Highlights of the Week
- Business & Finance
Subsea World News has put together a recap of the most interesting articles from the previous week (July 25 – July 31).
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.
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.
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.
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.