Activity News

The chief executive of NextEra Energy said on Monday that his company felt good about Dominion's investment in offshore wind, a technology he has disparaged in the past.CEO John Ketchum made the remarks on a call with investors to discuss NextEra's $66.8 billion bid for Dominion, which is building a more than $11 billion offshore wind project off the coast of Virginia."As we look at it, we feel very good about it," Ketchum said, noting that the facility is already sending power…

Norwegian shipbuilder Ulstein Verft has delivered Nexans Electra, a DP3 cable‑laying vessel (CLV), to Nexans, strengthening its capacity to install advanced subsea power and communication cable systems.The CLV Nexans Electra is a sister vessel to the CLV Nexans Aurora, which was delivered from Ulstein Verft in 2021, and incorporates enhanced capacity and updated arrangements.The vessel features an additional under-deck turntable with a 3,500-tonne cable capacity, a split turntable on deck holding up to 10…

Dutch offshore services provider Boskalis has decided to invest in a new high-capacity cable laying vessel (CLV) to support growing demand in the offshore wind and interconnector markets.The vessel, expected to enter service in 2029, will target long-distance cable installation projects, particularly for high-voltage direct current cables.Boskalis said the CLV will feature two 12,000-ton cable carousels, including a concentric carousel, enabling installation of longer continuous…

Oil prices extended gains on Monday as efforts to end the Iran war appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.Brent crude futures LCOc1 climbed $1.65, or 1.51%, to $110.91 a barrel by 0703 GMT, but were off the $112 they had touched earlier for their highest since May 5.U.S. West Texas Intermediate crude CLc1 stood at $107.42 a barrel, up $2, or 1.9%, after a rise to $108.70, its highest since April 30.

The U.S.-Israeli war with Iran has already cost companies around the world at least $25 billion - and the bill is climbing, according to a Reuters analysis.A review of corporate statements since the start of the conflict by companies listed in the United States, Europe and Asia offers a sobering look at the fallout. Businesses are grappling with soaring energy prices, fractured supply chains and trade routes severed by Iran's chokehold on the Strait of Hormuz.At least 279 companies have cited the war as a trigger for defensive actions to blunt the financial hit…

Solstad Offshore has informed the arbitration proceedings related to disputed 2024 charter hire for Normand Maximus construction support vessel (CSV) had concluded in favor of the company.The company said it would receive approximately $13 million in charter hire, in addition to around $1.5 million in interest compensation, following the ruling.Solstad said the decision would have a positive liquidity effect of about $14.5 million and that it expects to recognize a positive profit…

Caturus has taken a final investment decision on its Commonwealth LNG export project in Louisiana after securing $9.75 billion in project financing for the 9.5 million tonnes per annum facility, with partners Mubadala Energy, Kimmeridge and CPP Investments.The companies said the financing supports construction of the LNG export terminal in Cameron Parish, Louisiana, with total commitments for the project reaching $21.25 billion.The Commonwealth LNG project is expected to begin…

Taihan Cable & Solution has acquired a second cable laying vessel (CLV) from DOF Group to strengthen its offshore wind and subsea power cable installation capabilities amid growing global demand for grid interconnection infrastructure.The South Korean company signed a vessel sale and purchase agreement with DOF for the 10,000-ton-class cable-laying vessel Skandi Connector, which is scheduled for delivery to Korea in August.The vessel joins Taihan’s existing offshore wind-dedicated cable-laying vessel PALOS…

Cadeler has completed the installation of the first fully commissioned monopile foundation at Ørsted’s Hornsea 3 offshore wind farm in the UK, marking a major milestone in the execution of one of the world’s largest offshore wind developments.The installation is the first of 197 monopile foundations Cadeler will transport and install as part of the company’s full transportation and installation (T&I) scope for the project.Once completed, Hornsea 3 will become the single largest offshore wind farm in the world…

Oil prices edged up on Thursday, with markets focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive results towards a resolution for the Iran war.Trump is expected to encourage China to convince Tehran to make a deal with Washington to end the conflict, but analysts doubt that Xi will be willing to push China's long-time strategic partner too hard.Brent crude futures LCOc1 were up 45 cents, or 0.43%, to $106.08 a barrel by 0714 GMT, while U.S.

Guice Offshore, a leader in the offshore maritime mini supply vessel specialty market, announced the appointment of veteran energy finance executive Trey Stolz as Chief Financial Officer. Stolz brings more than 20 years of experience as an investment banker and equity research analyst focused on the oilfield services industry. He has spent the past nine years in senior operational roles within the sector, most recently serving as CFO for a consolidator of oilfield services companies.

