Subsea World News has put together a recap of the most interesting articles from the previous week (November 02 – November 08).
In addition, the Dutch offshore services provider, reporting a headcount of 1054 at the end of Q3 2015, said it expects non-cash impairments in the range of EUR 250 to 300 million in the fourth quarter, mainly related to its subsea services division, which is under most pressure.
The month of October marked announcements from some of the major subsea players including Subsea 7, Technip and Saipem. The trio managed to secure new contracts in the third quarter in Africa, Gulf of Mexico and Middle East, despite the challenging market.
Advantec will operate under the existing name and management team as part of GE Oil & Gas’ Subsea Services & Offshore division. As such, it will continue to supply products and services directly to existing and new clients, GE wrote.
Financial terms of the agreement to acquire the company were not disclosed.
Furthermore, in the third quarter 2015, as a result of deterioration of market conditions and the reduction in its fleet, CGG booked assets impairment & write-off and non-recurring charges (NRC) of approximately $1 billion.
The agreement is applicable to the Centrica portfolio on the Norwegian Continental Shelf and has a duration of five years plus options for extension.