Drill rigs are being sold at historic low prices
Oil & GasPRESS 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
Oil&GasBourbon 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
Heavy TransportBoskalis 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
Oil&GasTotal 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 more
Media: Saipem and Subsea 7 consider merger
EPCSaipem 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
Heavy-liftingPRESS 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
ReorganizationA 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
Subsea 7 acquires 4Subsea
DigitizationPRESS RELEASE – Subsea 7 has acquired 4Subsea, a provider of technology and services that help operators maintain production from subsea oil and gas fields and offshore wind farms. 4Subsea will function autonomously within Subsea 7,...Read more
Boskalis to build new oil terminal in Iraq
Boskalis has signed a contract with the Iraqi Ministry of Oil for the construction of a new oil terminal in the Middle Eastern country. The new facility is aimed at increasing the export capacity of...Read more
Sleipnir’s mighty cranes require mighty parts
Pintsch Bubenzer has installed a new type of brake on the two 10,000-metric ton cranes of Heerema’s Sleipnir, the world’s new largest crane vessel. The manufacturer claims it provides 35% more torque than other brakes...Read more
Maersk’s new decommissioning business lands first gig
Maersk’s new offshore decommissioning business, Maersk Decom, has secured its first commercial contract. Perenco has booked the company to remove and recycle the subsea infrastructure of its Thames field in the UK North Sea. The project...Read more
Saipem CEO does not see clear signs of recovery yet
Saipem CEO Stefano Cao says he does not see clear signs of a recovery of the oil and gas market yet. The offshore contractor recorded a small profit of EUR 14 million over the first...Read more
Baker Hughes sees LNG orders increase by 32%
LNG MarketGeneral Electric’s oil field services provider Baker Hughes beat expectations for the second quarter thanks to strong growth in the LNG market. The company booked USD 6.6 billion in orders and recorded an operating income...Read more