Operations & Maintenance
Polarcus Swings to Profit
Seismic contractor, Polarcus, has seen its revenues rise 44% over Q2 2015, driven by high vessel utilization and strong multi-client prefunding. Despite one vessel less in operation, revenues also inceresed 16 per cent year-over-year from $114.3 million to $132.2 million. According to Oslo-listed co
Siem Offshore Slides to Loss
Siem Offshore has seen red in the third quarter as the challenging OSV market continued the negative trend from the previous quarters with softening rates and decreasing utilization. The Oslo-listed company recorded net loss of $9.8 million compared to net profit of $23.3 million in the year-ago qua
Technip Lifts Profit
French oil services provider, Technip, posted higher third-quarter (3Q 2015) net income, boosted by an overall increase in activity, positioning the company on path to deliver its full-year goals. In the third quarter 2015, Paris-based subsea major generated adjusted revenue of €3.1 billion, an incr
CT Offshore to Install Walney Extension OWF Cables
CT Offshore signed an agreement to install 87 inter-array cables on DONG Energy’s Walney Extension Offshore Wind Farm. “It is a very important contract to sign for CT Offshore. We are proud to be the selected company for this important project. It is a huge recognition of our experienced crew both o
Noble’s Big Bend Comes Online in Gulf of Mexico
Noble Energy announced that the Big Bend oil development in the deepwater Gulf of Mexico has started production. The single-well field is ramping as expected and is anticipated to reach a maximum gross production rate of approximately 20 thousand barrels of oil equivalent per day (MBoe/d) over the n
Atmocean deploys wave energy system off Peru Vol.2
Atmocean, a US-based wave energy developer, has launched phase two of its ocean wave energy demonstration program off Ilo, Peru. Atmocean has redeployed its wave energy system that was retrieved on July 29, 2015, after it was under sea trials for three weeks. In this second phase of the trials, the
Oceaneering Posts Profit Drop
Subsea engineering specialist, Oceaneering, has reported a drop in third-quarter profit for the period ended September 30, 2015 as revenues declined on lower demand and as prices dropped for most of its oilfield services and products. The Houston-based company generated net income of $69.5 million,
Wood Group Bags BP Subsea Gig
Wood Group has secured a new contract to provide engineering services to BP’s existing subsea infrastructure in the Gulf of Mexico, UK and Norwegian continental shelves and offshore Azerbaijan. Wood Group Kenny (WGK) will deliver programme, project and integrity management and operational support fo
Red Ink for Dolphin
Norway’s Dolphin Geophysical has slumped into loss in the third quarter on restructuring charges and as revenues declined on weak market and contract delays. The Oslo-listed seismic player, recorded Q3 2015 net loss of USD 31.1 million, compared to net profit of USD 12.1 million in Q3 2014. Nordstje
Aquamarine Power goes into administration
The Edinburgh-based wave energy developer has called in the administrators to manage the business and seek a sale or investment via the administration process. Accountancy and business advisory firm BDO LLP has appointed business restructuring partners James Stephen and Graham Newton as joint admini
Saipem Looks for Cash Injection, Posts Q3 Lower Profit
Italian contractor Saipem has seen profits drop by some 29 per cent on tough market conditions. The company posted earnings for the third quarter of 2015 (as at September 30, 2015) of €54 million, versus €76 million in the third quarter of 2014. Revenues in the third quarter were down, amounting to
Tritech supplies OpenHydro with Gemini sonars
OpenHydro, an Irish-based tidal energy developer, has purchased a number of Tritech’s Gemini imaging sonars for its current and upcoming tidal energy projects. According to Tritech, OpenHydro will use Gemini imaging sonars to monitor the installation and recovery of tidal turbines and subsea base un
Forsys Subsea Lines Up for First EPCI Award in 2016
Forsys Subsea, a 50/50 joint venture between FMC Technologies and Technip, has been awarded its first two integrated front end engineering studies. The two contract awards were announced last week by John Gremp, Chairman and CEO of FMC Technologies, during the company’s third-quarter earnings call.
N-Sea Wraps Up BorWin3 UXO Gig
Subsea IMR provider, N-Sea, has successfully completed an unexploded ordnance (UXO) survey, ID and disposal campaign for the TenneT project, BorWin3. Taking place between January and August this year, the work scope involved surveying the seabed to identify and remove undiscovered explosive devices