Subsea World News has put together a recap of the most interesting articles from the previous week (May 02 – May 08). IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to
Emden-based Northern HeliCopter GmbH (NHC) has won a contract to transport crews working on the 400MW Global Tech I far shore wind farm in the German Bight. NHC, an ambulance and air rescue services specialist, has bought an Airbus H155 helicopter specifically for providing the new service. Crew cha
A team led by AJ Jain, Harkand North America managing director, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, to be named Ethos Offshore Ltd, will continue to provide subsea engineering and construction services to Harkand’s existing US, M
McDermott reported that its first-quarter 2016 loss narrowed some 85 per cent on better-than-expected revenue boost. The Houston-based company recognized quarterly loss of $2.2 million, or $0.01 per fully diluted share, compared to net loss of $14.5 million, or $0.06 per fully diluted share same tim
Over 170 employees will have to go as Harkand’s European business (based in Hammersmith and Aberdeen) is to be wound down by Deloitte’s Joint Administrators, appointed on May 4, 2016. According to Deloitte, 39 staff will be retained for a short period to assist with the wind-down of the European bus
IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity. As a consequence of default, Nordic Trustee, which acts as bond trustee for the bond issue whe
Forewind has used its latest operations and maintenance trip to the meteorological masts on Dogger Bank to trial new technology and methodology. The trip enabled aerial inspection and survey contractor Cyberhawk to utilise a new advanced camera technology to inspect the overall status of the met mas
Westcon has been awarded a maintenance contract for subsea tools and equipment at all Statoil base locations in Norway. The scope of the agreement is maintenance and overhaul of defined parts of the subsea equipment Statoil has at its bases, in addition to an option for extension of the scope both o
Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month. Tragic incident struck Aker Solutions after helicopter crashed with three of its employees on board on route to Bergen from the Statoil-operated Gullfaks B platfo
Spectrum has completed 2D seismic acquisition offshore south Somalia. The company has acquired around 20.582 line kilometers of data. In September 2015, Spectrum and the Federal Government of Somalia entered into a multi-client master co-operation agreement for the data acquisition. Spectrum has alr
Oslo-listed SeaBird remained in profit at the end of the first quarter 2016, despite weak seismic demand, but still seen a major quarterly profit dive when compared to prior-year quarter. The seismic data provider for oil and gas companies posted profit of $1.8 million or $0.59 per diluted share for
Bourbon has posted lower adjusted revenues for the quarter ended March 31, 2016 caused by the continuing market slump which led to drop of utilisation and daily rates. The French vessel owner and offshore services provider generated a total of €314.5 million in first-quarter adjusted revenues, down
Panoro Energy together with the operator of OML 113, Yinka Folawiyo Petroleum Company, announced the start of the first oil production from the Aje field, offshore Lagos, Nigeria. Subsea installation activities had been underway at Aje, located in OML 113, since January and were completed in early M
Specialist Marine Consultants Ltd (SMC) has again been picked to provide offshore Marine Supervision for Siemens on the Borkum Riffgrund 1 Project. SMC’s marine supervisors will be responsible for the daily coordination of vessels for crew transfers and the transportation of supplies. They will be u
