Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.
The month of August has seen companies adjusting to tough market environment with further workforce reductions, shipowners laying-up vessels and some major deals being struck among contractors. Some could be facing corruption charges while others are enjoying historic contract awards.
Offshore services provider Fugro will slash 200 jobs in the next six months and Norway’s Solstad said 300 of its workers will have to go due to its plans to lay-up 10 ships by the end of the year.
Japan’s front end engineering design (FEED) and engineering procurement and construction (EPC) company, Chiyoda, ventured into subsea market by acquiring 50% of Ezra’s EMAS AMC.
Schlumberger went Cameron shopping for $14.8 billion, while the largest ROV owner Oceaneering bought a minority stake in UK’s Viper Subsea and also introduced its most recent innovation, a deepwater Phased Array ultrasonic inspection tool.
Italian authorities will be looking into Saipem books on suspected corruption in Brazil. Meanwhile, Houston-based contractor, McDermott, has secured the largest single award for the company’s Middle East Area operations in history.
For the month of August, our 10 most-read articles were:
The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
UTC welcomes abstracts based on the topics listed below. If selected, please consider writing a paper in addition to the UTC presentation. From 2017, UTC papers will be published in an international database.