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Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) have announced a transaction to create a new integrated Canadian oil and natural gas company with an advantaged upstream and downstream portfolio that is expected to provide enhanced free funds flow generation and superior return opportunities for investors. 

On October 22, 2020, the hull of the ‘National Geographic Resolution’, a polar expedition cruise vessel for Lindblad Expeditions, arrived at the Ulstein Verft shipyard in Norway. Comprehensive outfitting work will now commence.

For the time being, expedition cruising is on hold, due to the worldwide Covid-19 situation. The ‘National Geographic Resolution’ is still planned for delivery in 2021. 

The hull will be transferred to the yard’s dock hall, where insulation work, electrical installations and hotel outfitting will commence. All major equipment including engines and thrusters were installed in Poland Quayside at Ulstein Verft is currently also her sister vessel, the ‘National Geographic Endurance’, which was delivered in March this year and will make her inaugural voyage when Lindblad reactivates travel. 

Different in looks and behavior

Cruise enthusiasts around the world are following these two projects eagerly. The looks are very different from other cruise vessels, the X-BOW hull being a very visible design feature, originally developed for offshore vessels operating in the roughest areas of the world. The X-BOW is ploughing through the waves, reducing slamming and the vibrations caused by the sea, and thereby increasing the on-board comfort. The ‘Resolution’ is optimized for low impact on the nature. A smoother ride leads to reduced fuel consumption and thereby a decrease in harmful local emissions.

Another aspect with the X-BOW® is the unobstructed view which enables optimal wildlife observations. The design enables forward and straight down-the sides viewing.

The ‘Resolution’ offers much space for the passengers to give them the expedition of their lives. The vessel measures 124.4 meters and has accommodation for only 126 guests. The 69 spacious guest cabins and suites will include 12 cabins for solo travelers.

The ship will afford gracious comfort and an unparalleled level of service, with the highest comfort class for guests to ensure a quiet and peaceful environment onboard. The spa and fitness area will include treatment rooms, saunas, a fitness room, a relaxation area and yoga room; and there will be two infinity hot pools for the utmost relaxation in pristine environments. Dining offerings include a main restaurant with outstanding views to the surroundings, and an outdoor barbeque and bistro area.

2 Oclin Ulstein Lindblad2 0795 rev2

The ‘National Geographic Resolution’. Credit: Oclin/Ulstein

Lindblad Expeditions Holdings, Inc. is an expedition travel company that works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership’s educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools. In 2019 Lindblad became a carbon neutral company, offsetting the carbon emissions of their fleet, employee travel worldwide, offices in New York and Seattle, all land-based operations, and beyond.

ULSTEIN is headquartered in Ulsteinvik, Norway, delivering products and services within ship design, shipbuilding and equipment packages to the international market. For more than 100 years they have created tomorrow’s solutions for sustainable marine operations together with their partners. Since its introduction in 2005, more than 100 X-BOW® vessel designs have been delivered from Ulstein Group. 

The American Petroleum Institute (API) has published API Specification 2C and Recommended Practices (RP) 2D and 2D-2, a suite of standards developed to support proper construction, safe operation and maintenance of offshore pedestal-mounted cranes for natural gas and oil platforms, as well as training for offshore crane operators. 

A comprehensive Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35% since 2014.

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