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[ariane] 29/4/2019 07:25

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Boskalis awarded Hornsea 2 offshore export cable installation contract
29/04/2019 7:00am
GlobeNewswire

Papendrecht, 29 April 2019

Royal Boskalis Westminster N.V. (Boskalis) has been awarded the offshore export cable installation contract for the Hornsea 2 offshore wind farm. The contract with a value greater than EUR 100 million was awarded by Ørsted Wind Power A/S and consists of three export cable circuits with a total length of approximately 380 kilometers.

The project scope includes the preparation of the offshore export cable route (geophysical survey, boulder clearance and seabed leveling through dredging), and the installation and protection of the cables. The three 130 kilometer long export cables will connect the offshore substation to the onshore substation by means of a 300 meter long horizontal directional drilling, crossing the sea defense of Horseshoe Point, UK. The project is expected to commence later this year with a planned completion late 2021.
Boskalis aims to maximize UK local content for its scope of work.

Boskalis will deploy a wide variety of its in-house specialist services and assets including a trailing suction hopper dredger, a geophysical survey vessel and multiple cable-laying vessels. Furthermore, Boskalis has invested in a new multi-mode plough for both the pre-lay trenching and backfilling. The plough can withstand 200 tons continuous pull, is capable of trenching at various depths and in a wide range of soil circumstances and was designed to minimize the environmental impact. The plough will be pulled by the recently added high-end construction vessel Boka Falcon.

The Hornsea 2 offshore wind farm will consist of up to 165 turbines with a maximum capacity of 1.4GW and is located approximately 90 kilometers off the Yorkshire coast. When complete, it will be able to serve the needs of up to 1.6 million homes with clean electricity.

Boskalis' strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. This project is related to the development of generating renewable energy due to climate change and increasing energy consumption.

[waldron] 21/2/2019 18:11

02/21/2019

Offshore staff

PAPENDRECHT, the Netherlands – Royal Boskalis Westminster has taken a 62.5% stake in Sharjah-based marine geophysical surveys and geotechnical services specialist Horizon Group.

Horizon, established in 2004, operates seven large survey/geotechnical vessels, three of which are on a long-term charter, and five smaller survey vessels, two jackup platforms, three motion-compensated drill towers for geotechnical services, and eight ROVs.

Management anticipates revenues exceeding $100 million during the 2018/2019 financial year.

Its activities are largely based offshore the Arabian Peninsula and in the Red Sea. Clients range from national oil companies to international oil and gas EPCI contractors.

Peter Berdowski, Boskalis’ CEO, said: “Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients.

“Furthermore, Horizon with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe.”

02/21/2019

[florenceorbis] 07/2/2019 07:40

Boskalis secures important LNG module transport contract
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February 07, 2019 02:01 ET | Source: Koninklijke Boskalis Westminster N.V.
photo-release

Picture Mighty Servant 3.jpg

Picture Mighty Servant 3.jpg

Picture Mighty Servant 3

Papendrecht, 7 February 2019

Royal Boskalis Westminster N.V. (Boskalis) has been awarded a contract for the transportation of a large number of modules for a North American LNG export facility. The contract value amounts to approximately USD 55 million with additional options for extensions, worth up to USD 30 million.

The scope of work includes the logistical management and transportation of various large modules from a fabrication yard in China to the facility in North America. The contract ties up two high-end open-stern heavy transport vessels commencing the second quarter of 2021 through to the third quarter of 2022.

The Boskalis strategy accounts for the long term macro-economic trends that drive global demand in our selected markets: global trade, increasing energy consumption, population growth and the challenges related to climate change. This project is tied to the increase in energy consumption with natural gas being recognized as an important bridge in the energy transition.

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. Core activities, including coastal defense, riverbank protection and land reclamation, allow Boskalis to provide adaptive and mitigating solutions to combat the impacts of climate change, sea level rise and to deliver solutions for the increasing need for space in coastal and delta regions in the world. The company facilitates the development of offshore energy infrastructure, including renewables. It is furthermore active in the construction and development and maintenance of ports, waterways, access channels and civil infrastructure, contributing to improved trade flows and the socio-economic development of a region. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 900 vessels and floating equipment and 10,700 employees, including associated companies, Boskalis is building new horizons in 90 countries across six continents.

