Operations & Maintenance
New CEO for Saipem
The Board of Directors of Italian contractor Saipem has appointed Stefano Cao as the company’s new Chief Executive Officer. Stefano Cao will replace Saipem’s previous CEO Umberto Vergine, who was appointed back in December 2012. The appointment comes expected, after Italy’s oil & gas major Eni, whic
NPRA Conducts Core Drilling to Map Subsea Tunnel Route
On the west coast of central Norway the Norwegian Public Roads Administration (NPRA) is carrying out a core drilling operation for a 15,5 km long subsea tunnel. Seismic surveys that have previously been carried out shows weakness zones in the rock that the tunnel must be drilled through. There may a
Statoil Wraps Up Shah Deniz Asset Sale
Statoil and the Malaysian oil and gas company PETRONAS completed their transaction, announced previously on October 13, 2014. The sale involved the transfer of Statoil’s 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (S
Port of Gothenburg Presents New Oil Spill Robot
A new robot has been introduced at the Port of Gothenburg. Its task will be to deploy booms in the event of an oil spill. This new technology should result a more rapid and safer oil spill clearance at the Port of Gothenburg. The Port of Gothenburg has invested SEK 3.5 million in an automatic [&hell
Polarcus Posts Loss, Reduces Operational Fleet
Seismic contractor, Polarcus, has recorded a net loss third quarter in a row as the contract revenues went down 33% from the same quarter a year earlier. The Norwegian company reported a first-quarter loss of $26.4 million or basic and diluted earnings per share of negative $0.04, versus the net pro
PGS Down in Q1, Cold-Stacks Two Vessels
Oslo-listed seismic player Petroleum Geo-Services (PGS) has booked a net loss of $19.5 million for the first quarter of 2015, compared with a $4.6 million profit in the corresponding period in 2014. In the first quarter of 2015, the company recorded revenues of $251 million ( out of which $143.3 mil
Red Ink for Statoil
Norway’s Statoil has slipped into the red for the three months ended March 31, 2015, largely on U.S. onshore unconventional asset impairments. The company’s net loss for the first quarter was NOK 35.5 billion ($4.71 billion), compared with a net profit of NOK 23.6 billion a year earlier. Statoil gen
‘WIND’ Drops By Port of Oostende on Its Way to Belwind OWF
This morning, the jack-up vessel WIND arrived at the Port of Oostende for the first time, where it will pick up parts for the Belwind offshore wind farm. The vessel is carrying out maintenance work on Belwind. The Belwind offshore wind farm comprises fifty five Vestas’ V90-3.0MW (MHI Vestas Offshore
Saipem Goes to Court with Shareholders
Italian contractor Saipem has received notice of legal proceedings before the Court of Milan by 64 investors claiming compensation for damages of approximately EUR 174 million allegedly incurred following the purchase of Saipem shares in the period between 13 February 2012 and 14 June 2013. Namely,
Bourbon Revenue Up on Forex Gains
French vessel owner and provider of marine and subsea services, Bourbon, has booked a rise in revenues for the first quarter of the year backed by favorable foreign exchange rate environment. Bourbon generated $422 million (€383.6 million) over the three months to March 31, up 15% compared to the $3
Wello extends contract with EMEC for Penguin testing
Finnish wave energy developer Wello Oy is extending its testing programme at the European Marine Energy Centre (EMEC) in Orkney with signing of one year extension to their original contract. The 1 MW Penguin wave energy converter has been undergoing testing in Orkney since June 2011, and was first d
Subsea 7 Lifts Profit
Oslo-listed, Subsea 7, has seen its profits rise for the first quarter (Q1) which ended on March 31, 2015 on improved operating income and foreign currency gains. The UK-based offshore engineering company, recorded net income of $151 million in the quarter, compared to $131 million in Q1 2014. Dilut
RentOcean to Invest in Rental Equipment
Oceanteam Shipping informed that its subsidiary RentOcean has successfully signed a EUR 15 million revolving term loan facility provided by NIBC Bank N.V. According to the company’s filing to Oslo Stock Exchange, the facility matures in 3 years after the facility start date. Proceeds of drawdowns un
Aker Solutions Takes Profit Hit
Aker Solutions’ net income for the quarter fell to NOK 220 million ($28.7 million) from NOK 283 million ($37 million) in the same period last year. Earnings per share (EPS) fell to NOK 0.79 in the quarter from NOK 1.03 a year earlier. Earnings were impacted by costs of overcapacity in the maintenanc