Business Developments & Projects
Norwegian player carves away FPSO segment from renewables business
Magnora is setting apart its FPSO segment from the renewables business, splitting them apart due to the considerable growth in profits from renewables.
Ofgem CEO: Burgeoning hydrogen and CCS industry in Teesside and Humber to yield tens of thousands of jobs
Tens of thousands of new-generation clean jobs need to be created to support burgeoning hydrogen production and the carbon capture and storage (CCS) industry in the UK’s Teesside and Humberside regions, according to Jonathan Brearley, CEO of UK energy market regulator Ofgem. Following visits to CCS
Fugro’s PSV becomes geotechnical survey vessel at Ulstein Verft
Ulstein Verft has completed the conversion of a 2015-built platform supply vessel (PSV) into a geotechnical survey vessel for Fugro, representing one out of two vessel transformation tasks it has on its to-do list. Ulstein Verft finished the conversion of the Fugro Resilience at the end of 2023, on
Mitsubishi HC Capital to acquire 20% stake in European Energy
Denmark’s European Energy and Japan’s Mitsubishi HC Capital have entered into an agreement in which Mitsubishi will acquire a 20% stake in European Energy. Specifically, Mitsubishi HC Capital will subscribe to approximately 72 million new shares in European Energy, and additionally, will purchase ar
CIP launches new company for energy island development
Denmark’s Copenhagen Infrastructure Partners (CIP) will launch a new company dedicated to developing energy islands globally with backing from Nordic, European, and North American investors. Named Copenhagen Energy Islands (CEI), the new company will build on CIP’s long-standing experience within of
Seaturns setting the stage for full-scale production with start of wave energy prototype testing
After validating its technology in European wave basins at a small scale, French start-up Seaturns is now progressing to the next stage by starting tests on a 1:4-scale prototype at the Ste Anne du Portzic site in Brittany, France. Seaturn installed the demonstrator at the Ifremer test site in Octob
Northern Lights breaks new ground: First-of-their-kind LCO2 carriers fitted with cargo tanks
In a pioneering feat of engineering, Northern Lights, a joint venture company of energy giants Shell, Equinor, and TotalEnergies, shared a new milestone in the construction of the company’s liquefied CO2 (LCO2) carriers. Namely, the company’s first two vessels have been installed with custom-built 7
Shell’s North Sea gas discovery seen as ‘regionally significant hydrocarbon accumulation’
A recent competent person’s report (CPR) of Shell’s North Sea discovery has illustrated the commercial potential of the discovery.
Samsung C&T orders €5 million electrolyser equipment from Nel
Nel Hydrogen Electrolyser, a subsidiary of Nel ASA, has signed a contract for 10 MW of alkaline electrolyser equipment for about €5 million with Samsung C&T Corporation Engineering & Construction Group for the latter’s first off-grid green hydrogen production project to be deployed in South Korea. N
H2SEA studies monopile-based structures for hydrogen offshore wind turbines
Dutch engineering company H2SEA, in cooperation with the Delft University of Technology (TU Delft), has performed an assessment of monopile-based support structures for hydrogen-producing offshore wind turbines. H2SEA says that one of the main questions was if decentral hydrogen production on a mono
HD Hyundai Heavy, NAPA and CADMATIC team up on ‘digital shipyard’
South Korea’s HD Hyundai Heavy Industries, the world’s largest shipyard, has announced a joint development project (JDP) with Finnish maritime software companies NAPA and CADMATIC to accelerate the digital transformation of the shipbuilding industry.
Samsung Heavy Industries bags $235 million gas carrier deal
South Korean shipbuilder Samsung Heavy Industries (SHI) has won a construction contract for two liquified petroleum gas (LPG)/ammonia carriers. The deal, valued at KRW 315 billion ($235 million), was signed with undisclosed shipowners in the Oceania region. Samsung said that the two VLACs are schedu
Flex LNG bags charter extension for Flex Resolute with ‘super major’
LNG shipping company Flex LNG has secured an extension of the charter of its LNG carrier Flex Resolute that will keep the vessel on a fixed-hire contract until at least the first quarter of 2027. The 2020-built Flex Resolute was fixed on a three-year time charter on November 1, 2021, with the commen
Malta greenlights second interconnector to Italy
The second Malta to Italy interconnector has reached a major milestone with the approval of the development permit by the Maltese Planning Authority. The IC2 interconnector will consist of a new ~118-kilometer-long 225 MW HVAC electrical cable interconnection through a submarine cable operating at 2