Subsea in September

Subsea_in_AugustSubsea 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 September was underlined by the news that SURF contractor Ceona has gone into administration, making over 100 people redundant. We saw companies further adjusting to challenging market, implementing staff cuts and pulling out vessels from operations. Nevertheless, some major contracts have been awarded in Central North Sea and Gulf of Mexico.

On appointment of the Ernst & Young (EY) Administrators Ceona ceased trading leading to a significant reduction in the scale of the business, resulting in 102 redundancies.

In addition, GC Rieber Shipping has terminated a charter agreement for the subsea vessel Polar Onyx by reason of Ceona’s default.

Aker Solutions will slash 500 jobs in its Norwegian subsea business and French vessel owner and provider of marine and subsea services, Bourbon, will stack up to 35 vessels due to market slowdown.

Proserv has acquired Aberdeen-based Nautronix while BP and Subsea 7 inked a joint development agreement with Magma Global in a project to qualify Magma’s carbon fibre m-pipe as the next generation of subsea pipelines

Maersk Oil has awarded Subsea 7 with Culzean SURF deal, worth in excess of $150 million, and Shell ordered Oceaneering’s umbilicals for its deepwater Appomattox development.

For the month of September, our 10 most-read articles were:

Ceona in Administration, Ceona Amazon Up for Sale
SURF contractor Ceona has fallen into administration, Ernst & Young (EY) informed Thursday, September 17. On appointment of the Joint Administrators the business ceased trading leading to a significant reduction in the scale of the business, resulting in 102 redundancies.
BP and Subsea 7 Jump In on Magma's M-Pipe Development
Magma Global has signed a joint development agreement with BP and Subsea 7 in a project to qualify Magma’s carbon fibre m-pipe as the next generation of subsea pipelines. The programme is also supported by the National Composites Centre (NCC) and Innovate UK.

Ceona Falls into Administration BP, Subsea 7 Back m-pipe

Norway’s GC Rieber Shipping has terminated a charter agreement for the subsea vessel “Polar Onyx” by reason of Ceona`s default. The vessel was under charter to Ceona from GC Rieber Shipping for a fixed period of five years, with options for up to five additional years.
Bibby Offshore in collaboration with floating Harbour Productions, created a documentary style film, Lifeline, using real time footage and reconstruction of the event when one of it’s saturation divers was left stranded, 90 metres below the surface of the North Sea.

GC Rieber Breaks Off Polar Onyx Deal Bibby Reconstructs North Sea Diving Incident

Aker Solutions notified employees that it has become necessary to reduce the workforce capacity in its Norwegian subsea business because of a continued market slowdown. About 500 permanent positions at Fornebu, Stokke, Moss and Tranby may be affected.
Subsea 7 has been awarded a subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil with a value in excess of $150 million for the Culzean development. The uHPHT field is located in Block 22/25 of the Central North Sea at a water depth of approx. 90 metres.

Subsea 7 Wins Culzean SURF Prize Aker Solutions to Axe Up to 500 Jobs

Bourbon will pull out up to 35 supply vessels from operation as it tries to adapt to challenging market conditions and maintain its focus on cost control. The company said it will continue to temporarily stack certain vessels which have no anticipated activity for 3 months.
Mark Gillespie, managing director at PDi
Project Development International (PDi), part of Ceona, has, despite its owner’s slump during this year, secured more than £6 million in project awards, including decommissioning scopes in the UKCS and subsea construction projects in West Africa.

Bourbon to Stack Up to 35 Vessels PDi Stays Afloat as Ceona Goes Bust

Proserv Acquires Nautronix
Proserv has acquired Aberdeen-based Nautronix. Employing 120 people, Nautronix provides a range of products and services including; NASNet®, NASCoM, NASDrill, NASDive and Survey Services. The transaction includes Nautronix CEO Mark Patterson joining Proserv.
Royal Dutch Shell Appomattox
Oceaneering has secured a contract from Shell to supply umbilicals for the deepwater Appomattox development located in the Mississippi Canyon area of the U.S. Gulf of Mexico. The electro-hydraulic steel tube control umbilicals, will be approx. 60 km in length.

Proserv Acquires Nautronix Oceaneering Umbilicals for Appomattox

Subsea World News Staff

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