Global Marine Group sold for USD 250 million
PRESS RELEASE – Investor HC2 Holdings and Fugro have sold offshore engineering specialist Global Marine Group to private equity firm J.F. Lehman & Company for a sum of USD 250 million. Global Marine Group is made...Read more
Blue Water Shipping targets growing oil industry in Guyana
Blue Water Shipping has opened a new project logistics office in Guyana expecting to profit from the growing oil & gas industry in the region. “We see an increasing demand for complete project management”, says...Read more
Fred. Olsen Windcarrier completes first-ever decommissioning contract
Fred. Olsen WIndcarrier has completed its first-ever decommissioning contract with the removal of Perenco UK’s Tyne and Guinevere gas platforms, which were stationed in the Southern North Sea. The offshore work commenced in December 2019 and...Read more
Equinor will spend EUR 5 billion to cut emissions with 40% by 2030
Equinor has launched a new climate initiative to reduce the absolute greenhouse gas emissions from its operated offshore fields and onshore plants in Norway with 40% by 2030, 70% by 2040 and to near zero...Read more
VOS Singapore secures new ship management contract
PRESS RELEASE – VOS Singapore has secured a new third-party ship management contract with a Bruneian Offshore Support Vessel owner and operator Lantana Services. The vessel in question is the 2011-built anchor-handling tug supply (AHTS) vessel...Read more
Allseas CEO: “Stopping Nordstream 2 hurts our honour”
In a rare interview, Allseas CEO Edward Heerema said stopping Nordstream 2 was first and foremost damaging to the company’s sense of honour. “It’s a disappointment, we really wanted to take credit for it”, he...Read more
Drill rigs are being sold at historic low prices
PRESS RELEASE – VesselsValue sounds the alert on MODU (Mobile Offshore Drilling Unit) values following the sales of two modern premium jack-up units to separate buyers at historic lows. Ravi Mehrota backed Foresight Drilling has picked...Read more
OPEC agrees on further production cuts
OPEC and its partners have agreed to further cut production by 500,000 barrels per day in the first quarter of 2020, bringing their new combined cuts to 1.7 million barrels per day. The decision was...Read more
Bourbon receives four takeover offers, extends deadline
Bourbon Corporation has received four takeover offers since the holding company suspended its listing and started a reorganization procedure to deal with its severe financial problems. The Commercial Court in France has now extended the...Read more
New record-breaking contract for Boka Vanguard
Boskalis has secured a new record-breaking contract for its flagship heavy transport vessel, Boka Vanguard. The giant semi-submersible ship will transport a 91,000-tonne FPSO from China to Brasil. With the new contract, the Boka Vanguard is...Read moreTotal awards Bourbon logistics contract in Namibia
Total E&P Namibia has selected Bourbon Marine & Logistics to support a deep offshore exploration campaign in South Namibia in 2020. The contract is a welcome addition for the financially struggling company which recently suspended...Read moreMedia: Saipem and Subsea 7 consider merger
Saipem and Subsea 7 are considering to merge to weather the still difficult circumstances in the oil and gas services market. If the deal goes through, it would create the fourth-largest oilfield service company, after...Read more
G2 Ocean continues expansion of project cargo business
G2 Ocean has opened a new office in Hamburg to gain a stronger market position and benefit from the increased demand for project cargo services. “Germany is the manufacturing and engineering capital of Europe and...Read more
Saipem sets new local lift record in Gulf of Mexico
PRESS RELEASE – On October 7, the Saipem 7000, one of the largest crane vessels in the world, set a new local heavy lift record of 11,100-ton for the Gulf of Mexico. The previous local record...Read more
Kvaerner reports high revenues but warns for lower rates in 2020
Norwegian EPC-contractor Kvaerner has booked high revenue and order intake in the third quarter of 2019. However, CEO Karl-Petter Løken warns of a poorer year ahead. Kvaerner’s revenue increased sharply from USD 185 million in the...Read more
TechnipFMC awarded new contracts by Woodside and Shell
PRESS RELEASE – TechnipFMC has been awarded a significant EPCI-contract by Woodside for the development of the Pyxis and Xena fields, located offshore North-West Australia. TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea...Read more
“With M-Star Projects we want to better market our project logistics”
Belgian freight forwarder Herfurth Logistics is consolidating all of its project cargo activities under one new brand, M-Star Projects. The move is intended to better market the group’s project logistics and attract new projects and...Read moreFrench banks want to buy troubled Bourbon
A group of French Banks have placed a takeover offer to buy the also French and insolvent OSV giant Bourbon. The financially troubled company this morning asked Euronext Paris to suspend the listing of its...Read more