Business & Finance
Upstream spending cut by $285bn as Covid-19 takes its toll, Rystad says
The toll of the Covid-19 on upstream investments in the first two years of the downturn is estimated at $285bn, Rystad Energy reports.
Half of Boskalis Q1 offshore energy orders came from wind sector
Boskalis has reported a 10 per cent increase in the order book of its Offshore Energy division in the first quarter of the year (compared to the end of 2020), with around 50 per cent of new orders coming from the offshore wind sector. The first quarter at the company’s Offshore Energy division proce
Prosafe heading to Supreme Court over Westcon case
Offshore accommodation rig provider Prosafe is heading to the Supreme Court to appeal a recent ruling by a Norwegian Court of Appeal.
TGS books PXGEO vessels
PXGEO has entered into an agreement with TGS-NOPEC Geophysical Company (TGS) for the provision of its vessels for towed-streamer seismic acquisition services. TGS has committed to using PXGEO 2 or any other capable vessel which PXGEO introduces to its fleet for 12 months of marine seismic acquisitio
Westwood: Q2 2021 subsea tree demand forecast at 82 units
Subsea tree order intake for the second quarter of 2021 is estimated at 82 units, representing 32 per cent of the anticipated 260 units to be awarded in 2021, according to market research provider Westwood. Key projects to watch in 2Q 2021 include Equinor’s Bacalhau and Total’s Lapa South West in Br
Rotterdam green port project wins €25 million EU grant
Close to € 25 million of EU funding has been awarded as a research grant to the 45-member consortium headed by the Port of Rotterdam Authority to promote smarter, zero-emission transport in ports.
TGS buys offshore wind consultancy
Norwegian seismic company TGS has acquired 4C Offshore, a marketing intelligence and consultancy firm dedicated to the offshore wind sector. The acquisition is TGS’ first after the launch of its New Energy Solutions business earlier this year, established to pursue opportunities related to the energ
Belships expands fleet with newbuild resale, inks time charter deal
Norway-based bulker owner and operator Belships has decided to acquire a newbuilding resale financed through a bareboat agreement for ten years.
Spotlight on major projects in carbon capture realm
Carbon capture utilization and storage has gained momentum in the last couple of years as energy transition talks and plans intensified.
After 21 years in North Sea, Petrojarl Banff FPSO ready for recycling – gallery
The Petrojarl Banff FPSO is now moored alongside the MARS quayside in Denmark in preparation for green recycling.
Hapag-Lloyd off to a good start in 2021
Despite a slight decline in transport volumes, German container shipping major Hapag-Lloyd closed the first quarter of 2021 with improved revenue and earnings. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to roughly $1.9 billion in Q1 2021 from $517 million reported i
Argeo orders second SeaRaptor AUV from Teledyne
Norwegian marine survey contractor Argeo has ordered a second newbuild SeaRaptor 6000 autonomous underwater vehicle (AUV) from Teledyne Gavia. The delivery includes several ancillary system components, software and crew training and is planned to take place in early Q4 2021. The vehicle will be iden
TGS and Horisont Energi cooperating on carbon capture and storage
TGS has signed a Memorandum of Understanding (MoU) with carbontech start-up Horisont Energi to jointly develop new carbon capture and storage (CCS) technologies. Under the MoU, the parties will collaborate to identify and develop methods for the identification and classification of CO2 storage reser
Petrofac CFO set to leave. Replacement already named
The chief financial officer (CFO) of oilfield services provider Petrofac has advised the company of his intention to leave and take up a new role outside of the group.