There was only one story in offshore this week, the news that Greek shipowner Evangelos Marinakis has doubled down on this bet on the platform supply vessel (PSV) market by making the single biggest order in the entire segment in the last decade. His Capital Offshore has placed an order for four firm diesel-electric, DP2, […]
The post COLUMN | Drip, drip, drip: Marinakis orders eight PSVs; DSOC jackup moves; Paratus and Northern Ocean raise capital [Offshore Accounts] appeared first on Baird...
The order book for the wind sector just continues getting larger and larger, even as companies continue not to make much money. Wind is the Augustus Gloop segment of offshore, gorged on investment, like the character in Roald Dahl’s Charlie and the Chocolate Factory, but liable to fall into a...
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...
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...
“Our wind industry, for instance, is a European success story,” European Commission President Ursula von der Leyen recently said. “But it is currently facing a unique mix of challenges.” We’re no fan of Ms von der Leyen, a nepo-baby whose incompetence as German Defence Minister was rewarded not with the sacking she so richly deserved, […]
Last week we looked at Britoil’s acquisition of 30 offshore supply vessels (OSVs) from Vroon for a price we estimated to be in the region of US$239 million, and the acquisition of the Vroon Offshore Services management teams in Singapore and Italy. We noted how the Dutch Bank ING had foolishly cut a side deal […]
Finally, Singapore-headquartered Britoil announced last week that it had completed the purchase of most of the offshore fleet of Vroon, the Dutch ship-owner. Britoil bought 29 offshore support vessels, plus a small oil spill response vessel from Vroon. Golden Energy Offshore had announced in August that it was buying four large PX121 design platform supply […]
One of the delights of the offshore market recovery has been the surge in charter rates for platform supply vessels (PSVs) around the world. Tidewater’s triumphant presentation at the Barclays CEO Energy Conference earlier this month showed the potency of the market recovery that the company has driven ever onwards and upwards after its acquisition […]
Who said that August was a month for relaxing by the beach? No book reviews for your sun lounger this year. Instead, we plunge into the results reporting season and an analysis of some of the recent deals in the offshore sector. Valaris exercises bargain Korean options The drillers are in a sweet...
Tidewater’s Pac Man-like expansion continues, and the market loves the strategy. Tidewater stock finished up 10 per cent on the week on Friday, July 7, at a record high ..