BP Awards Gulf of Mexico Work to Subsea 7
Subsea 7 said it was awarded a contract by BP as part of the deepwater Mad Dog 2 development, located approximately 190 miles south of New Orleans. The contract scope covers engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers and flowlines (SURF) and associated subsea architecture. Subsea 7 has worked closely with BP to deliver a lump sum integrated solution from design through to supply, installation and commissioning. Furthermore, by collaborating with OneSubsea, a Schlumberger company, our Subsea Integration Alliance partner that has been awarded the Subsea Production Systems (SPS) contract, additional areas of cost improvement have been identified to provide greater cost certainty and reduced risk.
Consolidation – A Path to Subsea Vessel Sustainability
In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016. The weak market conditions have meant that many low specification vessels have struggled to hold on to existing charter rates…
Subsea 7 Acquires Seaway Heavy Lifting
Specialist offshore contractor Seaway Heavy Lifting, a 50/50 joint venture between Subsea 7 S.A. and K&S Baltic Offshore (Cyprus) Limited, is now a wholly-owned subsidiary of Subsea 7. Subsea 7 said it acquired the remaining 50 percent shareholding in Seaway Heavy Lifting Holding Limited and its subsidiaries on March 10, 2017 for a cash consideration of $279 million on completion and an additional consideration of up to $40 million to be paid in 2021 on the condition that certain performance targets are met.
Subsea 7 CFO has 'Measured Optimism' of Oil Service Market Recovery
Oslo-listed oil services firm Subsea 7's Chief Financial Officer Ricardo Rosa told an energy conference in Oslo he sees gradual market recovery as oil prices stabilize, and the outlook for subsea project awards increasing within the next 12 months. "Previously all the discussions (with oil companies) were about cutting costs, now we are starting to talk about launching new projects... We have a measured optimism," Rosa said. Rosa said he sees activity is picking up in the Gulf of Mexico, but remains low in western Africa, and doesn't expect anything in Brazil in 2017.
Subsea 7 Awarded Subsea Work Off Australia
Subsea 7 S.A. said it has been awarded a “sizeable” contract by Cooper Energy Ltd for the Sole Development Project, offshore Australia. Subsea 7 defines a sizeable contract as being between $50 million and $150 million. The Sole gas field is located in the eastern part of the Gippsland Basin, approximately 40km offshore Victoria, Australia. The contract scope consists of the subsea tie-back of the Sole well to the Orbost Gas Plant, including the fabrication and installation of 64km of pipeline, spool and manifold, along with installation of a 64km umbilical and the commissioning of the system. Project management and engineering will commence immediately from Subsea 7’s office in Perth, Australia, with offshore operations scheduled to commence in 2018.
Ecoshield Coating Option for ZF Thrusters
ZF Marine Krimpen is applying Subsea Industries’ Ecoshield hard coating to the nozzles and underwater components of its azimuth thruster units supplied to vessels operating in inland waterways. The Netherlands-based company, a division of Germany’s ZF Group, is using Ecoshield on thrusters supplied to a number of U.S.-based customers to reduce operational wear and tear in brown waters such as the Mississippi River. The solution was found in Antwerp, in 2015, when ZF approached…
VSTEP, Damen Partner for Bahamas Defence Training
A recent cooperation agreement between Damen and VSTEP has been established for the delivery of a NAUTIS Full Mission Bridge Simulator with Alphatron Marine equipment to the Royal Bahamas Defense Force. The delivery is part of the Sandy Bottom Project, which sees the Defense Force acquire a range of Damen patrol vessels, upgrade its existing fleet and develop its port and base infrastructure. VSTEP, with input from Damen, will develop four simulated vessels for use in its custom simulator.
