GLOBAL NEWS SERVICE FOR THE FOSSIL AND RENEWABLE ENERGY COMMUNITIES
Norway-based Deep Value Driller has won an extension of the bareboat charter for a seventh-generation drillship of the same name from Italian offshore engineering and construction giant Saipem.
[Read more…] about Saipem extends drillship charter and $300m purchase option deadlineNigeria’s state-owned energy company, NNPC, plans to sell stakes in some of its oil and gas assets and has invited bids from private investors.
[Read more…] about NNPC to sell some oil and gas assets to private investorsVestas has received a 390 MW order for the Shinan-Ui offshore wind project in Jeollanam Province, South Korea.
[Read more…] about Vestas secures 390 MW offshore order in South KoreaDominion Energy, the developer of one of the five offshore wind energy projects that received a stop-work order from the Trump administration, filed suit in District Court seeking an immediate injunction against the order.
[Read more…] about Developer Dominion Energy sues BOEMCB&I today announced that it has entered into a sale agreement to acquire Petrofac’s Asset Solutions business.
[Read more…] about CB&I announces acquisition of Petrofac’s asset solutions businessHelix Energy has secured a multi-year contract with a major operator for riserless plug and abandonment (P&A) operations on up to 34 subsea wells in the UK North Sea.
[Read more…] about Helix Energy awarded multi-year P&A contractThe New York State Energy Research and Development Authority announced a $300 million competitive solicitation to support maritime port development projects aimed at strengthening the state’s offshore wind supply chain, even as the broader industry grapples with significant regulatory and financial challenges.
[Read more…] about Preparation New York Ports for offshore windSubsea7 announced the award of a contract by LLOG Exploration Offshore, for the Buckskin South Expansion project.
[Read more…] about Subsea7 awarded contract offshore USAccording to multiple well-placed sources familiar with the matter, Tinne Van der Straeten, Belgium’s former federal Minister of Energy, is poised to become the next Chief Executive Officer of WindEurope, the leading European association for the wind energy sector.
[Read more…] about Tinne Van der Straeten tipped as next CEO of WindEuropeMaersk has settled a dispute over the cancellation of a $475 million contract for a wind turbine installation vessel that was nearly 99% complete and due to be used for work at Equinor’s Empire Wind project.
Seatrium and the buyer have reached an agreement for Seatrium to deliver the vessel and Maersk to take delivery of the vessel by 28 February 2026.
Upon delivery, Maersk shall pay the balance of the Contract Price being the sum of US$360 million (subject to adjustments in accordance with the Contract).
The parties have mutually agreed for the buyer to pay part of the Contract Price (US$250 million) using an interest-bearing credit arrangement extended to the buyer by Seatrium.
The credit arrangement is for up to 10 years and repayable through cash generated by the vessel. Seatrium will have a mortgage over the vessel, as well as first priority rights over the vessel and the buyer’s bank accounts.
In light of the above, the parties will withdraw and discontinue all legal proceedings (i.e. Maersk’s Arbitration and SEI’s Arbitration), and the contract is in full force and effect.
The matter is not expected to have any material impact on the net tangible assets and earnings per share of the Company for the current financial year ending 31 December 2025.
Collaborative efforts were advanced by the willingness of all parties critical to the Vessel’s operability to be practical, find alignment, and work collectively towards the target of the delivery of the vessel.
