Business Developments & Projects
Nexans Norway begins expansion of its subsea cable factory
Nexans has held the foundation stone laying ceremony for the expansion of its subsea cable factory in Halden, Norway. The expansion also includes a new tower that will be built to supply cables for the offshore wind market. Once finished, the new tower will be about 150 meters tall and will be the t
Aiming to focus on offshore, Saipem sells onshore drilling business for $550 mln cash and more
Saipem has decided to sell its onshore drilling business to KCA Deutag for $550 million in cash plus an equity stake in the combined entity.
Eco Wave Power begins 2022 with wider net loss and revenue drop
Swedish-Israeli wave energy company Eco Wave Power has released its financial report for the first quarter of 2022, showing a wider net loss and a drop in revenues compared to the same period in 2021. Eco Wave Power reported an increased net loss of SEK 6.7 million ($720,000) for the first three mon
Norwegian govt extends GreenVoyage2050 project
International Maritime Organisation (IMO)-Norway GreenVoyage2050 project, launched to support developing countries in reducing greenhouse gas (GHG) emissions from ships, has been extended to December 2023.
Following restart, IOG working to double North Sea gas project output
IOG is looking forward to doubling the output at its North Sea gas project, after restoring the production following modifications.
Santos to supply gas to Yara’s liquid ammonia plant in Western Australia
Santos has entered into new gas supply agreements with Yara to supply natural gas to Yara’s liquid ammonia plant in Western Australia.
Safe Bulkers continues fleet renewal with two energy-efficient ships
Dry bulk shipping company Safe Bulkers has entered into an agreement for the acquisition of two energy-efficient Kamsarmax class vessels as part of its fleet renewal strategy. The company has ordered two 82,500 dwt dry bulk newbuilds from an undisclosed Chinese shipyard, scheduled for delivery withi
Korean shipyards order GTT tank design for four new LNG carriers
French LNG containment specialist GTT has received an order from Korean shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) for the tank design of four new LNG carriers.
Aker BP hits minor oil and gas find in North Sea
Norwegian oil and gas company Aker BP has made a minor gas and oil discovery near the Valhall field in the North Sea off Norway.
Snam buys 5 bcm Golar Tundra FSRU for $350 million
Snam is to acquire a floating storage and regasification unit (FSRU) Golar Tundra for $350 million from Bermuda-based LNG shipper Golar.
G7 countries to end public funding for international fossil fuels projects
The G7 countries have pledged to end direct international public financing of the fossil fuels sector starting from the end of this year.
Poland to build 2nd FSRU due to Czech and Slovak demand
The Polish climate minister told reporters that the country might build a second floating storage and regasification unit (FSRU) due to the interest of the Czech Republic and Slovakia in buying more LNG.
Gen2 Energy: Sjøtind, Lovund Skyss explore hydrogen as fuel for their ferries
Norwegian transportation services providers Lovund Skyss and Sjøtind have both entered into agreements with energy company Gen2 Energy to develop solutions that will enable the use of hydrogen as a fuel for their ferries operating in Nordland, an area of Norway where ferry connections are an importa
EU to ban majority of Russian oil imports by year-end
The European Union leaders have decided to ban almost 90 per cent of Russian oil by the end of the year following an agreement on the sixth round of sanctions against Russia.