Subsea Vessel Market is Full Steam Ahead
Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary, but for the purposes of this article
Mocean Energy’s Blue X Wave Device and Verlume’s Halo Battery Come Ashore
Mocean Energy’s Blue X wave energy converter, with project partner Verlume’s Halo storage system, have been retrieved to shore after more than 12 months of testing at sea as part of Renewables for Subsea Power (RSP) project.Orkney-based marine services provider Leask Marine was employed to help bring RSP technology back onshore.The next steps for the RSP project include removing all equipment from the marine site, ahead of inspection and clean down onshore in Orkney, and moving to Verlume’s operations facility in Dyce, Aberdeen.The project has given RSP's participants invaluable
Greensea IQ and VideoRay Partner to Enhance ROV User Experience
partnership to enhance the user experience for remotely operated underwater vehicles (ROV).The renewed five-year, multi-million dollar agreement will aim to help improve the performance and dependability of their products, as well as fostering innovation within the inspection class ROV sector, including subsea defense and commercial customers. The companies said they have already begun work on the development of Professional Workspace software for VideoRay’s Ally, the newest member of their Mission Specialist family."The Master Agreement between Greensea IQ and VideoRay illustrates the significant
PXGEO Acquires Modus Subsea Services
Marine geophysical services company PXGEO on Monday announced it has acquired Modus Subsea Services to boost its subsea offering.Modus Subsea Services is a U.K.-based provider of offshore life-of-field support services specializing in autonomous subsea operations using underwater intervention drones (UID) based on the Saab Sabertooth platform. The company has also developed and commercialized the industry's first-ever UID subsea residency solution.Residency, where the vehicle remains docked with a subsea docking station for charging and data transfer, aims to provide survey and inspection, maintenan
Nexans and Equinor Cement Partnership with New Agreement
French subsea power cable maker Nexans and energy company Equinor have strengthened their long-term collaboration with a new four-year contingency and preparedness contract.Nexans and Equinor are extending their collaboration through a four-year agreement that includes turnkey repair services for various cable systems.Equinor will manage and operate the contract on behalf of the Pipeline Repair and Subsea Intervention (PRSI) Pool members. The agreement covers approximately 3,000 km of cable.To ensure Equinor’s assets’ normal functioning, Nexans will provide its unique expertise of performing
Kraken Robotics Sees Strong Momentum Continuing
quarter and marked the company’s strongest quarter to date for both the product and service businesses.Revenue mix was 70% Product / 30% Service. Product revenue in the quarter was $19.6 million, an increase of 287% over the comparable quarter.The increase was the result of continued delivery of subsea batteries, work with the Canadian Navy on its Remote Minehunting and Disposal Systems program, the production of the company’s KATFISH product as well as the sale of Synthetic Aperture Sonar systems.Kraken is reiterating its 2024 financial guidance. For 2024, Kraken expects revenue between
Kraken Robotics Wins $6 Million Order for Subsea Batteries
Kraken Robotics Inc. announced it has received orders totaling more than $6 million for subsea batteries.The Canadian-based marine technology company did not disclose details about the customer or application.Kraken said it expects to perform deliveries in 2024 and 2025.
ABL Gets Neptun Deep Job for OMV Petrom in Black Sea
won the contract to provide MWS services to review, survey and approve all operations relating to the transportation and installation (T&I) of critical project assets for development of both Domino and Pelican South fields.ABL’s scope of work includes the T&I of the shallow water platform, subsea installation at both fields including a 160 km subsea pipeline from the said platform to the shore.The Neptun Deep project is the largest natural gas project in the Romanian Black Sea. Production is expected to start in 2027, contributing to the region’s energy security.The shallow water platform
Maritime Risk Symposium 2024 – Great Power Competition and Gray Zone Engagement
present growing dangers to freedom of navigation, the maritime global commons, and world trade. In 2024, gray zone activities against the maritime industry and the Marine Transportation System became front page news with drone attacks, ship sinkings, mining of grain-shipment corridors, cutting of subsea cables, and more. Due to adversarial actions, the industry itself is now at the center of attention for the U.S. Coast Guard, U.S. Navy, U.S. Marine Corps, U.S. Merchant Marine, inter-agency partners, state and local governments, and international stakeholders. Vessels have been harassed and
February 2024
