Offshore Energy News

Companies planning a flagship offshore gas project between Venezuela and Trinidad and Tobago "have not slowed down" work, Trinidad Prime Minister Stuart Young said on Thursday, despite the United States increasing pressure on sanctioned Venezuela and uncertainty over the extension of a license for the project.Following talks with U.S. Secretary of State Marco Rubio, who is visiting South American and Caribbean countries this week, Young said the "landscape is changing," referring…

BP is exploring the sale of minority stakes in two of its most valuable Gulf of Mexico oil projects — Kaskida and Tiber — as the energy giant recalibrates its strategy to prioritize oil and gas, according to two sources familiar with the matter.The potential divestments could involve selling up to 50% of each project, which are estimated to be worth billions of dollars, the sources said. Discussions are still in the early stages, and a formal sales process may launch later this year.The move comes as BP retreats from an earlier pivot toward clean energy…

Aesen, in partnership with its Thailand joint venture Uniwise Offshore, marked a milestone in offshore boat innovation with the keel laying of the WIND Flyer Trimaran Fast Crew Boat. This event, held at Marsun Public Company Limited, represents the commencement of a next-generation vessel that it says will redefine offshore crew transport.Developed in collaboration with Chevron Thailand Exploration and Production, Ltd., the WIND Flyer is designed for high-speed transit of up to 34 knots…

A project on a subsea power cable to link continental Europe to the East Mediterranean will materialize, Greek foreign minister said on Thursday after meeting his Israeli and Cypriot counterparts.Media reports earlier this week suggested that the project had stalled over territorial differences.Greek power grid operator IPTO ADMr.AT is building the Great Sea Interconnector (GSI) cable, which will link transmission networks of Europe to Cyprus. It will later stretch to Israel through the Mediterranean Sea.(Reuters)

Petrobras is looking at potential opportunities in Argentina while advancing in projects in Colombia and Africa, the firm's exploration and production head Sylvia dos Anjos said on Tuesday.Gas from the Vaca Muerta region would be interesting to Petrobras as a pipeline connecting Argentina, Bolivia and Brazil could be used to transport it, Anjos said on the sidelines of the CERAWeek conference in Houston.She added the firm could also look for oil opportunities in Argentina, as…

U.S. Secretary of Energy Chris Wright delivered a keynote address at CERAWeek 2025, emphasizing the administration’s commitment to expanding American energy production while ensuring affordability, reliability, and security.Wright criticized previous energy policies for focusing too narrowly on climate concerns, arguing that they led to higher costs and economic instability. He reaffirmed the administration’s support for natural gas, nuclear, and expanded energy infrastructure…

Researchers at Plymouth Marine Laboratory (PML), alongside colleagues at the University of Aberdeen, found that the majority of UK fishermen feel their livelihoods are being threatened by the rapid expansion of offshore wind farms (OWFs), with impacts felt across all vessel sizes and fleet sectors.The study reveals that while the UK leads globally in offshore wind energy production, providing 45% of European capacity and 24% of global capacity, this growth is creating significant spatial conflicts with the commercial fishing industry as both sectors compete for limited marine space.

Britain will invest 55.7 million pounds ($71.45 million) in the Port of Cromarty Firth in Scotland to expand the facility to become a hub for floating offshore wind, the government said on Wednesday.Britain has a target to largely decarbonize its electricity sector by 2030 which will require a huge ramp up in renewable power like offshore wind.Using floating turbines, that are not fixed to the seabed like traditional wind farms, allows the projects to be much deeper out at sea, making them less visible to communities that might object and where wind speeds are likely to be stronger.Currently t

In the early days of dynamic positioning, the 1960s and 70s, commercial deepsea divers soon learned how good their support vessel’s DP footprint was. Their lives depended on it. If a vessel slowly, or worse still, rapidly, moved off position, they would be pulled along with it.Diver safety was an early motivator for developments in DP systems, but risks remained. Chris Lemons survived a worst-case scenario in the North Sea in 2012: “First, the communications cable snapped. Then the gas hose stretched to the point I had nothing to breathe. I opened the supply on my back.

Havila Shipping ASA announces its Q4 2024 financial results, highlighting steady freight revenues, strong fleet utilization, and the successful completion of a major debt restructuring.Key Financial Highlights (Q4 2024):Freight revenues: NOK 148.0 million, consistent with Q4 2023 and up NOK 7.1 million from Q3 2024.Fleet utilization: Maintained at 92%, with a higher average rate than the previous quarter.Operating expenses: NOK 87.7 million, down NOK 1.6 million from Q4 2023 but…

Nigeria's state oil firm NNPC announced a joint venture with Swedish tanker giant Stena Bulk and Nigerian offshore logistics leader Caverton Marine to overhaul maritime transportation in West Africa.The newly formed company will streamline crude oil, refined products and LNG shipping across West Africa and cater to other oil producers and traders in the region with modern vessels.The companies did not share financial details of the deal, which was signed last week."By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance our domestic r

