Legal News


OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat

May 01, 2020

These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative, forcing sellers to actually pay…

Diamond Offshore Sues Beach Energy for Terminating Drilling Contract

Apr 27, 2020

Bankrupt Diamond Offshore Drilling Inc has sued Australian oil and gas producer Beach Energy Ltd for abruptly terminating a $65 million drilling contract.Beach Energy ended the agreement, claiming Diamond Offshore missed a 'contractual milestone to deliver the rig'…

Valaris to Explore Bankruptcy With Its Creditors

Apr 21, 2020

Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday…

BP Issues Force Majeure Notice for Golar FLNG Unit

Apr 07, 2020

Golar LNG Ltd said on Tuesday that it received a force majeure notice from a BP Plc unit seeking to delay taking delivery of a floating liquefied natural gas facility by a year.The notice is the latest force majeure claim issued in the LNG sector…

Hornbeck Offshore to File Chapter 11

Apr 02, 2020

U.S.-based offshore vessel owner Hornbeck Offshore Services announced it will file chapter 11 after defaulting on payment obligations.The New York-listed company said in an SEC filing that it has reached an agreement with lenders and holders of the company’s unsecured 5…

Solstad Offshore, Creditors Agree on Draft Restructuring Plan

Mar 31, 2020

Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders…

What Will COVID-19 Mean for US Offshore Wind?

Mar 30, 2020

What will COVID-19 mean for the offshore wind industry? An industry not yet spinning on its own.Epitomized by the roller coaster ride that defined the stock market over the last few weeks, unpredictability has emerged as one of the few certainties of the coronavirus disease 2019 (COVID-19) crisis…

WFW Advises Galloper on Sale of Assets

Mar 05, 2020

UK-based Galloper Wind Farm Ltd recently agreed the sale of its transmission assets relating to the 353 MW Galloper Wind Farm  to Diamond Transmission Partners pursuant to the Offshore Transmission Owner (OFTO) regime.The international law firm…

Protecting Offshore Production Innovations

Mar 04, 2020

Answers to six key questions regarding protection of offshore production innovations.Congratulations! You’ve just redesigned the subsea isolation valve control system (SSIV) that your company sells for use as part of an emergency shutdown system for an offshore production site…

EU Clears OLT Takeover by SNAM and FSI

Feb 18, 2020

The European Commission has approved the acquisition of OLT Offshore LNG Toscana by SNAM and the UK’s First State Investments International (FSI), under the EU merger regulation.According to the Commission, OLT is active in the management of…

NABU Objects to Gennaker OWF

Feb 16, 2020

A German non-governmental conservation organisation, Naturschutzbund Deutschland e.V. (NABU), has filed an objection to the building permit for the Gennaker offshore wind farm (OWF) in the coastal waters of Mecklenburg-Western Pomerania.Massive…

UKCS Mediation Pilot Launched

Feb 10, 2020

UK oil and gas industry regulator Oil and Gas Authority (OGA) has revealed that it has launched a year-long UK Continental Shelf (UKCS) “mediation pilot”.According to the OGA, the pilot aims to test the extent to which mediation can resolve certain disputes between oil and gas licensees…

Coro Energy Awaits Approval on Duyung

Feb 10, 2020

Southeast Asian focused upstream company Coro Energy Plc said that Duyung PSC partners have agreed to a six-month extension for receipt of the necessary Indonesian approvals for the transfer of a 15 percent interest in the Duyung PSC offshore IndonesiaIn February 2019…

MOL in Restructuring Excercise

Feb 02, 2020

Japanese shipping major Mitsui O.S.K. Lines (MOL) has unveiled a number of new restructuring measures effective April 1, 2020.According to a press release, the  marine transportation provider intends to establish three new divisions and integrate its two tanker divisions to achieve synergy…

JFLCO Acquires Global Marine Group

Jan 31, 2020

British-headquartered specialist provider of submarine cables Global Marine Group (GMG) has been acquired by an investment affiliate of private equity firm J.F. Lehman & Company (JFLCO) for around $250 million.With a legacy dating to 1850, GMG…

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