“See you in court!” is a familiar refrain and one we have often used as a headline. Offshore companies seem to get embroiled in contract disputes that end up in lengthy and expensive arbitration, or in commercial court disputes, just too often. I find it hard to believe that if this column covered...
North Sea
COLUMN | Too sweet: Tidewater; Hayfin Capital; Taiwan CSOVs; Island Offshore [Offshore Accounts]
Irish singer-songwriter Hozier recently managed to top the singles charts in Ireland, New Zealand, and the United Kingdom with the indie hit “Too Sweet”, which also peaked at number two on the Billboard Hot 100 in the US. The memorable chorus, “I take my whiskey neat, my coffee black and my bed at...
COLUMN | The reality of changing risk [Grey Power]
It was a remark by an insurer, commenting on the probable of level of claims after the Baltimore bridge strike incident, that took my attention the other day. Insurers, said this expert, needed to be more aware of “low probability, high-cost claims” in the future. In an era of 24,000TEU...
Partnership to grow mussels at offshore wind farm in Dutch North Sea
Netherlands-based engineering firm OOS International, through its OOS SMF division, has entered into an agreement with local mussel harvesting company Aquamossel-Triton to collaborate on a pilot project that entails growing mussels at the Borssele offshore wind farm in the North Sea. Through the...
VESSEL REVIEW | Boqiang 3060 – Chinese construction firm places large-capacity installation jackup into service
Chinese shipbuilder CIMC Raffles has handed over a new large jackup wind turbine installation vessel (WTIV) to compatriot private offshore wind construction company Boqiang Heavy Industry. The aptly named Boqiang 3060 (博强3060; “Broad Power 3060”) was designed and built by CIMC Raffles in compliance to China Classification Society (CCS) rules as well as standards covering […]
COLUMN | Safety culture matters: Pemex and Perenco on the wrong side of history [Offshore Accounts]
Offshore is one of the industries with the biggest risk profiles in the world. When bad things happen in offshore, people die, often there are explosions and sinkings, fires and oil spills, and the environment can be badly polluted, killing seabirds, fish, dolphins and coral, and inflicting...
COLUMN | Quick updates: PSVs changing hands; subsea newbuilds; Guyana booming; rigs fixing higher [Offshore Accounts]
Money is being made in offshore once again, but tragically lives are also being lost unnecessarily. Earlier this week, we examined how Perenco’s dysfunctional safety culture in Gabon, leading to six people dead or lost in an explosion. This is a sad backdrop for an industry booming at last. Stop...
Polish operator orders crewboat for Baltic Sea windfarm support
Polish offshore support vessel operator the Lotos Petrobaltic Group has awarded Singapore shipbuilder Strategic Marine a contract for the construction of a new catamaran crewboat. The vessel will be built to a design by UK-based BMT. Following its scheduled delivery in early September of this year,...
COLUMN | Perenco’s shame and Gabon’s lax standards: a fatal combination [Offshore Accounts]
In an industry is awash with cash and record profits, it is tragic to see five people confirmed dead in an accident on a Perenco platform offshore Gabon, and one other worker still missing, presumed also killed, as per the most recent update. Last Wednesday, there was a fire on the Becuna platform...
COLUMN | Petrofac-ed, the Wood Group and Petroserv: restructurings and transformation [Offshore Accounts]
“Fix the balance sheet before you fix the business.” This was the sage advice we gave two weeks ago when we compared Tidewater to its moribund and indebted competitors. We noted that Hornbeck, Bourbon, and Edison Chouest still have some way to go in resolving their balance sheet problems. But if...