zoom McDermott International, Inc. said that its Dive Support Vessel Thebaud Sea (“DSV”) was recently mobilized for an Emergency Pipeline Repair intervention offshore the United Arab Emirates.This is the third time in recent months that the DSV has been fast-tracked to carry out an emergency response. This contract is included in McDermott’s first quarter 2014 backlog.“Pipeline failures can often result in significant production loss, which is why reaction speed to these cases is critical,” explained Scott Cummins, Executive Vice President, Offshore. “Although there is added pressure due to the impact in oil revenues, Health, Safety and the Environment remains at the forefront for Emergency Pipeline Repair Systems (“EPRS”). The pipeline must be safely isolated and then stabilized before any repairs can be executed, to ensure the safety of the diver and the environment.”With the support of in-house offshore resources, McDermott engineering teams have completed several EPRS studies on behalf of a number of clients. For each repair scenario, an individually tailored solution was delivered to cater to specific emergency responses to pipeline damage.“Every case is unique, which is why the approach must be robust enough to handle any given situation,” commented Cummins. “Our operational knowledge, experience and expertise defines our engineering deliverables as real solutions, over theoretical studies. We are pleased that our clients have shown repeat confidence in our EPRS capabilities,” he concluded.McDermott, March 14, 2014
Addressing the Yale Center for the Study of Globalization, Mr. Annan stressed the need “to create a wider, more expansive definition of our duties to our fellow men and women.” He pointed out that this is an imperative, not a luxury, as today’s world “demands that we tear down the walls in our own minds as well – those separating us from them, rich from poor, white from black, Christian from Muslim from Jew – so that we are able to recognize the untold ways in which we can all benefit from cooperation and solidarity across lines of nationality, race or economic development.”The Secretary-General called on those present to “rethink what belonging means, and what community means, in order to be able to embrace the fate of distant peoples, and realize that globalization’s glass house must be open to all if it is to remain secure.”To achieve this, leaders must make the case for helping the poor and disenfranchised. “Either we help the outsiders in a globalized world out of a sense of moral obligation and enlightened self-interest, or we will find ourselves compelled to do so tomorrow, when their problems become our problems, in a world without walls,” he warned.Drawing lessons from last year’s 11 September terrorist attacks against the United States, Mr. Annan said the global reaction offered hope. “The sight of people gathering in cities in every part of the world from every religion to mourn – and to express solidarity with the people of the United States – proved more eloquently than any words that terrorism is not an issue that divides humanity, but one that unites it.” While acknowledging that the past year had seen a dramatic rise of intolerance, he said acts of bigotry and ignorance represented the “ugly faces” of an exclusive globalization. “An inclusive globalization must address these ills,” he said.While the primary victims of the 11 September attacks were the innocent civilians who lost their lives, and the families who now grieve for them, the Secretary-General pointed out that peace, tolerance, mutual respect, human rights, the rule of law and the global economy were all among the casualties of the terrorists’ acts.”Just as a concerted international response can make the work of terrorists much harder to accomplish, so should the unity born of this tragedy bring all nations together in defence of the most basic right – the right of all peoples to live in peace and security,” he said. “An inclusive globalization will be central to achieving this fundamental goal.”
A subsidiary company of Minefinders, a precious metals mining and exploration company, has commenced a binding arbitration process seeking approximately $10 million in damages from Ausenco International. This was launched on May 22 by Cía Minera Dolores (CMD), before the International Centre for Dispute Resolution of the American Arbitration Association. In addition to the damages, CMD seeks to recover the costs of the arbitration and its legal fees. Separately, CMD has assumed responsibility for the final stages of commissioning the multi-million ounce Dolores gold and silver mine in Mexico. Minefinders continues to expect the mine will commence commercial production in mid-2008. Minefinders believes it has adequate funds in place and available from its revolving credit line to meet its cash needs for the commissioning of the Dolores Mine until the mine reaches full commercial production.The claim for damages relates to breaches by Ausenco of contracts between CMD and the Ausenco companies, under which Ausenco Americas was to provide engineering and design services for the Dolores mine and Ausenco International was to act as construction manager. In the arbitration Minefinders alleges that the Ausenco companies were responsible for a number of engineering, design and construction problems and delays that increased the cost of developing the Dolores mine compared with expectations prior to the February 14, 2008 study. A portion of this additional cost will be recouped should Minefinders be successful in the arbitration.Minefinders says it is aware that Ausenco International filed a writ of summons in the Supreme Court of British Columbia on May 9, 2008, against Minefinders and CMD for allegedly not paying $1.9 million under the construction management agreement. The writ of summons has not been served, and all disputes under the construction management agreement and the engineering services agreement between the parties must be decided by binding arbitration. CMD has demanded that the writ against CMD be withdrawn based upon the mandatory arbitration clause and as against Minefinders because Minefinders is not a party to any of the relevant agreements. CMD intends to vigorously defend against any such claims by Ausenco International or Ausenco Americas.Minefinders is in the final stages of commissioning the multi-million ounce Dolores gold and silver mine in Mexico. Construction at Dolores is substantially complete. Mining within the pit began last fall and, to date, more than 7.3 Mt of material has been moved and 700,000 t of development ore stockpiled. Ore is now being crushed and placed on the leach pad with the recently commissioned conveying and stacking system. The mine is expected to have a 15-year life as an open pit mine with additional potential as a high-grade underground mine in the future. The company continues its exploration efforts on several other prospective projects in Mexico to build a quality pipeline of precious metals projects for future growth.