DOF Subsea to Launch AUV Service
Integrated subsea services provider DOF Subsea will stage the European launch of a new addition to its suite of services next week. During the Ocean Business event at the National Oceanography Centre in Southampton, U.K. from April 14-16, the company will showcase its newest service, utilizing three Slocum Gliders, named the DOF Skandi Explorers, a technology which has previously only been seen in academic and defense circles. The new glider equipment is described as a cornerstone of the company’s Ocean Observation System (OOS) due to its ultra-efficient…
Gowind 2500: DCNS Creation Passes first Test
DCNS announced the success of the first sea trials of the first-of-class Gowind 2500 corvette under construction in Lorient, France by DCNS. Ten Gowind 2500 corvettes, aimed at supplementing DCNS surface vessel product range, has been ordered so far by international navies. “It is a very important moment for DCNS: the Gowind corvette designed especially for the international market is now sea proven,” said Eric Chaplet, DCNS Marketing Vice-President. “We are very proud to announce that…
Unique Hydra Signs Agency Agreement with EIVA
Unique Hydra, a Unique Maritime Group Company, an integrated turnkey subsea and offshore solution provider, recently signed an agency agreement with EIVA to represent its products and services in the southern part of Africa. Based in Cape Town, South Africa, Unique Hydra is a manufacturer and supplier of marine and diving equipment to the oil and gas industry. Unique Hydra personnel have substantial experience in marine engineering, hyperbaric, military defense, aerospace, nuclear and chemical engineering.
Hydro Group Reports International Growth
Aberdeen-based Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office. Singapore currently represents Hydro Group’s second largest export market, with the Group identifying more than £1million of potential sales in the region per year. The new office will support Hydro Group’s increasing presence in Southeast Asia and offer its range of subsea optical cables…
Offshore Vessel Contractors Re-shaping for a Rebound
The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration, taking a significant number of vessels out of the active fleet. In other cases, internal restructuring measures (e.g. Siem Offshore, Boa Offshore, Deepocean etc.) were/have been in order. While current indicators of subsea activity (e.g.
Underwater Ship Repair Specialists Merge
Subsea Global Solutions acquires All-Sea Underwater Solutions Lariat Partners, a Denver-based private equity firm, announced that its portfolio company Subsea Global Solutions (SGS) has acquired All-Sea Underwater Solutions (All-Sea), merging two companies specializing in underwater ship maintenance, repair and marine construction. Paul Peters, Chief Executive Officer of SGS, said the acquisition would “expand our scope of services, further drive innovation and broaden our global footprint.” He added that the two firms have worked together as partners for years. Vincent Cummings, CEO of All-Sea added, “This merger into Subsea Global Solutions gives our team the ability to continue our growth and better serve our clientele globally.”
Subsea Defense & the Changing Paradigm of Submarine Programs
Technology and dynamic mission profiles have driven change in the defense industry, Hydro Group Plc Managing Director Doug Whyte, explores the changing paradigm of submarine programs, an evolving market he has experienced first-hand, with over 30 years at the helm of his own innovative subsea design and manufacturing group. My original business partner, Mike Redstone, previously worked for Vickers Slingsby which was involved quite extensively with the Ministry of Defense (M.O.D.). At that time, in the late seventies, close involvement with the M.O.D. was commonplace.
USVs and the Future of Subsea Defense
Unmanned Revolution: USVs Set to Conquer the Seas. According to Frost & Sullivan, replacing manned systems with USV is not a question of if but when. Unmanned surface vessels (USV) still lag far behind their aerial equivalents in terms of technical capabilities, technology and deployment. However, new threats, cost-benefit calculations, operational experiences in the past decade and new technological developments are driving rapid growth in the market. A USV may be used instead of manned vessels not only for defense but also in Homeland Security (HLS), security, and civil applications such as vessel monitoring, law enforcement (drugs, piracy) and enforcement of fishing and environmental laws.
OTE Debuts in Providence
The inaugural OceanTech Expo (OTE) debuted today at the Rhode Island Convention Center. The industry-led expo, slated for September 5-7, will showcase new equipment, training and demonstrations of technologies in the marine science and ocean technology industries. OTE will feature emerging trends in subsea technologies and markets, as they pertain to: homeland security, port & harbor defense; military and government; offshore oil & gas; and marine science and exploration. Speaker: Charles A. Martinek, Captain, U.S. Speaker: Mr. Speaker: Mr. Speaker: Dr. F. Mary Williams, Director General, Institute of Ocean Technology (IOT) of the National Research Council of Canada, St. Speaker: Donald R. Moderator: Ms. Marianne Molchan, President, Molchan Marine Sciences, Inc.
