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(OE) Despite short-term obstacles driven by high inflation and interest rates coupled with supply chain issues, we maintain that the foundations supporting long-term offshore wind activity remain solid. As we prepare for the new year, let us look at 10 factors that will shape the offshore wind sector in 2024. 1. A Continuously Dynamic Energy... Continue Reading →
Philip Lewis contributor (OE) The U.S. offshore wind market presents a $1 billion long-term opportunity to builders of crew transfer vessels (CTV) and service operation vessels (SOV) that will support both wind farm construction and long-term operations and maintenance. Unlike many of the construction vessels to be deployed on U.S. wind projects, CTVs and SOVs... Continue Reading →
On the 21st of November, Damen Shipyards signed a contract with Ta San Shang Marine Co. Ltd. (TSSM), a joint venture between Mitsui O.S.K. Lines, Ltd. of Japan, and Ta Tong Marine Co., Ltd. of Taiwan, for the delivery of a Damen CSOV (Construction Service Operation Vessel) 9020. This will be TSSM’s second SOV in... Continue Reading →
(OW) Ørsted’s Chief Financial Officer (CFO) and Chief Operating Officer (COO) are leaving the company, and with immediate effect, as a result of “a challenging and volatile business environment” in the industry, according to the offshore wind major. Ørsted is already head-hunting for the new CFO and COO. Daniel Lerup and Richard Hunter, Ørsted’s now-former CFO and... Continue Reading →
(OET) Italy-headquartered cabling giant Prysmian Group has revealed strong results for the first nine months of 2023, with new orders year-to-date amounting to approximately €13 billion, including projects for which the Italian player has been selected as the preferred bidder. This was driven by energy transition and electrification, which are expected to remain long-term growth... Continue Reading →
(OET) Offshore drilling contractor Valaris has recorded a strong operational and financial performance during the third quarter of 2023, thanks to a rise in rig demand and day rates. The rig owner’s outlook for the offshore drilling market over the next two years remains bullish with further improvements in fleet utilization and day rates on... Continue Reading →
(OW) Several days ago, Ørsted called it quits on the Ocean Wind 1 offshore wind farm in the US, with some of the main issues leading to the decision to abandon the project being supply chain bottlenecks, primarily vessel shortages. This has affected not only the now-dropped Ocean Wind 1 but also the company’s Revolution... Continue Reading →
(OET) Offshore drilling contractor Valaris has secured a plethora of new contracts and extensions for four floaters and five jack-ups in its rig fleet with TotalEnergies, Petrobras, ExxonMobil, Eni, BP, TAQA, and Perenco. These deals will enable the rig owner to carry out operations in Brazil, Angola, Mexico, Trinidad, Indonesia, the Netherlands, and the UK.... Continue Reading →
Fugro’s revenue for the third quarter of 2023 is €608.9 million, an increase from €480.2 million reported in the same quarter of 2022 – a result said to be due to better contracting conditions, high activity levels and good project execution. Fugro reported that its revenue was up by 32.6% on a currency-comparable basis, by... Continue Reading →
(Reuters) Wintershall Dea on Monday reported that its third-quarter net profit slumped 86% year-on-year due to weaker oil and gas prices, unplanned maintenance outages in Norway and the costly loss of Russian business. The company's earnings showed that adjusted net income totalled 61 million euros ($64.4 million) in the three months to September, compared with... Continue Reading →
Brazil Energy Insight 