Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (July 04 – July 10).
The most significant contract relates to the field development project for the Zohr gas field.
Petrobel has awarded Saipem an engineering, procurement, construction & installation (EPCI) contract for the accelerated start-up of the development project for the Zohr Gas Field.
The 15-day project, due to begin in August 2016, will see diving support vessel Bibby Topaz, working on four BP operations across three of its North Sea assets.
The platforms involved include Central North Sea-based asset Bruce, east of Shetland-based Magnus, and the Mirren field, which is part of the Eastern Trough Area Project (ETAP).
The 130-meter flexible piplay and subsea construction vessel will be engaged in a SURF and construction campaign offshore Angola.
Following the MBO, the group’s three operating companies, Rotech Subsea, Rotech Engineering and Rotech Fabrication, will be headed up by continuing directors Dr Don Stewart, Stephen Cochrane, Martin Graham and Steve Aitken with the support of Mike Hill, who continues as Chairman.
The company plans to improve its liquidity position by NOK 4,5 billion and reduce its net debt by up to 2,9 billion.
According to DOF, the financial restructuring would be achieved by raising up to NOK 1,2 billion of new equity through a rights offerings.