ABS Takes Offshore Safety to New Depths
ABS, the leading provider of classification and technical services to the offshore industry, has expanded its subsea services team to deliver specialized validation and verification services for subsea systems, including subsea hardware, flowlines, umbilicals, and risers. These services include design review, inspection of physical components and regulatory services using performance data to support continuous service of new and existing assets. “Offering best-in-class verification and validation services contributes to the safe and reliable operation of subsea systems…
Global Deepwater Market is Buoyant
The Global deepwater market is strengthening according to Quest Offshore Resources Inc.'s soon to be published Global Subsea Production Umbilical Report. The majority (65%) of identified forecast subsea wells across the globe are in deepwater (greater than 0-1,650 FSW (0-500 MSW)). With respect to ultra-deepwater subsea production, the present share of forecast subsea trees worldwide over 3,437 FSW (Feet Sea Water) or 1,200 MSW (Meters Sea Water) is 39%. Of the remaining subsea wells forecast over the next six years, 26% are planned for installation in 1,650-3,960 FSW (501-1,200 MSW) and 35% in 0-1,650 FSW (0-500 MSW). The market for subsea trees is strong with a significant number of contract awards for subsea production trees materializing over the last 12 months. As illustrated in Fig.
Trico to Launch Offer for All Shares of Active Subsea ASA
Trico Marine Services, Inc. (NASDAQ: TRMA) and Active Subsea ASA (NOTC: ASUB) announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea. The offer price per share of Active Subsea will be $4.27 paid in cash. The offer values Active Subsea's equity at approximately $242m at exchange rates as of November 2, 2007. The board of directors and management of Active Subsea believes that it is in the best interests of the company's shareholders to support the offer. All board members in Active Subsea have pre-accepted the offer for the shares they hold in Active Subsea, including options and warrants.
New Global Subsea Provider Launched
Subsea 7, the new company formed as a result of the combination of Halliburton Subsea, a business unit of Halliburton's Energy Services Group, and the subsea activities of DSND Subsea ASA (OSE:SFJ), officially started trading. The company already has a worldwide order book in excess of $800 million, firmly establishing it as a global service provider for subsea engineering and construction, and is poised to win additional business from projects it is currently bidding. The company was formed by the two parties contributing all tangible assets associated with their subsea businesses as well as leases, on-going contracts and intellectual property. It will have offshore operations supported out of the UK, Norway, Singapore, Brazil, United States and the Caspian.
Aker Kvaerner Awarded Reliance Subsea Contract
Reliance Industries Limited has awarded Aker Kvaerner an engineering, procurement and construction contract to deliver an 18 well subsea production system for the deepwater Block KG-D6 gas development located offshore the east coast of India. The contract is one of the world's largest subsea contracts ever awarded and affirms Aker Kvaerner's position as the leading contractor for deepwater subsea developments. The initial contract value is approximately $400m. Aker Kvaerner Subsea will supply a complete subsea production system including subsea trees, manifolds, steel tube umbilicals and power cables, controls system and associated connections to tie the subsea production system to an onshore gas terminal.
US Navy, JMSDF Complete MultiSail 17
Commander, Destroyer Squadron (DESRON) 15 and the Japan Maritime Self-Defense Force (JMSDF) completed the annual bilateral training exercise MultiSail 17, March 10. The six-day exercise consisted of surface action group maneuvers, anti-submarine training, and various other events which tested warfighting capabilities of each participant. The MultiSail 17 participants included forward-deployed Arleigh Burke-class guided-missile destroyers USS Barry (DDG 52), USS Fitzgerald (DDG 62)…
MSV Ocean Intervention, New Contract
Oceaneering International, Inc. (NYSE:OII) announced it has secured a one-year term contract with estimated revenue in the range of $25m to $30m for use of the MSV Ocean Intervention and other related services, commencing early February 2009. The contract contains a customer option for a one-year extension. The customer has contracted Oceaneering to conduct inspection, repair, and maintenance (IRM) of deepwater subsea facilities in the Gulf of Mexico (GOM). Examples of this work include changing out pods and chokes, installing flowline jumpers and control umbilical flying leads, remediating hydrates, and supporting diving operations on deepwater floating facilities.