Subsea
AKVA Group Acquires Subsea Technology Company Sperre
AKVA Group has entered into an agreement to purchase 66 percent of the shares in ROV and subsea technology company Sperre. The purchase price for the shares is based on an enterprise value of Sperre on a 100% basis of NOK 126,900,000, with customary adjustments for net debt and deviations from a nor
Aker Solutions Books Lower Quarterly Profit
Aker Solutions has reported a net income of NOK 169 million, or NOK 0.37 in the third quarter 2016 versus net income of NOK 220 million, or 0.75 NOK a year earlier. Revenue declined to NOK 6 billion in the quarter from NOK 7.5 billion a year earlier amid a market slowdown. In Subsea segment Aker [&h
Forum Swings to Quarterly Loss
Forum Energy Technologies, Houston-based oilfield products company, recorded net loss in the third quarter of $18 million, or $0.20 per diluted share, compared to net income of $6.7 million, or $0.10 per diluted share, for the prior-year period. The revenue recorded for the third quarter 2016 was $1
Jee Secures Funding from Innovate UK for Excalibur
Innovate UK has awarded Jee a GBP 75k in funding to develop a conceptual design of its ‘Excalibur’ system, a subsea infrastructure solution for the deployment of tidal arrays and the protection of subsea array cables. The project, kicked off in October 2016, is due to be completed by June 2017. It w
Javelin to Build Another Offshore Services Vessel for Braveheart
Braveheart Shipping has assigned Javelin International to build the Javelin 25.25, big sister of the Javelin 22.22, delivered in 2012. With this vessel, Braveheart aims to further expand its offshore services in the area of crew tendering, hydrographic and seismological research and survey activitie
Oil & Gas UK Issues New Guidelines on HPHT Wells
Oil & Gas UK, the representative organisation for the UK offshore oil and gas industry, has released new guidelines on wells with high pressure high temperature (HPHT) properties. According to Oil & Gas UK, these guidelines should provide the sector with a common framework to outline good practice,
Offshore Energy Exhibition & Conference 2016: Where Renewables Met Oil & Gas
With 667 exhibitors, 25,000m² floor space and visitors representing 99 nationalities, Offshore Energy Exhibition & Conference 2016 (OEEC) was not only a great success, the event also grew compared to last year. A great achievement in the current offshore energy market. 11,989 people came to Amsterda
OEEC: Video Highlights of Day 2
The second and the last day of Offshore Energy 2016 in Amsterdam is behind us, marking another successful year. The day two kicked-off with the OTEC Symposium. The symposium gathered OTEC industry experts, NGO’s and governments from all over the world to discuss the state of the industry. With the S
Polarcus Slips into Red
Seismic contractor, Polarcus has posted quarterly loss as its revenues declined over 50 percent when compared to same time last year. The Oslo-listed company reported net loss for the quarter of $17.4 million or $0.03 per share, versus profit of $19.8 million in Q3 2015. During first nine months of
PGS Cuts Down Q3 Loss
Petroleum Geo-Services (PGS), has narrowed its quarterly net loss despite a slight decline in revenue during the third quarter of 2016. The Oslo-listed seismic player, posted quarterly net loss of $29 million or 12 cents per share, compared with $110 million net loss or 51 cents per share in the cor
Aker Solutions Lands Two Subsea Deals with BP
Aker Solutions has secured two five-year framework agreements for potential future deliveries of subsea production systems and lifecycle services at BP-operated oil and gas fields globally. The first five-year contract covers engineering, procurement and construction of subsea production systems for
Technip Increases Q3 Profit and Full-Year Target
French oil services provider, Technip, has boosted its third quarter 2016 result as it continues its cost reduction plan due to extended oil industry slowdown. In the second quarter 2016, Paris-based subsea major generated adjusted revenue of €2.9 billion, down some 6% compared to €3.1 billion in 3Q
NOV to Acquire Akastor’s Fjords Processing
Akastor, an oil service investment company, has entered into a definitive agreement to sell its wellstream processing technology provider, Fjords Processing, to National Oilwell Varco (NOV) for a consideration of NOK 1,200 million on a debt- and cash-free basis. The transaction will realize an accou
MacArtney Adds ASME
MacArtney Underwater Technology Group has acquired the majority holding in Denmark based ASME. ASME, with more than 125 employees, designs and manufactures systems for the marine offshore, ocean science and renewable energy markets. The company has specialised in PLC and PC based active heave compen