Subsea
Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (May 02 – May 08). IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to
Harkand North America and Africa to Relaunch as Ethos Offshore
A team led by AJ Jain, Harkand North America managing director, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, to be named Ethos Offshore Ltd, will continue to provide subsea engineering and construction services to Harkand’s existing US, M
Gardline Geosurvey and Neptune Join Forces
Gardline Geosurvey and Neptune have joined forces to bring a new integrated vessel and ROV package to market. The strategic partnership between the companies will see Gardline’s DP2 multi-role survey vessel, the MV Kommandor, enhanced with the permanent installation of Neptune’s Explorer 06 100HP RO
Boaty McBoatface Lives On
Following an online poll to name UK’s new polar research vessel, the Natural Environment Research Council (NERC) has decided to use the name “Boaty McBoatface” but not for the vessel itself. Namely, the name that scored the most public votes will be given to the remotely operated subsea vehicle that
Charter Termination for Viking Poseidon
Norwegian vessel owner, Eidesvik Offshore, has received a charter termination notice from the administrators of Harkand Gulf Contracting Ltd for the vessel Viking Poseidon. Harkand Gulf Contracting Ltd is part of the group of companies that fell into administration on May 4, 2016 due to financial pr
McDermott Shrinks Loss as Revenue Grows
McDermott reported that its first-quarter 2016 loss narrowed some 85 per cent on better-than-expected revenue boost. The Houston-based company recognized quarterly loss of $2.2 million, or $0.01 per fully diluted share, compared to net loss of $14.5 million, or $0.06 per fully diluted share same tim
More than 170 Jobs Lost as Harkand Goes Under
Over 170 employees will have to go as Harkand’s European business (based in Hammersmith and Aberdeen) is to be wound down by Deloitte’s Joint Administrators, appointed on May 4, 2016. According to Deloitte, 39 staff will be retained for a short period to assist with the wind-down of the European bus
McDermott Bags Three EPCI Projects in Arabian Gulf
McDermott International has been awarded three separate projects by an unnamed national oil company for the integrated engineering, procurement, construction, and installation (EPCI) services in multiple fields in the Arabian Gulf. In addition to this, there has also been an award of an additional s
JFD NHC to Improve Diver Safety with New Medical Training Course
JFD, formed by the merger of James Fisher Defence and Divex, has launched the offshore medic diving awareness course (OMDA) at its National Hyperbaric Centre (NHC), Aberdeen. The course has been introduced to drive improvements in safety standards in offshore diving, and will ensure that the designa
IIG and Cabot in Subsea Insulation Deal
Johns Manville Industrial Insulation Group (IIG) and Cabot Corporation have reached an agreement that should enable IIG to produce and market thin, high-performance insulation in the subsea market, using Cabot’s proprietary technology and aerogel products. According to IIG, this strategic agreement
Harkand Plunges into Administration
IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity. As a consequence of default, Nordic Trustee, which acts as bond trustee for the bond issue whe
DNV GL Initiates Seven New Subsea JIPs in North America
DNV GL is leading seven new joint industry projects (JIP) in the North American region in 2016 to find solutions to safely reduce complexities and cost in the oil and gas industry. The initiatives will support overall efficiency efforts in the pipelines, wells and subsea, umbilicals, risers, and flo
Minesto Orders SRP’s Bottom Joint System for Deep Green
Minesto has ordered a modified version of Subsea Riser Products’ (SRP) Rocksteady bottom joint system, for its tidal energy power plant Deep Green. Delivery is scheduled for the first quarter of 2017. The bottom joint functions as a locking mechanism between Deep Green’s tether and the seabed founda
DNV GL Aims to Slash P&A Costs with New Recommended Practice
DNV GL has issued a new Recommended Practice (RP) on risk-based abandonment of offshore wells which in combination with optimized project execution and new technology could potentially reduce P&A costs by 30–50%. The framework outlined in the RP provides the possibility for individualized, fit-for p