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Business & Finance - Offshore Energy

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AD140 jack-up rig; Source: Arabian Drilling

Business & Finance

Saudi and UAE rig owner duo pooling resources to widen offshore drilling horizons

Shelf Drilling has decided to join forces with Arabian Drilling to expand their offshore drilling footprint.

about 1 year ago

Swedish company CorPower Ocean and Norway-based OPS Solutions have developed a pre-tension cylinder (PTC) prototype, marking a step toward reducing the cost and mass of wave energy converters (WECs).

Business & Finance

EIC Accelerator backs CorPower Ocean with up to €17.5M to advance wave energy tech

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Swedish wave energy technology developer CorPower Ocean has secured up to €17.5 million in funding from the European Innovation Council (EIC) Accelerator to support commercializing its wave energy solutions. The company noted that the funding package includes a €2.5 million grant and a €15 million p

about 1 year ago

FPSO Fast4Ward design; Source: SBM Offshore

Business & Finance

SBM Offshore gets carbon capture modular solution study for FPSOs on Petrobras’ oil & gas assets

SBM Offshore, a provider of the design, construction, installation, and operation of offshore floating facilities, has been tasked with a study encapsulating the design and the commercial evaluation of various carbon capture systems’ configurations to be installed on future floating production, stor

about 1 year ago

Business & Finance

NYK unveils name of new subsidiary with ENEOS’ fleet

Japanese shipping companies NYK and ENEOS Ocean Corporation have revealed the name of the new company that will soon commence official operations as NYK’s subsidiary.

about 1 year ago

Bałtyk I, II, and II locations in the Baltic Sea

Business & Finance

Van Oord wins seabed protection work on Polish offshore wind farms

The Dutch company Van Oord has signed a contract with Equinor and Polenergia to perform seabed protection work at the Bałtyk 2 and Bałtyk 3 offshore wind farms in Poland. The contract covers the supply, transport, and installation of stone ripraps on the seabed to protect the cables and foundations.

about 1 year ago

Business & Finance

Chevron enhancing fault modeling with AI-driven solution

Chevron Technical Center has expanded the strategic cooperation with France-headquartered seismic interpretation solutions firm Eliis to advance subsurface characterization through technology.

about 1 year ago

Map showing location of new discovery; Source: Petrobras

Business & Finance

Petrobras strikes black gold within producing oil field’s pre-salt offshore Brazil

Petrobras has made a new oil discovery in the pre-salt area of its existing field off the coast of Brazil.

about 1 year ago

Business & Finance

Construction begins on UK’s $3 billion subsea electricity superhighway

Construction has commenced on the Eastern Green Link 1 (EGL1) subsea electricity superhighway in the UK, which will transport green electricity for two million homes along over 190 kilometers of predominantly undersea cable linking the south-east of Scotland with the north-east of England. The 2 GW

about 1 year ago

Business & Finance

US autonomous subsea robot enters acceptance testing phase

U.S.-based developer of subsea autonomous robotic systems and software Nauticus Robotics has kicked off the acceptance testing phase of its second Aquanaut vehicle, which facilitates the transformation of tethered remotely operated vehicle (ROV) operations to fully autonomous operations. Nauticus Ro

about 1 year ago

Valaris DS-12 drillship; Source: Valaris

Business & Finance

BP boosts gas production from Mediterranean Sea as it fires up next chapter of giant project

BP has brought online the second development phase of a field at the West Nile Delta (WND) concession in the Mediterranean within the Egyptian Exclusive Economic Zone (EEZ).

about 1 year ago

A large vessel at sea surrounded by several smaller ones

Business & Finance

Woodside’s reserves up partly due to ‘outstanding’ output at field off Senegal

Australia’s energy giant Woodside has recorded an increase in proved reserves compared to the previous year, partly thanks to bringing online its project offshore Senegal.

about 1 year ago

Naming ceremony for FPSO BW Opal; Source: Seatrium

Business & Finance

WATCH: FPSO for Australia’s $3.6B project closing in on first gas as naming ceremony wraps up

BW Offshore has held a naming ceremony for its newbuild floating production storage and offloading (FPSO) vessel, which is on track to start work at a giant field off the coast of Australia in 2025.

about 1 year ago

FPSO Almirante Tamandaré; Source: SBM Offshore

Business & Finance

SBM Offshore’s giant FPSO switches to oil production mode at Petrobras’ deepwater field

Petrobras has confirmed the first oil from a new floating production, storage, and offloading (FPSO) unit, owned by the Netherlands-based SBM Offshore, as the vessel has begun operations at a huge field in the pre-salt Santos Basin off the coast of Brazil.

about 1 year ago

Chevron secured Stena Drilling’s Stena Forth drillship for a decommissioning campaign in the Mediterranean Sea offshore Israel a few years ago, alongside an option for a well offshore Cyprus; Source:

Business & Finance

Aphrodite rising as Chevron, Shell, NewMed and Cyprus give the go-ahead for tweaked gas development plan

Chevron and its partners, BG Cyprus (Shell) and NewMed Energy, have given their blessing, together with the government of Cyprus, for an updated development plan of an offshore gas field reservoir in Block 12 located in the Eastern Basin of the Mediterranean Sea.

about 1 year ago