Business & Finance

Huisman equipment ordered for SBM Offshore and Solstad’s installation vessel

Huisman has been selected to deliver advanced lifting and handling systems for an offshore installation vessel being built for the joint venture (JV) of Norwegian Solstad Offshore and Netherlands-based SBM Offshore. Awarded by CIMC Raffles Offshore, the contract will see Huisman deliver an integrate

Odfjell Drilling’s 2009-built rig goes back to work after BOP incident-related hiatus

BP’s North Sea business up for sale

UK-headquartered energy giant BP is launching a process to market its North Sea business for a potential sale after operating in the region for 60 years. BP reported today, July 31, that the decision is part of an ongoing portfolio review and reflects the disciplined approach to capital allocation,

MOL Group buys Shell’s subsidiary in Cyprus for $720 million

UK-headquartered energy giant Shell has reached an agreement with Hungarian multinational oil & gas company MOL Group for the sale of its 100%-owned subsidiary BG Cyprus Limited for up to $720 million. BG Cyprus holds a 35% non-operated interest in the Cyprus Offshore Block 12, containing the Aphrod

€5.6 million contract to keep PSV busy for 319 days or more off UK

Norwegian vessel owner and operator Golden Energy Offshore Services (GEOS) has secured a term contract valued at approximately £4.85 million (over €5.6 million) for one of its platform supply vessels (PSVs) to be deployed on the UK Continental Shelf (UKCS). The contract for the PSV Energy Pace was a

Northern Lights fleet ready for phase one as fourth LCO2 carrier arrives from China

The vessel fleet required for first phase operations of the Northern Lights CO2 project in Norway has been completed with the arrival of the fourth liquefied carbon dioxide (LCO2) carrier from China. Northern Purpose, custom-designed to transport liquefied CO2 as part of the world’s first cross-bord

760-kilometer UK-Germany interconnector gets new owners, construction start expected in 2030

Canada Pension Plan Investment Board (CPP Investments) and Elia Group, through its international development platform WindGrid, have acquired a subsea interconnector project that will link the UK and Germany from Copenhagen Infrastructure V, managed by Copenhagen Infrastructure Partners (CIP). Appro

Eni and TotalEnergies take FID for Cyprus’ first gas development

Eni and TotalEnergies have taken the final investment decision (FID) for the development of Cronos, the first gas development in Cyprus, with production start-up expected in 2028. Operated by Eni and located in deep offshore waters approximately 185 kilometers southwest of the coast of Cyprus, in of

Serica Energy wins race for Pharos Energy with €170 million takeover agreement

UK-based upstream oil & gas player Serica Energy has agreed to acquire compatriot Pharos Energy for £145.7 million (more than €170 million), with Pharos to withdraw its recommendation for an offer from Israeli Ratio Petroleum. The acquisition is said to be consistent with Serica Energy’s long-standi

UK CO2 storage project that will reuse existing infrastructure secures lease

Liverpool Bay CCS Limited (LBCCS) has entered into a lease with The Crown Estate for its CO2 transportation and storage project offshore the UK, the country’s first carbon capture and storage (CCS) project to repurpose existing infrastructure. The Liverpool Bay CCS project will operate as the backbo

Saipem-Subsea7 merger under the microscope as EU flags competition concerns

A proposed merger between Italy’s engineering, drilling, and construction services giant Saipem and the Luxembourg-domiciled Subsea7 is facing deeper scrutiny in the European Union (EU) over offshore market concentration due to subsea umbilicals, risers, and flowlines (SURF) and carbon capture and s

Allseas’ large 28-year-old pipelayer returns to sea after major 10-month upgrade

Allseas’ Solitaire, one of the world’s largest pipelay vessels, is heading back to sea following a ten-month renewal and upgrade program that further advances its installation capabilities and production efficiency. It was announced last year that the 397-meter-long vessel, operational since 1998, w