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Thursday, March 28, 2024
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Ivar Brandvold News

07 Aug 2018

Fred. Olsen Energy edges closer to financial restructuring

Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said.With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector.The owner of seven drillships and rigs, as well as Belfast's Harland & Wolff yard, has now received indicative, non-binding proposals from equity investors valuing its current shares and bonds at just $10 million…

06 Jun 2013

Offshore Marriage of Interests Judged Successful

Sturla Henriksen, Director General of the Norwegian Shipowners’ Association

Nor-Shipping 2013 'Agenda Offshore' hear the Director General of the Norwegian Shipowners’ Association pronounce the marriage of maritime and offshore oil and gas industries interests a success. The offshore industry is “a legitimate child” of the marriage between oil and gas as well as maritime companies. “It is maybe a relationship driven more by cooperation and innovation than by love or passion – a bit of an arranged marriage maybe – but today the offspring of this relationship are the specialized vessels…

04 Mar 2011

Dolphin Drilling to Receive the First ISDS Class Notation

“With the diagnostics and remote access that is being built into our rigs now, it is really important that software integrity is flawless,” said CEO Ivar Brandvold of Fred. Olsen Energy ASA. “Our analysis indicates that applying the ISDS class notation can easily save USD 6-20 million by avoiding the delays caused by the need to re-work software,” said Rolf Benjamin Johansen, the director of operations at software integration for DNV maritime and energy. “In fact, this range is conservative as it does not include avoided costs. Being on schedule avoids propagating supply-chain costs and loss of brand reputation. The ISDS notation focuses on how to set up and run a project and how to develop quality assurance processes that will last throughout the vessel’s lifetime.