Subsea
Magseis Hikes Revenues
Norwegian seabed seismic services player, Magseis, has bounced back in black at the end of the fourth quarter 2016 with its quarterly revenues at all-time high. The Oslo-listed company has seen its revenues up to USD 20 million from USD 5.5 million same time last year. The Q4 2016 revenues is a resu
Fugro Cuts Over 3000 Jobs in 2 Years
Fugro has axed over 3000 jobs in the past two years due to continuous downturn in the oil and gas services market. The Dutch subsea and survey specialist expected that its ongoing restructuring would result in a total headcount reduction of some 1,000 in 2016. However, slow recovery in its largest m
Balfour Beatty, Prysmian to Install ElecLink Cable
Balfour Beatty in consortium with Prysmian Group has been awarded approximately EUR 219 million contract by ElecLink to install a 65 km electricity cable between France and Great Britain. The cable will be installed through the Channel Tunnel, an undersea tunnel linking Folkestone in Kent to Coquell
Siemens Converter Stations for Channel Tunnel Power Link
Siemens has been awarded a contract worth approximately EUR 315 million from ElecLink, a subsidiary of Groupe Eurotunnel, to supply a link between the French and British power grids. The ‘ElecLink’ high-voltage direct-current (HVDC) link will enhance power supply in both countries. Siemens will supp
Saipem Sinks to €2.1 Bln Loss
Saipem has plunged deeper into the red as longer-than-expected market recovery led to massive writedowns and reorganisation costs for the Italian oilfield services player in 2016. The company has recorded net loss of €2.1 billion for the twelve months of 2016, of which €162 million in the fourth qua
Red Ink for SeaBird
Oslo-listed SeaBird has seen more red ink in the fourth-quarter 2016, on sharp revenue drop due to lower utilization and reduced fleet size. The seismic data provider for oil and gas companies posted loss of around $6.9 million or $2.25 per diluted share for the fourth quarter of 2016, compared to n
Ecosse Appoints Commercial Manager
Ecosse Subsea Systems (ESS) has appointed Iain Middleton to the newly created role of commercial manager. In a 30-year career within the oil and gas sector, mainly with Shell, Middleton was responsible for the commercial strategy, planning and execution of a number of onshore and offshore brownfield
Minesto to Lease Stena Line’s Assembly Hall for Deep Green
Stena Line has committed to build an assembly hall at the port in Holyhead, Wales, to be leased to Minesto for the rollout of Deep Green technology. Minesto’s first commercial power plant array will be installed in Holyhead Deep off the coast of North Wales. The company recently announced plans to e
FID for Leviathan Project
Partners in the Leviathan project offshore Israel have adopted the final investment decision for the first phase of the development plan. The phase 1A in the development plan for the Leviathan reservoir is expected to cost around $3.75 billion. Noble Energy operates Leviathan with 39.66% stake. The
Fugro Subsea and DOF Ink Skandi Olympia Contract
Fugro Subsea Services and DOF have signed a new six month contract plus options for construction support vessel Skandi Olympia. The contract is planned to start in March. The parties did not disclose the value of the contract. Skandi Olympia, a DP2 vessel capable of conducting construction support a
OGA Starts Well P&A Optimisation Programme
The Oil and Gas Authority (OGA) has launched a search for operators to voluntarily participate in a multi-operator, well plug and abandonment (P&A) optimisation programme. The objective of the pilot programme is to demonstrate the cost savings which can be achieved through collaborative working, sti
Offshore Wind Accelerator Initiates Project to Optimise Design of Jacket Foundations
The Carbon Trust’s Offshore Wind Accelerator has launched a new £2.4 million project, ‘Improved Fatigue Life of Welded Jacket Connections (JaCo)’. The project aims to cut the cost of offshore wind by optimising the design of jacket foundations through improved fatigue standards and validation of fas
Nova Innovation Deploys 3rd Turbine at Shetland Tidal Array
Nova Innovation has deployed a third turbine at the grid-connected Shetland Tidal Array project. Edinburgh-based Nova Innovation installed the first Nova M100 turbine in the Bluemull Sound in March 2016, the second in August 2016, with the third going live in February 2017. The project is a collabor
OIL and Paladon in PLEM Autonomous Shutdown Valve Deal
Offspring International (OIL), has signed a global agency agreement with valve actuator and control systems supplier, Paladon Systems, for its autonomous shutdown valve (ASV) for pipeline end manifolds (PLEM). According to the company, the ASV is designed to remove the reliance on or eliminate the n