Business & Finance
EU’s new wave of sanctions targets Russia’s Middle East shipping company
The EU has adopted a new package of sanctions against Russia and its supporters in response to Russia’s invasion of Ukraine. The tenth package of sanctions is being adopted as the world marks one year since Russia’s full-scale invasion of Ukraine and is targeting 121 entities and individuals. The pa
Subsea orders uplift TechnipFMC’s backlog to $9.4 billion
TechnipFMC has reported full-year inbound orders of $8.1 billion for 2022, a 20 per cent increase compared to 2021, said to be driven by $6.7 billion in orders from the Subsea segment. In Q4 2022, the total company revenue was $1,694.4 million, with an adjusted EBITDA, which excludes pre-tax charges
Essar launches EET to drive energy transition in UK and India
Essar Group, invested in energy, metals and mining, infrastructure, and technology sectors, has announced the formation of Essar Energy Transition (EET) to drive energy transition in the UK and India. According to Essar, EET plans to invest a total of $3.6 billion in developing a range of low-carbon
Northern European partners hand in application for CO2 storage off Norway
Neptune Energy, Sval Energi and Storegga have submitted an application for a CO2 storage project in the Norwegian North Sea which has the potential to store up to 225 million tonnes of CO2. The application was submitted to the Norwegian Ministry of Petroleum and Energy following the announcement of
SFC Energy and FC TecNrgy sign hydrogen and methanol agreement
SFC Energy, a Germany-based supplier of hydrogen and methanol fuel cells for stationary and mobile hybrid power supply solutions, and FC TecNrgy, India’s fuel cell-based alternate energy and power management solution provider, have entered into a strategic cooperation agreement to build a new manufa
Green Ray project targeting methane slip from LNG-fuelled engines wins EU backing
The Green Ray project, led by a consortium of companies across the shipping supply chain, has won funding from the European Union to develop solutions minimizing methane slip from marine engines. The funding worth €7 million has been secured through Horizon Europe, the EU’s key funding program for r
Seven electricity interconnectors pass to next stage of Ofgem’s cap and floor window
UK energy market regulator Ofgem has decided that all electricity interconnector projects that submitted applications in its third cap and floor window will progress to the next phase. This third window was opened for electricity interconnectors able to start operations before the end of 2032 and th
Saipem turns to biofuels for its drilling and construction fleet
Saipem is pooling resources with Eni to add renewable fuels to its arsenal, which would be used for its drilling and construction vessels.
Vertex to supply over 1,000 MW of hydrogen to decarbonise UK industries
Energy company Vertex Hydrogen, a joint venture between Essar Oil UK and Progressive Energy, has signed agreements to supply over 1,000 MW of low-carbon hydrogen to industrial names in the UK. Currently, the company is developing the UK’s first large-scale low-carbon hydrogen production hub at Essar
Cable installation for Shetland HVDC link to resume next month
NKT is set to commence the second cable installation campaign for SSEN Transmission’s Shetland High Voltage Direct-Current (HVDC) link in the North Sea in March. The £660 million project includes the construction of a 260-kilometer subsea cable from Shetland to the GB mainland, linking Shetland to t
Watch start of jacket toppling ops for old North Sea platform at Aker Solutions’ yard
Aker Solutions is about to recycle the 7,900 tonnes of steel foundation from an old drilling platform, which was used at an oil field in the North Sea.
Two SBM Offshore’s FPSOs slated for first oil in 2023
SBM Offshore is working on several FPSO projects and two of these vessels are expected to achieve the first oil this year.
TES partners with Energie 360° for green energy supply
Belgian green hydrogen company Tree Energy Solutions (TES) and Zurich-based energy provider Energie 360° have teamed up to supply green energy to the industry and support each other in achieving their decarbonisation goals. To this end, the companies have signed a letter of intent under which TES ai
WATCH: Diamond Offshore’s giant semi-sub rig getting ready for its North Sea job
Diamond Offshore’s Ocean GreatWhite rig is in the process of wrapping up its preparations for its upcoming assignment in the North Sea.