Subsea World News has put together a recap of the most interesting articles from the previous week (October 23 – October 29).
The restructuring is related to the continuing low oil price and historic low investments in the oil and gas industry resulting in an increasingly competitive market.
Excluding charges and credits, adjusted diluted earnings per share were 39 cents. Profit for the prior-year comparable period was $327 million on pro forma basis.
The contract has a total market value of minimum NOK 300 million during the initial three years, with an option to continue the activities for an additional six years (2+2+2).
Shell UK has submitted an environmental statement to the Department for Business, Energy and Industrial Strategy (BEIS) in support of the field development plan for FRAM gas and condensate field in the Central North Sea.
Shell UK proposes to develop Fram gas and gas condensate field located in Blocks 29/3a, 29/4c, 29/8a, 29/9c in the Central North Sea, approximately 221 kilometers east of Aberdeen.
In Nord Vest AS is an investment company specialising in investments in OSV vessels controlled by Åge Remøy, Magnus Roth and Torsteinn Mar Baldvinsson, owning one third each.