Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (April 25 – May 01).

Nordic Trustee and Harkand Finance have exercised their rights to terminate the internal bareboat charters for the dive support vessels Harkand Da Vinci and Harkand Atlantis.

The two vessels were scheduled to deliver subsea support services for Maersk Oil’s Flyndre development.

Harkand informed that interest payment which was due March 28, 2016 will not be paid due to insufficient liquidity.

A crew member on board a Technip-operated pipelay vessel Deep Energy has died as the result of an incident on quayside at Invergordon, Scotland.

The crewman is believed to had been of Phillipine nationality and the accident reportedly involved a forklift truck.

The incident occurred Friday morning, April 22 at 8.30am.

Oil services company, Subsea 7 has recorded a net income of $147 million in the Q1 2016 compared to $151 million in the Q1 2015.

During the quarter Subsea 7 released one chartered vessel and stacked two owned vessels, including Seven Waves which returned to Europe for extensive repairs following damage to the lay-tower.

FMC Technologies, has seen its first-quarter 2016 profits plunge close to 87 per cent on weak market activity and negative forex impact. 

The Houston-based subsea specialist generated net income of $19.8 million, or $0.09 per diluted share, on revenue of $1.2 billion, versus net income of $147.6 million, or $0.63 per diluted share on revenue of $1.7 billion in the year-ago quarter.

Schlumberger, has seen its profit reduced by almost 50 per cent as the company experienced ‘one of the steepest quarterly declines’ since the downturn started.

The Houston-based company generated net income of $501 million, or $0.40 diluted earnings per share, on revenue of $6.5 billion, compared with a profit of $975 million, or 76 cents a share, on revenue of $8.1 billion in the year-ago quarter.