Business & Finance
Euronav confounded by lack of recycling
Belgian tanker major Euronav is bewildered by the lack of ship recycling in the tanker market given the prevailing headwinds and low freight rates. Historical trends show that low tanker rates induced owners to send their older tonnage to the scrapyard. Over the last 30 years, on average 5% of the V
MOL preparing to drill appraisal well in North Sea
The Norwegian Petroleum Directorate (NPD) has granted MOL Norge a drilling permit for an appraisal well in the North Sea.
UK universities get grants for underwater offshore wind research
The Supergen Offshore Renewable Energy (ORE) Hub has awarded four UK institutions with grants from its third Flexible Funding call for research projects focused on underwater offshore wind infrastructure. Southampton University received a share of the awarded £800,000 for a project aimed to identify
Irish secure €2.88M for prototype robotic subsea drill
The Irish government has allocated €2.88 million for a project that aims to develop a prototype subsea robotic drilling system for the offshore wind sector, amongst others. Mincon Group and its partners Subsea Micropiles, the National University of Ireland and the University of Limerick will design
Subsea 7 earnings up in Q1 2021
Subsea 7 has reported an adjusted EBITDA increase of 50 per cent in the first quarter of 2021, to $102 million, compared to $68 million from the same period in 2020. According to Subsea 7, the mentioned boost is driven by progress on Subsea and Conventional projects, high utilization of the PLSVs, a
Equinor and Eni-HitecVision JV join forces for Norwegian offshore wind tender
Equinor and Vårgrønn, a joint venture (JV) between Eni and HitecVision, have signed a collaboration agreement to jointly apply for offshore wind acreage in Norway at one of the two areas the country opened last year. The partners said they would jointly prepare and submit an application to the Norwe
COSL Drilling made exclusive rig provider for OKEA
A four-year-long frame contract has been signed by COSL Drilling Europe with OKEA for the use of COSL’s rigs in Norway.
Maersk reports record profit amid high freight rates
Danish shipping and logistics giant A.P. Moller – Maersk delivered an exceptionally strong performance in Q1 2021 with a record profit for the quarter.
Aker Solutions reveals good figures in 2021 start
Aker Solutions has reported growth in both earnings and order intake in the first quarter of 2021, with about 35 per cent of new contracts related to the energy transition. In Q1 2021, Aker Solutions saw an EBITDA of NOK 427 million (approximately EUR 42.5 million), with a margin of 6.6 per cent, an
NEO Energy to halve carbon intensity per barrel by 2030
NEO Energy has revealed a set of ambitions to reduce its carbon emissions as part of the energy transition plans.
EWP finalising seawall works ahead of wave energy floaters installation
Swedish-Israeli wave energy developer Eco Wave Power (EWP) is nearing completion of the reinforcement works on the seawall meant to accommodate wave energy floaters in Port of Jaffa in Israel.
FutureOn digital twin software backs Aker BP’s subsea activities
Aker BP has awarded FutureOn with a contract for its digital twin software with the aim of digitizing workflows within concept development and field development studies. Aker BP will use the software to visualize subsea data, map the design of digital twin fields, and foster greater digital collabor
Sercel to develop low-frequency seismic source as part of new acquisition
Sercel has entered into exclusive negotiations with Low Impact Seismic Sources (LISS) for the acquisition of the U.S. company. Sercel will continue to develop and commercialize the Tuned Pulse Source (TPS), an innovative marine seismic source, that LISS developed in collaboration with Shell. The TPS
Noble Corp. shares Transocean’s optimism about market outlook
Just like its rival Transocean, Noble Corp. is optimistic about the outlook with a pipeline of tender opportunities on the horizon.