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Subsea in August

Business & Finance
September 12, 2016

Subsea_in_AugustSubsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month.

Allseas’ single-lift installation / decommissioning and pipelay vessel “Pioneering Spirit” was in the spotlight last month having executed its maiden heavy lift project, removal of the 13,500 tonne Yme mobile offshore production unit in the North Sea.

Another month, another round of layoffs in the industry. The Dutch subsea and survey specialist, Fugro, said that its ongoing restructuring is expected to result in a total headcount reduction of at least 1,000 in 2016, after already axing 585 jobs in the first six months.

In addition, Maersk Supply Service said it will sell up to 20 vessels and reduce its crew pool by 400 offshore positions over the coming 18 months, with the first ten vessels expected to exit the fleet within 2016.

James Fisher went shopping and came back with two acquisitions last month, namely the provider of service and support of diving equipment and saturated diving systems, Lexmar, and Hughes Sub Surface Engineering, which operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors. The SURF specialist Subsea 7 joined them with the acquisition of polymer lining technologist, Swagelining.

The Houston-based subsea engineering specialist, Oceaneering, landed a new job for its Schilling Robotics business to deliver two remotely operated vehicles (ROVs) to DOF Subsea. DOF Subsea, on the other hand, was successful in scoring contracts in Asia Pacific, for the vessels Skandi Singapore and Skandi Hercules and in Brazil, with Petrobras, for the vessel Skandi Salvador.

Also in August, GE Oil & Gas scooped a multi-million dollar frame agreement with Oil and Natural Gas Corporation (ONGC) to provide an estimated 55 subsea wellheads over next three years for ONGC’s drilling campaign, in shallow to medium waters offshore India.

For the month of August, our 10 most-read articles were:

Pioneering Spirit completed the removal of the 13,500 tonne Yme mobile offshore production unit in the North Sea, 100 km off the coast of Norway, on August 22, 2016 for Repsol Norge. The vessel is scheduled for Shell Brent Delta topsides removal, in the summer of 2017.
fugro
Fugro has revealed additional workforce trimming plans and disposal of its subsea services unit in efforts to align its business to current market conditions and lower activity levels, after ending first half of 2016 with a loss of €202 million ($225 million).

                                                              Pioneering Spirit Wraps Up Its First Project                          Fugro Lines Up More Layoffs

UC-30
The Danish Maritime Authority has received a report on the finding of a UC-30 wreck off the west coast of Jutland. The report also stated that there are unexploded mines and torpedoes on board. Diving operations, anchoring and fishing has been banned in a radius of 1,000 metres.
Thomas Sunde, Subsea 7 VP Technology
Subsea 7 has acquired polymer lining technologist, Swagelining Limited. The two companies worked together, designing and installing in excess of 150km of reeled and bundled polyethylene lined water injection flowlines in the North Sea, for a number of operators.

                                                                               UC-30 Found in North Sea                                     Subsea 7 in Swagelining Buy

DOF Subsea Wins New Contracts
DOF Subsea said it has been awarded several contracts in the past weeks. In Asia Pacific, the company secured utilization of the vessels Skandi Singapore and Skandi Hercules. In Brazil, Petrobras has awarded a new contract for the vessel Skandi Salvador.
FMC Technologies ROVs for DOF Subsea
FMC Technologies has secured a contract with DOF Subsea for two new remotely operated vehicles (ROVs). According to the company, the HD and UHD-III ROVs will be delivered by FMC Technologies’ Schilling Robotics business line in December 2016.

                     

 

 


                           DOF Subsea Wins New Contracts                                  FMC Tech ROVs for DOF Subsea

Illustration: One of four new-building Subsea Support Vessels scheduled for delivery 2017-2018
Maersk Supply Service is divesting up to 20 vessels and reducing its crew pool by 400 offshore positions over the coming 18 months in response global over-supply of offshore supply vessels in the industry. The first ten vessels are expected to exit the fleet within 2016.
James-Fisher-Acquires-Lexmar
James Fisher has acquired the entire share capital of Lexmar Engineering and Lexmar Sat Systems. The initial consideration is USD 13 million in cash, with further future consideration of up to USD 7 million subject to the completion of certain projects.

                                 Maersk Supply Service to Axe 400 Jobs                                 James Fisher Acquires Lexmar

James Fisher Buys Hughes Sub Surface
James Fisher has acquired the holding company of Hughes Sub Surface Engineering. The initial consideration is GBP 9 million in cash, with further future consideration of up to GBP 1 million subject to certain profit targets being met by February 28, 2017.
GE Bags ONGC Wellhead Deal
GE Oil & Gas has been awarded a multi-million dollar frame agreement by Oil and Natural Gas Corporation Limited (ONGC). GE will provide an estimated 55 subsea wellheads over next three years for ONGC’s drilling campaign, in shallow to medium waters offshore India.

James Fisher Buys Hughes SSE                               GE Bags ONGC Wellhead Deal

Subsea World News Staff
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