Subsea World News has put together a recap of the most interesting articles from the previous week (January 04 – January 10).

Oil services company, Subsea 7, saw its stock price hit a five-year low after dropping below NOK 55 on Wednesday.

The stock has fallen some 36 percent since May this year after the SURF major was forced to adjust to difficult oil and gas market conditions by reducing its fleet by 11 ships and its global workforce by some 2500 positions.

Norwegian subsea player DeepOcean is reportedly letting go up to 90 of its workers as it adjusts to lower activity levels.

Switching its focus to renewables in the past few months hasn’t been enough to compensate the slowdown in the oil industry.

Aker Solutions, N-Sea and Saab are in contention for the Subsea Company of the Year award at this year’s Subsea UK Awards, held during Subsea Expo.

The awards dinner will take place on February 03, at the Aberdeen Exhibition and Conference Centre.

Dutch firm Huisman has marked the start of construction of the new pipelay system for COOEC, a subsidiary of CNOOC, by holding a steel cutting ceremony at its facility in China.

It is a 325mt vertical lay system (VLS) for flexible pipe, and it will be the first ever operated and owned by a Chinese company.

The National Transportation Safety Board has released underwater images and video of the sunken El Faro vessel as part of its continuing investigation into the sinking of the cargo ship in the Atlantic Ocean in October.

The US-flagged ship, owned by Sea Star Line, LLC, and operated by TOTE Services, went missing on October 1 during Hurricane Joaquin with twenty-eight US crewmembers and five Polish workers on board.