Offshore Energy News

U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S.

Poland is planning to assign new areas for offshore wind farms in the Baltic Sea and is drafting additional measures to boost the security of its critical energy infrastructure, government officials said on Wednesday."Maritime offices will submit analyses any moment, which will give grounds to make a decision on designating new areas for offshore wind farms," Deputy Infrastructure Minister Arkadiusz Marchewka told an industry conference.Poland is boosting its offshore ambitions in the Baltic Sea…

Energy and marine consultancy ABL has expanded its global presence with a new office in New Zealand, to support the country’s growing maritime and offshore energy markets.The ABL New Zealand office will be led by experienced maritime professional Morwenna Vye, offering the company’s full range of energy and marine consultancy services.Leveraging the global expertise and resources of ABL Group, the new office will specialize in services including technical due diligence, technical advisory and management consultancy…

The Norwegian Offshore Directorate said that Norway's oil and gas production in October exceeded the official forecast by 5 percent.Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.The total oil, gas liquids, natural condensate and gas production stood at 0.657 standard cubic metres (SCM) per day. This is equivalent to 4,13 million barrels oil equivalent.The…

Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.Rivals Shell and Norway's state-controlled Equinor are also scaling back energy transition plans set out earlier this decade. Their change of direction…

There’s plenty to go around for everyone, no matter it comes from.I will admit that attending the 2024 Workboat Show in the Big Easy just ten days after settling into the MarineNews Editor’s chair (for this, the second time around) had my full attention. The event typically evokes the specter of drinking from the proverbial fire hose in routine times, but attending and digesting all it has to offer, right out of the gate, makes the task just little bit edgier. Ultimately, last week’s trade show exuded terrific energy, from exhibitors to attendees alike.

Finnish engineering firm Cargotec said on Thursday it would sell its cargo handler business MacGregor to European private equity firm Triton in a deal valued at 480 million euros ($506 million), including debt.The deal would be pursued to help its on-road load handling business, Hiab, operate as a standalone business, Cargotec said, adding that its CEO Casimir Lindholm would step down and be replaced by Hiab President Scott Phillips as a part of the arrangement.Hiab would subsequently be the only business remaining under Cargotec as a result of the deal…

Norwegian offshore vessel operator DOF Group has won a contract for IMR vessel and associated subsea services in the Asia Pacific region.The contract will utilize one of DOF’s project vessels in the region and includes project management, engineering, logistics support and all related subsea activities.Offshore services are expected to commence in the first quarter of 2025 for approximately 150 days.“This award secures further backlog for the Asia Pacific region with an estimated value of over A$20 million ($13.1 million).

R.W. Fernstrum & Company, founded by Robert W. Fernstrum 75 years ago, is a quintessential U.S. manufacturing story. The company was born in the aftermath of WWII, founded on an invention developed during the war by Robert Fernstrum to help solve an engine overheating problem that was plaguing U.S. Navy landing craft. Family owned and operated from day one, today the company includes a fourth generation of family that aims to continue the legacy of its founder, a legacy built on effective…

Orsted CEO assures Sweden that the offshore wind industry has solutions that would address defense concerns. At issue: Sweden's rejection of a proposed 13 offshore wind farms in the Baltic Sea.Swedish Defense Minister Pal Jonson said on Monday that building wind farms in the Baltic Sea would pose defense risks, by making it harder to detect and shoot down missiles. As Europe turns to renewable sources to diversify energy supplies away from Russian oil and gas, concerns have also…

Preparing for industrialization, the floating offshore wind industry is tackling its unique mooring and cabling challenges.The idea of keeping floating offshore wind platforms in place using dynamic positioning has been considered. The trouble is: it could take up to 80% of the electricity generated by the turbine to do it.So, as Maersk Supply Service said a few years back: In a field of 100 turbines with 4-5 mooring lines each, there is going to be a lot of subsea “spaghetti.” It’s not a problem unique to the industry…

Subsea7 in August announced it was awarded a "sizable" contract, worth between $50 million and $150 million, to perform engineering, procurement, construction, and offshore installation (EPCI) work in the U.S. Gulf of Mexico.The company revealed on social media that the contract was awarded by Shell Offshore Inc., for its Vito waterflood project. Subsea7's work scope includes EPCI of a water injection flowline, hull piping, and associated subsea infrastructure for an enhanced…

Petrobras has achieved first oil with the Floating Production Storage and Offloading (FPSO) unit Marechal Duque de Caxias, one of the largest ultra-deepwater FPSOs in the world, installed at the Mero field in Santos Basin, offshore Brazil.The FPSO has the capacity to produce up to 180,000 barrels of oil per day and compress up to 12 million cubic meters of gas daily. It will increase Mero’s installed production capacity from 410,000 to 590,000 barrels of oil per day.The unit is part of Mero’s fourth production system and was chartered from MISC.

