Stephan Vitus, project development manager of Icon Yachts, talks to Jayne Flannery about the radical new approach to building the iconic super yachts that the company has pioneered.

Alan Swaby looks at a FTSE 100 oil company that didn’t have a barrel of oil to its name 25 years ago—but now has billions.

Tullow Oil is sitting on vast reserves of oil, so much so that the share price has gone from 400p in 2006 to 1400p today. Its biggest find to date—the Jubilee offshore field in Ghana—came on stream in 2010, just three years after the discovery was made. Other global sites saw an average of 58,100 boepd in 2010 from fields as far apart as the North Sea and Pakistan. 

Karelian Diamond Resources has announced the resumption of drilling on its Seitaperä diamondiferous kimberlite pipe in Finland.

The 6.9 hectare Seitaperä pipe, in the Kuhmo region of Finland, is the largest known kimberlite pipe in the country.

Drilling at Seitaperä will consist of five or more drill holes with an objective to further test the extent of the diamond-bearing kimberlite facies and the shape of the kimberlite pipe to a depth of approximately 100 metres.

AWS Ocean Energy Ltd, the Scottish wave energy company, has secured a major investment from French power giant Alstom.

AWS said that Alstom has acquired a 40 per cent equity stake in the company, giving it the financial capability to accelerate the development of its AWS-III wave power technology.

The investment is Alstom’s first ever in the wave energy sector.

Bombardier’s visit to the Paris Air Show has proved fruitful, with large orders placed for both its CSeries and Global Business aircraft.

Most notably, with an order of up to 30 CS300 aircraft, Korean Air will become the new jet’s launch customer in Asia.

Korean Air, South Korea’s flagship airline, signed an agreement to acquire 10 Bombardier CS300 aircraft, with an additional 10 options and 10 purchase rights. The two companies signed a letter of intent following several months of negotiations, and made the announcement at the show today.

Oil and gas exploration company Premier Oil has raised its interest in the UK onshore oilfield Wytch Farm by 17 per cent.

Premier will pay current operator BP $96 million for the additional interest, which will take its total stake up to approximately 30 per cent.

Wytch Farm is currently producing approximately 13,000 barrels of oil equivalent per day. Located in Dorset around 17 miles from Poole, the oilfield comprises three separate oil reservoirs that lie under Poole Harbour and Poole Bay.

Rolls-Royce has signed an agreement to be the exclusive engine provider for an enhanced version of the Airbus A350-1000 aircraft.

Rolls-Royce will supply the new higher thrust version of the Trent XWB, incorporating new high temperature turbine technology, increased engine core size and advanced fan aerodynamics.

Toyota has announced that it expects its North American vehicle production levels to return to 100 percent in September.

Production is recovering earlier than originally anticipated following the March 11 earthquake and tsunami in Japan. Eight of the company’s 12 North American-built models returned to 100 percent production on 6 June.

“After September we will focus on making-up lost production as much as possible,” said Steve St. Angelo, executive vice president of Toyota Motor Engineering & Manufacturing, North America.

International mining group Rio Tinto has now acquired 99.74 per cent of the shares of Riversdale Mining Limited after Tata Steel today allowed its 26.28 per cent stake into Rio Tinto's takeover offer.

Riversdale has hard coking-coal projects in Mozambique and also owns an underground coal mine in South Africa—Zululand Anthracite Colliery. Mozambique is strategically well placed to supply hard coking coal to India and Brazil, where the steel industry is growing and a number of new coal-fired power stations are being built.