Business & Finance
New CFO for NKT
Cabling specialist NKT has appointed Line Andrea Fandrup, executive vice president, chief financial officer (CFO). She joins NKT no later than 1 November 2020. Line Andrea Fandrup joins NKT from Rockwool as Group finance vice president with insights to finance, treasury and investor relations. Prior
DEME Offshore gets on board PosHYdon project
DEME Offshore has joined the team behind the PosHYdon project that aims to integrate offshore wind, offshore gas, and offshore hydrogen in the Dutch part of the North Sea. Within the project, DEME Offshore will be in charge of providing the hydrogen unit for installation on the Q13a platform, operat
EU Commission’s €750 billion recovery plan to make sustainable transportation a priority
The European Commission has unveiled a €750 billion recovery plan aimed at ensuring economic recovery from the impacts of the COVID-19 crisis. The Next Generation EU fund consists of allocations for € 500 billion and loans for € 250 billion. Combined with targeted reinforcements to the long-term EU
Golar LNG posts Q1 loss, advances projects
LNG shipper Golar made further advancements in its projects in the first quarter of the year.
Global potential for offshore wind
In February, Wood Mackenzie sent out a press release stating that the global offshore wind demand will increase nearly six fold over the next ten years. With such huge global potential, We spoke to newly founded World Forum on their outlook. By the end of 2017, offshore wind had only been deployed c
Ireland needs port upgrades to cash in on offshore wind (Report)
Ireland stands to lose billions due to offshore wind projects being built from bases outside the country unless strategic investments are made in improving port infrastructure, according to a report by the Irish Wind Energy Association (IWEA). The Harnessing our Potential report states that offshore
Equinor to restart Hammerfest LNG plant on June 18
Norwegian energy giant Equinor plans to bring back online its Hammerfest liquefied natural gas export plant on June 18 following planned maintenance. The LNG operator said earlier this month it would close the export facility for scheduled maintenance for two weeks starting on May 15. However, the c
New business development director joins HPR
HPR ROV, a micro-ROV specialists, has appointed Michael O’Donnell as the new business development director. Michael O’Donnell brings with him a breadth of experience in business development, strategy, sales and business turnaround across the energy sector. He has over 12 years’ experience, previousl
Subsea 7 cutting 3000 jobs
Subsea 7 has issued further details of its workforce and fleet reduction initiative announced earlier this year. Namely, the offshore engineering firm predicts overall workforce reduction of approximately 3,000 by the end of the second quarter 2021. Subsea 7 also said that two-thirds of the reductio
Viper Innovations names new managing director
Subsea technology and engineering firm Viper Innovations has appointed Edward Davies as its new managing director. Effective 1 June 2020, the appointment marks the beginning of a new chapter for the Portishead and Aberdeen based company. It will see Davies lead the delivery of Viper’s plans to incre
Siem Offshore gets breathing room after standstill deal with lenders
Siem Offshore has found a way to improve its cash flow and liquidity to be able to operate in a challenging offshore market.
Flex LNG slips into first-quarter loss
Flex LNG, the company controlled by billionaire John Fredriksen and an emerging player in the LNG shipping business, slipped into the red in the first quarter.
Hoegh LNG logs quarterly net loss
Norway-based Hoegh LNG recorded a net loss in the first quarter saying it had a limited impact on its operations from the Covid-19 coronavirus pandemic. Höegh LNG posted a net loss of $1 million for the first quarter this year, compared to a profit of 4.5 million in the same quarter a year ago and [
Neptune pushes back several project start-up dates despite ‘strong quarter’
Despite the challenges of COVID-19 and weaker commodity prices, Neptune had a strong first quarter but still decided to push back several project start dates to smoothen investments through 2020-2022.