[ariane] 23/1/2019 20:19

Boskalis Westminster sees Oman oil dock project success
MUSCAT, 3 hours, 48 minutes ago

Boskalis Westminster (Oman) said work is underway to complete the construction of the oil dock project in the port of Duqm, with the the stage of drilling on land already completed and work underway in the drilling and deepening in the sea.

The length of the oil dock - which cost about RO200 million ($518 million) is one kilometer equipped with buoys and navigational aids, two berths for big ships and tankers for the export of petroleum and petrochemical products, where each berth accommodates the anchoring of two ships, said Boskalis Westminster (Oman), the executing company of the oil dock project in the port of Duqm (7th Package),

Confirming the success of the stage of the flow of sea water to the dock dedicated to the export of petroleum products, the company said the inspection of the pier has been conducted since mid of January and is currently in the stage of marine engineering, which qualifies it to the final stages after flooding the basin area dedicated to docking with 18-m seawater.

This came during a ceremony organized by the company today (January 23) in the port of Duqm in the presence of a number of officials from the Special Economic Zone Authority in Duqm (Sezad), Duqm Development Company, Duqm Refinery and Port of Duqm, in addition to representatives of the companies executing the project, consulting companies, subcontractors and a team of engineers, reported ONA.

The amount of required drilling is about 26 million cu m of material extracted from the drilling to deepen the port basin, which leads to the oil dock to reach a depth of more than 18m.

Approximately 5 million cubic meters of this material will be used to reclaim and fill the dock site, it added.

[waldron] 26/11/2018 08:20

Boskalis signs agreement with Saudi Aramco to partner in multi-billion investment program
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November 26, 2018 02:32 ET | Source: Koninklijke Boskalis Westminster N.V.
multilang-release

Papendrecht, 26 November 2018

Royal Boskalis Westminster N.V. (Boskalis) with its partners has been selected as a contractor on Saudi Aramco's Long Term Agreement for Offshore Facilities (LTA) program.

The LTA is part of an ambitious offshore investment program and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco's Offshore Maintain Potential Program, Oil & Gas Program, and other offshore expansions. Within the scope of the LTA, investments could exceed USD 3 billion per annum with a program duration of 6 years, with options by Saudi Aramco to extend for a further 3 plus 3 years. Selected contractors like Boskalis have the right to bid for tenders put out by Saudi Aramco without further technical prequalification, considerably shortening the lead time through to award.

Boskalis acquired the agreement in consortium with the United Arab Emirates-based company Lamprell. Lamprell will focus on the engineering, procurement and construction of offshore structures, such as topsides and jackets. Boskalis will be responsible for the transport and installation of these structures, in addition to dredging activities and specialist subsea activities, including survey as well as pipeline and cable installation.

This agreement is an important milestone for Boskalis and supports the strategic vision of selective growth towards becoming a full-scope transport & installation contractor at the high-end of the offshore energy market.

Peter Berdowski, CEO Boskalis: "This agreement with Saudi Aramco marks an important milestone for Boskalis. As spearhead of our strategy we have over the last number of years invested in vessels and people to broaden our offshore transport & installation capabilities. The choice for Boskalis as LTA partner supports and confirms our strategic vision. We are proud of the confidence shown by Saudi Aramco and look forward to working in partnership. In the coming year, we will focus on tendering and building up our local organization in preparation of the execution of projects for the period thereafter. It is expected that the agreement will generate multiple hundreds of millions of euros revenue for Boskalis."

For further information

Investor relations:
Martijn L.D. Schuttevâer
[e-mail]

Press:
Arno Schikker
[e-mail]

[ariane] 02/10/2018 15:07

Boskalis commences EUR 100 million dredging activities for LNG Canada export facility
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October 02, 2018 09:33 ET | Source: Koninklijke Boskalis Westminster N.V.
multilang-release

Papendrecht, 2 October 2018

Royal Boskalis Westminster N.V. (Boskalis) announces that it will be executing the dredging scope for the development of the first large-scale LNG export facility in Kitimat, Canada (LNG Canada) following the final investment decision by the shareholders earlier today. The contract value is approximately EUR 100 million.

