Finance News

Image: NERC

Barclays Rejects Arctic Drilling

subject to Enhanced Due Diligence (EDD),” and the bank “will conduct EDD on any financing transaction directly connected with the exploration or extraction of oil or gas in the Arctic.” Critically, the policy notes that “under the EDD framework, we would not expect such project finance proposals to meet our criteria.”The announcement from Barclays is the latest in a series of major financial institutions rejecting drilling in the Arctic. Some of the world’s largest banks have made similar commitments, including HSBC, BNP Paribas, Royal Bank of Scotland, Societe Generale

MD Dave Acton, FD John Brebner, Sales & Operations Director James Gregg. (Photo: Motive Offshore Group)

Motive Offshore Appoints Brebner as Finance Director

headquartered in Boyndie, Aberdeenshire, has seen a record turnover for 2018 and is set to exceed its projected 20% increase on the previous year.To support founding directors James Gregg and Dave Acton with their ongoing growth strategy for the business, John Brebner has joined the management team as finance director as Motive plans to start on the acquisition trail in 2019.Brebner, who has been a non-executive director on Motive’s board since February last year, is a finance specialist with 34 years banking experience and is a seasoned advisor to SME and corporate businesses.  He is currently

Sistac  Diver ready for action. Photo Sistac

SISTAC: Brazil´s Homegrown Subsea Service Provider

. He is the former CFO, Investor Relations Director and International Board Member of Wilson Sons Limited – one of the largest listed port and maritime logistics providers in Brazil – where he held his first position as Investment Manager in 1998. From 1994 to 1998, he served as planning and finance executive at Shell Brasil. Gutterres holds a diploma in General Management from Harvard Business School, a MBA from COPPEAD, and graduation in Economics from UFRJ. “I saw a lot of potential in the company, good and engaged people, good assets, good positioning and with possibilities growth

Image: MAC Goliath Pte Ltd

Nautilus Minerals to Acquire Production Support Vessel

equipment on the PSV, with the latest being the installation of an operating console in mid-November. The company is currently in negotiations with various parties to enable the acquisition of the PSV to facilitate the proposed Vessel JV.Nautilus is also currently in discussions with Deep Sea Mining Finance to extend the maturity date of the existing secured loan facility provided by the lender, which is currently due on January 8, 2019, in order to allow sufficient time for the company to progress the transactions discussed above

Ole Jacob Sandal (Photo: Ridge)

Ridge Hires Sandal as Subsurface Manager

exploration, drilling, corporate management and business development, combined with. He brings to the role a broad technical background, with a masters in petroleum geophysics and geology from University of Bergen, and a large national and international network within oil and gas business, research and finance.In connection with this appointment, Ridge enters into a co-operation agreement with HRH Geology.“In recent years, I have focused on establishing HRH Geology AS in Norway,” Sandal said. “HRH is a world-leading niche company in geo operations. Therefore, it makes sense that HRH

© Nord Stream 2 / Thomas Eugster

Nord Stream 2 Gas Pipeline is 70% Financed so Far

Seventy percent of funds needed to finance the Nord Stream 2 underwater gas pipeline from Russia to Germany have been raised, TASS news agency quoted the head of Russian gas giant Gazprom, Alexei Miller, as saying on Sunday.Nord Stream 2, which will double the capacity from the existing Nord Stream 1 pipeline from a current 55 billion cubic metres of gas a year, is owned by Gazprom, which is taking on half of the planned costs of 9.5 billion euros ($11 billion).The rest is divided between five European energy companies - Germany's Uniper and Wintershall, Anglo- Dutch group Royal Dutch Shell

Kendra MacDonald (Photo: OSC)

MacDonald to Lead Canada’s Ocean Supercluster

audit, to both large and small organizations within the private and public sectors.With a long track record of community and volunteer leadership, MacDonald is currently the Chair and Acting CEO for the Newfoundland and Labrador Association of Technology Industries (NATI) and the Chair of the Audit and Finance Committee, BioCanRX.Originally from Ontario, with family roots in Nova Scotia, and a graduate of the University of Ottawa, MacDonald currently lives in St. John’s NL. She holds numerous designations including Institute of Corporate Directors, Director (ICD.D), Certified in Risk Management

Photo: Aker Solutions

California Offshore Wind Project Progresing

and power cables and offshore power systems, allows for a wind offering that covers the entire lifecycle of a floating offshore wind farm. This includes planning, installation, commissioning, operations and maintenance services.Together, the project partners bring the expertise needed to develop, finance and operate the project as well as build an offshore wind energy supply chain.  RCEA and the consortium have been working with members of the community since 2017 to explore and develop the offshore wind potential of Humboldt County. They have engaged in a comprehensive process to determine

