Best of 2017
Subsea World News brings you the most popular articles from 2017.
The Best of 2017 represents the readers’ choice, based on the monthly statistics and general interest in the articles.
The most read articles of 2017 were:
According to the shipbroking company Nor-Ocean, who cited industry sources in its weekly newsletter, the acquisition price for the vessels was estimated around USD 80 million.
With this delivery, Subsea 7 has completed its fleet investment programme that has added six newbuild vessels to the company’s fleet since 2014.
This announcement was made separately to the company’s previous announcement to seek financial restructuring through chapter 11 of U.S. Bankruptcy Code, and ECS clarifies that EMAS-AMC AS has not filed for such protection.
The award scope includes seventeen total enhanced vertical deep water trees and associated tooling, as well as five manifolds and associated controls and tie-in equipment.
The Liza field, located approximately 120 miles offshore Guyana at a water depth of 1,800 metres, is a subsea development with a recoverable resource estimate of over 1 billion oil-equivalent barrels.
The acquisition, under a US bankruptcy code Chapter 11 Plan of Reorganisation, was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017. The acquired business of ECS includes approximately 850 people based in Houston, Singapore and Saudi Arabia.
Saipem and Petrobel have finalized offshore contract variations worth $900 million for EPCI activities in relation to the “Optimised Ramp Up” phase of the Zohr field development project situated in the Mediterranean Sea off the Egyptian coast.
The current variations to the scope of work include the installation of a 30-inch diameter gas export pipeline and an 8-inch diameter service pipeline, as well as EPCI work for the field development in deep water (up to 1700 metres) of 4 wells and the installation of umbilicals. Works will this month and are due to be completed by the end of 2018.
The UK based company’s main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys. The consideration paid including assumed debt amounts to approximately GBP 40 million. The current annual revenue level is approximately GBP 60-70 million.
According to the World ROV Operations Market Forecast 2018-2022, ROV expenditure will total over $10bn with a 4% CAGR expected as operators begin to sanction more projects. In total there will be demand of 1,030,659 days for WROV’s, averaging over 200,000 a year and growing at a 1% CAGR.
OneSubsea, a Schlumberger company, has been awarded a contract by Reliance Industries for engineering, procurement and construction (EPC) of the subsea production system for the R Cluster (Block KG-D6) Project, offshore the east coast of India.
The scope of this project includes trees, subsea manifolds, control system, tie-in system, multi-phase meters, intervention tooling and test equipment for the R Cluster field.
Subsea World News Staff