The embattled crude oil and natural gas industry worldwide has slashed capital spending to a point below the minimum required levels to replace reserves — replacement of proved reserves in the past constituted about 80% of the industry's spending…
Incidents relating to the installation and operation of high voltage subsea cables are the costliest cause of financial losses in the global offshore wind industry and led to insurance claims totaling more than US$67 million (€60 million) in 2015…
MPs and Cabinet Ministers will be urged to do everything they can to protect the US$13 billion (£9billion subsea) industry at a Parliamentary Reception this week, according to Subsea UK. The industry body is leading a delegation of high…
Polarcus has received a letter of intent (LOI) from an undisclosed client for an additional broadband 3D marine seismic survey offshore South America. The project will commence in early Q4 2016 and run for approximately three months. “This…
Global upstream capital spending from 2015 out to 2020 has been reduced by 22% or US$740 billion, however, when cuts to conventional exploration investment are included, the figure increases to just over $1 trillion, Wood Mackenzie said. Image…
Kenz Cranes have been awarded with a contract for the design and production of two knuckle boom cranes for Heerema Marine Contractors, which will replace the current knuckle boom cranes on the deepwater construction vessel Aegir. Kenz…
Pacific E&P has made its outstanding payments to its joint venture partner Karoon Gas for its share of the five blocks in the Santos basin, offshore Brazil. Earlier this week, Karoon called out Pacific by issuing a default notice to the Canadian company…
Santos will begin sidetrack operation offshore Indonesia after a mechanical obstruction in the well bore of the AAL-4X appraisal well halted the proposed drill stem tests (DSTs) in the K-sand and G-sand reservoirs. The drilling of the sidetrack well will allow Santos and its parnter…
New business models able to handle ongoing volatility in the oil price are set to be the future of the North Sea industry, according to the CEO of Det Norkse. Karl Johnny Hersvik is set to lead a new company, Aker BP, which has been described as a “super independent…
Mermaid Maritime’s Indonesian business unit, PT Seascape Surveys Indonesia, entered into a one-year charter contract with PT Nusa Perkasa Permai for the Mermaid Nusantara DP2 dive support vessel (DSV). The vessel is expected to be delivered to Seascape in August 2016…
Karoon has issued a default notice due to joint venture partner Pacific Exploration and Production Corp. for overdue payments for several blocks offshore Brazil. The planned Echidna appraisal drilling campaign scheduled for the September…
Netherlands Enterprise Agency has awarded Fugro has been awarded a geotechnical site investigation survey contract for the Hollandse Kust (zuid) Wind Farm Zone, in the Netherlands. This follows previous contracts awarded earlier this…
Mads Andersen will take over as the new president and CEO of Stavanger-based oil services firm Aibel, effective 1 January 2017. Jan Skogseth, Aibel's current president and CEO, since 2008, plans to retire. He will hold an advisory role in the company until spring 2017…
Offshore wind is headed toward new highs with the North Sea region serving as the backbone of the global market, says Douglas-Westwood’s Celia Hayes. Image from iStock. The offshore…
Polarcus has received a letter of intent for an XArray project in the Norwegian-Barents Sea for an undisclosed client. The survey is due to commence in August 2016, after required authorization has been obtained, and will run for approximately four weeks…
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