Business & Finance
Subsea 7 drops to loss against a backdrop of sluggish activity
Subsea 7 slipped into the red in the third quarter 2020 on decline in activity in the sector and costs generated by the Covid-19 pandemic. The engineering and construction specialist recognised quarterly net loss of $43 million, against profit of $42 million in Q3 2019. This brings losses since the
Total and ADNOC team up to research carbon emissions reduction solutions
Total has signed a strategic framework agreement with ADNOC to explore joint research in the areas of CO2 emission reductions and CCUS.
Jadestone ends Vietnam dispute with Inpex unit
Jadestone Energy has settled a dispute with Teikoku Oil, a subsidiary of Japan’s Inpex Corporation, in respect of Block 05-1 PSC, located offshore Vietnam.
Dolfines, 8.2 France shake hands on joint offshore wind plans
Dolfines and 8.2 France are joining forces to offer integrated services to the wind energy market, especially the offshore one, by combining their technical expertise in wind turbines, electrical infrastructures and foundations. The offshore wind market’s growth represents a unique opportunity for a
DOF Subsea cuts third quarter loss
DOF Subsea has reported NOK 133 million loss in the third quarter of 2020, against NOK 1.1 billion in Q3 2019. The company generated operating revenue of NOK 1.2 billion, against NOK 1.15 billion same time last year. Revenue also includes cancellation fee of NOK 110 million for two long-term contrac
Wales funds Nova Innovation’s ‘blue energy island’ tidal scheme
Scottish tidal energy company Nova Innovation has secured an investment of £1.2 million from the Welsh government for its Enlli tidal energy project in North Wales.
BW hires Zentech for conversion of rig into offshore installation
Zentech has been hired by BW Energy to be part of the process which will see BW’s newly acquired jack-up rig converted into an offshore installation.
Royal IHC prepares for job cuts as it returns to core offshore and dredging market
Royal IHC has decided to reorganise. This means that about 300 jobs will be lost in the Netherlands and about 300 in other locations.
Good Q1 offshore winds boost RWE’s nine-month results
RWE has reported significantly higher adjusted EBITDA at its offshore wind business segment for the first three quarters of 2020, which stood at EUR 738 million, up from EUR 660 million the same period last year. The company attributed the 12 per cent increase primarily to better wind conditions in
Minor gas and oil find for Aker BP
Norwegian oil and gas company Aker BP has made a minor gas and oil discovery in the Norwegian Sea.
ADNOC LNG inks supply deals with Vitol, Total
Abu Dhabi National Oil Co. (ADNOC), through its LNG unit, signed two liquefied natural gas supply deals with Vitol and Total.
Digital twin used on BP’s new Caspian platform as it moves into fabrication & commissioning stage
A joint venture work between KBR and Socar, which is undertaking the engineering design phase of the Azeri Central East platform, is now nearing completion.
TORM signs 1st sustainability-linked loan
Danish shipping company TORM has refinanced its existing facility with Danish Ship Finance with a new $150 million loan which includes a CO2 emission-linked pricing mechanism. The facility will postpone the debt maturity for eight vessels until 2027, providing the company with $12 million in liquidi
Eni ready for Norwegian offshore wind tenders with newly established company
Eni has set up a joint venture company named Vårgrønn together with Norwegian energy investor HitecVision, with offshore wind being the first item on the to-do list of the newly established business in which the Italian oil & gas major holds a 69.6 per cent stake. Namely, Vårgrønn’s first step will