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Business & Finance

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Stena Immaculate tanker; Credit: Maritime and Coastguard Agency
Business & Finance

Oil tanker stays put as cargo ship gets a tow: US and Portugal let UK spearhead North Sea allision probe

As a recent allision between a U.S.-flagged oil/product tanker and a Portuguese container ship in the North Sea keeps reverberating across the maritime industry, many conspiracy theories are making the rounds.

about 1 year ago
Normandie Hydroliennes' NH1 tidal energy project
Business & Finance

French tidal energy project secures €31.3M EU Innovation Fund grant

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Tidal energy developer Normandie Hydroliennes’ NH1 tidal energy project has been awarded €31.3 million in funding from the European Union’s 2023 Innovation Fund. According to Normandie Hydroliennes, the grant will accelerate the deployment of one of France’s first commercial-scale tidal energy pilo

about 1 year ago
North Sea
Business & Finance

Total insured losses from North Sea containership-tanker allision to likely range between $100M to $300M

Total insured losses resulting from the allision between a Portuguese-flagged containership and a US-flagged tanker in the North Sea are anticipated to range between $100 million and $300 million for all coverages, according to a Canada-based global credit ratings agency.

about 1 year ago
Neptun Deep project's offshore platform simulation; Credit: OMV Petrom
Business & Finance

New partner comes on board Black Sea block with drilling activities due in 2025

OMV Petrom has welcomed NewMed Energy Balkan, a subsidiary of Israel’s NewMed Energy, as its new partner in an offshore block in Bulgaria’s part of the Black Sea ahead of the upcoming hydrocarbon exploration activities, which are anticipated to start at the block this year.

about 1 year ago
New Dutch-made cable maintenance vessel under construction
Business & Finance

New Dutch-made cable maintenance vessel under construction

The Netherlands-based shipbuilder and designer Neptune Marine has commenced construction of a new cable maintenance vessel. The vessel named Altera will be 100 meters long and will be used for offshore cable maintenance work and offshore support services. According to Neptune Marine, it will be capa

about 1 year ago
Horisont Energi inks new ammonia sales deal for Barents Blue project
Business & Finance

Horisont Energi inks new ammonia sales deal for Barents Blue project

Norwegian clean energy company Horisont Energi has secured a non-binding term sheet with a European energy group for ammonia sales from its Barents Blue clean ammonia plant in northern Norway.

about 1 year ago
FPSO Jotun; Source: Vår Energi
Business & Finance

FPSO sets its sails toward North Sea project with oil production extension to 2045 in mind

Vår Energi has confirmed the tow-out of a floating production, storage and offloading (FPSO) vessel from the Worley Rosenberg yard to a field in the North Sea off the coast of Norway.

about 1 year ago
EU backs Advent’s Renewable Hydrogen Innovative Technologies project with €34.5 million
Business & Finance

EU backs Advent’s Renewable Hydrogen Innovative Technologies project with €34.5 million

The European Climate, Infrastructure and Environment Executive Agency (CINEA) and U.S. Advent Technologies Holdings’ wholly-owned Greek subsidiary Advanced Energy Technologies have signed a €34.5 million grant agreement for the latter’s Renewable Hydrogen Innovative Technologies (RHyno) project.

about 1 year ago
Havila's 20-year-old subsea vessel gets contract extension in Brazil
Business & Finance

Havila’s 20-year-old subsea vessel gets contract extension in Brazil

Norwegian offshore vessel operator Havila Shipping has secured a contract extension for its subsea vessel Havila Harmony with Brazilian company OceanPact. Founded in 2007 in Rio de Janeiro, OceanPact offers services for the study, protection, monitoring and sustainable use of the sea, the coast and

about 1 year ago
Italy targets 1 GW of offshore solar within five years
Business & Finance

Italy could install 1 GW of offshore solar in next five years, report says

Italy could install up to 1 GW of offshore solar capacity in the next five years, enough to supply electricity to around half a million households annually, according to estimates of a new position paper by the Italian Association of Offshore Renewable Energy (AERO). Unveiled by SolarinBlue, the rep

about 1 year ago
Samsung E&A acquires stake in Nel and signs collaboration agreement
Business & Finance

Samsung E&A acquires stake in Nel and signs collaboration agreement

Samsung E&A has acquired a 9.1% stake in Nel ASA for approximately $33 million and signed a strategic partnership agreement.

about 1 year ago
Selene prospect was drilled with the Valaris 123 jack-up rig; Source: Valaris
Business & Finance

Shell’s North Sea gas discovery ‘commercially robust’ with FID on the cards for 2027

Shell is eyeing a field development plan (FDP) and a final investment decision (FID) in 2027 for its recent natural gas discovery in the North Sea, which is situated on the UK Continental Shelf (UKCS).

about 1 year ago
Techano Oceanlift cranes for two new construction support vessels
Business & Finance

Techano Oceanlift cranes for two new construction support vessels

Sefine Shipyard has contracted Techano Oceanlift, a subsidiary of Oslo-listed Nekkar, to deliver 150-tonne cranes for two newbuild construction support vessels (CSVs) ordered by Norwegian offshore energy vessel and service providers. One of the cranes is already in production for a CSV ordered joint

about 1 year ago
Cargo vessel crashed into MV Stena Immaculate oil tanker off the coast of the UK; Source: Greenpeace UK
Business & Finance

With fire ‘greatly diminished,’ probe into oil tanker–cargo ship North Sea allision ongoing

A collision between a U.S.-flagged oil/product tanker and a Portuguese container ship in the North Sea, north of England, put both vessels on fire, which has since been brought under control.

about 1 year ago