Nauticus Robotics Secures $20M Loan Deal with Key Stakeholders
Nauticus Robotics, a developer of ocean robots and artificial intelligence for autonomous services to the offshore industries, said Thursday it had entered into a senior secured term loan agreement with existing stakeholders, Transocean, ATW Partners, Material Impact, and RCB Equities.The term loan deal provides Nauticus with up to $20 million in secured term loans, of which $11.6 million has already been funded.The loans are convertible at $6.00 per share of common stock, subject to certain customary anti-dilution adjustments, at the option of each Lender, until the date that the loans are no longer
Transocean's Drillship to be Used for Deep-Sea Mineral Exploration
Offshore drilling company Transocean has agreed to invest in DEME Group’s subsidiary Global Sea Mineral Resources NV (“GSR”) in exchange for a non-controlling stake in the company. GSR is the deep-sea mineral exploratory company engaged in the development and exploration of deep-sea polymetallic nodules that contain metals critical to the growing renewable energy market, and is a developer of nodule collection technology.Transocean has agreed to contribute the stacked Ocean Rig Olympia drillship for GSR’s ongoing exploration work, as well as make a nominal cash investment.
Subsea Robotics: Aquanauts, Hydronauts, Roll Out
2014 (as Houston Mechatronics Inc), the company has been a bit of an outsider in the offshore industry, against incumbents offering (for the most part) more traditional looking underwater robotic systems.However, the third quarter of 2022 saw the company (whose investors include Schlumberger (SLB) and Transocean) complete a business combination with CleanTech Acquisition Corp., netting it nearly $60 million to fund its first fleet of ocean robots; list on the Nasdaq exchange; agree a trial with energy giant Shell; win a contract with the U.S. Defense Innovation Unit; and agree a defense related partnership
Transocean's Offshore Drilling Rig to Drill Carbon Injection Well in Norway
Offshore oil and gas drilling firm Transocean said Tuesday that one of its drilling rigs would later this year be used for a not-so-typical project for an offshore oil rig.Namely, the Norwegian oil firm Equinor plans to use the Transocean Enabler semi-submersible drilling unit to drill a carbon injection well and a sidetrack for another carbon injection well drilled early 2020 in support of the Northern Lights Carbon Capture Storage Project.Northern Lights is a joint venture created by Equinor, Shell, and TotalEnergies. The project is designed to mitigate emissions and remove carbon dioxide from the
Subsea Tiebacks: A Troll with a Kinder Surprise
of a new 1200-tonne processing module on Troll A following Aker Solutions’ front-end engineering and design work. The process module was built at Aker Solutions yard in Egersund, Norway.The eight new wells were drilled during 2019-2020, using the semisubmersible drilling rigs COSL Promoter and Transocean Equinox in order to produce the 347 billion cubic meters of gas. The new NOK 1 billion, 40m-long, 10m-wide process module (designed to slot into a space on Troll A) was installed in August 2020; six months delayed due to lowering staffing levels because of the Coronavirus pandemic. The world&rsquo
What Did Scientists Learn from Deepwater Horizon?
April 20, 2020, marks the tenth anniversary of the Deepwater Horizon rig explosion, the offshore oil industry's biggest environmental disaster.Eleven people died, 17 others were injured, Transocean's drilling rig sank, and an incident caused more than four million barrels of oil to spill into the U.S. Gulf of Mexico from the BP-operated Macondo well which spewed oil into the ocean for 87 days before it was finally capped.In a review paper published in the journal Nature Reviews Earth & Environment, Woods Hole Oceanographic Institution (WHOI) geochemists Elizabeth Kujawinski and Christopher
Offshore Drilling: It’s Going to Get Worse Before It Gets Better
amounts at stake, and the three regions comprise 50% of the total options value. In Southeast Asia and the Middle East, the options consist entirely of jackup contracts, whereas the $136.1 million in the US Gulf of Mexico concerns mainly floating rig options. Rig managers, Valaris ($331 million) and Transocean ($195 million) have the highest dollar amounts of options to be exercised and are the most exposed. Figure 1 shows the calculated 2020 contract options potentially at risk by region.Most of the nearly 300 drilling programs that currently have 2020 start dates will be delayed. Riglogix has heard
Subsea 7 CEO Will Retire at Year End
services company Subsea 7 announced that Jean Cahuzac will retire from his position as CEO at the end of this year, and will be succeeded from January 1, 2020 by John Evans, who is currently COO.Cahuzac has been in the industry for 41 years and CEO for Subsea 7 since 2008, having previously worked for Transocean and Schlumberger. Following his retirement as CEO, he will continue with Subsea 7 as a Non-Executive Director.Evans has been COO of Subsea 7 since he joined the company in 2005 and has over 30 years’ experience in the offshore energy services industry. He previously worked for KBR in a number
Fugro Secures E&P Support Contracts
hazards surveys, a flowline corridor survey and a shallow geotechnical survey. For the geotechnical site investigations, the workscope includes drilling, laboratory analysis and engineering reporting.To service a long-term contract, Fugro has installed its custom-designed FCV 3000 ROV equipment onboard Transocean’s ultra-deepwater drillship, Deepwater Invictus, for subsea ROV support at drilling campaigns in Trinidad and Tobago, the US Gulf of Mexico, and Mexico. These operations commenced in June this year and continue until May 2020.Ed Saade, Fugro’s USA President, explained that the company&rsquo
February 2024
