Business & Finance
COVID-19 effects push Novatek into red
Russia’s largest private natural gas producer and LNG player Novatek slipped into red under the COVID-19 impacts.
Legasea gets Ocean Outdoor advertising boost
Aberdeenshire subsea specialist start-up Legasea will reap the benefits of a £10 million outdoor advertising campaign. The Westhill based firm, will see its adverts run on Ocean Outdoor screens throughout Scotland. The advertisement campaign will feature during May, on up to 52 screens, across promi
USPA Pushes the Limits in Dredging
In the first three months of 2020, the volume of dredging works carried out by the fleet of Ukrainian Sea Ports Authority exceeded 700,000 cubic meters. Compared to the first quarter of 2019 (160,000m³), the company increased the dredging volume by 540,000m³. According to the company, the positive d
Gazprom’s net profit dips
Russian gas giant Gazprom reported a 17 percent drop in 2019 net profit due to lower prices and declining demand in Europe. Gazprom’s net profit reached 1.2 trillion Russian roubles ($16.3 billion) last year. This compares to 1.46 trillion roubles in 2018. Operating profits also fell by 42 per cent
Meetings Held for Reading and Caversham Scheme
In February and March 2020 the Environment Agency held a number of drop-in sessions in north Reading and Lower Caversham regarding the proposed flood alleviation scheme. Due to the escalation in the UK’s response to the coronavirus the the final event scheduled for Friday 20 March was cancelled. At
Large E&P player interested in Corallian’s block off UK
UK oil and gas company Corallian and its joint venture partners, Upland Resources and Baron Oil, have signed a work-sharing and confidentiality agreement with an undisclosed “large European E&P company” for licence P2478 in the Inner Moray Firth which could lead to a future farm-out deal.
KenzFigee to provide pipe handling cranes for two Spliethoff newbuilds
Dutch offshore lifting equipment provider KenzFigee has been awarded a contract by Amsterdam-based shipping company Spliethoff for the delivery of pipe handling gantry cranes for their two newbuild multipurpose DP2 B-type vessels, currently under construction at the Mawei Shipyard in China.
Elmer Coastal Protection Scheme Nears End
Works on a coastal defense scheme in the West Sussex village of Elmer are nearing completion, Mackley informs. The Elmer Coastal Defense Scheme is being carried out by Mackley, working as part of Team Van Oord, on behalf of the Environment Agency, Arun District Council and Elmer Sands Limited. The p
Spanish port looking at LNG bunkering
The Port Authority of Almeria has launched a feasibility study as it is looking to start supplying liquefied natural gas to ferries using the truck-to-ship bunkering method. The Spanish port authority awarded a contract to a local engineering firm to provide technical assistance for the assessment a
Fehmarn Belt Tunnel Works Begin in January 2021
Femern A/S is activating the main construction contracts with Femern Link Contractors (FLC) with effect from January 1, 2021. the project owner said in their latest release. This means that construction of the large scale tunnel element factory at Rødbyhavn can get underway. November 2019 saw the st
Ørsted posts strong results, sees no significant impact from COVID-19
Leading offshore wind developer Ørsted reported an operating profit (EBITDA) of DKK 6.8 billion (EUR 912 million) for the first quarter of 2020, a 33 percent increase compared to the same period the year before. Net profit amounted to DKK 3.3 billion and return on capital employed (ROCE) came in at
Floatel gets charter extension on Martin Linge field
Equinor has extended the charter for a Floatel International-owned accommodation rig for operations on a field offshore Norway.
Masdar refinances London Array stake
Masdar Energy UK, a wholly-owned subsidiary of Masdar, has refinanced its stake in the 630 MW London Array offshore wind farm in the UK. The refinanced debt totalled approximately £ 466 million in commercial bank debt, maturing in December 2032. Original financing for the project closed in October 2
UK unions call on gov’t to halt ‘carnage’ of oil & gas jobs
UK’s offshore unions have launched a campaign to protect the jobs in the oil and gas sector and secure its future, calling for a halt to the “carnage” of jobs.