Highlights of the Week

July 10, 2016

Subsea World News has put together a recap of the most interesting articles from the previous week (July 04 – July 10).

Saipem said it has been awarded new contracts and variation orders in E&C offshore, for an overall amount in excess of 1.5 billion euros.

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.

Bibby Offshore has won a contract with BP.

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).

Norwegian offshore vessels provider, GC Rieber Shipping, has reached a time charter agreement with Technip Angola for the vessel Polar Onyx.

The 130-meter flexible piplay and subsea construction vessel will be engaged in a SURF and construction campaign offshore Angola.

Rotech Subsea has completed a management buyout (MBO) in a move that should see the company strengthen its position in subsea mass flow excavation.

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.

Oslo-listed DOF has secured bondholders’ approval for its refinancing plan which should lead the company trough the prolonged industry downturn.

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.