Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (August 24 – August 30).

Schlumberger and Cameron have signed a definitive merger agreement in which the companies will combine in a stock and cash transaction.

Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

Singapore’s Ezra Holdings and Japan’s Chiyoda have signed a binding memorandum of understanding (MOU) for Chiyoda to invest in Ezra’s subsea services business, EMAS AMC, to form a 50:50 joint venture EMAS CHIYODA Subsea.

As part of the joint venture, Chiyoda will pay Ezra a USD 150 million cash consideration and inject additional USD 30 million capital into EMAS CHIYODA Subsea. Ezra will also capitalise part of its existing intercompany debt owed by EMAS.

Oslo-listed Solstad is looking to lay-up additional vessels as it expects a weak market in AHTS and PSV segment, despite recording a year-on-year profit rise in the second quarter.

The company posted a profit of NOK 218 million ($26.5 million) in the second quarter of 2015, an increase compared to NOK 89 million ($10.8 million) in the corresponding period in 2014, but still not good enough to counter the loss of NOK 236 million ($28.6 million) in the first quarter this year, leading to an overall 1H 2015 loss of NOK 18 million or approximately $2 million.

Oceaneering, a global oilfield provider of engineered services and products, announced a couple of appointments and promotions to its management team.

Oceaneering announced the promotion of Eric A. Silva to Senior Vice President, Operations Support. Silva is replacing Alan R. Curtis, who has been appointed Senior Vice President and Chief Financial Officer. Furthermore, the company promoted Clyde Hewlett to Chief Operating Officer. He will have expanded responsibility for managing all of Oceaneering’s oilfield business.

McDermott has been awarded a lump sum contract by Saudi Aramco for brownfield work in various fields offshore Saudi Arabia.

Work on the contract is expected to be executed through the second quarter of 2018. The award follows the June 2015 signing of a second Long Term Agreement (LTA) between McDermott and Saudi Aramco for engineering, procurement, construction and installation (EPCI) opportunities in various fields offshore Saudi Arabia.