Thierry Hochoa (Photo: BOURBON)

Hochoa Takes Over as Bourbon CFO

from her position as Chief Financial Officer from July 11.A graduate of IAE Paris, ESCP Business School and also CPA, Hochoa began his career in 1994 as an external auditor at Arthur Andersen, then Ernst & Young (EY). In 2004, he joined Technip, first as Director of Internal Audit, then held various finance positions at Group level before becoming, in 2011, Corporate Financial Control Director. In 2013, he was appointed Chief Financial Officer of operations in Southeast Asia on the key Yamal project in Shanghai. In February 2016, he became Vice-President Finance & Group Controller in Paris and

CGG Names Baidoukov CFO

oil and gas industry experience. He is currently Group CFO at OiLSERV Group, a Middle East and North Africa Oilfield Services company. Prior to this, he was CFO of Maersk Oil US, and Group CFO of Integra Group, a CIS oilfield services company. Baidoukov spent 10 years of his career at Schlumberger in finance positions at the corporate and regional levels.Baidoukov holds an MBA degree from TRIUM Global Executive MBA, a joint program of NYU Stern School of Business, LSE and HEC Paris. He also holds a Master of Science (Honors), Economics degree from the Russian Peoples’ Friendship University, and

© ligados / Adobe Stock

Singapore's Offshore Industry Recovering

A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost, several defaults and billions of dollars in debt restructurings.Now, as oil prices

Schlumberger CFO Ayat to Retire Soon

Schlumberger NV Chief Financial Officer Simon Ayat plans to retire this year and a company insider has emerged as top candidate to replace him at the world's largest oil services firm, three people familiar with the matter told Reuters.Stephane Biguet, currently vice president of finance, is the frontrunner to replace Ayat, according to the people who declined to be named because the matter is not yet public.Schlumberger declined to comment.The CFO change would come as rising oil prices and dwindling producer reserves are helping lift demand for oil services, which were hit hard by the 2014 oil

Thomas Liew (Photo: Kreuz Subsea)

Kreuz Subsea Names Liew CFO

financial officer.Liew has more than 20 years’ experience in senior financial positions, leading multi-entity organizations in the Asia Pacific region and has been instrumental in driving growth and profitability through the implementation of key operating structures. His previous roles include VP Finance at ALSTOM Grid where he was CFO for ALSTOM’s EPC business in the Asia Pacific region. Prior to ALSTOM, Liew also held key finance and strategy positions with SONY Electronics Asia Pacific Pte Ltd, and SingTel Ltd.Liew’s appointment completes Kreuz Subsea’s leadership team. He is

Kasteleijn, Nijs Join Tocardo Managing Board

Henk Kasteleijn has joined tidal energy company Tocardo as Chief Financial and Operating Officer, and Ruud Nijs has joined as Project Finance Director.Henk Kasteleijn (Photo: Tocardo)Kasteleijn brings over 20 years of general and financial management experience with two leading multinationals in the innovative technology sector.Ruud Nijs (Photo: Tocardo)Nijs is a seasoned international banker with over 25 years of experience.“I am very pleased that we have attracted two managing board members of this caliber to join Tocardo’s diverse and talented executive team,” said Hans van Breugel

(File photo: Maersk Drilling)

Maersk Likely to Shelve Plans to List Drilling Division

Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division, but analysts value it at around $4.8 billion.It has not yet received any firm offers for the unit

Odfjell Drilling buys “Deepsea Nordkapp”

price is payable on delivery of the Unit. The Unit will be named “Deepsea Nordkapp”.      As informed in the company presentation published on 19 April 2017 in connection with the Private Placement (the “Company Presentation”), the Odfjell Drilling intends to finance the acquisition of the Unit through (i) a contemplated USD 325 million senior secured term loan facility, (ii) proceeds from the Private Placement, (iii) proceeds from a contemplated issue of preference shares to an affiliate of Akastor AS (“Akastor”) and (iv) a seller's credit from

© Dawid S Swierczek / Adobe Stock

US' First Planned Floating Wind Farm Taking Shape

features significant offshore wind lease application and permitting experience, a mature, cost-competitive and suitable floating wind technology for Humboldt County’s unique geography (Principle Power Inc’s WindFloat technology), and a highly-capable team with the needed capacity to develop, finance, operate and build a supply chain to support this and future projects. RCEA and the selected consortium will be negotiating and finalizing a partnership agreement in the coming weeks, working toward the goal of submitting a lease application later this spring.   The project is expected to

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