Wood Group Forms Joint Venture With ABT Oil & Gas

By Joseph R. Fonseca
Thursday, June 12, 2014
Courtesy Wood Group

 

Wood Group PSN (WGPSN) announced that it has entered into a non-binding Memorandum of Understanding (“MoU”) with ABT Oil and Gas Ltd (“ABTOG”) to create a 50/50 jointly controlled entity.

It is proposed that the new entity will deliver services dedicated to the development of projects for stranded and marginal hydrocarbon fields, initially in the North Sea utilising ABTOG’s intellectual property for buoyant technology and the engineering, project management and delivery execution expertise of WGPSN. The new entity will not participate in field ownership.

Dave Stewart, WGPSN UK’s managing director said: “This is an exciting new development for Wood Group PSN, aimed at maximising recovery of marginal field reserves in the UKCS, reducing running costs for operators and making previously sub-economic fields financially viable.”

Alan Minty, representing ABTOG, commented: “WGPSN is the largest provider of brownfield services to the energy, oil & gas industry in the UK and is the ideal partner enabling the provision of services throughout the entire asset lifecycle, from project management, concept, appraisal and FEED studies to detailed design, construction, installation, commissioning, and operations and, eventually decommissioning and redeployment.”

WGPSN employs approximately 12,000 people onshore and offshore in the UK. The company has offices in Aberdeen, Glasgow, Runcorn and Hull.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Impact of Upcoming Regulations on Wreck Removal

The Nairobi International Convention on wreck removal was ratified by India recently and will be enforceable from April next year. This will place financial responsibility

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Bangladeshi Albedo Survivors Helped by their Govt.

Yesterday, 16th September 2014, Chirag Bahri, MPHRP's Regional Director for South Asia, attended a ceremonial event organised by the Ministry of Shipping, Bangladesh

Offshore

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

iSURVEY Awarded Two-year Contract with Island Offshore

iSURVEY has been awarded a two-year contract with offshore vessel owner, Island Offshore Management, which will see iSURVEY AS provide positioning services to Island

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Finance

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Energy

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

News

Arctic Wreck Found after 169 Years

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration.

URAG Orders Two ASD Tugs from Damen

URAG, a German port and offshore towage provider based in Bremerhaven, has placed an order for two Damen ASD 2411 tugs. The contract was signed at the SMM exhibition in Hamburg.

Hyundai Mipo Dockyard Delivers Fourth PSV

Hyundai Mipo Dockyard (HMD) delivered the fourth high value platform supply vessel (PSV) for BP Shipping at its main shipyard in Ulsan, South Korea. HMD won

Arctic Operations

Arctic Wreck Found after 169 Years

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

PPG Offers SIGMASHIELD 1200 Coating for Shipping

PPG Industries' protective and marine coatings business is fulfilling growing demand for "ice class" marine coatings for hull protection with SIGMASHIELD® 1200 coating.

Mergers & Acquisitions

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Fugro Takes Delivery of 2nd Coastal Survey Vessel from Damen

Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact,

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

Offshore Energy

First-of-type Walk-to-Work Crewboat Launched

Incat Crowther announced the launch and sea trials of Muslim Magomayev, a first-of-type 70m Catamaran Fast Crew Boat (FCB). Constructed by Incat Tasmania, Muslim

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

UK Chamber Stance Neutral on Scottish Independence

The UK Chamber of Shipping is taking a neutral position in the Scottish independence debate and has given both the Yes and Better Together sides space on its website

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1265 sec (8 req/sec)