A majority of creditors of failed shipping firm Harkand and linked companies are likely to see a return of some of their money, it emerged yesterday.
"It came from a good idea in a room one night."
It was during the 2016 Offshore Technology Conference in Houston that Energy broke the news that M2 Subsea was being put together to compete in the ROV (remotely operated vehicle) and related services marketplace.
Scores of oil and gas firms have gone to the wall since crude prices collapsed in the second half of 2014. This gallery looks at 10 companies who did not make it to the end of 2016.
The downturn in subsea shipping activity provides the ideal opportunity for North Sea operators to fix the roof while the sun is shining, according to analysts.
An Aberdeen-based subsidiary of energy service firm DOF Group is in consultation with north-east workers over plans to shed at least another 20 jobs. The move is part of a drive to cut costs in light of “current and future conditions in the marketplace”, DOF Subsea UK managing director Robert Gillespie said yesterday. DOF is one of a number of vessel owner-operators to have been hit by the oil and gas industry downturn as operators scale back on exploration activity. Earlier this month, Harkand went bust, with the loss of 171 jobs, while Ceona hit the wall in September, eliminating 102 positions.
Harkand was launched in 2013 with the aim of becoming a major global player in the Inspection Repair and Maintenance sector by 2018, but instead it has become the latest victim of the devastating downturn in oil and gas activity.
The adminstrator responsible for winding up failed oilfield services company Harkand Group has confirmed 148 jobs are to go in Aberdeen, 50 more than had previously been indicated.
Harkand Group, the oilfield services and inspection repair and maintenance (IRM) company has gone bust with the loss of 171 jobs in London and Aberdeen.
Danish oil firm Maersk has awarded a multi-million pound contract for a dive support campaign as it presses ahead with the development of the Flyndre field.
US oil and gas firm Apache has hired Harkand to support its drilling campaign on the Nevis South field in the North Sea.
Subsea services specialist Harkand's efforts to expand its inspection, repair and maintenance offering has paid dividends with the company signing a new joint venture agreement with ESOPEG Lda in Angola.
International subsea firm Harkand is celebrating success in the Caribbean after completing work for BP in the region. The company, which is headquartered in London, with operations bases in Aberdeen, Houston, Mexico, Nigeria and Ghana, said yesterday its Harkand Da Vinci diving support vessel carried out a major IRM campaign for BP Trinidad and Tobago.
Scottish research and development company PhotoSynergy Ltd (PSL) has won work with a North Sea operator for the first time, using its Lightpath technology in diving operations.
Subsea firm Harkand was presented with a challenge by its client Premier Oil - creating a vessel with 'walk to work' capabilities.
Marine and subsea company IMES has secured new contracts worth £750,000 with clients in the oil and gas industry.
Subsea services firm Harkand is celebrating its first contract win in Ghana and its Aberdeen-based survey division team will be responsible for managing the work.
A leading industry figure believes Mexico must learn the lessons from Brazil as it opens its oil reserves to investors.
Integrated subsea services firm Harkand said yesterday it has adapted a support vessel to keep busy against the backdrop of the oil and gas industry downturn. The Spearfish craft has been switched from the Gulf of Mexico to the North Sea and fitted with a hydraulic gangway that provides workers with safe access to platforms. The vessel, which is on long-term charter Norway’s Siem Offshore, normally supports subsea construction projects, but is now supporting Premier Oil’s commissioning work on the £960million Solan project west of Shetland.
Harkand has strengthened its inspection division by appointing a new inspection manager in their Aberdeen office. Andrew Inglis, who was appointed today, brings more than 15 years experience in delivering subsea inspection services in the North Sea region to the role, and has previously held inspection management roles at Subsea 7 and Bibby Offshore Ltd.