Subsea
Swiber Falls into Liquidation, Directors Resign
Singapore-listed EPCI contractor, Swiber Holdings, has filed an application to wind up the company, after receiving close to $26 million in ‘letters of demand’ from its creditors earlier this month. The company ended 2015 in $18.7 million loss and also failed to bounce back to profit during the firs
Safety is Key Factor for UXO Disposal Ops (Interview)
As the offshore energy industry expands it is important that developers take account of and address the risks of unexploded ordnance (UXO) in the marine environment. Subsea World News recently spoke to Adrian Dann, a man who heads up James Fisher Subsea UXO services. He is ex-navy senior personnel w
Saipem Cuts Revenue Guidance
Saipem has lowered its full-year revenue estimates by some €500 million, reportedly due to delays in the award of contracts and variations in the execution schedule of few projects. The Italian oilfield services player said it expects to achieve revenues of approximately €10.5 billion for 2016, down
Damen Presents Decommissioning Vessels Concept
Damen Shipyards Group has announced its latest concept design, the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas decommissioning sector: topside decommissioning, offshore platform removal, and subsea cleaning and removal. The design is based on in-ho
Technip Swings to Profit Despite Revenue Drop
French oil services provider, Technip, has bounced back in the second quarter 2016 as its cost reduction plan moves ahead of schedule. In the second quarter 2016, Paris-based subsea major generated adjusted revenue of €2.8 billion, down some 9% compared to €3.1 billion in 2Q 2015. Subsea revenues we
Bibby Offshore Executes North Sea Contract
Bibby Offshore secured a contract with an independent UK-based E&P company to provide air diving and ROV inspection and construction services across five of its North Sea assets. The contract, which started in June 2016 and is to be completed by the end of the year, will see Bibby Offshore utilize s
SapuraKencana Gets USD 126 Mln TANAP EPCI Contract
SapuraKencana Petroleum Berhad (SapuraKencana) has secured RM 510 million (approx. USD 126 million) contract for the Trans Anatolian Natural Gas Pipeline (TANAP) from TANAP Doğalgaz İletim A.S. The contract is for the engineering, procurement, construction and installation (EPCI) of offshore pipelin
REM and Solstad to Combine
Solstad Offshore (SOFF) and Rem Offshore (REM) have agreed to merge REM with a wholly-owned subsidiary of Solstad. The merger will be completed as a statutory triangular merger pursuant to and in accordance with Norwegian law. REM and Solstad combined will operate a total of 62 vessels. After the me
Subsea 7 Boosts Q2 Profit
Oslo-listed Subsea 7 has lifted its profit in the second quarter ended June 30, 2016, on nearly-halved restructuring costs, foreign currency gains and more favorable tax rate compared to the prior-year quarter. The subsea engineering and construction specialist generated net income of $136 million,
Saipem Nets New E&C Contracts in Indonesia
Saipem has been awarded two new E&C contracts for onshore and offshore work in Indonesia on the Tangguh LNG expansion project. The contracts were awarded by BP Berau Ltd., as operator of the Tangguh LNG project. The first award is for the engineering, procurement, construction and installation of of
Shell in Fort Sumter Discovery in Gulf Of Mexico
Shell announced new exploration discovery in the deep water U.S. Gulf of Mexico. The initial estimated recoverable resources for the Fort Sumter well are more than 125 million barrels of oil equivalent (boe). “The Fort Sumter discovery builds upon Shell’s global deep-water leadership. Its proximity
Industry Backs Subsea Engineers at University of Aberdeen
The University of Aberdeen is offering three new scholarships to students studying towards its masters in subsea engineering, thanks to contributions from two energy multinationals and a leading industry body. The scholarships, which are available to UK and EU students, are being funded through cont
Claxton Nets Statoil Decommissioning Contract
Claxton, an Acteon company, has been awarded a contract with Statoil to provide ‘rigless recovery’ of seven abandoned wells on the Huldra platform, located in the Norwegian Continental Shelf. The contract was finalized in July 2016, and work is scheduled to start in December 2016 with the project du
McDermott Profit Beats Expectations
McDermott reported better-than-expected second-quarter and half-year 2016 earnings results, despite revenue drop and vessel-related impairment charges. The Houston-based company posted quarterly net income of $20.7 million, or $0.07 per fully diluted share, compared to net income of $11.5 million, o