Subsea
Royal Dutch Shell Q1 Profit Drops, Dividend Increases
Royal Dutch Shell plc released its first quarter results and first quarter interim dividend announcement for 2014. Upstream underlined earnings were $5.7 billion. Compared with the first quarter 2013, Upstream earnings excluding identified items were supported by stronger Integrated Gas results as w
Faroe Acquires Operated Interests in Ketch and Schooner Fields
Faroe Petroleum, the independent oil and gas company, announces the conditional acquisition of a 60% operated interest in the Ketch Field and a 53.1% operated interest in the Schooner Field in the UK Southern North Sea gas basin from Tullow Oil SK Limited, a subsidiary of Tullow Oil plc, for an init
Interest in Fehmarnbelt Underwater Tunnel Project Rises
Interest in tendering for the many projects that comprise the new fixed link across the Fehmarnbelt is significant. On Monday, Femern A/S, the client on the tunnel project, received seven applications for per-qualification for the establishment of a new substation. This is a highly positive sign, sa
Subsea 7 Makes $137 Mln in First Quarter 2014
Subsea 7 S.A. announced results for the first quarter which ended on March 31, 2014. Net income for this quarter was $137 million, compared to $132 million year-over-year. Revenue for the quarter was $1.7 billion, an increase of $201 million compared with Q1 2013. The increase primarily reflected hi
ConocoPhillips Extends Contract for Island Commander
Island Offshore announces that Island Commander has been awarded a contract extension from ConocoPhillips for a period of one year. This means that the vessel will be on a firm contract until June 2015, with further options until 2018. Island Commander was delivered from Vard Brevik in 2009 and went
Minor Oil Discovery for Statoil in North Sea
Statoil Petroleum AS, operator of production licence 090, is in the process of concluding drilling of wildcat well 35/11-17. The well was drilled about one kilometre south of the Fram field in the North Sea. The well’s primary exploration target was to prove petroleum in Middle Jurassic reservoir ro
Subsea Reinforces Aker Solutions Strong Market Position
Aker Solutions’ revenue rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3 billion a year earlier, driven by sales of subsea products and services, single drilling equipment and umbilical systems in the U.S. and Norway. Revenue also increased in the process systems unit, bolstered b
Deeptech to Expand ROV Fleet with SMD’s Quasar MkII
Rapidly growing Egypt based company Deeptech Oil Services have confirmed an order with SMD for a Quasar MkII 150hp 3000m rated work class remotely operated vehicle (ROV). The high specification system includes Tophat tether management system, A-Frame, umbilical winch and fully integrated control cab
TGS Starts Clari-Fi Reprocessing Project in Barents Sea
TGS announced a 2D seismic reprocessing project in the Barents Sea Southeast in preparation for the Norwegian 23rd licensing round. The underlying data, acquired in 2011 and 2012, is owned by the Norwegian Petroleum Directorate (NPD) and covers an area of more than 18,000 km. TGS has been applying t
Aker Solutions Splits into Two Companies
Aker Solutions will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry. The Subsea, Umbilicals, Engineering and Maintenance, Modifications a
MARINET Enters Final Stage of Round Robin Testing
MARINET, a network of research centres and organisations funded by the European Comission, has entered the last stages of testing its Round Robin device. MARINET, a network of research centres and organisations co-funded by the European Commission, has entered the last stages of Round Robin testing
CO2 Storage Discussed at Workshop in Stavanger
Last week, 100 participants from 15 countries took part in a workshop in Stavanger to discuss issues regarding safe handling and storage of CO2. The workshop was headed by the European Association of Geoscientists and Engineers (EAGE), and the target group was scientists and experts from academia an
Ulstein Group Reports Solid Result for 2013
Ulstein Group delivers good result for 2013 with an operating income of NOK 2.3 billion and an operating profit of NOK 318 million. “We have competent and hardworking employees and an organisation that provide for execution and delivery precision. The good collaboration we have with our customers an
Siemens Wraps Up Installation of BorWin2
Siemens has installed the BorWin2 offshore platform in the North Sea northwest of the island of Borkum. This marks Siemens’ achievement of the second crucial milestone in the German grid connection projects under contract with the German-Dutch network operator TenneT. Siemens had already erected its