Subsea Compression: A Step Change at Ormen Lange
this collaboration, and to secure wider adoption we need to engage early and learn from one another, instead of reinventing the wheel.”“We need to be developing fields with the lowest possible footprint and at the lowest cost. We need to continue our focus in this space, especially as energy prices are tightening, and demand and activity are increasing. This is when, traditionally, the wheels come off in our industry.&rdquo
Oceans are Hotter, Higher and More Acidic, Climate Report Warns
for climate challenges as other crises, such as the COVID-19 pandemic and war in Ukraine, grabbed headlines.Selwin Hart, U.N. Secretary-General Antonio Guterres's special adviser on climate action, criticized countries reneging on climate commitments due to the conflict, which has pushed up energy prices and prompted European nations to seek to replace Russia as an energy supplier.Dangerous increase"We are ... seeing many choices being made by many major economies which, quite frankly, have the potential to lock in a high-carbon, high-polluting future and will place our climate goals at
Emas Chiyoda Subsea Files for Bankruptcy
subsea contracting work and tightening credit conditions. Ezra has said it may have to take a $170 million writedown on the value of its investment in Emas Chiyoda. Oilfield service firms have been turning to bankruptcy to shed debt and raise cash after years of hunkering down after energy prices tumbled from the recent peak in 2014. Emas Chiyoda's bankruptcy comes eight months after it teamed up with India's Larsen & Toubro Ltd to land a $1.6 billion contract with Saudi Aramco, Saudi Arabia's state-owned oil company, to expand the offshore Hasbah gas field. Onshore
Williams Names New Chair, Stands by CEO after Board Upheaval
directors who stepped down filed responses of their own on Friday, with one promising to be more effective driving changes at Williams from outside the board. The U.S. oil pipeline company now finds itself with nearly half of its board wiped out, its business under pressure from depressed energy prices and without a public takeover partner for the first time since September 2015. Thursday's resignations from the company's 13-member board came a day after Energy Transfer Equity walked away from its more than $20 billion deal to buy Williams after months of rancor between the rival pipeline
Technip, FMC Target Oil Services 'Big League' with Merger Deal
companies. The new group, to be domiciled in London, would have combined revenue of $20 billion and the merger is expected to deliver annual pretax savings of at least $400 million by 2019, as well as boost earnings per share significantly, the companies said in a statement. Lower energy prices are driving consolidation in the oil services sector, hit by an oil supply glut that has been weighing on exploration and production. Shares in Technip, which builds oil rigs and refineries and supplies pipelines for the offshore industry with equipment often made by FMC, closed up 6
Offshore Casualty: Harkand Group Collapses
As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.bbc.com. The company was a high-flyer building an enviable fleet of advanced tonnage. Established in 2012 and headquartered in London with operations bases in Aberdeen, Houston, Mexico, and Ghana, global subsea IRM group Harkand has been expanding its business operations rapidly throughout North America, Africa, the Asia Pacific and Europe, having won major contracts for its services and increasing
Technip Explores Sale; Talks with FMC Technologies
French oilfield services company Technip is exploring a sale and has held talks with U.S. peer FMC Technologies Inc about a potential combination, according to people familiar with the matter on Wednesday. A deal would illustrate how lower energy prices are driving consolidation in the oil services sector, as companies seek savings and synergies to boost profits amid a supply glut that is weighing on exploration and production. Technip and FMC Technologies, which have market capitalizations of 5.3 billion euros ($5.8 billion) and $6.8 billion respectively, have not yet agreed on
Boskalis Posts Highest Profit
means that we are largely late-cyclical in offshore and thanks to our order book we were able to keep fleet utilization levels high. Nevertheless we too are increasingly experiencing volume and margin pressure in the short-term, capacity-driven activities. "We expect a prolonged period of low energy prices and lean market conditions in the offshore oil and gas market, and are therefore tightening things up where necessary in terms of organization, fleet composition and capital expenditure." Market developments Boskalis responds to various global macro trends by providing creative and
Makai Studies Seawater Air Conditioning in the Caribbean
A/C systems that serve large buildings such as hotels, greatly reducing their electrical consumption and costs of cooling. The benefits of SWAC include: Large energy savings: approaching 90% compared to conventional A/C. Low, stable operating costs: almost entirely independent of volatile energy prices. Proven technology: deep seawater systems have operated for over 28 years continuously. Environmentally friendly: reduced greenhouse gas emissions, fuel, and water consumption. Secondary uses: cold, nutrient-rich seawater is available for other applications. To determine
February 2024
