Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.
The greatest highlight last month, and so far this year, was the merger announcement between the largest provider of subsea equipment to the industry, FMC Technologies, and the Europe’s biggest oilfield-services provider Technip.
Harkand officially went into administration in May, which caused a chain of events, including termination of vessel charters, 170 jobs lost and one new build left in the last stage of construction at Vard. A team lead by AJ Jain snapped up Harkand’s North American and African business, which will be relaunched as Ethos Offshore.
Contract announcements in May were highlighted by Subsea 7’s turn to offshore wind, with an EPCI contract award for the Beatrice wind farm turbine foundations and array cables, offshore Scotland, UK. Bibby Offshore also scooped two contracts, with a multi-million pound combined value, in the UKCS and off the coast of Trinidad.
Also in May, a crude oil spill was reported in the Gulf of Mexico from a Shell subsea well-head flow line, approximately 90 miles south of Timbalier Island, Louisiana. The total subsea release from the four wells was estimated to be 2,100 barrels of oil.
For the month of May, our 10 most-read articles were:
Technip and FMC Technologies will combine into TechnipFMC. The combined company would have an equity value of $13 billion based on pre-announcement share prices. The companies expect to execute a definitive business in an all-stock merger transaction.IMR and light construction player Harkand has entered into administration on Wednesday, May 4, after it earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity. Andrews Survey are not subject to insolvency proceedings.
Norway’s offshore union, Industri Energi (IE), believes that Subsea 7 operates with diver contracts that violate the Norwegian Working Environment Act. IE carried out an inspection on Subsea 7’s diving vessel Seven Falcon and found what it believes to be illegal work contracts.Subsea 7 has been awarded an EPCI contract by Beatrice Offshore Windfarm Limited for the Beatrice wind farm turbine foundations and array cables, offshore Scotland, UK. Subsea 7, in alliance with Seaway Heavy Lifting, will install jacket foundations and array cables.
A team led by AJ Jain, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, Ethos Offshore will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base.Norwegian shipowner Siem Offshore has terminated the charter party for the offshore subsea construction vessel (OSCV) Siem Spearfish, due to non-performance of the charterer’s obligation. The OSCV started its contract in May 2014.
N-Sea and DOF Subsea entered into a two-year cooperation agreement to provide an integrated saturation (SAT) dive service. Through the agreement DOF Subsea will provide the DSV Skandi Achiever, whilst N-Sea will provide saturation diving resources.Following the financial crash of Harkand Group, that saw four charter deals terminated and over 170 jobs lost, it remains to be seen what the future holds for the newbuild DP3 dive support vessel the Harkand Haldane, which was scheduled for delivery in Q2 2016.
Bibby Offshore has won two contracts with a multi-million pound combined value. The first contract is a DSV IRM campaign at two unnamed fields in the UKCS, Northern North Sea. The second contract win is a construction project approximately 22 miles off the coast of Trinidad.A crude oil spill occurred in the Gulf of Mexico from a Shell subsea well-head flow line, approximately 90 miles south of Timbalier Island, Louisiana, Thursday. Shell reported a sheen in the area of its Glider field (four subsea wells located in Green Canyon Block 248).
Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.