The dredging scope includes the removal and remediation of contaminated and non-contaminated sediments at the site of the future facility in order to provide the required physical space and marine access for the construction of LNG Canada. For these activities Boskalis will deploy a medium-sized trailing suction hopper dredger, cutter suction dredger, backhoe dredger and a crane barge. Boskalis was involved from the early stages of this development illustrating the early cyclical exposure dredging has on green field LNG developments. The dredging activities are expected to continue into 2020.

LNG Canada is a joint venture comprised of Royal Dutch Shell, Petronas, PetroChina, Mitsubishi and Korea Gas Corporation. The liquefied natural gas (LNG) export facility will initially consist of two LNG processing units with the first LNG expected to be processed before the middle of the next decade.

Boskalis' strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. This contract award is closely related to the increase in energy consumption.

For further information

Investor relations:
Martijn L.D. Schuttevâer
[e-mail]

Press:
Arno Schikker
[e-mail]

T [phone]

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions. Furthermore, Boskalis has a number of strategic partnerships in harbor towage and terminal services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 900 vessels and floating equipment and 10,700 employees, including associated companies, Boskalis operates in 90 countries across six continents.

This press release can also be found on our website www.boskalis.com.

Attachment

[grupo guitarlumber] 23/9/2018 16:22

09-11-2018 Q3 2018 trading update
07-03-2019 Publication of 2018 annual results
08-05-2019 Trading update on first quarter 2019
08-05-2019 Annual General Meeting of Shareholders
22-08-2019 Publication of 2019 half-year results
08-11-2019 Trading update on third quarter 2019

[ariane] 16/8/2018 14:11

Boskalis remains confident as earnings fall

16 August 2018 by Craig Richard

NETHERLANDS: Revenue, earnings and orders in Boskalis' offshore energy segment were down in the first half of the year, but the marine contractors remain positive for the remainder of 2018.
Boskalis' Asian Hercules III installing a suction-bucket foundation at Vattenfall's EOWDC project
Boskalis' Asian Hercules III installing a suction-bucket foundation at Vattenfall's EOWDC project

Boskalis’ revenue in its offshore energy segment — which includes construction and services in offshore wind, oil and gas, and pipelines and cables — fell 4.2% year-on-year to €475.7 million.

Meanwhile, the Dutch firm's €49 million in earnings before interest, tax, depreciation and amortisation (Ebitda) between 1 January and 30 June was less than half of the €105.3 million in the first half of 2017.

Low-end marine transport and services and subsea services showed the largest decline in earnings, while cable-laying — including for offshore wind farms — made a positive contribution to the result, the company stated.

In the first half of the year, Boskalis carried out cable-related projects at the 93.2MW Aberdeen Bay, 385MW Arkona, 497MW Hohe See and 406MW Horns Rev 3 projects — all of which contributed to the offshore energy segment’s revenue, Boskalis stated.

The offshore energy segment’s order book was also lower than it was one year earlier, although it excluded major contracts on which it is yet to achieve financial close.

Its order book stood at €862.3 million at the end of June 2018 — 7.2% lower than at the end of June 2017 and 14.7% lower than at the end of December 2017.

However, this figure does not include cabling contracts for the Triton Knoll and Moray East wind farms. It expects financial close on these contracts, which it stated are worth more than €150 million combined, in the second half of the year.

Overall, the division made an operating loss of €7.2 million in the first half of the year. In the first six months of 2017, it made €36 million profit.

The company described the offshore energy segment’s outlook for the remainder of the year as "reasonable", and added that "large contracting projects in the order book are expected to make a good contribution to the result". The outlook for the ongoing cable-laying projects in offshore wind is also "favourable", Boskalis stated.

The marine contractors consolidated its services portfolio for the offshore energy segment under the name Boskalis in April.

[waldron] 13/7/2018 19:11

Boskalis to transport, install Bokor platform offshore Malaysia
07/13/2018

Offshore staff

PAPENDRECHT, the Netherlands – Malaysia Marine and Heavy Engineering (MMHE) has issued a letter of award to Royal Boskalis Westminster
for a project offshore Malaysia.

The scope covers transportation and float-over installation of the central processing platform topsides for the Bokor Phase 3 redevelopment.

MMHE will build the topsides at its yard in Malaysia: it will then be skidded onto an open-stern heavy transport vessel.

