Subsea
Ecosse Nets LoI for Caithness-Moray Transmission Link
Ecosse Subsea Systems (ESS) has signed a Letter of Intent with ABB for a seabed clearance and trenching project in the north of Scotland. The Aberdeenshire-based subsea technology firm will prepare the route for the 100-mile interconnector cable at the centre of SHE Transmission’s £1.2 billion Caith
WGK Names New CEO
Wood Group Kenny (WGK) has appointed Bob MacDonald as chief executive officer (CEO), effective 6 April. Bob moves into the role from his position as WGK regional director for the North Sea. Bob succeeds Steve Wayman who now becomes Wood Group’s head of strategy and development. He is replacing Ali G
Havyard Ship Technology Gets New Boss
Havyard Group ASA has appointed Lasse Stokkeland as head of the business area Ship Technology. Kenneth Pettersen will continue as Chief Operating Officer (COO) of Havyard Group ASA. Kenneth Pettersen has over a period, in addition to his role as COO of Havyard Group ASA, headed the business area Hav
Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (February 23 – March 01). Building on the previous award by Total E&P UK of the contract for the Edradour Subsea Development, located approximately 75 km North West of Shetlands in the UK waters, Techn
Nemo Link Moves Forward
Elia, the Belgian electricity transmission system operator, and National Grid will today sign a joint venture agreement to move ahead with the Nemo Link, the first electricity interconnector between the two countries. When completed the interconnector will provide 1000 MW of capacity. The link will
Vard Down 83 Percent
Shipbuilder and designer of offshore and specialised vessels, Vard Holdings, has seen its profit slip on operational expenses, despite revenue growth. Namely, the Singapore-listed company’s profit after tax decreased 83 percent from NOK 300 million in the previous year to NOK 50 million at the end o
Specialist Subsea Services Enters Administration
Blair Nimmo and Geoff Jacobs of KPMG LLP were appointed as Joint Administrators of Specialist Subsea Services Limited (“S3”) on 25th February 2015. The business has been trading since 2007 and was acquired by the Reef Group in 2009. S3 operated from leasehold premises in Aberdeen and specialised in
Magseis Ends in Loss
Norwegian geophysical contractor, Magseis has ended in red in its first full year of operation. The company, which has a total of 77 full-time employees including 46 seismic crew, recorded net loss second quarter in a row. During the third quarter, the company recorded a $2.0 million net loss, compa
Havyard Sinks into Red
Havyard Group has slipped into loss in the fourth quarter 2014, despite significant growth in operating revenues, due to cost overruns in construction. The Norwegian vessel designer and builder reported loss of NOK 13.3 million for the quarter, compared to NOK 12 million profit in the corresponding
Osiris Upgrades Falcon ROV
In support of routine inspection and maintenance work at a Nuclear Power Station in the UK, Osiris Marine carried out in-house technical upgrades of the Falcon ROV. The company installed a fibre optic umbilical that provided extended performance capability of 850m. The addition of the fibre optic um
SeaBird Loss Grows
Norwegian seismic player SeaBird Exploration has plunged deeper into the red on cost of sales, impairments and weak demand. SeaBird generated revenues of $28.1 million in Q4 2014, compared to $38.7 million in the corresponding period in 2013. The decreased revenues are primarily due to reduced contr
New Guidance on Offshore Wind Farm Cable Burial
New guidance has been published by the Carbon Trust’s Offshore Wind Accelerator (OWA) to give the offshore wind industry a unified, systematic approach to the risk management of cable burial. The Cable Burial Risk Assessment (CBRA) Guidance offers a standardised, repeatable and qualitative method to
VIDEO: Atlantic Carrier Cable Ship
Atlantic Marine’s multi-purpose supply vessel (MPSV) UT705 Atlantic Carrier, was converted into the latest cutting edge technology cable ship. The vessel was specifically converted in 2014 for inter array cable lay operations on UK North Sea wind farm. The 82.3 meters LOA vessel has a 770 square met
Prysmian Profit Falls
Prysmian has reported a drop in earnings for the full year 2014. Italy’s cables manufacturer said its full year adjusted net profit amounted to 186 million euros. Excluding the adverse impact of the Western Link project (€66 million net of tax effects), adjusted net profit would have been €252 milli