Subsea World News has put together a recap of the most interesting articles from the previous week (October 17 – October 23).

Technip’s wholly-owned subsidiary, Technip Umbilicals, has repotedly entered into a period of collective consultation with its workforce over proposed redundancies for its Newcastle-based manufacturing facility.

The company, which employs some 500 workers at its Tyneside site, is said to be planning to axe up to 110 jobs in response to the ongoing challenging conditions being experienced by the UK oil and gas industry.

Subsea 7 has secured a substantial contract, in the Atoll field offshore Egypt, by Pharaonic Petroleum Company.

The contract scope includes the engineering, procurement, construction and installation of more than 40 kilometres of rigid pipelines and associated structures for the new Atoll field, tying into the existing Taurt field at a water depth of 100 metres. A 105 kilometre umbilical will also be installed linking the Atoll field to shore.

Oceaneering International has acquired the assets of Blue Ocean Technologies, a privately held provider of riserless light well intervention (RLWI) services, for approximately $30 million in cash.

Included in the acquisition are three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017, the company informed.

The largest provider of subsea equipment to the industry, FMC Technologies, has recorded its best result so far in 2016, despite a 60 percent drop in profit year-over-year.

In the third quarter of 2016, the Houston-based subsea specialist generated more net income than in the first six months of the same year (approximately $22 million in 1H 2016).

Marine engineers working on the Western Link project, a subsea power cable between Scotland and England, have found the wreck of a German U-boat while surveying the seabed off the coast of Wigtownshire.

After capturing sonar images of the 100-year-old vessel, attempts to identify the wreck have led experts to conclude that it may be that of UB-85, a submarine that, according to folklore, was attacked by a sea monster while prowling Scotland’s coastline towards the end of World War I, ScottishPower informed.