News
All eyes on the Dutch
By the end of this day we will know who has won the Dutch elections. According to the polls yesterday current prime minister Mark Rutte of the liberal VVD is perceived to ‘beat’ nationalist and anti-Islam campaigner Geert Wilders of the PVV. However, recent history has shown that strange things can
Baltic Sea LNG bunkering project kicks off
The Blue Baltics project, aiming to develop and establish an LNG bunkering network in the Baltic Sea and corresponding European region, kicked off on Tuesday, March 14, according to the Innovation and Networks Executive Agency (INEA).
Port of Helsinki Opens West Terminal 2
Finnish Port of Helsinki opened West Terminal 2, a new terminal designed for fast scheduled ferries, on February 27. The West Terminal 2 project, which included the construction of the new terminal building and its quays, passenger bridges and corridors, field areas and roads, as well as the improve
Sea Installer Gearing Up for Race Bank
Ahead of the turbine installation at the Race Bank offshore wind farm, due to start at the end of April, A2SEA’s jack-up vessel Sea Installer has been fitted with four massive adapter rings for wind turbine tower sea fastening.
UK union ‘concerned’ over Wood Group-AmecFW merger
UK’s offshore union Unite wants full disclosure on any employment plans that are part of Wood Group’s planned takeover of oil and gas operator Amec Foster Wheeler announced on Monday. UK-based energy services company Wood Group made a $2.7 billion worth offer to acquire its compatriot consultancy, e
CGG Amends ‘Oceanic Champion’ Deal
French seismic survey specialist CGG has entered into an agreement with its Norwegian subsidiary Exploration Investment Resources II to reduce the cash cost of the charter agreement for the ‘Oceanic Champion’ vessel. The Oceanic Champion is an active seismic vessel, and the reduction rate will be co
Oil hovers near three-month lows as investors await data
By Aaron Sheldrick TOKYO (Reuters) – Crude oil prices hovered near three-month lows on Tuesday, with investors waiting for key reports and data that may shed light on a supply overhang in the global market. U.S. West Texas Intermediate crude (WTI) <CLc1> was down 7 cents at $48.33 a barrel, as of 07
CGG cuts seismic vessel charter costs
French geophysical company CGG has decided to reduce vessel charter cash costs for the seismic vessel Oceanic Champion while under strict cost and cash management. The geophysical company said on Tuesday that, in line with the agreements announced in January regarding three vessels, the Viking Vanqu
OSV trio plans to close merger in first half of 2017
A proposed merger between three Norwegian offshore supply vessel providers, Deep Sea Supply, Farstad Shipping, and Solstad Offshore, is on track to be completed during the first half of this year. According to a joint statement on Monday by the three companies, they are finalizing the proposal for t
EU says Gazprom offer to avoid antitrust fines allays worries
By Alissa de Carbonnel BRUSSELS (Reuters) – EU antitrust regulators said on Monday concessions by Russia’s Gazprom aimed at avoiding fines should allay concerns of market abuse, signalling a thaw in business ties between Moscow and Brussels despite tensions over Ukraine and Syria. The provisional de
Atlantic Petroleum restructures debt
Atlantic Petroleum, a Faroese oil and gas company with assets in the North Sea, has refinanced its debt with its main creditor Eik Bank. Atlantic said on Monday that it had revised terms for the DKK 66 million ($9.5 million) debt to Eik Bank and that the new terms would see the debt paid back [&hell
WGP to begin North Sea shoot in April
Marine seismic services provider WGP Group, a subsidiary of Thalassa Holdings, has been preparing to mobilize for its 2017 Spring North Sea projects. WGP’s parent company said on Tuesday that preparations are now well underway with operations anticipated to start during April, as scheduled. The comp
Value of Marine Freight Industry to Reach USD 210 Bn by 2021
The global marine freight industry is expected to return to 2014 levels by mid-2019 and reach a value of approximately USD 210 billion by 2021, according to the findings of research firm MarketLine. “The recovery in the industry is expected to be fueled primarily by a return of global demand as oil
Rystad: Wood Group-Amec Foster Wheeler merger to create ‘dominant’ player
Following Wood Group’s announcement of the acquisition of Amec Foster Wheeler, the intelligence group Rystad Energy has said that this merger will create a clear market leader within the engineering and MMO-market, with a market share twice as large as its competitors. With a combined workforce of 6