More Offshore Layoffs – World Wide Supply Lay-ups to Impact 48 Crew

World Diamond file photo courtesy Damen Shipyards

  Norway's World Wide Supply (WWS) says it is laying up two platform supply vessels operating in the UK spot market amid weak demand for offshore vessels. WWS announced the layups Wednesday in a statement to the Oslo Børs stock exchange. The company owns a total of six PSV3300-design platform supply vessels delivered by Damen Shipyard during the second half of … [Read more...]

Norway’s Giant Johan Sverdrup Could Face Delays, Cost Overruns

johan sverdrup

OSLO, April 24 (Reuters) - The start of Norway's 2.3 billion barrel Johan Sverdrup oil field may be delayed and costs could exceed forecasts but the project could break even at about half of the current oil price, authorities said on Friday. The Norwegian Petroleum Directorate said the startup could be delayed by six months to mid-2020 and costs could run 10 billion … [Read more...]

The Upside to a Down Market: Innovation and Standardization in Norway

Image courtesy of XVISION (www.xvision.no)

As a daily consumer of energy, I've been selfishly happy about the lower fuel prices of late. Low gas prices are good - at least that's what I thought.  And then last week, gCaptain sent me to Oslo  to attend the Subsea Valley Conference and Expo, and I learned that low fuel prices are also very bad. For those of you not paying attention (and until last week I was one of … [Read more...]

Norwegian Shipowners Less Optimistic About 2015

Photo: Norwegian Shipowners' Assocation

Norwegian shipowners are less optimistic in 2015 amid falling oil prices, heightened geopolitical tensions, and sluggish, uncertain growth in the global economy, a new survey from the Norwegian Shipowners' Association shows. The survey, the Norwegian Shipowners’ Association Outlook report for 2015, shows that Norwegian shipowners are less optimistic than last year when it … [Read more...]

Statoil Delays Two Major Projects on Norwegian Continental Shelf

Photo courtesy Statoil

Statoil says it is delaying two major projects on the Norwegian continental shelf amid low oil prices and the need for more robust planning in order to cut costs. Decisions on future developments of the two projects, Johan Castberg and Snorre 2040, are not expected now until the second half of 2016 for Castberg and fourth quarter of 2016 for the Snorre 2040 … [Read more...]

Norway’s Oil Crisis Talks Lead to Pledges of Stimulus If Needed

norwegian finance money norway bank notes

By Saleha Mohsin and Julia Gronnevet (Bloomberg) -- Top policy makers in western Europe’s biggest oil producer underscored their commitment to providing stimulus should the economy need it. For now, Norway is strong enough to weather the fallout of plunging crude prices, Prime Minister Erna Solberg said today after meeting with central bank Governor Oeystein Olsen and … [Read more...]

WATCH: North Sea FPSO Withstands Hurricane-Force Storm

Screen Shot 2015-01-13 at 9.47.05 AM

It's that time of year... when hurricane-force storms churn across the north Atlantic before hitting the North Sea. Yesterday we saw some extreme video of the accommodation platform Borgholm Dolphin, causing some extremely uncomfortable conditions for those onboard. Today, here is the some video filmed aboard the FPSO Alvheim on January 10th, which is permanently moored at … [Read more...]