Subsea World News has put together a recap of the most interesting articles from the previous week (May 23 – May 29).
Subsea 7 has been awarded a contract by Beatrice Offshore Windfarm Limited (BOWL), for the engineering, procurement, construction and installation (EPCI) of the Beatrice wind farm turbine foundations and array cables, offshore Scotland, UK.
Subsea 7, in alliance with Seaway Heavy Lifting, will project manage, design, engineer, fabricate and install EPCI jacket foundations and array cables for 84 wind turbines, and perform the transportation and installation of the offshore transmission modules.
Siem Industries has launched an offering of EUR 200 million senior secured exchangeable bonds due 2021, exchangeable for common shares of Subsea 7, exclusively by way of a private placement to international institutional investors.
Siem added that the offering amount may be increased by up to EUR 75 million should the increase option be exercised prior to pricing, at the sole discretion of the issuer and depending on the aggregate principal amount of 2019 exchangeable bonds to be repurchased pursuant to the concurrent repurchase.
The framework agreement includes the two yearly inspection campaigns of the subsea structures of the 40 production platforms in the Danish sector of the North Sea. The contract also includes diving construction/intervention scopes throughout these years as well, Boskalis said.
Under the agreement the companies will work together to secure utilization for the vessel and ROV systems and services with third party clients. According to Olympic Shipping, the framework agreement will operate initially for six months, with the potential to become evergreen thereafter.
The contract, due to begin this month, will utilise Bibby Offshore’s multi role diving support vessel the Bibby Topaz, equipped with an inspection class ROV, the company informed.