Norway-based Offshore Heavy Transport is set to enter the offshore renewables market with a state-of-the-art heavy lift transport and installation vessel that combines semi-submersible capability with high-capacity crane operations. The ULSTEIN Alfa Lift design is developed by Dutch design company Ulstein Design & Solutions BV (UDSBV) in close cooperation with … [Read more...]
Offshore Strike in Norway Expands to More Than 1,500 Workers
OSLO, July 15 (Reuters) - A Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike on Monday that has slightly hit oil output after employers did not respond to demands for higher wages and pension benefits. The union is adding 900 workers to the strike, under a plan announced last week, after failing to win concessions before a … [Read more...]
Bourbon Suspends Payments on Debt as it Seeks ‘Balanced Solution’ with Lenders
French offshore services provider Bourbon says it has reached a deal with its lenders to temporarily withhold payments and servicing of its debt as the group seeks a "balanced solution" with its creditors. Bourbon announced Tuesday it signed a general waiver with its leasers and debt holders representing the majority of its debt which will allow it to withhold the payments … [Read more...]
Hundreds of Norway’s Offshore Workers Go On Strike
By Gwladys Fouche and Lefteris Karagiannopoulos OSLO, July 10 (Reuters) - Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher. One union said hundreds more workers would join the strike on Sunday if an … [Read more...]
John ‘Big Wolf’ Fredriksen Steers Seadrill Back to Life After Taking $5 Billion Hit
By Mikael Holter (Bloomberg) -- John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After … [Read more...]