Global services firms have been caught in a storm. Engineering, procurement and construction (EPC) focused companies have been squeezed by tough contract terms, battered by inflation and haunted by legacy commitments.
Serica Energy (AIM: SQZ) has awarded Subsea7 a “sizeable” contract to supply a pipeline for the company’s Belinda field development south-east of the Triton FPSO.
One of the successful INTOG projects has taken a step forward with Salamander submitting an offshore consent application for its proposed 100MW floating offshore wind farm.
The team behind the Salamander floating offshore wind project will partner with two Scottish universities to study the impact of floating windfarms on marine ecosystems.
Project partners behind the Salamander floating wind farm have signed an exclusivity agreement with Crown Estate Scotland following success in the INTOG leasing round.
Analysts at investment banking group Jeffries expects subsea and offshore contract awards to rise by 10% through 2022, despite quarterly declines early in the year.
Strohm, the world’s leading manufacturer of thermoplastic composite pipe (TCP), has received a circa EUR 25 million Convertible Loan from its shareholders as it strengthens its position for low carbon energy transition activities and renewables.
There was fresh hope last night that new owners will be found to continue the work of a world-leading Highland subsea training centre that went into administration earlier this month.
The boss of Subsea 7 has said the fundamental long-term outlook for deepwater subsea field developments remains intact despite the company reporting $702million lower revenue in the third quarter of 2015 compared to the same period 12 months ago.
The UK energy sector’s attempts to pull itself out of the mire are being hindered by a lack of collaboration, urgency, and boldness, industry leaders said at Europe’s largest subsea event yesterday.