Highlights of the Week

October 1, 2017

Subsea World News has put together a recap of the most interesting articles from the previous week (September 25 – October 01).

TechnipFMC has been awarded by Statoil an engineering, procurement, construction and installation contract.

It covers the execution of the subsea pipeline connection for the new production platform in Peregrino Phase II Project, located in Campos Basin, offshore Brazil.

The results from the latest analysis by Westwood Global Energy shows that the market is starting to emerge from a cyclical downturn that has seen activity fall 36% and expenditure nearly halved.

According to the World ROV Operations Market Forecast 2018-2022, ROV expenditure will total over $10bn with a 4% CAGR expected as operators begin to sanction more projects.

Mermaid’s joint venture company formed between Mermaid and a local offshore services operator in a GCC country in the Middle East has secured a contract extension for offshore inspection, repair and maintenance services with a national upstream oil and gas company following its initial five-year contract period.

The contract extension, worth approximately USD 96 million, is for a firm one year plus a one-year option.

Japan has carried out the world’s first mining and lift test of hydrothermal deposits at about 1,600 meters depth in the ocean near Okinawa, the country’s Ministry of Economy, Trade and Industry and the Japan Oil, Gas and Metals National Corporation (JOGMEC) confirmed earlier this week.

The success of this test, which reportedly extracted zinc and other metals, should be a major step toward establishing the technologies required for ocean mineral resource development.