SLB, Subsea 7, and Aker Solutions’ Subsea JV Gets Nods from Competition Authorities

(OE) Oilfield services firms SLB, Subsea 7, Aker Solutions have received approvals from all relevant competition authorities to create a subsea joint venture, as proposed in August 2022. "Following clearance as of [Friday] by antitrust authorities in Brazil, all regulatory approvals/clearances required to close the transactions have been obtained, including required clearances in Angola, Mozambique, Australia, Norway,... Continue Reading →

August 7, 2023 0

Ingka Investments, KEPCO Join UtsiraVIND Floating Consortium

(OW) Japanese utility Kansai Electric Power Corporation (KEPCO) and Ingka Investments, the investment arm of Ingka Group, have joined the UtsiraVIND consortium, which will be bidding in the upcoming tender in Norway for the Utsira Nord area. The UtsiraVIND consortium originated as a partnership between Odfjell Oceanwind, a Norwegian provider of floating offshore wind technologies, and Source Galileo, a... Continue Reading →

August 2, 2023 0

Norway’s Petoro Warns It is Harder to Electrify Oil, Gas Platforms

(Reuters) Norwegian state energy firm Petoro said it was becoming harder to tie oil and gas platforms to the electricity grid as planned, as it reported a 34% drop in profit for the second quarter on Wednesday due to petroleum prices falling sharply. Petoro, which is 100% government owned, is not itself an operator, but... Continue Reading →

August 2, 2023 0

Iberdrola Secures EUR 500 Million Loan for East Anglia Three

Spain-headquartered Iberdrola has secured a EUR 500 million loan from Citi, partly guaranteed by the Norwegian Export Credit Agency (Eksfin), to support the development of the 1.4 GW East Anglia Three offshore wind farm in the UK. The loan has a drawdown period of two years. According to Iberdrola, it will improve the company’s liquidity... Continue Reading →

July 31, 2023 0

Equinor Q2 profit down 57% as oil and gas prices fall

(Reuters) - Equinor (EQNR.OL) posted on Wednesday a 57% year-on-year decline in second quarter core profit, in line with expectations as oil and gas prices fell, while maintaining its dividend and share buyback levels, sending its shares slightly lower. The Norwegian energy group's adjusted earnings before interest and tax for April-June fell to $7.54 billion from $17.6... Continue Reading →

July 26, 2023 0

Oil services firm Aker Solutions raises 2023 sales outlook

(Reuters) - Norwegian oil services firm Aker Solutions (AKSOA.OL) on Thursday raised its full-year sales guidance on the back of high tender activity and increased spending from oil companies. It said it now expected revenues to increase by around 30%, up from guidance given in May for "more than 15%". It reiterated guidance for an improved operating... Continue Reading →

July 13, 2023 0

Oil and Gas Firms Set to Spend $58 Billion on Well Intervention in 2023 – Rystad

Oil and gas companies are set to spend $58 billion on well intervention – a way to extract additional resources from an existing well instead of drilling a new one – in 2023, the Norwegian energy intelligence group Rystad Energy said. Rystad Energy said its modeling showed this is just the start of a surge... Continue Reading →

July 10, 2023 0

Another FPSO leaves BW Offshore’s fleet

Norway’s FPSO operator BW Offshore has completed the sale of another floating, production, storage, and offloading (FPSO) vessel to a buyer, whose name was not revealed. BW Offshore recently revealed that it had closed the sale of the FPSO Sendje Berge to an undisclosed local FPSO owner and operator for a total consideration of $15 million. The... Continue Reading →

July 10, 2023 0

Solstad Offshore Wraps $580M Sale of PSV Fleet to Tidewater, Exiting the Business

(OE) Norwegian offshore vessel operator Solstad Offshore has officially exited the platform supply vessel business. Namely, the company on Wednesday completed the sale of its PSV fleet to the U.S. offshore vessel firm Tidewater for approximately $580 million. The transaction, first announced in March, was completed Wednesday, with all 37 platform supply vessels, primarily used for... Continue Reading →

July 5, 2023 0

Swedish Firm Receives First Commercial Order for Vertical Axis Wind Turbine

(OW) Sweden-based SeaTwirl has announced that it received its first commercial order for a new wind turbine application in the North Sea. Earlier this year, SeaTwirl announced that the company and Kontiki Winds signed a Memorandum of Understanding (MoU) to identify and explore opportunities to electrify Oil and Gas assets and other offshore applications using... Continue Reading →

July 5, 2023 0

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