Norwegian contractor Reach Subsea has widened its quarterly loss against prior-year comparable period on currency effects and IFRS16 depreciation effect. For the first quarter 2020, Reach booked loss of close to NOK 32 million, versus loss of NOK 19 million in the year-ago quarter. To remind, in the
OMV is ready to drill an appraisal well in the Norwegian Sea following an offshore safety approval for the use of a rig and the receipt of a drilling permit from Norwegian authorities.
Japanese shipping company Kawasaki Kisen Kaisha (K Line) has become a member of the International Windship Association (IWSA). IWSA is a member-driven not-for-profit organisation that is dedicated to the promotion and facilitation of direct wind propulsion in commercial shipping. “With K-Line joinin
The Netherlands intends to extend the licences for new offshore wind projects from 30 to 40 years, according to Eric Wiebes, the country’s Minister for Economic Affairs and Climate Policy. In a letter sent to the Dutch Parliament, Minister Wiebes said that the extended licences will allow the develo
DOF Subsea has reported loss in Q1 2020 of NOK 1.5 billion, against NOK 25 million in Q1 2019. Earnings hit was due to depreciation and impairment of NOK 976 million. This was because of the weakening market for vessel services and the low demand visibility for services going forward. DOF Subsea als
Hurricane Energy’s request to extend the deadline for activities planned on the Lincoln license off the UK has been approved by UK authorities.
Singapore-listed Pacific International Lines (PIL) has launched talks with its lenders on a debt re-profiling plan aimed at mitigating the financial strain on the company’s operations severely impacted by the COVID-19 pandemic. The company has been on a cost-cutting mission for a while now, having a
Northern Offshore Services (N-O-S) and SEA O.G. Offshore have established a joint venture to operate crew transfer vessels (CTVs) in the U.S. offshore wind industry. The agreement will see the two parties providing marine services and CTV operations for the offshore wind market in the United States.
Petrofac’s Engineering & Production Services business has begun the activity on its previously awarded well decommissioning contract for the Rubie and Renee fields located off the UK.
Magseis Fairfield has appointed Mark Zajac as chief technology officer, effective June 01, 2020. Zajac joins from Schlumberger and brings over 30 years of experience in the oil field services industry. He will replace Nils Heieren, who has decided to leave the company after close to seven years. “I
Principle Power has secured an investment of over $22 million from Tokyo Gas to fund the company’s growth strategy and the continued commercialization of its floating wind technology. In addition, the accompanying Cooperation Agreement signed by Principle Power and Tokyo Gas sets a foundation for cr
India’s liquefied natural gas imports in April decreased by almost 30 per cent as coronavirus lockdown restrictions halted economic activity and pushed down demand. India imported 1.95 billion cubic meters of LNG last month or 1.44 million tonnes, down 29.4 percent year-on-year, data from the oil mi
Japanese private company Interstellar Technologies is working on a liquefied natural gas-powered orbital rocket as it is looking for ways to lower costs of reaching space. The small startup will use LNG for the main engine on its micro satellite launcher named Zero, currently under development. The
Prosafe sank deeper into the red in the first quarter of 2020 due to impairment charges resulting from the oil price collapse and the coronavirus pandemic.
