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Oil And Gas Services News

29 Dec 2023

Mermaid Secures $10M Loan to Repay Subsea Vessel Acquisition

(Credit: Mermaid Maritime)

Thai subsea services company Mermaid Maritime has through its subsidiary Mermaid Subsea Oil and Gas Services (MSOGS) secured a loan of up to $10 million for the acquisition of Mermaid Sapphire ROV support vessel.The loan agreement, SinoPac Capital International, will facilitate the reimbursement of Mermaid’s equity used for the acquisition of the Mermaid Sapphire.The Mermaid Sapphire is a DP2 remotely operated vehicle (ROV) support vessel equipped with a deepwater work-class ROV…

07 Jul 2022

LR Names Abi-Saab Chief Technology and Innovation Officer

Chakib Abi-Saab (Photo: Lloyd’s Register)

Lloyd’s Register (LR) has appointed Chakib Abi-Saab to its newly created role of Chief Technology and Innovation Officer (CTIO). Abi-Saab, who was previously with Bahri (formerly known as the National Shipping Company of Saudi Arabia) as their Chief Technology Officer, joins LR with considerable expertise in technology and digital enablement from both maritime and the oil and gas industry. Before his time with Bahri, Abi-Saab held executive roles at ship management company OSM, offshore energy provider Bumi Armada and Oil and Gas Services provider Baker Hughes.

17 May 2022

Helix Energy Solutions to Buy Alliance Companies to Boost Presence in Gulf of Mexico Decommissioning Space

One Alliance's liftboats - Credit; Alliance Offshore

U.S.-based offshore oil and gas services firm  Helix Energy Solutions Group is set to buy equity interests of Louisiana-baed Alliance group of companies for $120 million cash at closing, plus the potential for post-closing earnout consideration.Alliance is a Louisiana-based privately held company that provides services supporting the upstream and midstream ‎industries in the Gulf of Mexico shelf, including offshore oil field decommissioning and ‎reclamation, project management…

28 Jan 2022

Strategic Shift: POSH Focuses on Floating Wind, Divests Taiwan-based JV

PACC Offshore Services Holdings (“POSH”), a Singapore-based offshore marine services provider, said Friday it would be will be shifting its push into renewables away from operational support in the fixed wind market into the development of the fast-growing floating wind market.As such, the company said it had has divested its Taiwan-based POSH Kerry Renewables Joint Venture (“JV”). POSH entered into a share purchase agreement with Oceanic Crown Offshore Marine Services Ltd, the joint venture arm of Marco Polo Marine Ltd, to sell its entire share capital of PKR Offshore Co. Ltd. (“PKRO”)."POSH Kerry Renewables has been servicing the offshore renewables market in Taiwan since 2018.

05 Aug 2021

SBM Offshore Eyes Offshore Wind Project Opportunities

Chief Executive Bruno Chabas. Photo copyright SBM Offshore

Oil and gas services company SBM Offshore on Thursday reported a better than expected decline in core profit for the first half of 2021 as it looks to develop floating offshore wind projects.After reducing spending sharply in the face of a pandemic-induced demand collapse, major energy companies have profitted from surging oil and gas prices that have fed into investment budgets, buoying SBM's results.The Dutch company's first-half earnings before interest, tax, depreciation and amortisation (EBITDA) were down 4% at $501 million, beating the $477 million expected by analysts in a company-provi

15 Jun 2021

Proserv Acquires Dron & Dickson's Abu Dhabi Business

Credit: Proserv

Oil and gas services company Proserv Controls, has acquired the Middle Eastern operations of Dron & Dickson Electromechanical Contracting (DDEC) LLC, for an undisclosed fee. DDEC is a UK-based specialist in the supply, assembly, and maintenance of hazardous areas and industrial electrical equipment."The deal reinforces and expands the breadth of offering and capability that Proserv delivers in the Middle East and North Africa, where it has multiple sites including in Abu Dhabi…

15 Jun 2021

Grandweld Delivers Four Crewboats for HSM

(Photo: Grandweld Shipyards)

UAE shipbuilder Grandweld Shipyards reports it has delivered four crew boats for Saudi-based offshore oil and gas services provider High Seas Marine Industrial Services Co. (HSM).The newbuilds were handed over within a span of 14 months, despite the numerous challenges of the pandemic. They will be used to support HSM client Saudi Aramco.Grandweld said the newbuild project involved design specifications unlike existing market requirements, leading the shipyard to tackle several design challenges such as the use of a different kind of block…

