Daily Archives: October 12, 2016

Potential oil output deal prompts another worry: a shortage

By Offshore Energy Today.. By Ron Bousso ISTANBUL (Reuters) – While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis – a supply shortage. Over $1 trillion…

Optime Subsea merges with Telemark

By Offshore Energy Today.. Subsea technology company Optime Subsea Services and Telemark Technologies have agreed to merge. As part of the merger, the Norwegian industrial investment company Holta Invest becomes the largest single shareholder in Optime Subsea Services. The merger, a result of an existing partnership between the two companies, is expected to be finalized…

PGS beats expectations

By Offshore Energy Today.. Petroleum Geo-Services (PGS), a marine geophysical company, has surpassed market expectations after saying on Wednesday it expects to report consolidated 3Q 2016 revenues of approximately $220 million. The company also said it expects to report EBITDA of approximately $110 million for the third quarter of 2016. According to Dagens Næringsliv, a…

Allseas hires four platform supply vessels from Bravante

By Offshore Energy Today Allseas, a Swiss-headquartered offshore installation and construction company, has hired four large platform supply vessels from Brazil’s Bravante company. According to VesselsValue, Allseas has hired platform supply vessels Bravante 5, Bravante 6, Bravante 7, Bravante 8 for a period of four months each, with options to extend those charters. The charters…

Bechtel completes Curtis Island LNG construction (Video)

By LNG World News LNG-engineer Bechtel on Tuesday said that the construction of the Curtis Island LNG program, near Gladstone in Australia, has been completed with the production start at APLNG’s second liquefaction train. Bechtel said in its statement that following a six-year design and construction effort it has delivered all six LNG production trains…

EMGS cutting costs. Layoffs imminent

By Offshore Energy Today Norwegian seismic acquisition company Electromagnetic Geoservices ASA (EMGS) has announced a reduction in its cost base “in line with a reduced level of activity.” The company said this would lead to layoffs. The company said on Wednesday it would seek a global reduction in employee expenses of approximately 20% by using…

PSV Viking Nereus gets new owner

By Offshore Energy Today.. Following a recent announcement by the Norwegian offshore shipping company Eidesvik Offshore regarding an agreement to sell on of its platform supply vessels (PSVs), Eidesvik has delivered the vessel to its new owner. At the end of September, Eidesvik entered into the agreement with an unnamed buyer to sell the PSV…

GTT scoops new LNG carrier order

By LNG World News For illustration only (Image courtesy of GTT)French LNG containment specialist GTT on Monday said it has received an order from South Korea’s Samsung Heavy Industries to equip a new LNG carrier with its Mark technology. The vessel, expected to be delivered in 2019, will be built at SHI’s shipyard in Geoje…

Petrobras, Galp move to expand cooperation

By Offshore Energy Today Brazilian oil company Petrobras has signed a memorandum of understanding with Portugal’s Galp Energia to expand cooperation between the two companies and consolidate their strategic alliance. In a statement on Tuesday, Petrobras said the partnership could mean cooperation in exploration, development, and production of oil and gas around the world. The…