Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst
Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday."It is widely acknowledged that the oilfield services sector (OFS) is the energy world’s worst-hit market from the Covid-19 pandemic.
Rever Completes North Sea Decom Project
Subsea services provider Rever Offshore has successfully completed a North Sea infrastructure decommissioning project of the Greater Dunlin Area for Fairfield Energy.The subsea project delivery and execution provider to the offshore energy industry said that the assignment – in the East Shetland basin – was “one of the largest scale decommissioning projects undertaken…
Wärtsilä to Optimize PLSVs of Sapura Brasil
Subsea services specialist Sapura Brazil has signed a five-year optimized maintenance agreement with Wärtsilä.As per the agreement the the Finnish tech major will support Sapura’s fleet of six pipe-laying support vessels' (PLSV) operational performance and increase both its efficiency and reliability by accurately predicting maintenance requirements. This will…
Sapura Energy Bags Multiple Contracts
Malaysia’s oilfield services player Sapura Energy said it has has clinched contracts worth a total of MYR 1 billion ($242 million) for several new oil patch deals and one – the company’s first – offshore wind contract.The 10 new contracts are for its engineering and construction and drilling segments across Malaysia, Thailand, Taiwan and Australia, said a press release from the company.In addition…
Sapura Energy Wins Contracts in Mexico, Malaysia
Malaysia-based integrated oil and gas services Sapura Energy Berhad has strengthened its presence in Mexico and Malaysia with new contract wins valued at approximately RM1.75 billion (USD 410 mln).The new contracts have lifted the company’s orderbook to RM18 billion and total contract wins to-date for this financial year to RM7 billion (USD 1.68 bln).Sapura Energy…
Claxton to support MOL Norge’s first well programme on the Norwegian Continental Shelf
Claxton, a supplier of engineering and services for shallow-water, jackup-depth markets in subsea services group Acteon, has been contracted to support MOL Norge AS on its first well program on the Norwegian Continental Shelf.The award is through Ross Offshore Well Management AS, which Claxton will support with equipment delivery.The exploration program consists…
Bourbon Awarded Floating Wind Farm Work
Bourbon Subsea Services has been selected by Windplus to install three floating wind turbines of 8.3 MW, 20 km off Viana do Castelo, Portuguese coast. These turbines, with a total capacity of 25 MW, are the most powerful in the floating offshore wind industry. The project includes project management, engineering and the procurement of the complete mooring system…
C-Innovation Opens New Dock Facility
C-Innovation, LLC (C-I), an affiliate of Edison Chouest Offshore (ECO) and its family of companies, said it has opened a new dock facility in Port Fourchon, La., to expand the capabilities of its Subsea Services group.The new facility is located at the end of AJ Estay Road and was previously known as the Martin South Terminal.With more than 550 ft of open quayside…
Aker Solutions to Supply Subsea Production System for Mero 1
Aker Solutions said it has secured an order from Petrobras to provide a subsea production system and related services for the Mero 1 project, the first full production project within the major Mero field development, one of the largest oil discoveries in Brazil's pre-salt area.The ultra-deepwater Mero field is located in the northwestern area of the original Libra block, which is about 180 kilometers south of Rio de Janeiro.
Swire Seabed Awarded Wintershall Framework Agreement
Swire Seabed announced it has secured a framework agreement with Wintershall Norge AS for the provision of marine subsea services (MSS) in the North Sea.The agreement will commence this year and has a duration of three years plus four yearly options, the subsea services firm said.The work scope includes the supply of vessel and services which encompasses survey…
Wintershall Awards Frame Deal to DOF Subsea
Norwegean-based international subsea operating company DOF Subsea said in a press release that it has been awarded frame agreement for marine subsea services from Wintershall."The Atlantic region has been awarded a Frame Agreement for marine subsea services from Wintershall. During the course of the Contract, Wintershall may call-of services as required within Survey…
2H Offshore Expands STREAM JIP
2H Offshore, a riser and conductor specialist in subsea services group Acteon, has completed the first phase of the STREAM (STeel Riser Enhanced Analytics using Measurements) joint industry project (JIP) and has expanded the work into a second phase.The JIP’s participants include Anadarko, Chevron, ExxonMobil and Shell. In this collaborative effort, field data…
Subsea 7 Awarded Substantial Contract
Norwegian subsea services provider Subsea 7 announced the award of a substantial offshore Conventional contract. Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.In a press release, the company said that the offshore execution is planned for 2019 and 2020. No further details are disclosed at this time due to contractual obligations.
Heijermans Joins Boskalis Management Board
During today's Extraordinary General Meeting of Shareholders, Bart Heijermans was appointed to the Board of Management of Royal Boskalis Westminster N.V. for a term until the Annual General Meeting of Shareholders in 2022.Heijermans will be responsible for the company’s offshore energy division, effective September 1, 2018.Heijermans brings to the board extensive experience in the offshore industry…
Mermaid Maritime Wins Middle East Contract
Thailand-based subsea and offshore drilling services company Mermaid Maritime Public Company announced that its Middle East business unit has been awarded a subsea services contract in a GCC country with an initial contract value of USD 16 million.The contract award, with work scheduled to be performed in the Arabian Gulf during the course of August 2018 until March 2019…
InterMoor Delivers H-Links Connectors for Appomattox FPS
InterMoor, a provider of mooring services, foundation solutions and offshore installations in subsea services group Acteon, completed the delivery of all H-Links connectors for the Appomattox Floating Production System (FPS) mooring lines. The Appomattox facility will be a four-column semi-submersible production platform moored using 16 mooring lines arranged in 4x4 clusters…
Bibby Offshore Bags Spirit Energy Contract
Subsea services provider Bibby Offshore said it has secured a fixed term framework agreement with independent oil and gas operator Spirit Energy.Awarded in April, the two-year agreement, which follows on from a previous five-year agreement, will see Bibby Offshore carry out inspection repair and maintenance (IRM) works, remotely operated vehicle (ROV) inspection and subsea survey operations across a number of North Sea structures and pipelines.Th
Aker Solutions Upgrades Aberdeen Site
Aker Solutions today officially opens its upgraded Aberdeen services facility to help capture subsea sector growth in the UK and elsewhere. Demand is increasing globally for services at oil and gas fields offshore, including in the UK. Energy companies are seeking to maximize production and returns from existing assets and infrastructure amid tighter budgets.
Newbuild Kreuz Challenger Mobilized for Brunei Shell Contract
Subsea services company Kreuz Subsea has mobilized the recently delivered newbuild dive support vessel, Kreuz Challenger, as part of its seven-year contract with Brunei Shell Petroleum Company Sdn. Bhd. (BSP).The contract, which runs until 2022, includes supporting BSP with inspection, repair and maintenance services to be carried out on offshore oil and gas…
Bibby Offshore Scores Contract Hat-Trick with Supermajor
Subsea services provider Bibby Offshore announced three individual multimillion dollar contract wins with an oil and gas supermajor. The initial contract will see Bibby Offshore complete riser replacement works including a production/test riser and riser buoy connector pipe changeout at one of the major’s oil fields, situated in the Central North Sea. Engineering work for this project commenced in Q4 2017…
