Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (October 26 – November 01).

Eni will sell a stake in Saipem representing approximately 12.5% plus one share of the company share capital to Fondo Strategico Italiano (FSI).

The sale and purchase agreement will be terminated in the event that the capital increase is not settled by May 31, 2016 and if the outstanding debt of Saipem to the Eni is not repaid in full by June 30, 2016.

French oil services provider, Technip, posted higher third-quarter (3Q 2015) net income, boosted by an overall increase in activity, positioning the company on path to deliver its full-year goals.

The company’s adjusted net income for the 3Q 2015 was €163.9 million (diluted EPS 1.35 euros ) versus €131.6 million (diluted EPS 1.10 euros) in the corresponding period in 2014.

Forsys Subsea, a 50/50 joint venture between FMC Technologies and Technip, has been awarded its first two integrated front end engineering studies.

The two contract awards were announced last week by John Gremp, Chairman and CEO of FMC Technologies, during the company’s third-quarter earnings call.

Two industry specialists, Mike Jones and Martin Spurr, have launched Red7 Offshore and Red7 Inshore Diving at Great Yarmouth.

The two men were directors of Red7 Group, which went into administration following the announcement in February of the closure of the group.

Neptune has been awarded a geophysical and light geotechnical survey services contract by Shell Australia Pty Ltd (Shell).

The work will start in November 2015 and includes a site survey of the Crux gas field and a 160km route survey between the Crux and Prelude gas fields, in water depths ranging from 90m to 280m, the company informed.