An existing vessel will be modified for the project to be DP-2-compliant, allowing it to work near offshore structures. The project is due to be performed in 2020.

Boskalis has a further letter of award for the transport and float-over installation of an offshore platform.

The logistical management scope involves carrying various modules from a fabrication yard in Asia to a site in North America.

07/13/2018

[grupo guitarlumber] 08/3/2018 06:34

Boskalis 2017 net result in line with expectations
08/03/2018 6:00am
GlobeNewswire

Papendrecht, 8 March 2018

HIGHLIGHTS IN 2017

Revenue: EUR 2.34 billion
EBITDA: EUR 437 million
Net profit: EUR 150 million
Order book: EUR 3.50 billion
Proposed dividend: EUR 1.00 per share

OUTLOOK

Mixed market picture to continue
Reasonable market volume at Dredging & Inland Infra
Continued supply/demand imbalance at Offshore Energy services
New opportunities in Offshore Energy contracting
Stable market volume at Towage

Royal Boskalis Westminster N.V. (Boskalis) achieved a net profit of EUR 150 million in 2017, in line with expectations. This compares to a net loss of EUR 564 million in 2016 as a result of EUR 840 million of non-cash impairment charges.

Revenue declined by 10 per cent to EUR 2.34 billion (2016: EUR 2.60 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was down 15 per cent.

EBITDA amounted to EUR 437 million and the operating result (EBIT) was EUR 185 million (2016 EBITDA: EUR 661 million and EBIT: EUR 385 million, both adjusted for impairment charges).

Dredging & Inland Infra had a relatively busy year after an exceptionally weak 2016. Both revenue and the fleet utilization rose, fueled by a number of large projects in progress in Brazil, Indonesia, India and Oman. The results from ongoing dredging projects were lower than in previous years while projects that were technically completed previously once again made a positive contribution to the result.

Revenue and the segment result at Offshore Energy declined further compared to previous years, due in part to the poor market conditions in the oil and gas industry. The various activities nevertheless made a reasonable to good contribution to the result.

The result at Towage & Salvage declined compared to last year, mainly as a result of weak market conditions and one-off charges at Towage. Following a very quiet start to the year, Salvage ended 2017 well with a couple of large emergency response contracts.

Boskalis' financial position remains strong with a solvency ratio of 63% and a limited net debt of EUR 120 million.

The order book increased to EUR 3.50 billion (end-2016: EUR 2.92 billion).

Peter Berdowski, CEO of Boskalis:
"Despite the difficult market conditions we ended the year quite reasonably, in line with our expectations. Furthermore, in the first year good progress was achieved with the implementation of our 2017-2019 corporate business. This included the acquisition of Gardline, a renowned British player in the marine survey market, in which we aim to build a presence. In addition, we added two modern diving support vessels to our fleet, considerably strengthening our position in the subsea services market. And very recently we took the Bokalift 1 into service, an impressive crane vessel for the offshore installation market, both for oil and gas and for offshore windfarm projects. The vessel's first project involves the installation of jackets for an offshore windfarm.

In the past period we also adjusted our fleet and organization to the changed market conditions. Following the fleet rationalization program, we optimized the organization at head office in 2017. We made a conscious decision to do this within a short timeframe allowing us to now look ahead at the opportunities still present in the market. To capitalize on these opportunities as one team, we will present ourselves in the market with one face and will therefore in 2018 transition to one strong brand name: Boskalis.

As stated in our corporate business plan we do not yet foresee a fundamental recovery in our markets in the coming years. In the short term we do however expect opportunities for selective growth and a subsequent structural recovery for the period thereafter."

>>> click here for the full version of the 2017 financial review including all the financial details <<<<br /> Market developments & Strategy update

The long-term macro trends that underpin the Boskalis business model remain positive. Our business drivers are structural economic growth and increasing prosperity of the global population, which in turn fuel growth in global trade and demand for raw materials and energy. Global warming also continues to create business opportunities for Boskalis due to the growing need for coastal defense and riverbank protection as extreme weather conditions lead to increased flooding. While the long-term trends are positive, in the short term these are not translating into promising projects across the board. Demand in some of the regions and markets where Boskalis is active is expected to develop less favorably in the coming years and the outlook is uncertain. Boskalis will continue to focus on market segments that show long-term structural growth and provide short-term opportunities: ports, energy (oil, gas, wind and the dismantling of old offshore platforms) and climate change-related projects (coastal defense and riverbank protection).

