Seadrill names offshore industry veteran as new CFO

Seadrill has named offshore industry veteran Stuart Jackson as its new chief financial officer, in a statement issued late Thursday. He is expected to take up the post by the beginning of August upon release from his current employment, it added. Jackson is described as an “experienced finance executive” with 20 years of experience in CFO roles at LSE, NASDAQ, OSE and AIM listed companies. These have included at UK…

June 7, 2019
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Newly-named Hermitage Offshore starts in the red

Hermitage Offshore did not get started on the right foot, badly missing Wall Street expectations for the first quarter. The former Nordic American Offshore — which announced its name change, and new ticker symbol “PSV,” alongside its results — posted a $7.2m loss for the quarter or a $0.98 loss on a per share basis, missing the consensus forecast by 60 cents. The performance was better than the same period…

June 6, 2019
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OceanPact scoops Toisa MPSV bargain

Brazilian owner OceanPact has landed a bargain as sales continue from the OSV fleet of bankrupt Greek owner Toisa. Seabrokers reported the company as the highest bidder for the 3,400-dwt multipurpose platform supply vessel (MSPV) Toisa Valiant (built 2005), with an offer of $2.3m. Karadeniz to convert Toisa PSV into powership The ship, which is already based in Brazil, is valued at $13.15m by VesselsValue. The Rio de Janeiro company…

June 6, 2019
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Banks make restructuring offer to Bourbon

French OSV giant Bourbon has received a financial restructuring offer from its main lenders and lessors. The deal is dependent on a number of conditions being met, it said. Bourbon PSV escapes pirate attack The company, hit by the OSV downturn, had already indicated in March that a number of offers had been submitted, subject to due diligence, and that it remained in talks. On Wednesday, it revealed that the…

June 5, 2019
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Berg is back with MPSV resale and listing plan

Christian Berg’s Bech Offshore is teaming up with Thailand’s Beacon Offshore to buy an OSV newbuilding resale – with an Oslo listing also planned. The 4,000-dwt high-end DP 2 MPSV is nearing completion at Vard Shipyards in Vietnam. It was ordered in 2014 and appears to be a former ER Offshore ship, but is now owned by the yard. Norway’s Bech will take a stake in Beacon, whose shareholders will…

June 4, 2019
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Shearwater and CGG team up on Eidesvik seismic fleet deal

Norway’s Shearwater GeoServices is forming a new seismic shipping alliance with Paris-listed CGG. Shearwater will buy five high-end streamer vessels and two additional “legacy ships” jointly owned by CGG Marine Resources Norge and Norwegian company Eidesvik Offshore. Rasmussen Group set to profit from Shearwater seismic ships CGG will gain access to “strategic vessel capacity” for future multi-client projects, while Shearwater will have committed cashflow and activity for multiple years, the…

June 4, 2019
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Ampelmann seals debut Norway offshore contract

Ampelmann, the Dutch walk-to-work (W2W) specialist, has secured its debut contract in the Norwegian offshore market, the company has confirmed. It has secured a deal with DeepOcean to support the hook-up and commissioning of the Valhall Flank West (VFW) project, operated by Aker BP. An E-type system will support the Solstad Offshore-owned Normand Jarstein (built 2014) to enable the transfer of personnel to the normally unmanned installation. The Delft-based company…

June 4, 2019
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Upturn offers hope for a few idle OSVs — but not the many

It is the offshore headache that won’t go away — what to do with the 73 laid-up vessels languishing in Norwegian and UK ports. The consensus among industry players is that some of these ships will be needed as the recovery progresses. But bringing them back into play will have to make economic sense for owners. VesselsValue head of offshore Robert Day says: “Unfortunately, reactivation is not a straightforward process….

June 3, 2019
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Fletcher delivers warning over OSV ‘order insanity’

Offshore supply vessel owners risk falling into the “insanity’ of a “newbuilding frenzy” if they maintain a traditional boom-and-bust mentality when managing the current market upturn. This is the warning from Keith Fletcher, managing director of Fletcher Shipping, which runs Norwegian owner SD Standard Drilling’s platform supply vessel fleet. Offshore rate surge helps Hornbeck refinance Outlining his hypothesis, Fletcher says some companies are being left hamstrung in the current market:…

June 3, 2019
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