Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (February 22 – February 28).

Offshore services player, Helix Energy Solutions, has plummeted into loss as it books some $503 million of non-cash pre-tax charges in the fourth quarter 2015.

The company reported a net loss of $403.9 million, for the fourth quarter of 2015 compared to net income of $8.0 million for the same period in 2014.

French oil services provider, Technip, posted higher fourth-quarter (4Q 2015) net income, boosted by better-than-expected revenue increase.

In the fourth quarter 2015, Paris-based subsea major generated adjusted revenue of €3.11 billion, an increase of about 11% compared to €2,81 billion in 4Q 2014. Net income for the 4Q 2015 was €102 million, versus €80.1 million in 4Q 2015.

Fugro is to provide offshore survey and positioning services at the Kaombo oil development offshore Angola.

Under a contract awarded by Technip, Fugro will provide offshore deepwater survey and positioning services to a total of seven installation vessels and construction support vessels.

Eni has been granted the approval of the Plan of Development (PDO) for the Coral discovery, located offshore Mozambique.

The approval relates to the first phase of development of 5 trillion cubic feet of gas in the Coral discovery, located in the Area 4 permit. The discovery is located in water more than 2000m deep and approx. 80km offshore of the Palma bay in the northern province of Cabo Delgado.

Saipem, has seen its loss grow some 250 per cent in 2015 when compared to prior-year result.

The Italian oilfield services player, has recorded net loss of €806 million for the year 2015 and widened the loss of €230 million in 2014 by some €576 million ($635 million). The company’s Q$ 2015 earnings were €64 million, up from a €442 million loss a year earlier.