The Corporate Business Plan for 2017-2019 and the strategy section in the 2017 Annual Report take a detailed look at the development of our business drivers and how these translate into our end markets. We see plenty of scope to further expand the business and acted upon this in the past year. In 2017 Boskalis strengthened its position in Subsea Services with the acquisition of marine survey specialist Gardline and the addition of two modern high-end SAT diving support vessels. Our position in the offshore installation market was recently strengthened with the commissioning of the Bokalift 1, a 3,000-ton crane vessel. This multifunctional crane vessel that transports and installs foundations for offshore windfarms and oil and gas platforms will also be used to dismantle old platforms and salvage ship wrecks. In 2017, the Dredging fleet was further strengthened with the new mega cutter suction dredger Helios, with a sister vessel expected to be taken into service in 2020. Despite facing short-term challenges Boskalis is positive about the opportunities in the medium term and long term.
Outlook

As stated in our corporate business plan the market picture for the next two years will be characterized by continued lower volumes of work and pressure on both utilization levels and margins. At Dredging & Inland Infra we see a reasonable volume of work in the market in the short term. The emphasis for Boskalis is on maintaining utilization at a responsible level of project risk. The current size of the order book means that a good part of the fleet will be utilized in 2018, albeit at lower margins than in previous years. The picture for the Offshore Energy market has not changed. Past contracts at Heavy Marine Transport are being completed and we are increasingly dependent on the highly competitive spot market. Where necessary transport vessels at the lower end of the market will be laid up. At Offshore Installation & Intervention the order book is filled better and we expect a reasonable year. Market volumes in the Towage activities are relatively stable, although competition in some ports has increased, resulting in lower margins.

The project-based nature of a significant part of our activities, in addition to the uncertain market conditions, makes it difficult to provide a specific quantitative forecast with regard to the 2018 full-year result early on in the year. However, knowing what we know now it appears that it will be a challenge to match the 2017 net result.

Capital expenditure in 2018 is expected to be around EUR 250 million, excluding acquisitions, and will be financed from the company's own cash flow. Boskalis has a very sound financial position and comfortably meets its financial covenants.
Dividend policy and dividend proposal

The main principle underlying the Boskalis dividend policy is to distribute 40% to 50% of the net profit from ordinary operations as dividend, while pursuing a stable long-term development of dividend. The choice of dividend form (in cash and/or fully or partly in shares) takes into account the company's desired balance sheet structure as well as the interests and wishes of the shareholders.

In view of the importance that our shareholders attach to a stable dividend and our healthy cash flow and robust balance sheet, Boskalis will propose to the Annual General Meeting of Shareholders to be held on 9 May 2018 that an unchanged dividend of EUR 1.00 per share be distributed, equal to 87% of net profit. The dividend will be distributed in the form of ordinary shares, unless the shareholder opts to receive a cash dividend. The dividend will be made payable from 5 June 2018.

[the grumpy old men] 12/12/2017 22:52

Boskalis connects Aasta Hansteen topsides to spar hull
12/12/2017
Statoil’s Aasta Hansteen spar platform
Topsides float-over installation with the tip of the spar hull above the waterline in between the S-class vessels. (Photo courtesy Espen Rønnevik/Boskalis)

Offshore staff

PAPENDRECHT, the Netherlands – Boskalis has completed a dual vessel float-over of the topsides for Statoil’s Aasta Hansteen spar platform in the Norwegian Sea.

Statoil is developing the Aasta Hansteen gas/condensate field, 300 km (186 mi) offshore, via the world’s largest production and storage spar platform.

Earlier this year Boskalis’s Dockwise Vanguard transported the hull from the yard in South Korea to a fjord near Stavanger.

The cylindrical buoy, 50 m (164 ft) in diameter, is 198 m (649 ft) long and weighs 46,000 tons.

Subsequently, Boskalis transported the 24,300-ton topsides, also built in South Korea, onboard the White Marlin.

Once the vessel arrived in Norway, the topsides was transferred onto two S-class vessels, the smallest in the Dockwise fleet.

