Mocean Energy Raises Funds for Blue Star Wave Energy Technology
Wave energy firm Mocean Energy has raised £2.2 million in new equity alongside a £500,000 grant to drive the commercialization of its wave energy technologies.The equity funds come from existing investors, including Equity Gap, Scottish Enterprise and Old College Capital, the University of Edinburgh’s venture investment fund, alongside new shareholders Norwegian impact investors Katapult Ocean and MOL PLUS, the corporate venture capital arm of listed Japanese shipping conglomerate MOL.In addition, Mocean has secured a £499,500 Low Carbon Manufacturing Challenge Fund grant
Survey Firm Argeo Sees Q1 Revenue Jump. Order Book Nearly Fully Booked for 2023
Norway-based offshore survey firm Argeo said Thursday its order book was at record high levels, and that its revenue jumped significantly during the first quarter of 2023,"We have put a strong first quarter behind us with a 258% growth in revenues from NOK 6.9 million in Q1 2022 to NOK 24.7 million and a record high order book," says Argeo CEO, Trond Crantz.The company said the revenue growth in Q1 2023 was driven by the successful completion of deep-water project with Argeo Searcher vessel and both SeaRaptor AUVs in the North Atlantic, as well as commercial work done by the Hugin 6000 AUV
Cordiant Supports ROVOP's Offshore Service Expansion with $25M Credit Facility
UK-based remotely operated vehicle (ROV) solutions provider, ROVOP, said Thursday it had agreed a $25 million senior secured credit facility with Cordiant Capital (Cordiant), the specialist global infrastructure & real assets manager.Backed by Bluewater, ROVOP provides equipment and services offshore sectors, including the installation of wind farm-related infrastructure, gas pipelines, and subsea internet cables."With a management team well known to Cordiant, the firm is pleased to support ROVOP as it continues to invest in its fleet infrastructure and employees and to allow the business to
Modus Subsea Services Secures Loan from Gordon Brothers
Advisory and investment firm Gordon Brothers said this week it had provided a £5 million (currently around $6,2 million) term loan to Modus Subsea Services (Modus).Modus, specializing in using Underwater Intervention Drones to automate and decarbonize subsea inspection, maintenance, and repair services, has used the loan for refinancing with existing lenders and to assist in developing "best-in-class solutions for clients globally."“We’re delighted to support Modus with a financing package that has provided the headroom to continue building out their market-leading developmen
Wanted: A Sea-change in Climate Finance for Oceans
, with companies such as Stripe and Shopify invested in ocean carbon removals companies including Vesta, Running Tide and Planetary Technologies. But investment in these so-called “blue economy” ventures is still nascent, with SDG 14, Life Below Water, receiving less than 1% of climate finance, the least of all the sustainable development goals.According to the United Nations Environmental Programme’s (UNEP) newly released State of Finance for Nature report, investment in marine nature-based solutions is only $980 million, whereas terrestrial protected areas receive almost $23 billion
Saipem Confirms Targets After Return to Core Profit
Italy's Saipem on Wednesday confirmed its 2022 guidance and the targets in its business plan after the energy services group reported a first-half adjusted core profit of 321 million euros ($325 million).Investors this month agreed to fund only 1.4 billion euros of a life-saving 2 billion euro cash call, leaving the underwriting banks to mop up the remaining new shares. Read full storyHowever, CEO Francesco Caio sounded a more upbeat note after a hefty profit warning earlier this year and said the company would stick to its objectives for 2022-25."On the basis of these results, we look
Subsea 7 Rises on Improved Outlook, Cash Dividend
Engineering firm, a major supplier to the oil industry, has decided to pay a regular dividend and buy back stock as it swung to a full-year profit in 2021 and its outlook improved, the company said on Thursday.Subsea 7 said it "firmly" believed that the market recovery was underway based on increased interest from its customers and it now expects its 2022 earnings to be "in line or better" than last year.Its Oslo-listed shares rose 6.5% by 1019 GMT, on track for their biggest daily gains in some 18 months, following the release of its October-December and full-year earnings.Analysts
Aker Solutions Raises 2022 Revenue Outlook
Norwegian oil services firm Aker Solutions raised its 2022 revenue outlook on Tuesday and said its earnings margin is likely to increase this year while order intake is headed for a record high, sending its shares sharply higher.The company now expects revenue to rise by more than 20% to at least 35 billion Norwegian crowns ($3.97 billion), up from earlier guidance of a 15% increase, as the oil industry is expected to step up spending amid supply tightness.Its Oslo-traded shares had risen 7.5% by 0856 GMT to a three-year high, outperforming the wider European oil and gas index which was up 0.75%.
Saildrone Closes $100 Million Series C Funding Round
Saildrone in mid-October announced the close of its $100 million Series C round, bringing its total funding to $190 million.Led by BOND, the round includes new investors XN, Standard Investments, Emerson Collective and Crowley Maritime Corporation, as well as participation from previous investors, Capricorn’s Technology Impact Fund, Lux Capital, Social Capital and Tribe Capital. Saildrone said it will use the new financing to grow its data insight teams and scale go-to-market functions to meet the rapidly growing demand for ocean domain intelligence.An American owned and operated company founded
February 2024
