Business Developments & Projects
European energy ministers agree to cap gas prices
European energy ministers have reached a political agreement under which the price of natural gas in the European Union will be capped in case it reaches excessive levels that do not reflect world market prices. The mechanism will be automatically activated in case the month-ahead price on the Title
Rauma cuts steel for 2nd LNG-powered Spirit of Tasmania RoPax ferry
Finnish shipbuilder Rauma Marine (RMC) has launched the construction of the second car and passenger ferry being built for the Spirit of Tasmania (TT-Line) based in Australia. The steel-cutting ceremony for the vessel, named Spirit of Tasmania V, was held on December 20. The construction of the firs
Holland Shipyards bags deal for wind-ready MPP coaster trio
Holland Shipyards Group has won a contract for the construction of three multi-purpose coasters of 3,800 dwt from Hartel Shipping & Chartering. The new vessels, designed by Conoship, measure 89,42 m by 13,20 m and will have a cargo hold capacity of 5.530 m³ and a tween deck to allow for increased pr
NextDecade and Galp ink 20-year LNG sale and purchase deal
US energy company NextDecade has signed a long-term sale and purchase agreement with Portuguese counterpart Galp for the supply of liquefied natural gas (LNG) from its Rio Grande LNG export project in Brownsville, Texas. Under the 20-year agreement, Galp will purchase 1.0 million tonnes per annum (m
Ocean Sun gets government grant to advance floating solar technology
Norwegian company Ocean Sun has received a grant from the Research Council of Norway to further develop its floating solar technology.
Norway and France forge ties on carbon capture and storage
The governments of Norway and France have signed a letter of intent (LoI) to cooperate on the development and deployment of carbon capture and storage (CCS). The aim of the agreement is to promote the development of CCS by creating a framework for cooperation between the two countries to facilitate
Aker Solutions breaks order intake record with new Aker BP contracts
Norwegian oilfield services provider Aker Solutions has secured multiple contracts with compatriot oil and gas company Aker BP, which combined represent the largest value of contract awards in a single quarter in its history. Following Aker BP’s submission of plans for development and operation (PDO
TECO 2030 and thyssenkrupp sign fuel cell production line contract
Norwegian cleantech company TECO 2030 has signed a contract with Germany’s engineering company thyssenkrupp Automation Engineering for the delivery of the first complete fuel cell stack production line at the TECO 2030 Innovation Centre in Narvik, Norway. The contract entails the design, manufacturi
New 1.8 GW floating wind project in the Adriatic earmarks 800 MW for green hydrogen production
A Milan-based company has requested a concession for a site off the Italian coast in the central Adriatic Sea with plans to build a 1.8 GW floating offshore wind farm and use 800 MW of that capacity for a green hydrogen production plant at an industrial area in a nearby municipality.
SAL Heavy Lift’s newbuilds to run on Wärtsilä’s hybrid propulsion systems & methanol engines
Finnish technology company Wärtsilä has won a contract to supply its hybrid propulsion system for four new heavy lift vessels being built at the Wuhu Shipyard in China. The Orca Class vessels have been contracted by SAL Heavy Lift GmbH, a German heavy lift and project cargo specialist and part of th
Equinor extends LNG bunkering deal with Gasum
Norwegian energy company Equinor has confirmed its intention to exercise the option to extend its liquefied natural gas (LNG) bunkering contract with Finnish gas company Gasum. According to a social media update, Gasum will continue to serve Equinor’s LNG-powered offshore vessels along the Norwegian
Eight new wells in Trillion’s next year plan
Canadian oil and gas producer Trillion Energy is planning to bring on eight new wells or workovers into production next year through continuous drilling on a natural gas field in the Black Sea offshore Türkiye. Bringing what the company describes as a “transformative year” to an end, Trillion announ
Finland injects €80 mln in Meyer Turku to overcome hurdles caused by Russia’s war in Ukraine
Finland’s largest shipbuilder Meyer Turku is getting an €80 million ($85 million) financial lifeline from the Finnish government to overcome liquidity challenges caused by the ongoing geopolitical situation caused by Russia’s war in Ukraine. The European Commission approved the recapitalization meas
Serica Energy buying North Sea operator in £367 million deal
UK-based oil and gas company Serica Energy has entered into an agreement with compatriot Tailwind Energy Holdings to acquire the entire issued share capital of Tailwind Energy Investments in a deal worth approximately £367 million. The consideration for the acquisition comprises the issue of up to 1