After positioning these vessels on either side of the White Marlin, they started un-ballasting while the White Marlin ballasted down and maneuvered out from underneath. The result was a catamaran-type structure with the topsides linking the two hulls.

Last weekend, the catamaran structure and topside were towed out to the vertical spar hull. Once the load was in position above the substructure, mating of the hull and topsides was completed.

[grupo] 01/12/2017 10:17

1 December 2017
News
Deals this week: Total, United Oil & Gas, Royal Boskalis Westminster
Share

Total S.A. has agreed to dispose its 51% stake in the Martin Linge oil and gas field and 40% interest in the Garantiana oil discovery to Statoil Petroleum AS for a sum of $1.45bn.

Martin Linge field is located at a water depth of approximately 115m and holds recoverable resources exceeding 300 million metric barrels of oil equivalent (Mmboe).
"United Oil & Gas Plc has entered an arrangement to acquire 20% stake in Walton-Morant exploration license from Tullow Jamaica Ltd."

The Garantiana discovery lies at a water depth of approximately 380m in the Norwegian North Sea and holds recoverable resources between 50 million and 70 million metric barrels of oil equivalent.

The transaction is currently scheduled for completion in 2018 and will allow Statoil to expand its business within the Norwegian continental shelf.

United Oil & Gas Plc has entered an arrangement to acquire 20% stake in Walton-Morant exploration license from Tullow Jamaica Ltd.

The Walton-Morant license extends over an area of 32,000km² and contains a mixture of Cretaceous and Tertiary-aged clastic and carbonate reservoir targets.

United Oil has agreed to pay a 20% share of costs for Phase 1c of the current exploration programme from 1 November.

The transaction is expected to allow United Oil to expand its portfolio of oil and gas assets.

Royal Boskalis Westminster N.V. (Boskalis) has completed the acquisition of Harkand Group’s diving support vessel (DSV), Atlantis, for $60m.

The company has also signed a three-year bareboat charter for its sister vessel Da Vinci, and also holds the right of first refusal in the event of a sale.

The transaction is intended to enhance Boskalis’ subsea service offerings.

[grupo] 13/11/2017 06:37

Anthony Bondain, published on 13/11/2017 at 06:58
New great oral for CGG today
Photo Credit © CGG

(Boursier.com) - D-Day for CGG. Or rather second day D, since the general assembly which is held today to decide on the plan of restructuring of the debt is reunited on second convocation, that of October 31 not having reached the required quorum. The shareholders are invited to join at 11:00 on November 13 the Park of the Gates of Paris, Dock Haussmann, 87 Avenue of the General Stores in Aubervilliers (93300). Resolutions submitted to the vote concern only the extraordinary part of the meeting, ordinary resolutions having been put to the vote.

The stake remains the same: the shareholders must decide on a plan that will reduce their share of the holding, for the benefit of creditors who must benefit from a debt-for-equity swap. Maybe the survival of society is at this price. But maybe not. The debates promise to be virulent between supporters of the plan and opponents, even if most of the carriers had shunned the initial GA. The quorum was only 22.48%, sufficient for the ordinary part but below the threshold of 25% set for the vote of extraordinary resolutions. In second convocation, the required level is lowered to 20%.

CGG has requested suspension of trading on its stock today, to avoid speculation before and during the meeting.

[ariane] 07/9/2017 07:36

2117/5000
Bourbon deepens its losses, but the market shudders

Anthony Bondain, published on 07/09/2017 at 07h15
Bourbon deepens its losses, but the market shudders
Photo credit © Groupe Bourbon

(Boursier.com) - Decline in Bourbon sales in the first half of 2017 to € 459.5 million, down 24.9% on a constant basis over one year. Not surprisingly, the accounts are under pressure from an activity that is still depressed in oil services. Adjusted EBITDAR excluding capital gains decreased by -37% to E145.1 million, bringing the margin from 38.2% to 31.6%. Adjusted EBITDA was down -56% to E59.6m while Adjusted EBIT increased EBITDA to E88m, after -24.8 MEn a year earlier. The net loss amounted to € -170.1 million, of which € -50 million of unrealized foreign exchange losses. Gilbert Dupont bet on an adjusted EBITDAR of this order but feared an even heavier operational loss. Portzamparc was in an almost identical expectation. Free cash flow generation improved compared to the second half of 2016, to € 76 million, due to lower investment expenditure and scheduled technical shutdowns.

