Operations & Maintenance
McDermott Shrinks Loss as Revenue Grows
McDermott reported that its first-quarter 2016 loss narrowed some 85 per cent on better-than-expected revenue boost. The Houston-based company recognized quarterly loss of $2.2 million, or $0.01 per fully diluted share, compared to net loss of $14.5 million, or $0.06 per fully diluted share same tim
More than 170 Jobs Lost as Harkand Goes Under
Over 170 employees will have to go as Harkand’s European business (based in Hammersmith and Aberdeen) is to be wound down by Deloitte’s Joint Administrators, appointed on May 4, 2016. According to Deloitte, 39 staff will be retained for a short period to assist with the wind-down of the European bus
Harkand Plunges into Administration
IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity. As a consequence of default, Nordic Trustee, which acts as bond trustee for the bond issue whe
Photo of the Day: Cyberhawk and Eden Rose Prove Their Mettle on Dogger Bank
Forewind has used its latest operations and maintenance trip to the meteorological masts on Dogger Bank to trial new technology and methodology. The trip enabled aerial inspection and survey contractor Cyberhawk to utilise a new advanced camera technology to inspect the overall status of the met mas
Westcon Clinches Statoil Subsea Maintenance Deal
Westcon has been awarded a maintenance contract for subsea tools and equipment at all Statoil base locations in Norway. The scope of the agreement is maintenance and overhaul of defined parts of the subsea equipment Statoil has at its bases, in addition to an option for extension of the scope both o
Subsea in April
Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month. Tragic incident struck Aker Solutions after helicopter crashed with three of its employees on board on route to Bergen from the Statoil-operated Gullfaks B platfo
Spectrum Wraps Up Somalia Seismic Shoot
Spectrum has completed 2D seismic acquisition offshore south Somalia. The company has acquired around 20.582 line kilometers of data. In September 2015, Spectrum and the Federal Government of Somalia entered into a multi-client master co-operation agreement for the data acquisition. Spectrum has alr
SeaBird Stays in Black
Oslo-listed SeaBird remained in profit at the end of the first quarter 2016, despite weak seismic demand, but still seen a major quarterly profit dive when compared to prior-year quarter. The seismic data provider for oil and gas companies posted profit of $1.8 million or $0.59 per diluted share for
Bourbon Revenues Slip
Bourbon has posted lower adjusted revenues for the quarter ended March 31, 2016 caused by the continuing market slump which led to drop of utilisation and daily rates. The French vessel owner and offshore services provider generated a total of €314.5 million in first-quarter adjusted revenues, down
First Oil Flows from Aje Field in Nigeria
Panoro Energy together with the operator of OML 113, Yinka Folawiyo Petroleum Company, announced the start of the first oil production from the Aje field, offshore Lagos, Nigeria. Subsea installation activities had been underway at Aje, located in OML 113, since January and were completed in early M
Siemens Hires SMC for Marine Coordination at Borkum Riffgrund 1
Specialist Marine Consultants Ltd (SMC) has again been picked to provide offshore Marine Supervision for Siemens on the Borkum Riffgrund 1 Project. SMC’s marine supervisors will be responsible for the daily coordination of vessels for crew transfers and the transportation of supplies. They will be u
Siemens Hires SMC for Marine Coordination at Borkum Riffgrund 1
Specialist Marine Consultants Ltd (SMC) has again been picked to provide offshore Marine Supervision for Siemens on the Borkum Riffgrund 1 Project. SMC’s marine supervisors will be responsible for the daily coordination of vessels for crew transfers and the transportation of supplies. They will be u
Saipem Bags USD 1.3 Bln Shah Deniz Gig
Saipem and its consortium partners Bos Shelf and Star Gulf have secured USD 1.5 billion Shah Deniz Stage 2 contract from BP. Saipem share in the contract is approximately USD 1.3 billion, the company informed. The contract duration is for five years plus a possible extension for a further five years
Repsol Gets Nod for Varg Decommissioning
The Petroleum Safety Authority Norway (PSA) has granted Repsol a consent for the removal of Petrojarl Varg and subsea structures on the Varg field. Varg is an oil field in the North Sea, around 220 kilometres south-west of Utsira in Rogaland county. The field was developed using the Varg A wellhead