Italian offshore services provider Next Geosolutions (NextGeo) has been awarded a contract worth about $11.7 million (€10 million) for geophysical survey and unexploded ordnance (UXO) activities linked to a subsea energy infrastructure project in the Central Mediterranean.The contract was awarded by an international client operating in the subsea power cable sector, the company said.The project will involve offshore and nearshore operations using multiple vessels to conduct geophysical…

Clean hydrogen production is expected to grow 100-fold by 2060, driven by energy security concerns and large-scale expansion in China, according to a new forecast from classification society DNV.In its latest report, Energy Transition Outlook 2026: Hydrogen to 2060, DNV said global hydrogen volumes are expected to grow by 170% by 2060, supported by cumulative investment of $3.2 trillion.China is forecast to account for 35% of new hydrogen production and demand growth over the period…

Offshore infrastructure services provider North Star has secured a multi-million-dollar pipeline of emergency response and rescue vessel (ERRV) contracts covering 17 vessels operating in the North Sea.The awards, comprising new contracts and extensions, represent around 50 years of combined contract duration, the company said.North Star said the contracts were secured through competitive tenders and renewals with offshore energy operators across the UK Continental Shelf.The company…

Dutch non-destructive testing specialist Ned Marine has launched drone and remotely operated vehicle (ROV)-based inspection services aimed at vessels, offshore installations and industrial assets.The company said the new services combine aerial drones and subsea ROVs with existing non-destructive testing (NDT) capabilities, including visual inspections and ultrasonic thickness measurements.Ned Marine said drone-based inspections would allow surveys of confined spaces, offshore and onshore wind turbines…

Norway's government said it expects the state to earn 721.1 billion crowns ($78.71 billion) this year in revenue from oil and gas production, up from $60.7B initially forecast, as the Iran war pushes up energy prices.Norway produces around 4 million barrels of oil equivalent per day, but the minority Labor government said the windfall revenue from higher prices should be added to its sovereign wealth fund, already the world's largest at $2.2 trillion.Unlike other European countries, Norway runs large fiscal surpluses thanks to its fund, but it must still limit spending to avoid fanning domesti

Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz.The U.S.-Israeli war with Iran has slashed energy exports from a region that normally supplies 20% of the world's crude oil and LNG. The U.S. has blockaded Iranian ports in recent weeks. And though Iran initially sought to halt traffic through the strait…

The Metals Company (TMC) has signed a commercial agreement with offshore contractor Allseas for the development and operation of what the companies said would be the first commercial deep-sea nodule recovery system.The agreement covers the development, commissioning and operation of a nodule collection system in preparation for offshore recovery operations in the Clarion Clipperton Zone of the Pacific Ocean.The commercial production system is designed for a nameplate production…

Fast Offshore Supply (FOS) has selected Incat Crowther to design a fleet of 10 new DP2 fast crew transfer vessels (CTVs) for offshore operations supporting Brunei Shell Petroleum, a joint venture between Shell and the Government of Brunei.The 55-metre aluminum vessels will transport offshore personnel and cargo to Brunei Shell Petroleum assets and will be built at multiple shipyards in the region, including FOS’s own yard in Singapore.The vessels will each carry up to 80 passengers and 150 tonnes of cargo at speeds of up to 30 knots…

Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency said in its monthly oil market report on Wednesday."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, an unprecedented supply shock," the agency said.Its base-case forecast is for a gradual resumption of traffic through the Strait of Hormuz from the third quarter onwards…

Petronas LNG (PLL) has signed a 20-year time charter agreement with MISC Group for five newbuild liquefied natural gas (LNG) carriers as the Malaysian energy company strengthens long-term LNG supply capacity.The agreement covers five 174,000-cubic meter LNG carriers that will be built by Hudong-Zhonghua Shipbuilding in Shanghai, China, with charter commencements expected between 2029 and 2030.The vessels will feature XDF2.1 propulsion technology, shaft generators and onboard reliquefaction…

EnergyPathways has signed a collaboration agreement with Associated British Ports (ABP) to evaluate the Port of Barrow in northwest England as a location for onshore facilities linked to its Marram Energy Storage Hub (MESH) project.The AIM-listed company said the MESH project, located in the Irish Sea, is expected to combine compressed air energy storage with natural gas and hydrogen storage using subsea salt caverns.According to EnergyPathways, the project has the potential to support up to 60 subsurface salt caverns and is targeted to begin operations in 2031…

Belgian offshore contractor DEME has officially named its new jack-up offshore transport and installation vessel, Norse Energi, strengthening its offshore wind installation fleet alongside sister vessel Norse Wind.Norse Energi wind turbine installation vessel (WTIV) is soon expected to begin operations in the Baltic Sea and North Sea.The initial assignments include Iberdrola’s Windanker offshore wind farm in the German Baltic Sea from June 2026 and Ørsted’s Hornsea 3 project in…