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Oilfield services giant Baker Hughes and Norway's Akastor on Monday said they would create a joint venture that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s subsidiary, MHWirth AS (MHWirth). MHWirth provides advanced drilling solutions and services, and Baker Hughes’ SDS business is a division of the Oilfield Equipment segment of... Continue Reading →
Offshore mooring systems provider SOFEC has delivered key pieces of equipment for a MODEC FPSO vessel, which will operate for Eni in waters offshore Mexico. Eni contracted MODEC to provide a new FPSO for its Offshore Area 1 project, located off Mexico, back in October 2018. The firm time charter period is 15 years with five... Continue Reading →
Subsea 7 expects to be hired for the engineering, supplies, construction and installation (EPCI) project for the Bacalhau field in the first half of this year. The project is subject to Equinor's final investment decision. In the fourth quarter of 2020, Subsea 7 completed FEED and engineering activities for the development of Bacalhau, in the... Continue Reading →
TechnipFMC's expectations with the Brazilian market are high. The company recently released its 2020 financial results and also presented its outlook for this year. According to the company, Brazil will be the country with the highest number of new subsea project orders in 2021. The company has mapped eight opportunities for new contracts in the... Continue Reading →
Norwegian shipowner Solstad Offshore has bounced back in black as a result of successful financial restructuring. The company posted quarterly profit of NOK 11.43 billion, compared to NOK 1.19 loss same time last year. Full-year result was positive, with profit of NOK 7.23 billion, against NOK 3 billion loss in 2019. Revenue for the fourth... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that it has received R$ 360 million (US$ 65 million) last week related to the leniency agreement executed by Samsung Heavy Industries. This cash arises from the first installment of the Samsung agreement of a total amount of R$ 705.9 million that will be applied to the reimbursement for... Continue Reading →
How teamwork between COSL Drilling and key suppliers Kongsberg and NOV has improved on previously record low emissions to deliver fuel and environmental savings of more than 25%. In 2020, after several years of developing energy-efficient drilling operations, a team at COSL Drilling Europe AS launched a major project to save energy on COSL rigs... Continue Reading →
Oslo-listed marine contractor Siem Offshore has reduced its Q4 2020 deficit despite revenue drop of 20 per cent against prior-year quarter. Quarterly operating revenues were $57 million, compared to $71 million in Q4 2019. The decrease in revenues from 4Q 2019 is mainly due to lower revenues from the AHTS fleet, the Brazilian and the... Continue Reading →
Oslo-listed DOF Subsea has seen its fourth-quarter 2020 loss widened on higher depreciation and impairment charges and lower operating revenue compared to same time last year. The company reported NOK 115 million loss in the fourth quarter of 2020, versus NOK 30 million in Q4 2019. Operating revenue was NOK 872 million, against NOK 990 million... Continue Reading →
Subsea engineering specialist Oceaneering has narrowed its loss in the fourth quarter of 2020, despite revenue drop of close to 25 per cent. The Houston-based company has reported a net loss of $25 million on revenue of $424 million for the fourth quarter 2020. Adjusted profit was $1.8 million, reflecting the impact of $9.8 million... Continue Reading →
Brazil Energy Insight 