Subsea World News has put together a recap of the most interesting articles from the previous week (February 27– March 05).
Oslo-listed Subsea 7 has substantially narrowed its loss, compared to the prior-year quarter, and bounced back in black on an annual basis, after implementation of cost reduction measures in order to adjust to current offshore oil & gas market.
To remind, Subsea 7 has since the start of 2014 reduced its workforce by over 40 percent. The company expects to complete the resizing measures by early 2017, and have a workforce of approximately 8,000 people and a fleet of 33 vessels.
In connection with the filing, ECS has received a commitment on an up to US$90 million financing facility from Chiyoda Corporation and Subsea 7.
This announcement is made separately to the company’s previous announcement to seek financial restructuring through chapter 11 of U.S. Bankruptcy Code, and ECS clarifies that EMAS-AMC AS has not filed for such protection.
The ‘Orion’ will be deployed by DEME’s subsidiary GeoSea for the construction of the offshore wind farms, to service the oil and gas industry and for decommissioning of offshore installations.
Boskalis started divesting its holding in the Dutch provider of geotechnical, survey, subsea and geosciences services in December last year. In the last two years, Boskalis had gradually increased its stake in Fugro and came close to owning 30 percent of the company, which was characterized as unsolicited stake building.