Highlights of the Week

July 31, 2016

Subsea World News has put together a recap of the most interesting articles from the previous week (July 25 – July 31).

Pirates have attacked a cable laying vessel during operations in the Red Sea on Friday, International Chamber of Commerce (ICC) informed.

Sixteen pirates in two skiffs armed with AK47 and an RPG reportedly approached and fired upon a cable laying vessel.

The master of the vessel activated ship security alert system (SSAS) and raised the alarm.

Technip has been awarded a contract by Repsol Sinopec Resources UK Limited for inspection, repair and maintenance (IRM) works on its North Sea subsea infrastructure.

The frame agreement with Repsol Sinopec Resources UK will see Technip provide diving support and IRM services for 2016, with possible extension to include 2017 and 2018, the company informed.

Singapore-listed EPCI contractor, Swiber Holdings, has filed an application to wind up the company, after receiving close to $26 million in ‘letters of demand’ from its creditors earlier this month.

The company ended 2015 in $18.7 million loss and also failed to bounce back to profit during the first quarter of this year.

The winding-up application has been fixed for hearing on August 19, 2016.

Subsea specialist Bibby Offshore has secured a preliminary injunction, namely a court order which prohibits Industri Energi going to boycott.

The boycott was scheduled for July 25, but will now be postponed pending a decision in court.

Norway’s biggest offshore union issued a boycott warning, earlier this month, after Bibby Offshore denied its claim for collective agreement for the company’s offshore workers engaged on the Norwegian Shelf.

Oslo-listed Subsea 7 has lifted its profit in the second quarter ended June 30, 2016, on nearly-halved restructuring costs, foreign currency gains and more favorable tax rate compared to the prior-year quarter.

The subsea engineering and construction specialist generated net income of $136 million, or 40 cents per diluted share, on revenue of $961 million, versus net income of $88 million, or 27 cents per diluted share on revenue of $1.53 billion same time last year.