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Subsea in July

August 3, 2016

Subsea_in_AugustSubsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.

Industry majors made the news again last month with new contract awards, including Saipem’s field development project for the Zohr gas field, located off the Egyptian coast in the Mediterranean sea. The project is part of a €1.5 billion of contract wins the Italian oil and gas services provider announced in July.

OneSubsea, a Schlumberger company, said it will supply subsea production system and a dual multiphase boosting system for the Woodside’s Greater Enfield project for approximately $300 million.

The Houston-based subsea engineering specialist, Oceaneering, has sealed a deal with Heerema Marine Contractors (HMC) to provide up to ten remotely operated vehicle (ROV) systems with associated subsea tooling, engineering and technicians to support HMC’s global operations, including fixed and floating platform installations, platform decommissioning, subsea infrastructure and pipeline installations.

In addition to these contract awards, Technip and Bibby Offshore secured work in the North Sea. Technip said it will provide Repsol with diving support and IRM services for 2016, with possible extension to include 2017 and 2018, while Bibby clinched a 15-day campaign which will see diving support vessel Bibby Topaz work for BP in August this year.

Also in July, FMC Technologies, the largest provider of subsea equipment to the industry, posted a sharp profit drop for the second quarter 2016, coming down to $2.2 million from $108 million same time last year. Aker Solutions also reported a drop from 209 million Norwegian kroner to NOK 131 million in Q2 2016. Other industry providers, such as Schlumberger, Halliburton, Saipem and Oceaneering booked a quarterly loss.

French oil services provider, Technip, bounced back into the black as it reported a profit of €123.3 million, while SURF specialist Subsea 7 and EPCI company McDermott posted better-than-expected earnings results.

Industry slowdown also hit the Asian market as the offshore contractor Ezra slumped to a third-quarter loss of close to $243 million, and financially troubled Swiber applied to be placed under judicial management after it pulled back its previous application for provisional liquidation.

Further July highlights came from Norway as Kongsberg Oil & Gas Technologies signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) for the sale of Subsea Products business. Bibby Offshore is facing a hurdle called Industri Energy, after Norway’s biggest offshore union issued a boycott warning, forcing the company to go to court in order to prevent such action.

For the month of July, our 10 most-read articles were:

Illustration purpose only
Sixteen pirates in two skiffs armed with AK47 and an RPG attacked a cable laying vessel during operations in the Red Sea on Friday, July 25, 2016. The armed security team onboard returned the fire, causing the pirates to abort the attack and move away.
Bibby-Offshore-Looks-to-Shut-Boycott-in-Norway
Norway’s offshore union Industri Energi (IE) plans to boycott Bibby Offshore to prevent it from securing more work on the Norwegian Continental Shelf due to information suggesting that the UK-based subsea specialist exercises ‘social dumping’.

                                                                  Pirates Attack Cable Layer in Red Sea                          Bibby Gets Norway Boycott Warning

Saipem-Lands-Contracts-Over-EUR-1.5-Billion
Saipem has been awarded new contracts and variation orders in E&C offshore, for an overall amount in excess of €1.5 billion. The most significant contract relates to the field development project for the Zohr gas field, located off the Egyptian coast in the Mediterranean sea.
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Kongsberg Oil & Gas Technologies has signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) regarding the sale of Subsea Products. Technology and employees of Subsea Products will be transferred to NOV at closing, which is estimated for August 31.

                                                                    Saipem Lands Contracts Over €1.5 Bln                      NOV Buys Kongsberg’s Subsea Products

Technip Bags IRM Contract in North Sea
Technip has been awarded a contract by Repsol Sinopec Resources UK for inspection, repair and maintenance (IRM) works on its North Sea subsea infrastructure. Technip will provide diving support and IRM services for 2016, with possible extension to include 2017 and 2018.
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FMC Technologies, has recorded a sharp profit drop in the second quarter 2016 as the weak market drove its revenue down, especially in the surface technologies division. FMC generated net income of $2.2 million, versus net income of $108 million in the year-ago quarter.

                     

 

 


              Technip Bags IMR Contract in Noth Sea                                  FMC Technologies Sees Profits Plunge

Bibby-Offshore-Secures-BP-Work
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, namely Bruce, Magnus, and the Mirren field.
Oceaneering Lands Heerema Subsea Deal
Oceaneering has entered into a master service agreement with Heerema Marine Contractors (HMC) through December 2020. During this time Oceaneering will provide up to ten remotely operated vehicle (ROV) systems with associated subsea tooling, engineering and technicians.

                                Bibby Offshore Secures BP Work                                 Oceaneering Lands Heerema Subsea Deal

Swiber-Fills-Winding-Up-Application-Looses-Several-Members
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. In addition, Swiber also filed an application to place the company in provisional liquidation.
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OneSubsea has been awarded an engineering, procurement and construction (EPC) contract from Woodside totaling approximately USD 300 million to supply a subsea production system and a dual multiphase boosting system for the Greater Enfield project.

Swiber Applies for Liquidation                                OneSubsea Bags Woodside EPC Contract

Subsea World News Staff