03 Feb 2021

Fueltrax Announces Expansion in Asia

(Image: Fueltrax)

Maritime fuel management systems provider Fueltrax said it is expanding its representation in Asia in response to growing demand for its solutions in Southeast Asia and Asia Pacific regions. Joining the company is Faiz Azani, Director of Operations – Southeast Asia, and Chris Pemberton, Regional Representative – Asia PacificAzani joined the FUELTRAX team last month and brings 11 years of experience in the oil and gas, shipping, and marine industry, focusing on Southeast Asia, Europe, & the Middle East. He is a former marine expert to Malaysia Petroleum Management (MPM) of PETRONAS.

27 Jan 2021

Ex-TechnipFMC Director to Lead U.S. Dredging Giant's Foray into Offshore Wind

Eleni Beyko most recently served as director, Energy Transition for Americas at TechnipFMC, a global oil and gas services company. (Image credit:  GLDD)

Great Lakes Dredge & Dock, a U.S.-based dredging services giant, on Wednesday announced the appointment of industry veteran Eleni Beyko as senior vice president offshore wind – a strategic growth area for the company. Beyko, who started on Jan. 25, brings more than 20 years' experience in program engineering, business leadership and project management in the automobile and offshore oil and gas markets. At GLDD, she is responsible for developing its offshore wind operations, including strategy and business development, tendering and project execution.

12 Nov 2020

Aquaculture: Inside the De Maas’ Offshore Fish Farm

Image Courtesy De Maas.

As attention increasingly turns to ocean health and sustainability, an innovative new fish farm solution was deployed earlier this year when the De Maas’ Semi-submersible Spar Fish Farm (SSFF) became the world’s first offshore farm installed at an open ocean location exposed to tropical storms. MTR recently visited – virtually – with co-founder Philip Schreven for insight on the design and operation particulars of their innovation.How did you became involved in this unique niche of the maritime industry?Mark van Leeuwen and I founded De Maas in 2007 as an offshore oil and gas services company.

31 Aug 2020

Ocean Installer, Vard Working on 'Most Advanced' Offshore Wind Installation Vessel

Credit: Ocean Installer

Ocean Installer, a Norwegian company mostly known for its offshore oil and gas services provider, is increasingly turning towards the offshore wind industry.Following a recent establishment of an offshore wind branch, and the naming of a director to lead it, Ocean Installer on Monday announced it would enter into a partnership with shipbuilder Vard - a Fincantieri company - "to develop one of the world's most advanced turbine installation vessels for offshore wind." Erik Haakonsholm…

31 Mar 2020

Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal

A GMS self-elevating rig - Image credit: GMS

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by a prolonged slide in oil prices that has turned into a deep slump since the coronavirus crisis destroyed demand…

13 Nov 2019

TechnipFMC Sells Subsea Vessel

UK-based player in subsea, onshore/offshore and surface projects TechnipFMC has entered into a memorandum of agreement (MOA) to sell the Global 1201 S-lay and heavy-lift and pipelay vessel in an effort to optimize the profile and size of its subsea fleet.The MOA is subject to certain conditions precedent to complete the transaction. The global oil and gas services company expects to complete the sale in December as these conditions are met, including delivery of the vessel in December 2019.The MOA also includes a Collaboration Agreement with the buyer that would provide five years of exclusivity for a list of named subsea projects in a specific jurisdiction and the right of first refusal for other projects not specifically named in the Collaboration Agreement.Due to this MOA…

24 Jun 2019

TechnipFMC Wins ConocoPhillips Award

American multinational energy corporation ConocoPhillips has rewarded services firm TechnipFMC with a Global Supplier Recognition Award.According to a press release from the UK-based oil and gas services provider, the international awards go to businesses that have made an impact on ConocoPhillips’ business and shown ‘exceptional leadership and commitment to their SPIRIT values’.TechnipFMC was recognized in the ‘Focus on Doing Business Better’ category for its collaborative work with ConocoPhillips and other contractors in the UK.TechnipFMC worked collaboratively with ConocoPhillips and its contractors to perform joint estimating assessment of risk for marginal field developments in the United Kingdom.

