Subsea World News has put together a recap of the most interesting articles from the previous week (March 16 – March 22).
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 chain reaction within its subsidiaries.
According to GE, this order incorporates both turbomachinery and subsea elements, with the first shipment planned for Q4 2015. Further shipments are planned in order to deliver first oil by 2017.
According to the company, the award will include work on both the Norwegian and UK sector. Furthermore, the North America region has also been awarded several contracts. The contract award will increase the utilization of the vessels Harvey Deep Sea and Chloe Candies.
The remaining business consisting of Siem Offshore Contractors, Joides Resolution, Siem Wis, the combat management business in Brazil and certain property investments will be organisationally separated and operated under the name of SIEM Offshore Industrial Investments.
“The split allows us to reduce complexity, build on synergies and bring down costs, which makes us much better equipped to respond to the needs of customers in the 22 countries where we operate,” said Chief Executive Officer Luis Araujo. “Our focus now is on creating value for our clients and shareholders through the right technology development, quality in execution, cost control and by applying the full force of our engineering skills at the conceptual stage of a project to find the most effective solutions.”