Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (May 02 – May 08).

IMR and light construction player Harkand has entered into administration after it, earlier this year, defaulted on the payment of its senior secured bond issue and interest, due to insufficient liquidity.

Reportedly, this will result in 171 jobs lost. 39 staff will be retained for a short period to assist with the wind-down of the European business.

Aker Solutions has confirmed that three employees and a contractor working for the company were on board the helicopter that crashed today off the coast of Bergen in Norway.

The helicopter was on route to Bergen from the Statoil-operated Gullfaks B platform in the North Sea. The cause of the crash, which occurred outside Turøy in Fjell municipality, was not determined. There were 13 people on board.

Ulstein has introduced a new cable lay vessel, the LX109 design.

The new, patent pending, Ulstein Cable Arch system in combination with open top vessel design results in total of 12,500 t of power cable that can be laid as one single piece, the company explained.

Saipem and its consortium partners Bos Shelf and Star Gulf have secured USD 1.5 billion Shah Deniz Stage 2 contract from BP.

Saipem share in the contract is approximately USD 1.3 billion, the company informed. The contract duration is for five years plus a possible extension for a further five years.

Halliburton and Baker Hughes have terminated the merger agreement they entered into in November 2014, effective April 30, 2016.

In connection with the termination of the merger agreement, Halliburton will pay Baker Hughes the termination fee of $3.5 billion by Wednesday, May 4, 2016.