Subsea
Forsys Subsea Scoops Trestakk FEED Contract
Forsys Subsea, the joint venture between FMC Technologies and Technip, has been awarded a contract from Statoil to provide a subsea front-end engineering and design (FEED) study for subsea tie-back of Trestakk to Åsgard A FPSO. The scope of work includes all systems and related services from the wel
Loss Widens for PGS
Oslo-listed seismic player, Petroleum Geo-Services (PGS), has posted net loss of $334.6 million for the fourth quarter of 2015, compared with $93.6 million loss in the corresponding period in 2014. In the fourth quarter of 2015, the company generated revenues of $229.3 million, down some 47 percent,
Bhagwan Marine Supports Foss in Russia
Bhagwan Marine (BM) has secured a multi-year, multi-vessel contract to provide marine support to American company Foss Teras Marine on the oil & gas construction project in the Russia’s Far East. Work will start in the second quarter of 2016, when the number of BM’s vessels comes off charter in the
Oceanteam Settles with Sawicon
Oceanteam has reached an out-of-court settlement over an IP infringement case related to the Oceanteam ASA – North Ocean vessel series, which was filed against naval architect Sawicon AS in 2011. According to the company’s Oslo-filing, the terms of the settlement are to remain confidential, but Ocea
Highlights of the Week
Subsea World News has put together a recap of the most interesting articles from the previous week (February 08 – February 13). Aker Solutions will temporary reduce wages of its Norwegian maintenance, modifications and operations (MMO) employees, the company said Thursday. Starting in March, senior
Oil Removal Ops Start on Sunken Sea Worker
Operations on the removal of diesel oil from the capsized jack-up barge Sea Worker started on February 11, 2016. A2SEA’s Sea Worker, equipped to operate in the offshore wind sector, capsized on February 03 off the Coast of Hvide Sande, Denmark. The capsizing occurred due to harsh weather on the site
Polarcus Gets Vyacheslav Tikhonov Charter Extension
Polarcus has secured the three-year extension of the bareboat charter party agreement (BBCP) for M/V Vyacheslav Tikhonov between Polarcus Selma and SCF Sakhalin Supply Limited. The initial five-year agreement between the parties was signed in 2011. This extension was carried out pursuant to SCF’s op
Spectrum Ends 2015 in Loss
Norwegian multi-client seismic data specialist, Spectrum, has remained in red in the fourth quarter of 2015 after booking a net loss in the prior quarter on significant revenue drop. The Oslo-listed company reported fourth-quarter net loss of USD 5.5 million on revenue of USD 42.0 million, versus ne
Aker Solutions Swings to Loss
Aker Solutions has booked a net loss of NOK 250 million in the fourth quarter 2015 versus net income of NOK 359 million a year earlier. This constituted a loss per share of NOK 0.83 compared with earnings per share (EPS) of NOK 1.30 in Q4 2014. Excluding special items, Q4 2015 net income was [&helli
Polarcus in 4D Shoot Offshore Norway
Polarcus has received a Letter of Intent (LoI) for a 4D project over a field offshore Norway. This will be the 8th monitor survey over the field and is part of an improved oil recovery (IOR) plan, Polarcus said. The survey is due to start in May 2016 and will run for approximately eight weeks. Comme
Aker Solutions to Trim Salaries
Aker Solutions will temporary reduce wages of its Norwegian maintenance, modifications and operations (MMO) employees, the company said Thursday. Starting in March, senior management will see their pay lowered by 10 percent while the remainder of the staff will see reductions of 5 percent. The adjus
Jumbo Delivers Normand Maximus VLS
Jumbo’s mv Fairmaster transported a 1,720t vertical lay system (VLS) from La Rochelle in France to Brattvaag in Norway, destined for the largest vessel in Solstad’s fleet. The VLS, measuring 32x16x44 meters will be one of the main features of the 178 meters long subsea construction vessel Normand Ma
Subsea 7, NOV Scoop Sea Lion FEED Awards
Subsea 7 and National Oilwell Varco (NOV) have won the front end engineering and design (FEED) contracts for the Sea Lion project, Rockhopper Exploration informed today. Namely, the FEED contract for SURF transport and installation has been awarded to Subsea 7, while NOV scored the flexibles FEED de
EMGS Slumps to Loss
Norway’s Electromagnetic Geoservices (EMGS) has plunged into the red in the fourth quarter of 2015 on weak market and restructuring charges related to the company’s cost reduction program. The Oslo-listed company posted net loss of USD 24.1 million, compared to net income of USD 13.1 million in the