Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (October 17 – October 23).

Saab Seaeye manufactures electric powered remotely operated vehicle (ROV) systems for a wide range of professional applications. The range currently extends from the portable and versatile Seaeye Falcon to the revolutionary electric work class Seaeye Jaguar.

In an interview with Subsea World News, Jon Robertson, managing director of Saab Seaeye, told us more about the company and its future plans.

Italian oilfield services player Saipem said it will reduce workforce by some 800 at its European based facilities as it expects the market recovery to take longer than previously estimated.

The company has also decided to set up five divisions for the following sectors: Offshore Construction; Onshore Construction; Offshore Drilling; Onshore Drilling, and a new entity dedicated to high added value engineering activities and services.

Aker Solutions has secured two five-year framework agreements for potential future deliveries of subsea production systems and lifecycle services at BP-operated oil and gas fields globally.

The first five-year contract covers engineering, procurement and construction of subsea production systems for new and maturing developments worldwide.

Oceanteam informed that it will not meet its interest payments on the senior unsecured bond due on Monday, October 24, 2016.

As part of the financial restructuring that was announced October 20th 2016, Oceanteam has already entered into dialogues with its banks and largest bondholders.

French oil services provider, Technip, has boosted its third quarter 2016 result as it continues its cost reduction plan due to extended oil industry slowdown.

In the second quarter 2016, Paris-based subsea major generated adjusted revenue of €2.9 billion, down some 6% compared to €3.1 billion in 3Q 2015. Subsea revenues were roughly 10% lower for the quarter, at €1.4 billion.