20 May 2019

Sapura Bags Five Contracts

Malaysian integrated oil and gas services company Sapura Energy Berhad has been awarded five new contracts valued at approximately RM1.3 billion ($US311 million).All five contracts have been awarded to the Sapura’s wholly owned subsidiaries, with works to take place in Malaysia, Indonesia, Australia and the Gulf of Suez."The contract wins demonstrate Sapura Energy’s continued pursuit to deepen its presence in existing core markets, break into new markets and expand its scope of services," said a press release.The growing orderbook is expected to increase asset utilisation for the Group and contribute to improving its financial performance.

21 Nov 2018

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 has built capabilities and expertise that are critical to support its clients in their quest to meet global energy demand and as a result, has a strong track record that has opened up greater prospects in the opportunity funnel for the company worldwide.In line with the company’s pursuit for growth and strategy to capitalise on the industry upturn…

13 Nov 2018

OMV, Sapura Energy Sign Pact

Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1,250 million and debt of USD350 million," said a statement from Sapura Energy Berhad.The integrated oil and gas services company based in Selangor…

24 Oct 2018

Petrofac Consortium Awarded USD 4bn Project in Thailand

Petrofac, the international oil and gas services provider, leading a consortium with Saipem  and Samsung Engineering, has received an award notification for Thai Oil Public Company Limited’s (Thai Oil) Clean Fuels Project on the East coast of Thailand.The overall project value is around US$4 billion, of which Petrofac’s share is around US$1.4 billion, and will be completed over a period of approximately four years.The project will transform the existing oil refinery in Sriracha, Chonburi, into an environmentally-friendly facility, which will produce higher quality transportation fuels. The project will also increase the refinery’s production capacity from 275…

10 Aug 2017

GranInvestimentos and Royal IHC Join Forces

Brazilian company GranInvestimentos and Dutch company Royal IHC are joining forces to deliver integrated life cycle solutions to customers in the oil and gas sector. Through this partnership, both companies are set to increase their operational and service activities, and expand their presence in Latin America. The association came into effect when IHC acquired a 50 percent share of GranEnergia – a subsidiary of GranInvestimentos that is active in the oil and gas market. The new partnership will be named GranIHC Services. It will provide integrated services to customers in the oil and gas industry in the fields of offshore maintenance and repair, logistical services and infrastructure facilities.

26 May 2017

Global Maritime Makes Two Hires in Asia Pacific

Mei Ling Chan (Photo: Global Maritime)

Global Maritime, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has made two important hires to support its Asia Pacific (APAC) operations. Mei Ling Chan has been appointed as Regional Finance Manager for APAC where she will take responsibility for finance functions and reporting across the region; and Leong Weng Yoon has been named Global Maritime’s new HSEQ Manager for APAC. Leong Weng Yoon’s appointment reaffirms Global Maritime’s commitment to the highest health, safety, environmental and quality standards across its operations.

18 Jan 2017

TechnipFMC Begins Operations Post-merger

Image: TechnipFMC

TechnipFMC has begun operating as a unified oil and gas services company following completion of the merger of Houston-based FMC Technologies and paris-based Technip. Now with a combined 44,000 employees, the new TechnipFMC will work on oil and gas projects, technologies, systems and services “from concept to project delivery and beyond” with headquarters in Houston, London and Paris. A key focus for TechnipFMC will be project economics across subsea, onshore/offshore and surface, the company said in a press release.

19 Mar 2017

Ezra Holdings Files for Bankruptcy in US

Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra  has been facing hostile actions from creditors at home and abroad as it struggles to recover from a slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.

09 Nov 2015

MISC-Bumi Armada Merger Soon?

Shipping giant MISC Bhd and oil and gas services provider Bumi Armada Bhd are said to be in merger talk involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies, say local media reports. Petroliam Nasional Bhd (Petronas) owns 62.67% in MISC. As such, investors could be anticipating that Bumi Armada may win Petronas contracts if a deal materialises. If it materialises the consolidation in the FPSO sector will also create a giant in the business. According to news reports, MISC may sell its FPSO business to Bumi Armada in exchange for Bumi Armada shares. Bumi Armada, which is controlled by tycoon T. Ananda Krishnan is the world’s fifth largest FPSO operator, with nine FPSO vessels.