Orkney-based marine services firm Green Marine UK has announced a seven-figure capital investment in a new Subsea Services Department targeting the U.K.’s offshore wind sector.The company expansion, boosted by financial backing from HIE (Highlands and Islands Enterprise), includes the purchase of subsea technology from Rovtech (Seatronics), Sonardyne, Norbit, Voyis, Tritech, Digital Edge Subsea, EIVA and a range of other sensors.The Subsea Services Department, expected to officially launch in late spring 2025…

Energy services firms Saipem and Subsea7 have reached an agreement on the key terms for possible merger of the two companies under one unit to be named Saipem7, whose combined backlog would be over $45 billion.Saipem and Subsea7 shareholders will own 50% each of the share capital of the combined company, whose revenue is expected to be around $20.9 billion, and core earnings in excess of $2 billion.Saipem7 will become a global organization of over 45,000 people, including more than 9…

Subsea cable services company Asso.subsea has introduced the Marine Technology Business Unit, a strategic initiative dedicated to shipbuilding, innovation and sustainability in offshore energy.The new unit marks a significant milestone in the company’s long-term shipbuilding and fleet expansion plans, reinforcing its commitment to delivering cutting-edge marine solutions tailored to the evolving needs of subsea operations.The launch of the unit is officially inaugurated with the signing of the first shipbuilding contract for the Althea…

Watson Farley & Williams (‘WFW’) advised Eurazeo, acting as lead investor via its Eurazeo Transition Infrastructure Fund, on a $73m investment in new offshore service vessel platform MPC OSE Offshore. The platform, a joint venture between MPC Capital and O.S. Energy, helps develop, build, and manage service support vessels for offshore wind farms. The consortium of investors comprised the European family office and others in addition to Eurazeo.A leading European investment group with $37bn AUM, Eurazeo supports 600+ mid-market companies across Europe, Asia, and the United States.MPC Capital is a global investment and asset manager with $5bn AUM specializing in transport…

Companies that once committed to investing in U.S. offshore wind infrastructure and supply chains are now scrapping their plans as the industry experiences significant challenges. These setbacks stem from project delays, soaring costs, and the potential loss of federal support under former President Donald Trump’s proposed policies.The downturn in the offshore wind sector over the past two years has led to prolonged project delays, budget overruns, and even outright failures of planned wind farms…

U.S. oil production is expected to reach new heights in 2025, surpassing earlier projections, according to the U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook. The EIA now forecasts U.S. crude oil production will average 13.59 million barrels per day (bpd) in 2025, up from its previous estimate of 13.55 million bpd.Despite this upward revision in production, the agency has kept its forecast for U.S. petroleum and liquid fuel consumption steady at 20.5 million bpd for 2025. President Donald Trump has reaffirmed his commitment to maximizing U.S.

Next Ocean, a Dutch developer of Vessel Motion Radar systems for offshore wind and oil and gas industries, has secured seed investment from Arches Capital to drive its business expansion.This funding will accelerate Next Ocean’s growth, enabling the company to scale production, expand into new markets, and further develop its predictive radar technology.Over the past years, Next Ocean has delivered numerous Vessel Motion Radar systems to offshore wind and oil and gas companies.The technology provides real-time insights into wave-induced vessel motions…

A Scottish court has invalidated Britain's approvals for two major North Sea oil and gas projects, delivering a significant victory to environmental groups and raising uncertainty over future fossil fuel developments in the UK.The Court of Session in Edinburgh found that the government had unlawfully granted approval for Shell's Jackdaw gas field and Equinor's Rosebank oil and gas field by failing to consider the emissions generated when the extracted fuels are burned—known as downstream emissions.

Dominion Energy, Inc. (NYSE: D) provided updates on the 2.6 GW Coastal Virginia Offshore Wind (CVOW) project. The fully permitted project is now approximately 50% complete and remains on track for on-time completion by the end of 2026. CVOW continues to achieve construction milestones, including successfully installing the first 16 transition pieces, which connect the foundation and tower for each of the 176 wind turbines. Delivery of the first of three 4,300-ton offshore substations to the Portsmouth Marine Terminal in Virginia Beach occurred at the end of January.

Kongsberg Maritime has unveiled a range of innovative methods designed to transform and industrialize the transportation and installation (T&I) of floating offshore wind turbines.The new solutions have been developed to streamline the entire process, from anchor and mooring installation through to electrical cable pull-in, ensuring that turbines are ready to be connected to energy grids, and offer a comprehensive solution for the floating offshore wind market.The solutions are…

The offshore wind sector is bracing for transformative changes as it navigates shifting political landscapes and evolving market demands. To shed light on the current state of the industry, Maritime Reporter TV interviewed Phil Lewis, Director of Research at Intelatus, an international offshore energy markets expert, to discuss the trends shaping the Service Operation Vessel (SOV) and Construction Service Operation Vessel (CSOV) markets and the future of U.S. offshore wind under…

Windward has launched a Critical Maritime Infrastructure Protection solution, an AI-powered solution designed to protect the world’s essential maritime infrastructure against growing threats.Windward’s Critical Maritime Infrastructure Protection solution addresses three primary threats to maritime infrastructure, deep-sea research operations, shallow-water sabotage, and attacks on offshore oil rigs and platforms. The AI-powered solution monitors high-risk vessels to flag suspicious activities…