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Business & Finance

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Source: Explicit
Business & Finance

‘Largest’ drone quest puts emission monitoring into gear across 33 North Sea oil & gas assets

Two players, Cyberhawk and Explicit, have started the ball rolling on an offshore drone campaign for emissions measurement in the Norwegian sector of the North Sea, which is being undertaken on 33 offshore platforms operated by Equinor, Norway’s energy giant.

about 1 year ago
One of 'world's largest' geotechnical vessels stays with Geoquip Marine until 2030
Business & Finance

One of ‘world’s largest’ geotechnical vessels stays with Geoquip Marine till 2030

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Geoquip Marine, a provider of offshore geotechnical solutions, has extended the charter agreement with Norway’s Myklebusthaug for Dina Polaris until 2030, described as one of the world’s largest geotechnical vessels. Also described as one of the world’s most capable geotechnical drilling vessels, th

about 1 year ago
Illustration; Source: Orcadian Energy
Business & Finance

More time for UK operator to breathe life into two North Sea oil discoveries

Orcadian Energy has received a license extension, which enables it to pursue the development of two oil discoveries in the North Sea that are planned to be developed in tandem using a pair of wellhead platforms tied back to a floating production, storage, and offloading (FPSO) vessel envisioned to b

about 1 year ago
Kystdesign to strengthen DeepOcean's ROV fleet with 7 new units
Business & Finance

Kystdesign to strengthen DeepOcean’s ROV fleet with 7 new units

Ocean services provider DeepOcean has signed an agreement with Kystdesign for the delivery of seven remotely operated vehicles (ROVs), two of which have already been delivered, expanding its ROV fleet of almost 60 units. DeepOcean recently took delivery of two Constructor-series work-class ROVs (WRO

about 1 year ago
Safe Notos; Source: Prosafe
Business & Finance

Prosafe vessel’s Brazilian gig confirmed as Petrobras upholds bid results

With the results of the tender reaffirmed, Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe is anticipating the prompt signing of a multi-year vessel contract in South America with Petrobras, Brazil’s state-owned oil and gas giant.

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

Go-ahead for another chapter of North Sea oil project’s story: More coming up by year-end

While one segment of an oil project in the North Sea is slated to go into production mode this year, Vår Energi and its partner, Kistos Energy, have put their stamp of approval on a final investment decision (FID) to bring online another addition to the same asset next year off the coast of Norway.

about 1 year ago
Subsea7 lands 'substantial' deal in Norway, offshore ops throughout 2027
Business & Finance

Subsea7 gets to work on ‘substantial’ contract in Norway

Subsea7 has secured an engineering, procurement, construction and installation (EPCI) contract covering pipeline bundles, spools, protection covers and tie-ins for a project in Norwegian waters. While no details were disclosed, Subsea7 did state that the contract was substantial, meaning it is worth

about 1 year ago
Minesto secures $2.3M loan to support operations, clarify capital needs
Business & Finance

Minesto secures $2.3M loan to support operations, clarify capital needs

Swedish tidal energy developer Minesto has secured a SEK 22 million (approximately $2.3 million) loan from Fenja Capital to be used as working capital for its ongoing operations and business development. According to Minesto, the loan has a four percent set-up fee and a one percent monthly interest

about 1 year ago
Chevron-operated Leviathan gas asset; Source: NewMed Energy
Business & Finance

Oil & gas price uptick and vessel rerouting as Israel-Iran conflict keeps markets on edge

A spike in crude oil prices and tweaks to ships’ regular routes are some of the key indicators of uncertainty enveloping energy and shipping markets in the wake of Israel’s attack on Iran, as both countries turn off their giant offshore hydrocarbon production taps for safety reasons.

11 minutes read
Norway: Northern Lights approved for CO2 storage expansion
Business & Finance

Norway: Northern Lights approved for CO2 storage expansion

The Northern Lights joint venture (JV) has received approval from the Norwegian Ministry of Energy for the expansion of the namesake CO2 transport and storage development. The expansion in Phase 2 will increase the transport and storage capacity from 1.5 million to at least 5 million tons of CO2 per

about 1 year ago
Illustration; Courtesy of MODEC and Terra Drone
Business & Finance

Renewal of MODEC-Terra bond taking FPSO inspection drone tech to the next level

With the goal of stepping up its drone technology game for crude oil storage tank inspections on floating production, storage, and offloading (FPSO) vessels and large offshore platforms, Japan’s MODEC has revived its relationship with Terra Drone Corporation, a compatriot drone and urban air mobilit

about 1 year ago
Singaporean three-year memorandum targets submarine power projects
Business & Finance

Singaporean three-year memorandum targets submarine power projects

Singapore-headquartered offshore marine service contractor Kim Heng has signed a memorandum of understanding (MoU) with the newly incorporated government-linked Singapore Energy Interconnections (SGEI) to cooperate on submarine power projects. As part of the non-binding MoU signed on June 9, the par

about 1 year ago
Illustration; Source: MODEC
Business & Finance

MODEC and Toyo JV raises the curtain on new strategic FPSO hub in India

MODEC and Toyo Engineering India have set up a global capability center (GCC) in India’s Bengaluru, as a joint venture company, named TOYO MODEC OFS India (OFS India), which is envisioned to serve as a strategic hub that will create high-value job opportunities for engineering, procurement, and floa

about 1 year ago
In push to strengthen Europe's energy grid, EIB backs first Spain-France subsea link with €1.6B
Business & Finance

In push to strengthen Europe’s energy grid, EIB backs first Spain-France subsea link with €1.6B

The European Investment Bank (EIB) is supporting the construction of the first submarine electricity interconnection between Spain and France with €1.6 billion, in a push to improve the reliability of power supply among France, Spain and Portugal and with the rest of Europe. Delivered by Inelfe, a j

about 1 year ago