Highlights of the Week
- Business & Finance
Subsea World News has put together a recap of the most interesting articles from the previous week (November 06 – November 12).
The National Subsea Research Initiative (NSRI) is looking for a new director who will replace current project director, Dr Gordon Drummond, who is returning to Subsea 7 following his three year secondment to NSRI.
NSRI facilitates and coordinates research and development activities within the UK’s subsea sector.
Supported by Subsea UK and key sponsor companies, NSRI plays a key role in communicating the needs of the industry to the supply chain, encouraging the technology development.
McDermott defines a major contract as between USD 750 million and USD 1,500 million.
Work on the contract is expected to begin immediately and will be reflected in McDermott’s fourth quarter 2017 backlog, the company said.
Oslo-listed Subsea 7 has booked 23 per cent lower profit for the quarter ended September 30, 2017 despite revenue boost of 15 per cent on increased activity in the renewables sector which was partially offset by other business units.
The subsea engineering and construction specialist posted quarterly profit of $111 million, or $34 cents per diluted share, on revenue of $1.1 billion, versus profit of $149 million, or $44 cents per diluted share on revenue of $928 million same time last year.
Pioneering Spirit, world’s largest pipelay and construction vessel, marked the occasion by laying down on the seabed the section of the pipeline with Russian and Turkish flags, symbolizing the crossing of the EEZ border between the two countries.
David Pridden became the CEO of Subsea UK in 2004, several months after the organisation was formed by Government and the industry.
Pridden was latterly chairman of Seanamic Group, chair of the Trustees of the UK’s National Marine Aquarium in Plymouth and a member of the Simmons Private Equity Investment Committee.