A shudder

The CEO Jacques de Chateauvieux adopts a very cautious discourse, considering that the duration of the bottom of cycle is uncertain. His group continues to make the back round by cutting costs. The reorganization of the debt at the end of July guarantees a better margin of maneuver pending the takeover. With a barrel price stabilized around $ 50, oil companies have adapted and re-initiate exploration-production projects, says management, which concedes that demand remains low but adds that "signals of gradual recovery drilling and development of existing fields are perceptible in some countries ". Usage rates in Subsea and Crew boats are expected to stabilize. The deep and continental Offshore segments will see a slight increase in activity but at still low prices due to the overcapacity of ships in the market.

[grupo guitarlumber] 21/7/2017 08:45

17-08-2017 Publication of 2017 half-year results


10-11-2017 Q3 2017 trading update

[waldron] 12/7/2017 17:27

Offshore staff

GREAT YARMOUTH, UK – Veolia and Peterson have accepted the first offshore structure into their Great Yarmouth decommissioning facility.

Shell’s decommissioned Leman BH platform accommodation block has arrived at Veolia/Peterson̵7;s new decommissioning complex at Great Yarmouth on the English east coast.

The supporting 50-m (164-ft) high steel jacket should follow soon after being removed from its location 50 km (31 mi) from the Norfolk coast in the UK southern North Sea. The platform had previously housed personnel working on the Leman BT and Leman BK platforms.

Boskalis is responsible for offshore removal and transport operations. Shell is targeting a 97% recycling and re-use rate.

Veola/Peterson’;s site will handle deconstruction and recycling of both structures, comprising around 1,600 metric tons (1,763 tons) of materials and equipment.

It can provide decontamination, waste management and associated integrated logistics, marine and quayside services. To date the venture has recovered over 80,000 metric tons (88,185 tons) of offshore materials.

07/12/2017

[waldron] 05/8/2016 19:00

Fugro drops Asia/Pac subsea business
08/05/2016

Offshore staff

LEIDSCHENDAM, the Netherlands – In its 1H 2016 report, Fugro released details of its recent movements to downsize its personnel, fleet, and overall business as the result of the continuing depressed market.

The geoservices contractor announced an agreement with Shelf Subsea Holding UK Ltd. to divest its Fugro Asia Pacific subsea business. Fugro received a cash consideration of around 14 million EUR ($15.6 million) and about 25% equity share in Shelf Subsea. About 285 employees will be transferred to Shelf Subsea, along with four vessels, three chartered and one owned; 18 ROVs; and Fugro’s subsea offices in Perth and Singapore.

The company said that it will integrate its geophysical survey and its offshore geotechnical activities into a single site characterization proposition. This is designed to provide insight into environmental and ground conditions of building sites, as well as to allow clients to lower the cost of design, construction, and operation while experiencing higher reliability.

Fugro said it will reduce its headcount by another 1,000 over the course of this year after cutting 585 jobs in 1,577 in 2015.

In addition, its active fleet was reduced by five vessels, and more maybe made during the remainder of the year.

To an attempt to realize further efficiency gains, Fugro also reported that its Seabed Geosolutions joint venture with CGG will invest in its Manta technology. The crew will be operational in 1H 2017. Seabed Geosolutions describes Manta as a fully autonomous, modular “single four-component (4-C) ocean bottom node technology that works in all water depths from 0-3,000 m.”

08/05/2016

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[maywillow] 08/7/2016 16:31

Eoin O'Cinneide

08 July 2016 13:37 GMT
Royal Boskalis is letting around 650 workers go as it chops vessels from its fleet due to poor market conditions and the continued weak oil price.

[maywillow] 06/7/2016 15:19

Boskalis vessel in Conakry boarding attack

Boarded: the Teal was subjected to a boarding incident in Conakry in early July

Royal Boskalis

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Eoin O'Cinneide

21mins
A Royal Boskalis-owned heavy-lift vessel was boarded by attackers at the Guinean port of Conakry at the weekend but the Dutch owner denies reports of any injuries or hostage-taking.