks so I’m very confident in what is ahead of us on the Gold Coast,” he said.“The real estate environment is very positive – the omens are very good with REA reporting searches and viewings up by more than 60 per cent on this time last year.“Similarly we are recording the highest number of inspections since 2017, so there is no doubt we have entered a very strong, positive market in 2020.” More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago MORE NEWS: Unusual water feature will make you think before approaching Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45 Aaron and Celeste Morgan were the first buyers of the day, snapping up a Southport duplex. A quick decision to bid an extra $1000 ensured the property was theirs. When $580,000 was called, the pair made a final bid of $581,000 when the hammer came down.While no strangers to buying property, their purchase was still a shock.“It’s the first time (we’ve bought) at auction, we normally do it through private treaty,” Ms Morgan said.“But we’re really excited, it’s like a new chapter.” Ray White Queensland chief executive Tony Warland said the Gold Coast had a buzz about it heading into 2020.“Making predictions can only come from past and present data but all indicators at present show a market that’s strong, as Queenslanders have always had a deep passion for a home and property investments, and we’re seeing that passion become more ambitious within the marketplace,” he said.
DONG Energy has announced plans to offer frequency response from its existing Burbo Bank offshore wind farm using a combination of wind power and battery.The company plans to install the first of its kind wind power and battery hybrid system at the Burbo Bank offshore wind farm to provide frequency response and help keep the grid frequency stable at 50Hz while maintaining the operability of the grid.DONG Energy will present the solution later today as part of its R&D conference at Offshore Wind Energy 2017 in London.The addition of the 2MW battery system, set to be installed by the end of the year, will enhance the capability of the 90MW wind farm. It will be the first time an offshore wind farm is integrated with a battery system to deliver frequency response to the grid, DONG Energy said.The 2MW battery system will be supplied by ABB. Burbo Bank offshore wind farm has been fully operational since 2007.“We’re excited to use battery technology to demonstrate this wind power and battery hybrid capability. With eight existing offshore wind farms in the UK and another four under construction, we expect to leverage further technology improvements and innovations and ensure that DONG Energy supports the stability of grid systems as generation capacity becomes cleaner and more sustainable,” Ole Kjems Sørensen, Senior Vice President, Partnerships/M&A and Asset Management at DONG Energy, said.Frequency response is a mechanism used by National Grid to help manage grid stability. The frequency of the grid is a continuously changing variable which must remain close to 50Hz. If the frequency was to deviate from these limits, it would affect everything plugged into the grid, from home appliances to power stations. The ability to inject or reduce bursts of active power allows the grid to rapidly respond to changes in frequency.Richard Smith, Head of Network Capability (electricity) for National Grid, said: “As Great Britain’s energy mix changes, we know that ensuring a safe and stable supply of energy into future will require more flexible services. I’m looking forward to seeing how the DONG Energy solution of storage connected to the offshore wind farm will provide services to help us respond to day-to-day operational challenges and maintain the frequency of 50 Hz on Great Britain’s electricity system.”
Illustration purposes only (Image courtesy of Cosmodyne)Cosmodyne and UGI Energy Services installed and commissioned a natural gas liquefaction plant in Mehoopany, Pennsylvania. The facility will produce liquefied natural gas (LNG) for UGI’s merchant and utility businesses, Cosmodyne said in its statement.The order for the facility was placed in September 2015, with Cosmodyne selected to deliver a complete package which includes equipment for natural gas pretreatment, natural gas liquefaction, cooling systems and a gas turbine driver.The plant’s production capacity is 120,000 gallons of liquefied natural gas per day.The plant was successfully commissioned earlier this year. This is the third peak shaving liquefier that Cosmodyne has commissioned in the last twelve months.
Norwegian offshore safety body, the Petroleum Safety Authority (PSA), has identified weaknesses in crane design as an underlying cause of a crane incident from March on Statoil’s Gullfaks B platform offshore Norway.The PSA said on Thursday it had finished its investigation of the incident on Gullfaks B from March 7, 2017, when the boom of the pipehandling crane fell to the pipe deck. Several breaches of the regulations have been identified by the regulator.According to the agency, while transferring materials from the pipe deck to the drill floor on the Statoil-operated installation in the North Sea, the boom dropped 10 meters without warning to the pipe deck after a steel rope failed. The boom weighed about 14.4 tonnes.The horizontal to vertical (HTV) Eagle crane is used, as its designation suggests, to lift drill pipe from a horizontal position on the pipe deck catwalk to a vertical position on the drill floor.Two people had adjusted the gripper on the crane’s gripper yoke down on the pipe deck immediately before the incident.Actual and potential consequencesThe safety body said in its report that the actual consequence of the crane boom falling onto the pipe deck was substantial material damage to the crane and to the cable tray for the traverse crane on this deck. In addition, the incident caused a halt to activity on Gullfaks B. No personnel were injured in the incident.Under slightly different circumstances, the incident could have caused serious personal injuries or loss of human life. In other circumstances, it could have given rise to even greater material damage, the offshore safety watchdog said.Direct & underlying causesFurther according to the report, the direct cause of the boom falling to the pipe deck was fatigue in the steel rope. The underlying cause was weaknesses in the design of the crane’s hoisting system, which gave rise to wear and fatigue in the rope over time. Fatigue in the steel rope was not assessed as a relevant problem for this design.Nonconformities from the regulationsThe investigation has identified several nonconformities from the regulations, including: Risk assessment of equipment – inadequate identification of risk; Investigation of and improvement measures following earlier incidents – inadequate identification, investigation and follow-up of previous hazards and accidents; Utilization of expertise – insufficient use of mechanical handling expertise when specifying crane requirements; Responsibility for acceptance and operation of equipment – inadequate follow-up and checks when taking delivery of and operating machinery and equipment; Maintenance – deficiencies in the maintenance program for the steel rope.Statoil has been asked to explain to the PSA by September 20, 2017 how it intends to deal with these nonconformities.Gullfaks The main Gullfaks field lies in block 34/10 in the northern part of the Norwegian North Sea. It has been developed with three large concrete production platforms. The Gullfaks A platform began production in December 1986, with Gullfaks B following in February 1988, and the C platform in November 1989.The A platform is also used for storing and exporting stabilised crude from the Vigdis and Visund fields. Oil and gas from Gullfaks B is transferred to the A and C platforms for processing, storage and export.
The construction of Acta Marine’s Ulstein SX195 walk-to-work (W2W) construction support vessel is progressing well and on schedule at Crist shipyard in Poland, the Den Helder-based company said, adding that the DP2 vessel will sail under the name Acta Auriga.Upon delivery, the Acta Auriga will join Acta Orion, her semi-sister vessel, and as such form the second vessel in the Acta fleet dedicated for W2W, offshore logistics and accommodation services for clients in the offshore renewable industry. The vessel is named after the constellation Auriga, meaning “the charioteer” in Latin.The Acta Auriga’s completed hull is expected to be towed from Crist, Poland to Ulsteinvik, Norway in early November 2017. Thereafter Ulstein Verft will complete the outfitting of the vesseland the installation of the SMST provided mission equipment – a motion compensated gangway and a 3D crane.Delivery of the vessel is slated for the end of the first quarter of 2018.Acta Marine will be present at the Offshore Energy Exhibition and Conference 2017 in Amsterdam Rai on the 10th and 11th of October. Those who are interested in finding out more about the Acta Auriga and Acta Marine’s other vessels and services can do so by visiting the company at the stand 1.141.Images: Acta Marine