The downturn in offshore oil and gas shipping activity has hit the sector hard with Norwegian player GC Rieber the latest to report drastic reduction in revenue.
DOF Subsea has won a number has won a number of contracts worth more than NOK500million.
Aker Solution has won a NOK1billion deal with Petrobras for work in Brazil.
Aker Solutions had won a new contract with oil major BP.
Mermaid Maritime said it has secured an additional subsea cable installation and diving services contract worth $10million.
Statoil has shut down the Volve field, according to reports.
GE has signed a master service agreement with Statoil for new subsea projects.
Technip has landed subsea contract for the South Santa Cruz and Barataria fields in the Gulf of Mexico with Deep Gulf Energy III.
Iqarus has revealed its deal to acquire hygiene consultancy C-CHEC could be one of many planned acquisitions in the future.
Subsea firm Harkand was presented with a challenge by its client Premier Oil - creating a vessel with 'walk to work' capabilities.
Innovation has always been key to the oil & gas industry and recent years have seen some exciting developments, particularly in subsea technology. For example, autonomous underwater vehicles (AUVs) . . . independent robotic, programmable vehicles . . . have highly advanced capabilities so they may be more cost effective than alternatives, or allow access to previously unreachable areas.
There’s not a quick fix solution to the range of issues currently facing the subsea industry.
The oil price collapse is dominating the current news cycle, with Brent dropping below $28 a barrel for the first time in over 12 years. This continuous dramatic fall spanning 18 months has raised concerns over the future development of many offshore oil & gas fields.
“The problem that the UK had was realised before we had this oil price crash,” Gordon said. “Our costs were spiralling out of control; the writing was on the wall, but we didn’t do much about it as an industry. The drop amplified and compounded those problems.”
Much of this issue is given over to subsea oil & gas and the crisis that it faces. As the big subsea contractors watch their backlogs shrink and doubtless cringe at the thought of taking delivery of the next seagoing “Swiss Army Knife” ordered during the boom and as firms further down the food chain wonder if they’ll still be in business three . . . six months from now, necessity becomes the mother of invention.
Fugro has completed work on the burial of export cables at the Gemini offshore wind park, off the Netherlands coast.
A consortium has been awarded a new contract for the engineering, procurement, construction and installation of a major subsea field infrastructure for ONGC.
Aker Solutions has teamed up with Saipem to cooperate on targeted susbea oil and gas development projects worldwide. The company will make the move through a joint work group which will identify opportunities where they can create value for customers by combining Aker's capabilities in subsea products and technologies with Saipem's assets and expertise in engineering, procurement and construction.
Farstad Shipping has won a new three year contract for its CSV Far Sentinel vessel from Subtec. The vessel will carry out delivery of light construction work and other subsea related activities in the Gulf of Mexico.
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It’s been an extraordinary year for the National Subsea Research Initiative (NSRI) whose launch coincided with the global decline in oil price. Project director Gordon Drummond said while the situation added a whole “new dynamic” to what NSRI was trying to do, the body’s creation has been “hugely positive”. Speaking to Energy Voice Drummond said within the subsea sector there remained a lot of activity in the research and development phase of work.
Public confidence in technologies being used in deepwater will be one of the key components to the success of the Subsea Systems Institute (SSI), according to its director. The institution was set up earlier this year with funding from the RESTORE Act on the back of the Deepwater Horizon disaster in 2010. The federal statute was signed into law by President Barack Obama in 2012 after the incident which killed 11 workers and caused significant environmental, ecological and economic damage in the Gulf of Mexico.
Two Robert Gordon University (RGU) graduates have set up their own company specialising in developing innovative underwater products for the energy industry. Ben Grant, 30, who studied electrical and electronic engineering and Alastair McLennan-Murray, 31, an artificial intelligence and robotics graduate, set up Impact Subsea in February, around the time that oil prices hit rock bottom prior to what turned out to be a small and temporary partial recovery. Impact Subsea offers products and solutions to oil & gas, offshore renewables and scientific markets. Its products are used on remotely operated and autonomous underwater vehicles and in “stand-alone” applications. Given the nature of what they offer, the hope is that they can exploit the current crisis.
Scottish subsea service company Ashtead Technology said its Houston office had gained an industry seal of approval for maintaining the highest oil and gas safety and quality standards in the Gulf of Mexico.
Wood Group will lead five new international joint industry projects (JIPs) working alongside operators, contractors and regulators on subsea projects. The projects will run between 2015 and 2018. Wood Group Kenny chief executive Bob MacDonald, said: "Spearheading these critical projects is fundamental to providing solutions to our customers and we look forward to working with the participants to deliver successful JIPs."