Lady Gaga famously sang that she was “on the edge of glory”. This week, we look at four companies on the edge of….well, something. Let’s check in on two construction companies, a subsea mining venture, and our favourite wind turbine installer. McDermott on the edge Finally, a judge in the UK has...
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...
Harold Macmillan was supposedly once asked what the most troubling problem of his time as British Prime Minister was. “Events, my dear boy, events,” was his reply. I thought I had this week’s column nailed well in advance, but offshore is an industry especially susceptible to unexpected and hard to predict “events”. So, we must […]
The post COLUMN | Correcting course: Aramco and jackups; Siem Offshore and Kristian Siem; Ferguson Marine; MMA Offshore; Maersk/Svitzer [Offshore Accounts] appeared...
It seems appropriate to get all biblical this week, just after Easter. When Saint Paul wrote in his letter to the Galatians that “a man reaps what he sows,” he probably wasn’t thinking about corruption in the oil and gas industry two millennia later. But the last month has seen no less than four...
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...
“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...
Whilst the first big consolidator of this offshore upcycle was Tidewater, rapidly followed by ADNOC and AD Ports of Abu Dhabi, Europe is also experiencing a quiet wave of consolidation. Driving this is the biggest of the “Big Four” lowlands dredging and offshore companies, Boskalis. But whereas the gains in Tidewater have been open to […]
The post COLUMN | Winner takes it all: Boskalis binges with record profits, as Boluda takes silver and McDermott gets sued (again) [Offshore Accounts] appeared...
On Friday, March 1, Tidewater reported its fourth quarter results, and they were epic. For the full year 2023, the company smashed through the US$1 billion revenue mark, and for the quarter it passed US$300 million, Tidewater’s highest quarterly revenue in eight years. Over US$100 million of the...
WORK BOAT WORLD: Philip Malone has joined UK-based maritime nuclear energy company Core Power as its new Vice President of Engineering. In his new position, Malone is responsible for providing the strategic, technical, and design leadership required to bring advanced nuclear energy technologies to...
https://www.bairdmaritime.com/work-boat-world/whos-who-maritime-movements-for-january-february-2024/
In Part One last week, we looked at the paradox of offshore wind, a segment that is growing without profit for many players. This contrasts with offshore oil and gas, which has shrunk but has become intensely profitable for rig and vessel operators, and for the oil companies themselves. Whereas offshore oil and gas companies […]
The post COLUMN | Where the wind blows, part 2: Shell, Cadeler, HEA Energy, Cyan Renewables, Edda Wind, Norwind and Norside [Offshore Accounts] appeared first on Baird...