Highlights of the Week

Subsea World News has put together a recap of the most interesting articles from the previous week (December 18 – December 24).

Subsea 7 has been awarded a substantial contract by Statoil for the Snorre Expansion Project, located in the Tampen area, 150 km west of Florø in Norway.

According to Subsea 7, a substantial contract is worth between USD 150 million and USD 300 million.

The engineering, procurement, construction and installation (EPCI) contract will see Subsea 7 provide pipeline bundle technology, which contains all flowlines and control umbilicals necessary for operation.

Oilfield services company, Expro, has filed for Chapter 11 bankruptcy as part of the next step in its financial restructuring.

As previously disclosed, the company has reached an agreement with its key lenders and shareholders to eliminate its entire $1.4 billion of funded debt and $80 million in annual interest payments through an equity conversion, which will fully deleverage its balance sheet.

McDermott and CB&I have agreed to combine in an all-stock transaction to create a fully vertically integrated onshore-offshore company.

Upon completion of the transaction, McDermott shareholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent.

The estimated enterprise value of the transaction is approximately $6 billion, based on the closing share price of McDermott on December 15, 2017.

Global Marine Group (GMG) has launched a new business unit, Global Offshore, that will deliver trenching and power cable laying services to the oil and gas sector. 

Operating from base in Aberdeen, Scotland, managing director Mike Daniel leads the Global Offshore team.

Global Offshore’s assets include the M/V Symphony multi-purpose vessel, two Q1400 jet trenchers and two work class remotely operated vehicles (ROVs).

TechnipFMC has secured an Engineering, Procurement & Construction (EPC) contract from Statoil for the Snorre Expansion Project.

The contract follows from Statoil’s announcement about submitting the plan for development and operation of the Snorre Expansion Project to Norwegian authorities.

In addition Statoil said it awarded NOK 9 billion worth of contract for the development, including the contract awarded to TechnipFMC.