Subsea
Solstad Posts Quarterly Profit Drop
Oslo-listed Solstad Offshore, has recorded a profit of NOK 171.2 million ($20.8 million) for the second quarter of 2016, a decrease from NOK 218.3 million ($26.5 million) from the prior-year comparable period, mainly on fleet-related impairments. Namely, the Norwegian vessel owner who entered into a
EMGS in New Barents Sea Shoot
Electromagnetic Geoservices (EMGS) said it has entered into a data licensing agreement with an undisclosed repeat customer for 3D EM data to be acquired over the Hoop area in the Barents Sea. According to the Oslo-listed company, the pre-funding amounts to USD 1 million. This new acquisition is expe
Kongsberg Maritime Revenues Slip on Offshore Division Slowdown
Kongsberg Maritime (KM) has reported operating revenues for the second quarter 2016 of NOK 2.36 billion ($287 million) against NOK 2.5 billion ($305 million) same time last year. The EBITDA margin was 10 per cent, and was adversely influenced by NOK 5 million related to restructuring costs in offsho
Hunting Scores Licence Deal for Interventek’s Well Intervention Valve
Interventek Subsea Engineering has awarded a sole license for its new surface well intervention valve to international energy services specialist, Hunting. The product will join Hunting’s pressure control equipment portfolio and will be called the Ezi-Shear Seal. According to Interventek, the valve
Ashtead Expands Rental Portfolio with iXblue Tech
Ashtead Technology has expanded its equipment rental pool following an investment in a subsea navigation system iXblue RAMSES. The iXblue RAMSES is an acoustic synthetic baseline positioning tool with real-time underwater navigation. According to Ashtead, when coupled with iXBlue inertial navigation
ABB Strengthens UK Marine Business with New Appointments
ABB has appointed Philip Lawson as the UK business leader for marine and ports based out of its Aberdeen office. Lawson has sales and operations experience in the oil and gas industry having spent over 15 years as a field service manager with other blue chip organisations throughout Europe. Commenti
NRC to Support EMSA in North Sea Oil Spill Response
NRC has launched a new oil spill response equipment assistance service for the European Maritime Safety Agency (EMSA) in Oldmeldrum, near Aberdeen, Scotland. Under this deal, awarded to NRC subsidiary Sureclean, NRC will be responsible for maintaining and storing EMSA’s equipment and ensuring its re
REM Takes NOK 900 Mln Impairment Hit
Norwegian firm REM Offshore has posted second-quarter 2016 net loss of NOK 1.12 billion ($136.5 million), compared to profit of NOK 64.3 million or $7.8 million in a year-ago period. The losses were recognised due to newbuild cancellation costs of NOK 191.7 million, and impairment losses of NOK 898.
Barakah Nets Petronas Deal
Barakah Offshore Petroleum’s wholly-owned subsidiary, PBJV, has received a letter of award from Malaysian oil company, Petronas, for the provision of underwater services for oil and gas fields offshore East Malaysia. According to Barakah’s Bursa Malaysia filing, the contract, which is on call-out ba
Shell Gets Green Light for Knarr and Gaupe
The Petroleum Safety Authority Norway has given Shell consent to use the facilities at Knarr and Gaupe following a change of operatorship. Shell is taking over the operatorship of Knarr and Gaupe from BG, and has as a result, applied for consent to use these facilities, even though consent for their
Eidesvik Offshore Swings to Quarterly Loss
Norwegian vessel owner, Eidesvik Offshore, has posted quarterly loss as it booked forex charges and its revenues plunged by some 42 percent in the weak market. In the second quarter 2016, Eidesvik generated revenues of NOK 180 million. Revenues in the corresponding period in 2015 were NOK 380.5 mill
Oceanteam Back in Black, Looks for Bond Refinancing Solution
Norway-based Oceanteam has posted net profit attributable to owners of the company of close to $100 000 for the second quarter ended June 30, 2016, bouncing back from $1.5 million loss same time last year. The Oslo-listed company, comprised of two operating segments, Oceanteam Shipping and Oceanteam
PHOTO: Schmidt Ocean Institute Puts Its ROV to Test
Schmidt Ocean Institute (SOI) has completed sea trials of its remotely operated vehicle (ROV) SuBastian, conducted off the island of Guam in the western Pacific. This is the first submersible vehicle that SOI has designed and built. The 25-day testing, from aboard SOI’s oceanographic research vessel
Siem Offshore Narrows Losses
Siem Offshore has managed to shrink its quarterly loss, despite weaker revenue, as fleet write-downs were much lower compared to same time last year, and a bargain purchase gain boosted the company’s bottom line in the second quarter of 2016. The Oslo-listed company recognised net loss of $7.9 milli