Highlights of the Week
- Business & Finance
Subsea World News has put together a recap of the most interesting articles from the previous week (May 30 – June 05).
For Technip, a “major” subsea contract is ranging from €500 million to €1 billion, the company noted. Technip’s scope of work includes the overall design, detailed engineering and delivery of the project management, as well as procurement, installation, tie-ins, pre-commissioning and commissioning.
According to the company, the termination is effective May 31, 2016. The contract was due to expire at the end of 2016, and as a result Subsea 7 said its backlog has reduced by approximately USD 47 million.
Following completion of ongoing commitments in the North Sea, the vessel will mobilize to Canada for ROV and light construction activities. In Brazil, Petrobras has awarded a new contract for the vessel Skandi Vitória securing utilization for the remainder of 2016.
With the new multi-year agreement, GE Oil & Gas will manufacture, deliver and install its standardized surface wellhead and christmas tree systems at multiple wells that make up part of the field.
Bibby Offshore and ESS have also entered into strategic alliance by way of a framework agreement. Under this strategic alliance, Bibby Offshore will provide commercial expertise supported by subsea project management and engineering experience, while ESS will provide innovation and in depth sector competence through its trenching expertise.