Business & Finance
Subsea 7 reports $1.1 billion loss in 2020
Subsea 7 has recognised a major loss in 2020, mostly on impairment charges, but increased its backlog by 20 per cent and kept revenue down only five per cent compared to 2019. The engineering and construction specialist recognised 2020 net loss of $1.1 billion, against loss of $82 million in 2019. I
Transocean lands higher day rate for drillship and more work for idle rig
Offshore drilling contractor Transocean has secured more work for a drillship in the Gulf of Mexico and for a semi-submersible in Myanmar.
NKT eyes improvement in 2021 on record high-voltage order backlog
NKT, the power cables business, has delivered improved revenue in Q4 2020 and on an annual basis. The cable division generated quarterly revenue of some €269 million, against €262 million same time last year. Year-to-date revenues stood at €1.08 billion (excluding Photonics business unit), versus €9
Rumours of $100 oil return as crude recovers from Covid grip
While the oil price collapse is still fresh in our minds, rumours are starting to emerge that by the end of next year prices could once again top $100 a barrel.
NEO Energy snaps up ExxonMobil’s North Sea assets for over $1bn
HitecVision-backed NEO Energy is acquiring a major portfolio of non-operated oil and gas assets in the Central and Northern North Sea from ExxonMobil.
Forum widens fourth-quarter loss
Forum Energy Technologies has seen its loss widened in the fourth quarter 2020 on asset impairments and restructuring costs as well as revenue drop of some 44 per cent. The Houston-based energy sector products company recorded Q4 2020 loss of $32.7 million, or $5.85 per diluted share. This result co
Rauma shipyard shuts down production after over 230 coronavirus infections
Finland-based shipbuilder Rauma Marine Constructions has shut down production after 239 workers tested positive for coronavirus. According to the City of Rauma, a total of 1,000 people have been tested. It appears that the main factor that contributed to the widespread of infections were the shared
Enagás shortens zero-emissions target by 10 years
Spanish LNG terminal operator Enagás has brought forward its decarbonisation plans.
Best full year result in history for Reach Subsea
Norwegian contractor Reach Subsea has seen another record quarter in 2020 as well as the best annual result in the company’s history. Despite challenging market and operating conditions, Reach maintained high utilisation levels and successful project execution. The oslo-listed company has booked fou
Maersk Tankers, Cargill to launch a joint bunker procurement service
Maersk Tankers and commodity trader Cargill have formed a partnership that will see the two companies combine their bunker volumes. The partnership will offer a new bunker procurement service to tramp shipping companies and trading houses. Initially, the goal is to procure bunker fuel for Cargill an
Vår Energi hires Rem Offshore vessel
Norwegian shipping company Rem Offshore has won a contract award for one of its platform supply vessels (PSVs) from Vår Energi.
Blue Gem submits scoping report for second Celtic Sea floater
Blue Gem Wind, the joint venture of Total and Simply Blue Energy, has submitted the scoping report for the Valorous floating offshore wind project in the Celtic Sea. The proposed Valorous site is located approximately 50 km South West of the Pembrokeshire coastline. Valorous represents the second fl
CorPower Ocean scores €9 million for HiWave-5 commercial-scale demo
Swedish company CorPower Ocean has secured a private investment of €9 million, bringing total equity funding to support the demonstration of its first commercial-scale wave energy device in the flagship HiWave-5 project to over €20 million. The investment round was led by Midroc New Technology and
GasLog agrees merger with BlackRock
Piraeus-based LNG shipper GasLog has signed a deal and plan of merger with BlackRock Global Energy & Power infrastructure.