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Highlights of the Week

July 24, 2016

Subsea World News has put together a recap of the most interesting articles from the previous week (July 18 – July 24).

1

FMC Technologies, has recorded a sharp profit drop in the second quarter 2016 as the weak market drove its revenue down, especially in the surface technologies division.

The Houston-based subsea specialist generated net income of $2.2 million, or $0.01 per diluted share, on revenue of $1.2 billion, versus net income of $108 million, or $0.46 per diluted share on revenue of $1.7 billion in the year-ago quarter.

2

Kongsberg Oil & Gas Technologies has signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) regarding the sale of Subsea Products.

According to Kongsberg, the sale includes Thor Tie-In, Weaklink, Pipeline Structures (typically PLEM, PLETS, Wyes, Tees, Foundations, Spools, Jumper), Adjustable Pipeline Supports, GRP Protection Covers, Hot Tap systems, Installation and Repair Tools, Pig Launchers, Pig Tracking Systems, Subsea Storage Units and Subsea Cooler.

3

Norwegian vessels owner, Rem Offshore, has not secured backing for its refinancing plan after the bondholders controlling more than 1/3 of the bonds in the company’s REM04PRO bond issue turned down its proposal.

Namely, the industrial investment company, Aker, which earlier this year invested around NOK 500 million in another Norwegian offshore vessels provider, Solstad, has blocked the financial restructuring of the Fosnavåg-based company.

4

OneSubsea, a Schlumberger company, has been awarded an engineering, procurement and construction (EPC) contract totaling approximately USD 300 million from Woodside Energy.

The scope of contract includes six horizontal SpoolTree subsea trees, six horizontal trees for the water injection system, six multiphase meters, a high-boost dual pump station with high-voltage motors, umbilical, topside, subsea controls and distribution, intervention and workover control systems, landing string, and installation and commissioning services.

5

Oilfield services major Halliburton has seen red in the second quarter, ended June 30, 2016, as it recognized $3.5-million termination fee following a failed merger agreement with Baker Hughes and saw its revenue decline by some 35 percent.

The company booked quarterly net loss of $3.2 billion ($3.73 per share), compared with net profit of $54 million, ($0,06 per share) in the year-ago quarter. Year-to-date loss amounted to $5.62 billion or $6.54 per share against loss of $589 million or 70 cents per share for the first six months in 2015.