Subsea
Farstad Takes NOK 3.6 Bln Loss in 2016
Norwegian shipowner Farstad has seen its loss widened on more than 40 percent drop in operating income and large fleet and asset impairment recognised in the fourth quarter of 2016. The company has booked quarterly loss of NOK 2.38 billion, or NOK 61 per diluted share, versus a loss of NOK 1.31 bill
Oceanteam Cuts Loss
Oslo-listed Oceanteam has booked net loss of some $3 million for the forth quarter of 2016. This result compares with $11.1 million loss in the corresponding period in 2015. The Norwegian-Dutch offshore service provider generated $11.2 million in operating revenues, up approximately 3% compared to $
ABS Expands Subsea Services
ABS has expanded its subsea services team to deliver specialized validation and verification services for subsea systems, including subsea hardware, flowlines, umbilicals, and risers. These services include design review, inspection of physical components and regulatory services using performance da
Eidesvik Sells Viking Poseidon
Norwegian vessel owner Eidesvik has signed a Memorandum of Agreement (MoA) to sell Viking Poseidon vessel to an unnamed client. The deposit has been lodged and the delivery of the vessel is planned to take place mid-March 2017, Eidesvik said. The 130 meters long offshore construction vessel is capab
Centrica Delays Fogelberg PDO
Following the selection of the subsea connection to Åsgard B platform as the development concept for Fogelberg discovery, Centrica and its partners informed that the submission of plan for development and operation (PDO) will be delayed until June 2019. The previously expected date for the submissio
Airborne Oil & Gas Bags Shell Contract
Airborne Oil & Gas has been awarded a qualification program from Shell for a high-pressure, deepwater thermoplastic composite pipe (TCP) jumper spool. Its first application is anticipated in the Gulf of Mexico region. Tom Moroney, Shell’s vice president Deepwater & Wells Technology said: “Airborne O
GC Rieber Swings to Profit
Norwegian offshore vessels provider, GC Rieber Shipping, has reported total profit of NOK 52.6 million in the Q4 2016, compared with a loss of NOK 400.1 million in the Q4 2015. The Oslo-listed firm generated operating income of NOK 34.5 million in the fourth quarter of 2016. This result compares wit
Scientists Explore Senghor Sea Mount
A group of European and American scientists have embarked on an oceanographic mission aboard the German research vessel RV Maria S. Merian to study the physical and bio-geo-chemical characterization of the Senghor Sea Mount ecosystem located to the north of the Cape Verde Archipelago. The ten-day sc
Vestdavit Solution for PGS’ Ramform Hyperion
Vestdavit has supplied davit system for PGS’ Ramform Hyperion seismic vessel, currently on sea trials offshore Japan. Ramform Hyperion is the last of four identical ships built for PGS by Mitsubishi Heavy Industries. Vestdavit provided dual point boat handling solution to lift and lower tender boats
Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (February 20– February 26). Forland Subsea has entered into a time charter agreement with an undisclosed contractor for the Lewek Inspector vessel, following a standstill agreement with EMAS AMC. Forla
ExxonMobil to Extend Sigyn Field Lifetime
ExxonMobil has received Petroleum Safety Authority (PSA) consent to extend the lifetime of the facilities on the Sigyn field. The field, developed using a subsea solution, with the wellstream piped through two lines to the Sleipner A facility, was originally estimated to last until 2017. The most re
Fleet Impairment Sinks Solstad to $180 Mln Loss
Oslo-listed Solstad Offshore has recognised loss of close to NOK 1.5 billion ($180 million) for the fourth quarter of 2016, compared to loss of NOK 1.35 billion ($162 million) from the prior-year comparable period. The Norwegian vessel owner has, similar as at the end of 2015, booked fleet-related i
Four Companies Get PSA Manned Underwater Ops Approval
Aker BP, ExxonMobil, Gassco and Statoil have received a consent for manned underwater operations in 2017 from Petroleum Safety Authority (PSA) Norway. Statoil has signed framework agreements with Technip Norge and Subsea 7 Norway on the performance of manned underwater operations in 2017. Through a
NorthConnect Gets EU Boost
NorthConnect, a power link between Scotland and Norway has received European Union support with an agreement to part fund the development phase of the 650 km interconnector. NorthConnect will receive over EUR 10 million from the Connecting Europe Facility, the EU’s funding support programme for infr