Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (November 09 – Nvember 15).

Subsea 7 signed a long-term partnership frame agreement with Premier Oil to provide concept engineering, FEED, SURF project execution and Life of Field operations, on a preferred supplier basis.

The agreement also enables Subsea 7 access to participate in relevant Premier decommissioning scopes.

Norway’s GC Rieber Shipping has taken over the subsea vessel ‘Polar Onyx’ after its charterer Ceona went into administration and failed to fulfill its obligation under the charter agreement.

After seeking coverage for its claims, GC Rieber has achieved final settlement with the Administrators to take ownership of the VLS tower and associated parts installed on the Polar Onyx.

Subsea 7 announced revenue for the third quarter 2015 of $1.2 billion, a decrease of $702 million compared to the prior year quarter.

Adjusted EBITDA of $351 million and margin of 29.2% reflected significant progress on several projects and included positive contribution from projects in the final stages of execution.

Solstad Offshore’s NB 830 offshore subsea construction vessel, Normand Maximus, was launched yesterday from Vard’s Romanian yard.

The hull of the vessel, of VARD 3 19 design, was built at Vard Tulcea and Contsanca in Romania.

The 178 meters long Normand Maximus will now be towed by NOR Chief to Norway for final outfitting at Vard Brattvaag.

DeepOcean 1 UK has been awarded a contract by J-Power Systems for the provision of all marine works for the Nemo Link Interconnector Project.

The Nemo Link interconnector will deliver a 1000 MW electricity link between the UK and Belgium.

Nemo Link will consist of subsea and underground cables connected to a converter station and an electricity substation in each country.