Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (October 31 – November 06).

Oceaneering reported a net loss of $11.8 million, or $(0.12) per share, on revenue of $549 million for the three months ended September 30, 2016.

At the end of September, Oceaneering had 279 vehicles in our fleet and utilization for the quarter was 52%. The 39 ROVs retired worked a total of 349 days in the third quarter; pro forma quarterly utilization, reflecting these vehicles as if they had been retired effective as of the beginning of the quarter was 58%.

A recently formed subsea services business, M² Subsea Limited, has secured a substantial injection of private equity investment to acquire a fleet of 32 remotely operated vehicles (ROVs).

Aberdeen and Houston based company has attracted the investment from a fund advised by Alchemy Special Opportunities.

GE and Baker Hughes have entered into an agreement to combine GE’s oil and gas business and Baker Hughes to create oilfield technology provider with mix of service and equipment capabilities.

The transaction will be executed using a partnership structure, pursuant to which GE Oil & Gas and Baker Hughes will each contribute their operating assets to a newly formed partnership.

Heerema Fabrication Group (HFG) has made a decision to implement a reorganization of the company due to poor market conditions in the oil and gas industry.

As a result of the restructuring, an anticipated 450 of the existing 770 jobs in the company will be phased out, the company informed.

Van Oord has been awarded two contracts by international contractor Subsea 7 in Egypt.

The assignments include the construction of a landfall and the execution of subsea rock installation works, the company informed. The projects are part of the West Nile Delta project, which comprises the development of a series of gas fields, located 65 km off the northern coast of Egypt.