Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (July 06 – July 12).

French engineering giant, Technip, has informed that the company will accelerate its cost reduction and efficiency efforts worldwide through a restructuring plan in response to the downturn in the oil and gas market.

The Group will reduce its global workforce by approximately 6,000 and will pursue the streamlining of its activities started last year to focus on its core assets and activities. Employees will be informed and employee representatives consulted in due time on a local basis.

Italy’s Saipem has lost a major contract related to the pipe laying activities under the Black Sea.

According to reports, Russian gas giant Gazprom, has through its South Stream Transport BV, informed Saipem to terminate the contract for the construction of the first line of the offshore section of the pipeline, signed in the framework of the project South Stream in 2014.

Offshore oil and gas contractor, Ezra Holdings, might be looking for a potential sale & leaseback deal for its subsea construction vessel, Lewek Constellation, according to UOB Kay Hian report.

“We understand from shipbrokers Ezra is exploring a possible sale and leaseback of the Lewek Constellation. Built at a cost of US$625 million, this vessel is a state-of-the-art ultra-deepwater pipelay construction vessel, of which only two currently exist globally.” said the Singapore-based brokerage firm.

Subsea 7 has been awarded four contracts by Chevron Australia and INPEX for the engineering, procurement and construction of an Emergency Pipeline Repair System (EPRS) to be used offshore Australia.

This EPRS project consists of developing a process of repair, including both equipment and contingency procedures, to support the Chevron-operated pipelines and INPEX’s Ichthys pipeline off the North and Northwest coasts of Australia.

OneSubsea, a Cameron and Schlumberger company, and Chevron U.S.A. Inc. have entered into an agreement to form a joint industry program (JIP) to develop subsea systems technology for 20,000-psi applications.

The JIP, known as the 20Ksi Subsea System Development Program, will address the technical challenges presented by high pressure, high temperature (HPHT) reservoir environments for development of 20,000-psi subsea systems.