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first_imgThe Brazilian offshore drilling firm Constellation has been awarded three new contracts with Petrobras for its offshore drilling rigs.Gold Star / Image source: KeppelConstellation said Monday that Petrobras had hired its three ultra-deepwater semi-submersible drilling rigs Alpha Star, Gold Star, and Lone Star. The contracts are for two years each. All three rigs entered service in the 2010-2011 period.While Constellation did not provide the financial details of the contracts, Norwegian rig broker Bassoe Offshore has estimated the dayrate to be around $155,000 for each contract.Petrobras will use the rigs for drilling activities offshore of Brazil. Operations under each contract are expected to begin by January 2020.The news of the contracts for the rig trio comes two weeks after Petrobras had hired Constellation’s Laguna Star rig on a two-year deal.Commenting on new contracts, Guilherme Lima, CEO of Constellation, said: “Securing these three contracts, together with the recently announced contract for Laguna Star, is a remarkable achievement for the company. Petrobras is a key player in the Brazilian market, and this reinforces the long-standing partnership our companies have built over the years.”He said that with Constellation’s Brava Star and Olinda Star rigs also under contract, “a substantial majority of our fleet is currently under contract.”Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. uAlso, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

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first_imgIn a statement claiming UEFA’s investigation was “flawed” and “left little doubt in the result,” City announced plans to appeal. “This is a case initiated by UEFA, prosecuted by UEFA and judged by UEFA,” the club said. “With this prejudicial process now over, the club will pursue an impartial judgment as quickly as possible and will therefore, in the first instance, commence proceedings with the Court of Arbitration for Sport at the earliest opportunity.”Among football leaders calling for City to be punished was the head of the Spanish league who has been critical of how “funding by state-aid distorts European competitions.”“UEFA is finally taking decisive action,” La Liga President Javier Tebas said on Friday. “Enforcing the rules of financial fair play and punishing financial doping is essential for the future of football.”City has never disputed the authenticity of the information contained in internal emails that were published by German media outlet Der Spiegel in October 2018 and shows alleged schemes by the club to allegedly cover up the true source of income in a bid to comply with FFP. February 14, 2020 Associated Press The verdict was delivered on Friday to City following a hearing of UEFA’s club financial control body on Jan. 22. “The adjudicatory chamber, having considered all the evidence, has found that Manchester City Football Club committed serious breaches of the UEFA club licensing and financial fair play regulations by overstating its sponsorship revenue in its accounts and in the break-even information submitted to UEFA between 2012 and 2016,” UEFA said in a statement. “The adjudicatory chamber has also found that in breach of the regulations the club failed to cooperate in the investigation of this case.”The ban has no impact on the women’s team participating in the Champions League.City’s men play Real Madrid in the Champions League round of 16 this month but would not get to defend the title if they lift the European Cup for the first time. Share This StoryFacebookTwitteremailPrintLinkedinRedditLONDON (AP) — English Premier League champion Manchester City was banned by UEFA from the Champions League for two seasons on Friday for “serious breaches” of spending rules and failing to cooperate with investigators i n a seismic ruling against one of world football’s wealthiest clubs.The Abu Dhabi-owned team was also fined 30 million euros ($33 million) after an investigation that was sparked by leaked internal correspondence showing City overstated sponsorship revenue in a bid to comply with Financial Fair Play regulations.The punishment prevents City from playing in any European competition, including the Europa League, until the 2022-23 season. It could have a significant impact on the club’s ability to sign players and retain manager Pep Guardiola, whose contract expires next season. “As we discussed, the annual direct obligation for Aabar is GBP 3 million,” Pearce wrote. “The remaining 12 million GBP requirement will come from alternative sources provided by His Highness.”City has already been punished by UEFA for violating FFP, striking an agreement in 2014 that saw the team fined rather than banned from the Champions League for inflated sponsorship deals with companies linked to the club or its ownership.A leaked 2014 email from City lawyer Simon Cliff to a colleague showed the death of UEFA’s lead FFP investigator being celebrated: “1 down, 6 to go.”Since July 2011, UEFA has monitored the accounts of all clubs entering its two club competitions in a bid to curb unfettered spending on players regardless of the owners’ wealth.The first period UEFA assessed clubs for compliance with FFP was 2011-13, when owners were allowed to cover losses up to 45 million euros.center_img A Portuguese judge ruled last month that prosecutors have enough evidence incriminating Pinto for him to stand trial. Pinto is accused of attempted extortion and hacking into secret information held by Sporting Lisbon and the Portuguese soccer federation, including financial dealings.