Subsea World News has put together a recap of the most interesting articles from the previous week (May 02 – May 08).
IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity.
Reportedly, this will result in 171 jobs lost. 39 staff will be retained for a short period to assist with the wind-down of the European business.
The helicopter was on route to Bergen from the Statoil-operated Gullfaks B platform in the North Sea. The cause of the crash, which occurred outside Turøy in Fjell municipality, was not determined. There were 13 people on board.
The new, patent pending, Ulstein Cable Arch system in combination with open top vessel design results in total of 12,500 t of power cable that can be laid as one single piece, the company explained.
Saipem share in the contract is approximately USD 1.3 billion, the company informed. The contract duration is for five years plus a possible extension for a further five years.
In connection with the termination of the merger agreement, Halliburton will pay Baker Hughes the termination fee of $3.5 billion by Wednesday, May 4, 2016.