Eneti Inc. has discontinued discussions with a shipyard in the United States to build a Jones Act-compliant Wind Turbine Installation Vessel.

Latest analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals a year-on-year growth for the global offshore rig market at the close of 2021, up 200% from 2020.

Baird Capital’s Global Private Equity team have announced an investment in Subsea Technology & Rentals (“STR”), a leading independent subsea rental equipment and specialist services provider to the offshore energy industry. The terms of the deal were not disclosed.

Fourth quarter 2021 segment revenue update

The European Investment Fund (EIF) will support the new Premium Maritime Credit Fund (“PMCF” or “the Fund”) managed by NRP Maritime Asset Management AS (”MAM”), investing up to USD 60 million in the Fund, in addition to the funds in place from other European institutional investors and family offices.

Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, a 70% increase over 2020, Rystad Energy research shows. The total deal value for 2021 was the highest in three years and almost reached the highs seen in 2017 and 2018 of $205 billion and $199 billion, respectively.

Alantra, the independent global mid-market investment banking and asset management firm, has announced that it had recruited a Maritime and Offshore investment banking team within its Investment Banking division.

W&T Offshore, Inc. has entered into a definitive purchase and sale agreement to acquire working interests in and operatorship of oil and gas producing properties in Federal shallow waters in the central region of the Gulf of Mexico (“GOM”) for total cash consideration of $47 million, subject to normal and customary post-effective date adjustments.

Exceed Managed Pressure Resources, the Managed Pressure Drilling (MPD) arm of Aberdeen-headquartered well management and performance improvement specialist Exceed, has announced a 230% rise in revenue during 2021.

Eni and Point Resources Holding, a HitecVision portfolio company, owning respectively of 69.85% and 30.15% of Vår Energi AS, announces the intention to launch an initial public offering for Vår Energi and for the company to apply for a listing on Oslo Børs (the “IPO”).

The combination of high production of oil and gas from a total of 94 fields, significant demand and high commodity prices led to a historically high level on the State's revenues from petroleum. Much of this is due to record-high gas prices.

With more than a half-billion-pounds of new contracts secured in the last 12 months, EnerMech has kicked off 2022 by breaking into new geographies and business territories. It starts work in January on several significant campaigns, including numerous transformational mega-projects around the world.

Chevron Corporation reports earnings of $5.1 billion ($2.63 per share - diluted) for fourth quarter 2021, compared with a loss of $665 million ($(0.33) per share - diluted) in fourth quarter 2020.

Norway, the world’s top market for subsea tie-back projects in coming years, is facing an inflation-driven cost increase of $6.5 billion on upcoming contract awards for goods and services in the offshore oil and gas industry through 2026, a Rystad Energy report reveals.

Global oil and gas investments will expand by $26 billion this year as the industry continues its protracted recovery from the worst of the pandemic and the hurdles imposed by the Omicron variant. An analysis by Rystad Energy projects overall oil and gas investments will rise 4% to $628 billion this year from $602 billion in 2021.

Abu Dhabi National Oil Company (ADNOC) announced the award of a $946 million (AED3.47 billion) Engineering, Procurement, and Construction (EPC) contract for the strategic long-term development of its Umm Shaif field.