Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (November 27 – December 03).
The company said it has reached an agreement with the bondholders of the two former Harkand vessels under which it has acquired the DSV Atlantis for approximately USD 60 million and has signed a three-year bareboat charter for her sister vessel Da Vinci along with a right of first refusal in the event of a sale.
Bibby Offshore has reached an agreement on the recapitalisation of its balance sheet with noteholders who hold 80% of the £175 million 7.5% senior secured notes due June 15, 2021 issued by its subsidiary Bibby Offshore Services.
The terms of the recapitalisation should result in the Group having a debt-free balance sheet with an equity injection of £50 million to enable it to consolidate and expand its position within the offshore inspection, repairs and maintenance and construction markets.
The discussions were held with Subsea 7 due to the strategic fit between Subsea 7’s renewables business and Siem Offshore Contractors’ cable business.
Saipem has been awarded a new E&C offshore contract by Saudi Aramco for engineering, procurement, construction (EPC) activities in Saudi Arabia, under the long-term agreement renewed in 2015 until 2021.
The contract’s main scope of work includes the engineering, procurement and construction of a new 42” offshore pipeline replacing an existing one and other miscellaneous activities for the upgrade of the Manifa water injection system.
Production equipment will be transferred and consolidated to the existing operations in Skelmersdale, England, whose manufacturing focuses on other types of deep-water buoys and engineered polymer solutions. The U.S. sales and engineering organization will be retained.