Business & Finance
Swiss developing wind turbine design and assessment tool
Akselos and École Polytechnique Fédérale de Lausanne (EPFL) have won a CHF 1.2 million grant from the Swiss Innovation Agency (Innosuisse) to deliver a next-generation structural design and assessment tool for wind turbines. The grant is part of a project that aims to increase the computational capa
Lukoil, KazMunayGas ink deal for Al-Farabi block in Kazakh Caspian Sea
Russian oil and gas company Lukoil and Kazakhstan’s state-owned company KazMunayGas (KMG) have signed an agreement for future obligations on the Al-Farabi Project in the Kazakh Sector of the Caspian Sea.
Container shipping majors boosted by positive credit ratings
Rating agency Moody’s has upgraded the outlook on the ratings of the world’s largest container shipping company Maersk from negative to positive. Concurrently, Moody’s affirmed the Baa3 long-term issuer rating of the company. “Following a very strong performance amidst the global pandemic by the con
Swire Blue Ocean to rebrand ahead of stock exchange debut
Swire Pacific Offshore is planning to list its subsidiary Swire Blue Ocean (SBO) on the Oslo Stock Exchange. The proposal to take Swire Blue Ocean public comes after the announcement of expansion plans, the company said. The subsidiary is also undergoing full rebranding and will be renamed Cadeler.
Neptune Energy increases stake in Dugong discovery
Oil and gas exploration firm Neptune Energy has signed an agreement with Concedo for the acquisition of a further five per cent interest in the Dugong license in the Norwegian sector of the North Sea.
Naval Energies obtains double DNV GL certification
Naval Energies has secured double certification from DNV GL for its floater Design Basis, as well as for all of its major design methods. According to Naval Energies, obtaining this certification demonstrates that the calculation and design methods are applicable for its semi-submersible floater tec
Stolt-Nielsen CEO: Costly ship rerouting due to overdue crew changes impacting scheduling
Pricey rerouting of ships needed to carry out overdue crew changes, significantly hampered by the ongoing COVID-19 pandemic, continues to impact scheduling, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said. Shipping companies have predominantly been left to their own de
Strike could shut down production on Equinor’s Johan Sverdrup
Norwegian oil major Equinor has warned that the Johan Sverdrup field in the North Sea would have to close production until further notice if the ongoing strike on the Norwegian Continental Shelf continues until 14 October.
Proserv and Synaptec ink cable monitoring deal
Proserv and Synaptec have signed a strategic alliance agreement to develop an integrated cable monitoring system for offshore wind projects. Synaptec’s passive distributed electromechanical sensing (DES) technology will be incorporated within the monitoring solution. According to the companies, this
Simec Atlantis offers cue for action on UK’s tidal energy lead
Simec Atlantis Energy has welcomed the recent UK government’s commitment to green energy and offshore wind while also reminding of the country’s world leading position in tidal energy.
Equinor projects see delays, increased costs due to COVID, weak NOK
Norwegian energy major Equinor has seen its costs for projects under development rise due to the Covid-19 pandemic and weakened Norwegian krone, even postponing the start-up of some projects.
Frontline CEO Robert Macleod steps down
Robert Hvide Macleod, Chief Executive Officer of tanker major Frontline Management AS, has decided to step down from his position. Macleod is retiring after six years leading the company through often volatile market conditions. “I would like to thank Robert for his contribution to Frontline. He has
Total adds another floating wind project to its portfolio
Total has bought a 20 per cent stake in the EolMed floating wind pilot project in France, located in the Mediterranean Sea, off the coast of Gruissan and near Port-La-Nouvelle. The 30 MW EolMed will feature three MHI Vestas 10 MW turbines installed on Ideol’s Damping Pool floating foundation and is
Lloyd’s Register Group sells its energy business
Lloyd’s Register Group (LR) has entered into a deal to sell its energy business unit to Inspirit Capital, a London-based investment firm. LR said the agreement follows a comprehensive review of LR’s business portfolio and strategic direction. As disclosed, the deal will create a new engineering and