Brought to you by Quest Offshore & Southern Cone Consultants
Engineering and construction specialist Subsea 7 has seen red in the fourth quarter 2019 on activity drop in renewables and heavy lift division. The Oslo-listed firm posted quarterly loss of $129 million, or $45 cents per diluted share, on revenue of $889 million, versus profit of $32 million, or $12 cents per diluted share on... Continue Reading →
Oceaneering has reported a net loss of $263 million, or $2.66 per share, for the three months ended December 31, 2019, despite revenue rise. The result compares with net loss of $64 million same time last year. During the prior quarter ended September 30, 2019, Oceaneering reported a net loss of close to $26 million,... Continue Reading →
As the world continues to demand energy sources, there is mounting pressure on hydrocarbon producers to find new reserves and extract more from existing assets. In recent years, the industry has made noticeable advancements in recovery techniques, using efficient technology to extend the life of mature fields. As these facilities are extended beyond their original... Continue Reading →
Houston-based offshore services company Helix Energy Solutions managed to return to quarterly profit on the back of higher revenues driven by higher utilization and integrated services in the Gulf of Mexico. The company on Monday reported net income of $7.9 million for the fourth quarter of 2019 compared to a net loss of $13.7 million... Continue Reading →
The decommissioning market is making a comeback, with new fields of opportunity, and challenges, opening. TSB Offshore President Will Speck shares insights on the path ahead. The level of activity offshore both Australia and Brazil are likely to be similar, he adds, although each has its own challenges. For instance, Australia’s geography imposes logistics challenges... Continue Reading →
Integrated subsea contracts took center stage in 2019 and had a breakout year with 20 such contracts signed, representing a record-high of over 150 subsea trees awarded under such deals. "After hitting rock bottom in 2016, the subsea equipment market has gradually recovered, reaching over 300 awards of subsea trees in both 2018 and 2019... Continue Reading →
Following confirmed cases of coronavirus in Italy, the Italian oilfield contractor Saipem has advised its employees to stay at home. Saipem has also canceled and reduced to the minimum all missions to and from the risk areas abroad. As reported by The New York Times on Sunday, the country announced more than 150 cases, many in... Continue Reading →
Offshore marine transportation firm Harvey Gulf International Marine says it has been able to achieve success in the turbulent offshore market by constantly reinvented itself to fit the industry demands. Most recently, “reinvention” has meant branching out to secure more work in international markets. This is not the first time Harvey Gulf has ventured away... Continue Reading →
DOF Subsea, a wholly-owned subsidiary of DOF Group, reported loss in the fourth quarter of 2019 of NOK 30 million ($3.2 million), compared to loss of NOK 458 million ($49.1 million) in the corresponding period in 2018. Full-year result for 2019 came out negative, with loss of NOK 1.13 billion ($121.4 million), against loss of... Continue Reading →
Singaporean rig builder Sembcorp Marine Ltd said on Friday a former consultant to the company had been convicted by a federal court in Brazil for corruption, money laundering and participation in a criminal organization. The conviction of Guilherme Esteves de Jesus is part of one of the largest corporate corruption probes in history, Brazil’s wide-ranging... Continue Reading →
Brazil Energy Insight 