offshore industry

US offshore operator files for bankruptcy amid COVID-19

Amid COVID-19 crisis and the negative impacts that has brought, Diamond Offshore Drilling Inc. filed for bankruptcy following the unprecedented crash in crude prices that’s affecting demand for oil exploration at sea, as Bloomberg reported.

Specifically, Diamond Offshore Drilling Inc. filed for bankruptcy with debts of more than $2.6bn, blaming the oil price war and the corovavirus outbreak.

As the company informed, conditions worsened “precipitously in recent months,” citing a price war between...

https://safety4sea.com/us-offshore-operator-files-for-bankruptcy-amid-covid-19/

Kvaerner aims for zero dividend decision amid COVID-19 pandemic

Amid the COVID-19 pandemic and the negative affects that has brought for the economy, the Norwegian-based engineering company, Kvaerner is setting precautions  so as to reduce any negative influence of the virus upon ongoing projects and future business opportunities.

Specifically, Kvaerner plans to propose at its scheduled general meeting to not pay dividends and a zero increase in the compensation to the company’s directors.

In light of the situation, the company’s CEO proposed a 10% reduction...

https://safety4sea.com/kvaerner-aims-for-zero-dividend-decision-amid-covid-19-pandemic/

Papua New Guinea LNG project may be delayed

Rystad Energy estimates that the decision taken by the Papua New Guinea (PNG) to halt the talks with ExxonMobil about the state’s share of revenues from the planned P’nyang gas field development is expected to delay two key LNG projects that would double the country’s gas output.

The two projects, Total’s $13-14 billion Papua LNG investment and ExxonMobil’s subsequent PNG LNG Expansion plan, are close to each other and could save the firms up to $3 billion in shared infrastructure synergies...

https://safety4sea.com/papua-new-guinea-lng-project-may-be-delayed/

CIP achieves financial close for its offshore wind project

Copenhagen Infrastructure Partners (CIP) announced that reached financial close for the 589 MW offshore wind project’s establishment in the coast of Changhua County, Taiwan. In fact, the Changfang and Xidao wind farm will be powered by 62 of MHI Vestas 9.5MW turbines and are expected to begin operations in early 2024.

Following the company’s announcement, the construction of the offshore wind farm is estimated to begin in the following period.

This project, besides being a remarkable project in...

https://safety4sea.com/cip-achieves-financial-close-for-its-offshore-wind-project/

Tohoku Electric Power to boost offshore wind projects

According to Bloomberg, the Japanese power company Tohoku Electric Power Co. plans to fund offshore wind projects with a landmark sale of green bonds in order to give a boost to the region’s environmentally friendly investments.

In fact, Tohoku Electric Power will offer around $46 million and a 10-year security to every business project concerning the development, construction and renovation of renewable energy.

We had decided to issue Tohoku Electric Power Green Bond from the perspective of...

https://safety4sea.com/tohoku-electric-power-to-boost-offshore-wind-projects/

DNV GL, MSC Software to enhance offshore engineering

DNV GL along with MSC Software shake their hands and partnered in order to advance the productivity performance of engineers who are using the DNV GL’s Sesam to design ships and offshore structures.

In fact, through their collaboration, Sesam workflows with MSC Apex so that Sesam users will be connected so as to streamline common tasks and increase productivity.

Under the terms of their partnership, DNV GL will resell MSC Apex as a translator from CAD to CAE, that provides customers the potential...

https://safety4sea.com/dnv-gl-msc-software-to-enhance-offshore-engineering/

Europe must double its wind installation for Green Deal

According to the WindEurope, during 2019 a 15% of the electricity in Europe was provided through the wind energy. Although, the current rate of installation is not enough so as to deliver the Green Deal.

In fact, Europe managed to install 15.4 GW of new wind energy, while 11.8 GW of this was onshore wind and 3.6 GW was new offshore wind, resulting the total amount of 205 GW.

Despite the fact that 2019 installations increased by 27% in comparison to 2018, the rate of installations is not enough to...

https://safety4sea.com/europe-must-double-its-wind-installation-for-green-deal/

Germany to develop grid simulator for wind turbines

The German Institute for Wind Energy Systems, Fraunhofer IWES recently informed its development of a mobile grid simulator which goals to advance the integration of offshore wind farms into the grid. Namely, the Mobil-Grid-CoP test facility aims to verify current and future grid system services.

According to the Institute, future offshore turbine sizes require an output in excess of 15MW, which cannot be provided by the current test benches.

In fact, the new mobile grid simulator will allow...

https://safety4sea.com/germany-to-develop-grid-simulator-for-wind-turbines/

Vineyard Wind 1 project to be delayed

As Reuters recently reported, following the federal permitting delays, the Vineyard Wind 1 Project will not be ready for operations in 2022, missing the target to send power to Massachussets. Specifically, the final permits of the project are estimated to be issued almost a year and a half after its previous target of August 2019.

According to the revised permitting timeline by Bureau of Ocean Energy Management, the final decision is expected by 18 December 2020.

While we need to analyze what a...

https://safety4sea.com/vineyard-wind-1-project-to-be-delayed/

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