Business & Finance
Ideol and Kerogen Capital to test waters for offshore wind-powered oil & gas platforms
Ideol has entered into a Memorandum of Understanding (MoU) with Kerogen Capital to assess the benefits of using offshore wind to power oil & gas platforms. Ideol stated that the focus of the initiative will be to combine the Damping Pool, its floating offshore wind solution, with Kerogen’s internati
Royal IHC, Douala Port Authority Continue Their Cooperation
Cameroon’s Port Authority of Douala (PAD) has acquired high-tech equipment from Royal IHC to support their dredging activities. As part of measures to autonomously manage its dredging activities, the management of the PAD acquired an IHC Beaver 50 cutter suction dredger (CSD) and a DMC work boat. Th
Maersk braces for 20-25% volume decrease in Q2 amid COVID-19 uncertainties
Copenhagen-based shipping major A.P. Moller-Maersk has emerged strongly from the first quarter of 2020, having reported an underlying profit of $197 million from continuing operations. The results are being reported despite a strong impact of the COVID-19 which started to be felt in February amid ex
Bristow and Era set up new leadership team as merger date nears
Offshore helicopter operator Bristow and its peer Era Group have created a new global organization structure and selected the executive leadership team for the combined company.
Motive Offshore marks fabrication unit boost
Subsea assets specialist Motive Offshore has increased turnover by 115 per cent in 18 months, boosted by its fabrication services. The company expanded its Aberdeenshire HQ fabrication activity and also rolled out across a number of key UK ports. This includes Peterhead, Aberdeen, Montrose and Blyth
Royal IHC to Build Water Injection Dredger for NCSPA
Royal IHC was recently awarded a contract for the design and build of a water injection dredger (WID) for the North Carolina State Ports Authority (NCSPA). In line with NCSPA’s specifications, the dredger is designed to offer easy maintenance and a smooth operation. Other key design factors include
Esvagt to reduce employee pay over COVID-19, oil price drop
Offshore vessel provider Esvagt has decided to streamline its operations and reduce pay to its workers and management to combat the consequences of the decreasing energy prices and COVID-19.
Tallink secures govt approval for €100 million loan
Estonian ferry company AS Tallink Grupp has secured clearance from the government on the terms of a loan worth up to € 100 million ($108 million). The 3-year government loan is expected to help mitigate the economic pressures the company has been experiencing as a result of the COVID-19 impact on th
Magseis Fairfield posts quarterly loss
Seabed seismic player Magseis Fairfield has slightly widened its quarterly loss despite major revenue drop against the prior-year quarter. The Oslo-listed company generated Q1 2020 revenue of $53 million, down from $120 million same time last year. Revenue was also down from Q4 2019 revenue of $ 74
Aberavon Coastal Scheme Progresses
Neath Port Talbot Council and their contractor Knights Brown are making good progress on the vital scheme to repair and strengthen the iconic Aberavon Seafront Promenade. The work is part funded by the Welsh Government through its Coastal Risk Management Program – first announced by the Welsh Govern
CPP earmarks around € 350 million for French offshore wind farms
Canada Pension Plan Investment Board (CPP Investments) will pay approximately € 80 million for its recently bought stake in Éolien Maritime France (EMF) from Enbridge. The Canadian company, through its fully owned subsidiary CPP Investment Board Europe, has acquired 49 per cent of Enbridge’s 50 per
Damen: Screening Installation for Marine Aggregate Dredger
Damen Dredging Equipment crew is currently very busy working on the screening installation for the new Marine Aggregate Dredger (MAD) 3500 for Hanson Aggregates Marine. A keel laying ceremony for this dredger, currently under construction at their shipyard in Romania, took place in October 2019. The
ECA bags €20M subsea defence deal
ECA Group said it has secured a ‘significant’ export contract to modernize robots dedicated to naval mine warfare. This contract, worth around € 20 million will last over 48 months and will allow to modernize the mine clearance capacities of an undisclosed Navy. The evolution of the mine threat in m
HHLA feels negative impact of COVID-19
German terminal operator Hamburger Hafen und Logistik AG (HHLA) reported decreases in both revenue and earnings in the first three months of this year due to the challenging market environment. The company also recorded a moderate decrease in its container throughput and a significant decline in con