___More AP soccer https://apnews.com/Soccer and https://twitter.com/AP_Sports City has been transformed into an English soccer power in the decade since being bought by Sheikh Mansour bin Zayed Al Nahyan, a deputy prime minister of the United Arab Emirates and a member of Abu Dhabi’s royal family, winning the Premier League four times since 2012. City has endured a problematic title defense on the field, sitting second in the Premier League 22 points behind Liverpool. The City Football Group, of which City is the key component, was valued at $4.8 billion in November after U.S. private equity firm Silver Lake bought a stake of around 10% for $500 million. Silver Lake became the second major partner in the group, with a Chinese consortium owning 12% of the equity. There are partner clubs in New York, Melbourne and Yokohama, among others.Questions have been raised about how the leaks were obtained that now cast a shadow on the reputation of City.A Portuguese man, Rui Pinto, has been implicated in the obtaining of damaging information about European football. Pinto’s lawyer, Francisco Teixeira da Mota, said his client has been helping law enforcement in other European countries with investigations into their clubs’ finances.Pinto was extradited last year to Portugal from Hungary, where he had lived since 2015, after Portuguese police investigations concluded he hacked into computers in his home country. He has been held in detention in Portugal since March. UEFA bans Man City from Champions League for 2 seasons The UEFA statement on Friday did not reference any specifics of the evidence that led to the punishment In 2015, Der Spiegel said emails were being sent internally at City showing the manipulation of sponsorship revue from Etihad Airways, the state-owned airline from Abu Dhabi, which is the naming rights sponsor of City’s stadium and training campus as well as appearing on jerseys. The sponsorship was said to generate 67.5 million pounds (about $85 million) annually for City. But City’s holding company — the state-backed Abu Dhabi United Group — channeled 59.9 million pounds back to Etihad, according to Jorge Chumillas, the club’s chief financial officer, in an internal email to club director Simon Pearce.The leaks showed how City allegedly tried to artificially raise its revenue, in one case by 30 million euros, according to emails from 2013 reported by Der Spiegel. Abu Dhabi United Group was alleged to be sending cash to a shell vehicle which was created to supposedly buy the right to use players’ images in marketing campaigns.There were further examples that Sheikh Mansour could have been the source of sponsorship revenue for Abu Dhabi state-owned companies like investment firm Aabar. Der Spiegel cited a 2010 email to Aabar from Pearce, the City director who also works for Abu Dhabi’s Executive Affairs Authority.last_img read more

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first_img Zouks, however, have been one of the worse-performing sides in the tournament, but Pandya said he hoped his investment would turn around the franchise’s fortunes. “Our aim is to help drive the Zouks forward to become the dominant team in the CPL by producing consistent results that will enable us to be title contenders in every edition of CPL going forward,” the Philadelphia businessman said. He added: “We are extremely happy that the management team, with Stuart Williams as our head coach and Darren Sammy as our captain, have committed to remain with the franchise and will continue to lead it. Darren is a passionate St Lucian who leads the side with great skill and charisma and is hugely respected internationally, especially after guiding the West Indies to their second ICC World T20 title in India earlier this year. “Our executive directors are working closely with both Stuart and Darren in terms of player recruitment, the goal being to become champions of the CPL after missing out last year in the play-offs.” Zouks enjoyed their best-ever season in this year’s campaign when they finished third following the preliminaries before being knocked out in the play-offs. LONDON (CMC): United States-based real estate businessman Jignesh ‘Jay’ Pandya has bought the Caribbean Premier League (CPL) franchise St Lucia Zouks, tournament principals announced recently. Pandya is the founder of the Rohan Group of companies and also serves as chairman of Global Sports Ventures, LLC, and Royal Sports Club, LLC. Damien O’Donohoe, chief executive of the CPL, said the partnership was the result of extended discussions with Pandya’s representatives. “Discussions have been ongoing with Mr Pandya, and his represent-atives for many months and they have a clear vision for the Zouks to elevate them even higher for the seasons to come in terms of recruitment and in building all aspects of the franchise, from root to branch,” O’Donohoe said. “Their passion for the Hero CPL is obvious, with their values being closely aligned to our own to strive to be an innovative market leader, and I have no doubt that these are exciting times to be a Zouks fan.” Zouks is one of six franchises that comprise the four-year-old CPL, branded by organisers as the ‘biggest party in sport’. Reigning champions Jamaica Tallawahs, Barbados Tridents, Trinidad and Tobago Red Steel, Guyana Amazon Warriors, and St Kitts and Nevis Patriots are the other five franchises involved in the Twenty20 venture. POOR PERFORMERlast_img read more