Subsea
REM Takes NOK 900 Mln Impairment Hit
Norwegian firm REM Offshore has posted second-quarter 2016 net loss of NOK 1.12 billion ($136.5 million), compared to profit of NOK 64.3 million or $7.8 million in a year-ago period. The losses were recognised due to newbuild cancellation costs of NOK 191.7 million, and impairment losses of NOK 898.
Shell Gets Green Light for Knarr and Gaupe
The Petroleum Safety Authority Norway has given Shell consent to use the facilities at Knarr and Gaupe following a change of operatorship. Shell is taking over the operatorship of Knarr and Gaupe from BG, and has as a result, applied for consent to use these facilities, even though consent for their
Eidesvik Offshore Swings to Quarterly Loss
Norwegian vessel owner, Eidesvik Offshore, has posted quarterly loss as it booked forex charges and its revenues plunged by some 42 percent in the weak market. In the second quarter 2016, Eidesvik generated revenues of NOK 180 million. Revenues in the corresponding period in 2015 were NOK 380.5 mill
Oceanteam Back in Black, Looks for Bond Refinancing Solution
Norway-based Oceanteam has posted net profit attributable to owners of the company of close to $100 000 for the second quarter ended June 30, 2016, bouncing back from $1.5 million loss same time last year. The Oslo-listed company, comprised of two operating segments, Oceanteam Shipping and Oceanteam
Siem Offshore Narrows Losses
Siem Offshore has managed to shrink its quarterly loss, despite weaker revenue, as fleet write-downs were much lower compared to same time last year, and a bargain purchase gain boosted the company’s bottom line in the second quarter of 2016. The Oslo-listed company recognised net loss of $7.9 milli
Subsea Meets Aquaculture Project Goes to Phase 2
GCE Subsea and NCE Seafood Innovation have secured funding for the second phase of a project to explore the crossover potential between Oil & Gas and Aquaculture. The cluster-to-cluster project Subsea meets Aquaculture between GCE Subsea and NCE Seafood innovation is facilitated by Deloitte and spon
Auxilium Offshore Fixes on Subsea Tools
The Netherlands-based Auxilium Offshore said it has taken a next step in the development of its organisation, bringing an extra scope on the projects and work the organisation does. “As we decided that we wanted to bring more focus on cost-effective offshore operations we immediately created the opp
Statoil in Fram C East Launch
Norway’s Statoil informed that Fram C East has started production to the Troll C platform. Fram C East is a long production well drilled from the existing Fram subsea template tied back to Troll C. Gas will be transported to Kollsnes via Troll A, whereas oil will be piped to Mongstad for further pro
Claxton Completes Two North Sea Decom Jobs
Claxton, an Acteon company, has completed its involvement in the abandonment of two wells on the Horne and Wren platform in the Southern North Sea. Completed within 18 days in July 2016, Claxton was responsible for the 5.1/2” tubing cut verification, tubing recovery, sub-mudline abrasive conductor s
CIE Well Control Calls in Administrators
CIE Well Control has gone into administration resulting in loss of 21 jobs. The Aberdeen-based subsea and surface engineering company has appointed KPMG UK restructuring head Blair Nimmo and Scottish restructuring director Geoff Jacobs as joint administrators. CIE shares the same fate with several o
Huisman Grabs €300 Mln in Crane Orders
Huisman, a specialist in lifting, drilling and subsea solutions, has secured new crane contracts with a total value of around 300 million Euro from various offshore, shipping and wind farm installation contractors. Namely, 2 x 900mt Heavy Lift Mast Cranes for BigLift Shipping; 1 x 1,600mt Leg Encirc
ACE Winches Secures Vard Contract
ACE Winches, has recently been awarded a spooling contract with Vard Group for Norway’s largest construction vessel. The scope of work includes the spooling of two 3,500 metre ROV umbilicals, the spooling of a crane boom wire and aux wire, including 3,900 metres of 135mm wire on to the vessel’s cran
SeaTerra Clears DolWin3 Cable Route of UXOs
SeaTerra has completed investigation of 278 objects and removal of 8 ordnance targets from the DolWin3 cable route. Commissioned by the transmission system operator TenneT, SeaTerra examined and cleared in recent weeks and months numerous metal objects from the future DolWin3 cable route between Emd
C-Tecnics and DeepTech in Dealership Agreement
Swedish provider of subsea technology, DeepTech, has been appointed as C-Tecnics’ new distributor for its range of subsea camera, lights, lasers and divers communications systems. DeepTech has invested in stock of video control systems and cameras that are suitable for inland, offshore divers and th