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Business & Finance

Minesto CEO: Q1 2024 lays foundation for path to commercial tidal energy array buildout

Swedish tidal energy developer Minesto has reported a total operating income of approximately SEK 6.8 million (around €582,255) for Q1 2024, a quarter the company said has laid the foundation for the path toward the buildout of commercial arrays. The total operating income saw a decline from SEK 12.

about 2 years ago

Transocean Enabler rig; Credit: Jan Arne Wold/Equinor

Business & Finance

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Equinor all set to kick off drilling ops with Transocean rig

Equinor has received consent to embark on offshore drilling activities with one of Transocean’s rigs in the Barents Sea.

about 2 years ago

Business & Finance

Significant offshore wind growth brings Fugro strong start of the year

In what is described as a “strong start of the year”, Dutch geo-data specialist company Fugro reported a 9% revenue growth for Q1 2024 compared to the same period last year, said to be due to ongoing significant growth in offshore wind projects. Revenue in the first quarter was €503.2 million, a 9%

about 2 years ago

Johan Sverdrup; Credit: Arne Reidar Mortensen/Equinor

Business & Finance

Oil & gas production on the rise but Equinor’s profit plummets as energy prices go down

Equinor’s net profit in 1Q 2024 has dropped by 46% compared to the figure recorded in 1Q 2023 amid a downturn in oil and gas prices.

about 2 years ago

Business & Finance

CMA CGM and Bpifrance launch €200M fund to decarbonize French maritime sector

France-based shipping major CMA CGM and public sector investment bank Bpifrance have launched a €200 million fund dedicated to accelerating the energy transition in the French maritime industry.

about 2 years ago

EU flag; Courtesy of the European Commission; Credit: Mauro Bottaro

Business & Finance

EU takes another step toward the exit out of ‘fossil dinosaur treaty’ to safeguard green aspirations

The EU is one step closer to pulling out of the Energy Charter Treaty (ECT), as there is no end in sight for the stalemate over revamping its terms.

about 2 years ago

Business & Finance

French vessels getting tech to enhance efficiency in installation, maintenance and repair tasks

UK-based Exail has secured a contract with French maritime services provider Bourbon to deliver technology for multiple multi-purpose support vessels (MPSVs) that is expected to enhance the vessels’ efficiency in installation, maintenance and repair tasks for the oil & gas and offshore wind industri

about 2 years ago

Deepsea Stavanger rig; Source: Odfjell Drilling

Business & Finance

Norwegian player finds work on third Odfjell Drilling rig

Soiltech has secured another contract with Odfjell Drilling for the provision of its services to the UK player’s third semi-submersible rig.

about 2 years ago

Subsea7 has won a “sizeable” contract for subsea infrastructure in the U.S. Gulf of Mexico, described as one worth between $50 and $150 million.

Business & Finance

Subsea7’s backlog remains ‘robust’ with high tendering in subsea and offshore wind

Subsea7 has reported a “robust” backlog of $10.4 billion in its financial results for the first quarter of 2024, with tendering activity high in both the subsea and offshore wind sectors. To remind, in the financial results for the full year of 2023, Subsea7 reported it had secured $7.4 billion of c

about 2 years ago

Business & Finance

Sharp fall in gas prices brings Eni slump in profit

With natural gas prices being nearly cut in half, Italy’s energy giant Eni has seen a 46% drop in net profit in the first quarter of 2024 compared to the sum collected in the same period last year.

about 2 years ago

Business & Finance

‘Good start’ to 2024 for Nexans with record subsea-driven backlog

Paris-headquartered cable systems designer and manufacturer Nexans has reported a record adjusted backlog of €6.7 billion for its Generation & Transmission segment, a 10.2% increase compared to December 2023, said to be mainly subsea-driven. In its financial results for the first quarter of 2024, Ne

about 2 years ago

Business & Finance

Science Based Targets initiative approves Fugro’s net-zero targets

The Science Based Targets initiative (SBTi) has approved Fugro’s near- and long-term science-based emissions reduction targets. Fugro’s net-zero target spans all three emission scopes, with the ultimate goal of achieving net-zero greenhouse gas (GHG) emissions across the value chain by 2050. “This v

about 2 years ago

Business & Finance

European Investment Bank to support Plagazi’s Köping Hydrogen Park

Plagazi has revealed that the European Investment Bank (EIB) will provide financial advisory for the Köping Hydrogen Park in Sweden.

about 2 years ago

Factory acceptance testing tick for Norwegian long-range AUV

Business & Finance

Factory acceptance testing wraps up for Norwegian long-range AUV

Norway’s Kongsberg Discovery has completed factory acceptance testing for the first production system of its long-range autonomous underwater vehicle (AUV) HUGIN Endurance. Sea trials for the first production unit began in September 2023, and over the last months, the Kongsberg Discovery Uncrewed Pl

about 2 years ago