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Subsea in October

Business & Finance
November 3, 2015

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.

The month of October marked announcements from some of the major subsea players including Subsea 7, Technip and Saipem. The trio managed to secure new contracts in the third quarter in Africa, Gulf of Mexico and Middle East, despite the challenging market. Nevertheless, news that Technip was hit by a boycott notice from Norwegian offshore union was the one that got the most attention this month.

In addition, Subsea 7 decided to further reduce its headcount in Norway by some 70 offshore workers due to continued decline in activity, while Saipem is looking for ways to adjust itself to new market conditions as Eni starts selling its stake in the company.

Good news come from Forsys Subsea, a joint venture between FMC Technologies and Technip. After being awarded its first two integrated front end engineering studies, the newly established subsea player is eyeing its first EPCI award in 2016.

DOF Subsea prepared Skandi Africa for deepwater work and the vessel has entered a five-year charter with Technip. Petrofac has, however, terminated the contract for JSD 6000, deepwater multi-purpose offshore vessel, with Chinese manufacturer ZPMC. ZPMC said it will take legal action to protect its interest in the case.

News that Boskalis Subsea Services is moving in on UK offshore and renewable industry sector by setting up a base in Aberdeen, also sparked the interest of our readers.

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

TECNIP
Norway’s offshore union, Industri Energi, has warned Technip Singapore PTE about a boycott starting October 23 because the company, reportedly, refuses to conclude a collective agreement. According to IE, Technip Singapore exerts “social dumping” on the NCS.
Subsea 7 Cuts 70 Jobs in Norway
Subsea 7, has decided to adjust its offshore workforce capacity in Norway after a continued decline in activity levels. About 70 employees will lose their jobs, bringing it to a 37 per cent reduction of Subsea 7’s Norway offshore staff.

                   Technip Receives Norway Boycott Notice                                   Subsea 7 Job Axe Falls in Norway

Saipem Looks for Cash Injection, Posts Q3 Lower Profit
Saipem has been awarded two new E&C offshore contracts cumulatively valued at more than EUR 600 million (USD 680 million). The first EPCI contract, was awarded by Saudi Aramco. The second contract was awarded by Eni for Block 15/06 – East Hub Development Project.
Technip-Scores-Stones-Work-for-Shell-480x300
Technip was awarded a contract by Shell for the development of subsea infrastructure for the Stones project in the US Gulf of Mexico. Included in the service are two subsea production tie-backs to the Floating Production, Storage and Offloading (FPSO) vessel.

                                                                      Saipem Lands Work for USD 680 Mln                         Technip Scores Stones Work for Shell

ZPMC to Take Legal Action Against Petrofac Over Contract Termination
Petrofac has terminated the contract for JSD 6000, deepwater multi-purpose offshore vessel, with Chinese manufacturer ZPMC. The termination of the contract is due to issues with ZPMC’s performance in respect of the construction of the proprietary design of JSD 6000.
Boskalis-Sets-Up-Aberdeen-Base
Boskalis Subsea Services has opened an office in Aberdeen dedicated to focus on growing business in the UK sector in the offshore and renewable industry. The office is also being utilized by the other business units of the Boskalis Offshore Energy division.

Boskalis Sets Up Aberdeen Base                             Petrofac Cancels Vessel Deal with ZPMC

New CEO for Saipem
Eni will sell a stake in Saipem representing approximately 12.5% plus one share of the company share capital to Fondo Strategico Italiano (FSI). The sale and purchase agreement will be terminated in the event that the capital increase is not settled by May 31, 2016.
Forsys Subsea leadership team
Forsys Subsea, a 50/50 joint venture between FMC Technologies and Technip, has been awarded its first two integrated front end engineering studies. The two contract awards were announced last week during FMC’s third-quarter earnings call.

                                                                                  Eni Sells Saipem Stake                                  Forsys Subsea Eyes EPCI Award in 2016          

Subsea-7-Bags-END-3-Gig-Offshore-Egypt
Subsea 7 has been awarded a contract by Pharaonic Petroleum Company S.A.E. for the development of the East Nile Delta Phase 3 Project. The work includes engineering, procurement and fabrication of rigid spools, and installation of pipeline, umbilical and subsea structures.
skandi africa
DOF Subsea has completed the outfitting of its vessel Skandi Africa and the vessel started on a five-year time charter contract to Technip. Skandi Africa is designed for harsh environment and subsea construction and flexlay operations, down to 3000m depth.

                                                           Subsea 7 Bags END-3 Gig Off Egypt                                   Skandi Africa Begins Technip Charter 

Subsea World News Staff
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