Kongsberg Maritime delivered its 1,000th ship design - the IWS Seawalker, a windfarm service operation vessel (CSOV) and one of six ‘Skywalker Class’ UT5519 DE for IWS Fleet.In a naming ceremony in the port of Hanstholm, Denmark, the IWS Seawalker, becomes the third Skywalker Class vessel to be delivered, and is due to be deployed in the North Sea in the coming weeks.The early 1970s, at the dawn of the offshore oil and gas industry, saw the very first vessels, designed specifically for the harsh operating conditions of the North Sea…

Damen Shipyards has started construction of three shallow draft multi-purpose support vessels at its shipyard in the United Arab Emirates, in anticipation of an increase in offshore and dredging activity in Arabian Gulf region.The initial program will be comprised of a 27-metre Multi Cat 2712 for delivery in November 2025, a 33-metre Multi Cat 3313 SD (shallow draft) for delivery in December 2025, and a 27-metre Shoalbuster 2711 for delivery in February 2026.All three types are…

Seismic work at offshore gas fields shared by Venezuela and Trinidad and Tobago is expected to start in the coming days, the Caribbean country's energy minister Stuart Young said on Friday on social media.Venezuela in July issued a 20-year license allowing the development of its side of the reservoir, the Cocuina field. The U.S. earlier this year also authorized the project, to be developed by Britain's BP and Trinidad's National Gas Company.The Cocuina and Manakin fields, whose Venezuelan portion belongs to the idled offshore gas project Plataforma Deltana…

During the first half of the year, Marlink’s Security Operations Center actively monitored more than 1800 vessels across the maritime industry, including cargo ships, cruise liners, research vessels, superyachts, tankers, and offshore support vessels.The monitoring process involved continuous surveillance and analysis of various cyber activities across these assets to ensure the security and integrity of critical maritime operations.In its latest "SOC Report", Marlink reports that e-mail remains a primary vector for cyber attacks, particularly through phishing and malware distribution.

Danish subsea cable and services firm NKT, in close collaboration with SSEN Transmission, has completed the turnkey project of connecting the Shetland Islands to the main grid in Scotland with the Shetland HVDC Link.The 320 kV HVDC interconnector is now a key contributor to the integration of renewable energy in Great Britain.Interconnected power grids are essential to the green transition and with the completion of the Shetland HVDC Link, 600 MW of renewable energy can now flow…

Edison Chouest Offshore (ECO) affiliate C-Innovation (C-I) on Monday announced it has signed a new three-year contract with bp for field development, and inspection, maintenance and repair (IMR) work.The contract, which has options for two one-year extensions, is for the provision of two subsea construction vessels, C-Constructor and Holiday, and access to a fleet of specialized subsea and supply vessels. It also includes project management, engineering, equipment, logistics and port services.

According to the Norwegian Offshore Directorate's projected scenarios leading up to 2050, the difference between high and low production of oil and gas can amount to nearly an entire government pension fund.Norway still has extensive oil and gas resources on the Norwegian continental shelf (NCS). This can provide a basis for high levels of production, export and value creation for the broader society for many years to come, according to the new resource report. However, this potential future will not simply materialize on its own.

Ocean Infinity has received a Statement of Compliance (SOC) from DNV for its remotely supported vessel operations, marking industry's first such achievement.The approval from DNV, the world's leading classification society, establishes Ocean Infinity as the industry's first organization to reach the required standard of technology and operations for large vessels, and permits the beginning of onshoring marine related tasks and activities.The significance of this achievement was underscored at SMM in Hamburg…

Britain's decision to issue dozens of new oil and gas exploration licences is being challenged in court by a marine conservation organization, which argues ministers unlawfully failed to consider the impact on marine life.Oceana UK is taking legal action over 31 licences issued under Britain's previous government in May this year as part of the North Sea Transition Authority's latest oil and gas licensing round.An exploration licence does not necessarily result in a producing field, though environmental groups argue that expansion of oil and gas production is inconsistent with the government's

The OSV sector has concluded its second quarter earnings season, marking another quarter with strong profitability and favorable market conditions. However, negative oil market sentiment, with the Brent price down by 19% since the start of July, has impacted the overall oil services market with the wider PHLX Oil Service Index trading down 4% year-to-date. The OSV sector has returned 5% year-to-date at the time of writing, led by DOF’s 57% performance.Image courtesy Fearnley SecuritiesDayrates Continued to RiseTidewater was the first out of the blocks this earnings season…