Highlights of the Week
- Business & Finance
Subsea World News has put together a recap of the most interesting articles from the previous week (January 02 – January 08).
McDermott has been awarded a contract from Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of four jackets and three gas observation platforms offshore Saudi Arabia.
Work on the contract is expected to be executed through the fourth quarter of 2017. McDermott plans to use its engineering teams in Dubai, Chennai, India and Al Khobar, Saudi Arabia with construction taking place at McDermott’s fabrication facilities in Dubai and Dammam, Saudi Arabia.
However, several media reports indicate that the search mission could continue with the privately funded search by the manufacturer of the missing aircraft, Boeing.
Farstad Shipping and Siem Oil Service Invest (SOSI) informed that the companies have not succeeded in finding a solution for the restructuring of Farstad which is acceptable to all affected creditors.
The term sheet between Farstad and SOSI has terminated, and Farstad will pursue other alternatives for its financial restructuring in continued cooperation with its key financial creditors, the company said.
The vessel, based on the proprietary design “Red Class 6027” MT design DSCV, is a DP3, 143-meter multipurpose subsea diving support construction vessel. Reportedly, this should be the first “Canadian Flagged” DSCV in history after its delivery, scheduled for Q1 2018.
Bruce Anchor will retain its independence within the Acteon portfolio. Bruce Anchor’s director of Sales, Steve Broadbent, will manage the business, reporting to Bernhard Bruggaier, Acteon’s executive vice president of Operations.