Business & Finance
Petrofac to reduce its headcount by 20 pct in response to coronavirus crisis
Petrofac is joining other providers in actions responding to the unprecedented market conditions. As a result, Petrofac will reduce its capex by 40%, reduce salaries across the company, and reduce its personnel by about 20%.
SpotOn Energy gains exclusivity for Barryroe farm-in
Providence Resources has moved to raise about $3 million through the issue of new shares and entered into an exclusivity deal for the farm-out of the Barryroe field, located offshore Ireland, with SpotOn Energy.
Highlights of the Week
Dredging Today brings you an overview of the most popular stories from the past week (March 30-April 5, 2020). Donjon Wraps Up Manhattan Dredging In preparation for the arrival of the USNS Comfort to New York, USACE New York District Operations Division moved quickly and approved the necessary dre
ECSA: Maritime-specific rescue and recovery plan is urgently needed
ECSA stressed that more sector-specific actions are needed to save the European shipping industry.
Offshore Wind Conference: Profitability and Financeability of Offshore Wind
The LCOE of offshore wind have dropped dramatically in the last ten years. Early 2018, the first subsidy freetender was won. What does this mean for financing of new windfarms and for the profitability of existing and yet to be built offshore windfarms? What new business models do experts see emergi
Sand: massive supply-demand imbalance is upon us
Saudi Arabia’s decision to flood the market with crude oil at a time when demand is in doldrums amid coronavirus pandemic is about to create a massive supply-demand imbalance, says BIMCO’s Chief Shipping Analyst, Peter Sand. Liquid fuels production and consumption will be imbalanced during much of 2
Tullow identifies further cost savings as lenders approve credit
Tullow Oil has identified further cost savings while its lenders have approved its credit facility with a $1.9 billion of debt capacity.
Maintaining Shoreline in Sweden by Remu Big Float
Living near a body of water has always appealed to many, yet some of these areas may require maintenance such as dredging and erosion control to keep up with the ever-changing environment. Sweden has dozens and dozens of rivers and an estimated 101,000 lakes, not to mention the coastal areas and sev
Iberdrola to speed up investments and projects
Iberdrola will put its investments in 2020 on a fast track with an aim to surpass last year’s investment record and reach € 10 billion. This will lead to some 4.5 GW of new capacity currently under construction to be commissioned this year.
PGS Forecasts Revenue Hit; To Cold-Stack Two Ships
Marine geophysical firm PGS said it expects the low oil price to have a material negative impact on demand for seismic services and activity. The company is implementing cost and capital expenditure measures to meet an expected significant revenue reduction, with details to be provided in Q1 2020 ea
KC LNG to build bunkering facilities for Scotland’s CMAL
Scottish ferry owner Caledonian Maritime Assets (CMAL) has ordered two liquefied natural gas bunkering facilities from KC LNG. Denmark-based KC LNG, a Kosan Crisplant’s division under MAKEEN Energy, said in a statement it expects to complete the bunkering facilities in July 2022. The facilities will
Offshore Progress Ready for Action
Acta Marine’s Crew Transfer Survey Vessel (CTV) Offshore Progress was successfully loaded onto container vessel APL Detroit on the island of La Réunion on March 31 for transport to Rotterdam. Offshore Progress has been working on the construction project for the Route du Littoral since 2016. As the
Dredging Plough – 20 Tons of Steel by Straatman
Machinefabriek L. Straatman BV is currently producing a dredging plough with a total length of 14 meters and a weight of 20 tons. “We received the order to produce this big plough from a local tug and workboat company specialized in dredge support. Based on a typical design our dredging engineer exe
Rovco Makes New Appointments
Rovco has made a number of key executive team hires and internal appointments, which will be based in Bristol and Edinburgh. Reena Rowan has been appointed as chief financial officer at Rovco. She has previously held senior finance positions within Innogy and a number of PE-backed organisations acro