Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (July 24 – July 30).

TechnipFMC has informed that is financial statements for the three months ended March 31, 2017 should no longer be relied upon because of material errors in such financial statements.

The net income attributable to TechnipFMC in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).

Italian oilfield services player has reported net loss of €110 million for the first six months ended June 30, 2017, against profit of €53 million in the first half of 2016.

Adjusted net profit was €92 million, versus €140 million in 1H 2016. For the second quarter 2017 net loss was €157 million, compared to a profit of €54 million in the previous quarter.

Oslo-listed Subsea 7 has booked higher profit for the quarter ended June 30, 2017 as revenues increased on boosted activity in the renewables sector and progress on its SURF projects.

The subsea engineering and construction specialist posted quarterly profit of $146 million, or $43 cents per share, on revenue of $1 billion, versus profit of $136 million, or $40 cents per diluted share on revenue of $960 million same time last year.

The High Court of Singapore has issued a winding up order against Lewek Champion, Emas Offshore’s subsidiary.

In addition, Andrew Grimmett and Lim Loo Khoon, both of Deloitte & Touche LLP, have been appointed as joint and several liquidators of Lewek Champion.

Saipem and Petrobel have finalized offshore contract variations worth $900 million for EPCI activities in relation to the “Optimised Ramp Up” phase of the Zohr field development project off the Egyptian coast.

Saipem will deploy several vessels from its fleet, including the Castorone; the subsea field development ship Saipem FDS2; the Saipem 3000 (a subsea construction vessel) and, finally, the Castoro 6 and the trenching barge Castoro 10.