Business & Finance
DOF Subsea cuts third quarter loss
DOF Subsea has reported NOK 133 million loss in the third quarter of 2020, against NOK 1.1 billion in Q3 2019. The company generated operating revenue of NOK 1.2 billion, against NOK 1.15 billion same time last year. Revenue also includes cancellation fee of NOK 110 million for two long-term contrac
Wales funds Nova Innovation’s ‘blue energy island’ tidal scheme
Scottish tidal energy company Nova Innovation has secured an investment of £1.2 million from the Welsh government for its Enlli tidal energy project in North Wales.
Royal IHC prepares for job cuts as it returns to core offshore and dredging market
Royal IHC has decided to reorganise. This means that about 300 jobs will be lost in the Netherlands and about 300 in other locations.
Good Q1 offshore winds boost RWE’s nine-month results
RWE has reported significantly higher adjusted EBITDA at its offshore wind business segment for the first three quarters of 2020, which stood at EUR 738 million, up from EUR 660 million the same period last year. The company attributed the 12 per cent increase primarily to better wind conditions in
Minor gas and oil find for Aker BP
Norwegian oil and gas company Aker BP has made a minor gas and oil discovery in the Norwegian Sea.
Digital twin used on BP’s new Caspian platform as it moves into fabrication & commissioning stage
A joint venture work between KBR and Socar, which is undertaking the engineering design phase of the Azeri Central East platform, is now nearing completion.
TORM signs 1st sustainability-linked loan
Danish shipping company TORM has refinanced its existing facility with Danish Ship Finance with a new $150 million loan which includes a CO2 emission-linked pricing mechanism. The facility will postpone the debt maturity for eight vessels until 2027, providing the company with $12 million in liquidi
Eni ready for Norwegian offshore wind tenders with newly established company
Eni has set up a joint venture company named Vårgrønn together with Norwegian energy investor HitecVision, with offshore wind being the first item on the to-do list of the newly established business in which the Italian oil & gas major holds a 69.6 per cent stake. Namely, Vårgrønn’s first step will
Odfjell sets sights on climate-neutral fleet from 2050
Norwegian shipping and tank terminal company Odfjell SE has revealed plans to cut its greenhouse gas emissions by 50% by 2030 compared to 2008 levels and have a climate-neutral fleet from 2050. The targets exceed the objectives of the International Maritime Organization (IMO) of 40% CO2 emissions re
GasLog tightens loss in Q3
Piraeus-based LNG shipper GasLog has tightened its loss during the third quarter of 2020.
Mystery operator puts Sparrows in charge of inspection on UK assets
Sparrows Group has secured a five-year contract with “a major UK Continental Shelf operator” to provide inspection services across its assets in the region.
Meyer Turku’s layoff tally hits 250 workers
Finnish shipbuilder Meyer Turku has decided to permanently lay off additional 84 people after closing the latest phase of talks with unions, pushing the total count of job cuts to 250. As Offshore Energy – Green Marine reported in August, the first phase of the employee cooperation negotiations (YT
ConocoPhillips makes gas discovery in Norwegian Sea
Oil major ConocoPhillips has made a gas discovery southwest of the Skarv field in the Norwegian Sea.
Seven Norwegian supply bases to provide services for Equinor
Norwegian oil major Equinor has awarded NorSea Group, Saga Fjordbase, and ASCO contracts for services at supply bases in Norway.