More new offshore wind farms may be on the way in the US, but that does not necessarily mean that the Jones Act, which hinders European players from carrying out installations on non-US vessels, will be done away with. Instead, there are indicators that US yards will build the necessary vessels themselves, says a US offshore wind researcher.
The market for offshore wind is projected to experience massive growth ahead of 2020 in Europe alone. Still, Danish offshore service carrier Ziton is looking to maintain its dominant market position, CEO Thorsten Jalk tells ShippingWatch.
Bourbon Offshore's operating deficit grew in step with the oil industry's lacking investments in the first half year. Despite a small improvement in offshore, the prices will remain strained, expects the carrier.
Important knowledge was lost when a key employee was fired before the incident in which two Maersk Supply Service Vessels sank, notes a researcher of maritime safety – but the carrier denies that cost cutting played a part in the wreck.
Following a USD 90 million deficit in 2016, the former Viking Supply Ships CEO Christian W. Berg will play a key part in turning developments around at Norwegian GC Rieber Shipping. ShippingWatch has interviewed Chairman Paul-Chr. Rieber about the opportunities facing the carrier.
The Sævik family, known for Havila Shipping, has bought a stake in offshore carrier Volstad Maritime, based in Ålesund, Norway, report local media. "We wish to contribute to building a large and profitable subsea company," says Havila founder Per Sævik according to Sysla.
The offshore carrier achieved a higher revenue and improved bottom line in the second quarter. Recent acquisitions will contribute to a higher revenue for 2017 than last year, and the company expects a surge in orders in the strained offshore market.
Offshore carrier Subsea 7 has acquired a series of assets from distressed peer EMAS Chiyoda Subsea. The purchase comes with an order backlog of USD 850 million and will strengthen the company's presence in the Middle East, says CEO.
It came as very good news at a tough time for the offshore sector when Statoil this Wednesday awarded long-term vessel contracts to four carriers for a total value of NOK 3.1 billion. "It's important to secure long-term contracts in today's market," DOF's Chief Exec tells E24.
The Norwegian oil major has taken on a series of offshore vessels on contracts totaling USD hundreds of billions, including ships from Norway's new, large-scale offshore carrier Solstad Farstad and from Havila.
The market for offshore service vessels has bottomed out, concludes analyst firm Pareto Securities in a new, extensive report. Oil companies' growing willingness to invest drives the development, but oversupply and record-high debts weigh down.
The Norwegian offshore carrier saw its deficit grow and operating income dwindle in the first quarter of the year. Havila Shipping completed a large-scale restructuring earlier this year which is expected to give the carrier leeway in a weak market in 2017 and 2018.
The Norwegian offshore carrier booked a somewhat higher revenue in the first quarter, but low rates and overcapacity weighed down operations as well as the bottom line. The company projects a tough North Sea spot market characterized by vessel oversupply in the years to come.
Offshore carrier Topaz Energy and Marine's result for 2016 was significantly marred by impairments on vessels. 2016 was tough, and 2017 will also be challenging, writes management in the annual report.