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 →
Singapore’s Sembcorp Marine says ex-consultant convicted in Brazil probe
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 →
Aker Energy to award Pecan FPSO deal to Yinson
Aker Energy has entered into a Letter of Intent (LOI) with Yinson to award a bareboat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO) vessel at the Pecan field, offshore Ghana. The LOI follows a competitive tender and demonstrates Aker Energy’s intention to award the forthcoming bareboat charter and... Continue Reading →
Loss deepens for Valaris
Offshore drilling contractor Valaris booked a bigger quarterly loss as its revenues declined due to fewer rig operating days. Valaris on Thursday reported a net loss attributable to the company of $216 million for fourth quarter 2019 compared to a net loss of $197 million in the third quarter 2019. Revenues declined to $512 million... Continue Reading →
Sembcorp Marine sinks to the red amid low activity levels
Singapore’s offshore rig builder Sembcorp Marine posted a bigger loss for 2019 when compared to 2018. Quarterly, the company went from black to the red as its revenues dropped by 32% amid low activity levels. Sembcorp Marine on Thursday posted a net loss of S$137 million for the 12 months ended December 31, 2019, compared... Continue Reading →
Deepwater Drillship Rates Rising
In another sign of improving deepwater market conditions, drillship day rates are on-the-rise from Canada to China, judging by a new report by numbers crunchers, Rystad Energy. Although not the only deepwater floaters, drillships are still on order at Asian shipyards, just as drillship day rates approach the $300,000 mark. Continue reading
EMGS Looking at Options After Pemex Says No More Work to Be Awarded
Norwegian marine survey company EMGS is looking at options after Mexico's Pemex said it wouldn't award any more work "in the medium future" under a contract announced in 2019. EMGS expects the decision will have a "material detrimental effect" on its business. "Electromagnetic Geoservices ASA...has been advised by the customer that the company will not,... Continue Reading →
DNV GL, MSC Team-Up to Speed Up Offshore Engineering Projects
Global classification society and digital solutions provider DNV GL has teamed up with MSC, a provider of Computer-Aided Engineering (CAE) simulation software and services, to improve the productivity of engineers working on maritime and offshore engineering projects. The team-up is set to increase the productivity of engineers using DNV GL’s Sesam design and simulation software... Continue Reading →
Noble Corp. posts higher quarterly revenues
Offshore drilling contractor Noble Corporation has managed to keep its net loss flat in the last quarter of 2019 while its revenues increased during the period. Noble Corp. CEO is getting ready to transition to the role of an executive chairman. Noble Corporation today reported a net loss attributable to the company for the three... Continue Reading →
Floating Production: The Next Chapter
The market for floating production, storage and offloading units (FPSO) is heating up. Séverine Baudic, SBM Offshore’s Managing Director for Floating Production Solutions, weighs in on the strategic initiatives and technological innovations helping the company to secure contracts for some of the world’s most complex deepwater projects. When it comes to reducing lead times and... Continue Reading →
Brazil Energy Insight 