Dutch contractor Van Oord has posted lower earnings, despite record revenue, due to settlements reached on outstanding claims that arose in the Dubai era. In the year 2014, the company recorded net profit of €119 million, an 8 percent drop compared to €130 million net profit in 2013. Revenue, howeve
WERPO, an Israeli wave energy developer, has received a line of credit from the Mercantile Discount Bank. The funding is expected to cover the financial needs of Wave Electricity Renewable Power Ocean (WERPO) for the next 2-3 years, the company’s press release reads. Shmuel Ovadia, Director and inve
Dredging and excavation specialist X-Subsea’s Norwegian division has been declared bankrupt. The Mandal-based division, which currently employs 47 people, has failed to secure a financial boost after its parent company Reef Subsea Norway filed for bankruptcy earlier in February this year, causing a
JDR has establised a new service and maintenance facility in Port Harcourt and Lagos, Nigeria in partnership with Royal Niger Emerging Technologies. In the agreement, which also establishes a long-term trade partnership, the Global Service division of JDR is providing local content to the West Afric
Statoil has, on behalf of the Johan Sverdrup partnership, awarded a contract to ABB for land-based power supply to phase 1 of the Johan Sverdrup field. The contract value is around NOK 1.1 billion ($155 million), and covers delivery of electrical equipment for a converter station by the Kårstø proce
The Australian Federal Government has taken the next step to protect the Great Barrier Reef with the release of details of its plan to ban capital dredge material disposal in the Great Barrier Reef Marine Park. This will represent a complete ban on capital dredge disposal in the entire Great Barrier
Vattenfall has advised that the vessel Terramare 1 will be carrying out diving operations on the Kentish Flats Extension Offshore Wind Farm. The diving is programed to start 26th March 2015 and last for 1 week weather depending. The vessel will require an exclusion zone of 500 meters. In February 20
Odyssey Marine Exploration (OMEX) has signed a strategic financing agreement with Minera del Norte S.A. de c.v. (MINOSA) to facilitate Odyssey’s offshore mineral and resource exploration. Under the agreement, MINOSA will extend short-term, debt financing to Odyssey of up to $14.75 million. In additi
Subsea World News has put together a recap of the most interesting articles from the previous week (March 09 – March 15). Fugro said it received a writ of summons from Boskalis to force a shareholder vote at its annual shareholders meeting scheduled for April 30, 2015 on a recommendation in respect
A privately owned company, founded by the Andersen family in 1916, Fayard, assisted Technip Norge AS and Statoil in the Module Handling System (MHS) and Special Handling System (SHS) heavy installations on board the North Sea Giant. It’s a purpose-built system for installation and recovery of heavy
Statoil Petroleum AS and Gassco AS have awarded the 2015 annual pipeline inspection contract to Fugro. The contract covers inspection of defined sections of subsea pipelines between Norway and continental Europe: Europipe 1, Europipe 2, Franpipe, Zeepipe and Norpipe. Inspection of pipeline sections
NOAA administrator Kathryn Sullivan, Ph.D., has appointed six members to the Hydrographic Services Review Panel (HSRP) . The HSRP is a federal advisory committee that gives NOAA independent advice for improving a range of services and products that support navigation and coastal resilience. New memb
DOF Subsea has been awarded several contracts in the Atlantic region. According to the company, the award will include work on both the Norwegian and UK sector. The work scope includes, among other, installation of flexible flow lines and umbilicals on the Corrib field, operated by Shell Ireland. Fu
Chariot Oil & Gas Limited has completed its 2D seismic survey offshore Namibia, in conjunction with its partners AziNam (20%), NAMCOR (10%, carried interest) and Ignitus (5%, carried interest). The survey was conducted in Central Blocks 2312 & 2412A. The survey comprised approximately 1,700km line k
