Fulkrum Technical Resources (FTR), a global provider of technical personnel specialising in QA/QC, inspection and vendor surveillance services to the energy industry, has reported a successful 2020, resulting in year-on-year growth of more than 50%.

Oceaneering International, Inc. announces that, since the beginning of the fourth quarter 2020, it has won multiple significant contracts for its Integrity Management and Digital Solutions (IMDS) segment.  The contracts range in duration from three to five years, with a cumulative value exceeding $250 million.

Total SA has dominated in terms of long-term liquefied natural gas (LNG) import contract volumes signed by key purchasing companies for the year 2020, with almost 38% of global contracted capacity, according to GlobalData, a leading data, and analytics company.

Equinor has entered into an agreement with Eni to sell a 10% equity interest in the Dogger Bank Wind Farm A and B assets in the UK for a total consideration of around GBP 202.5 million.

Eni has also entered into an agreement to purchase a 10% interest in Dogger Bank A and B from project partner SSE on the same terms. Once the transaction is complete, the new overall shareholding in Dogger Bank A (1.2 GW) and Dogger Bank B (1.2 GW) will be – SSE (40%), Equinor (40%) and Eni (20%).

Eni will enter the assets effective from financial close of project financing which was reached on 25 November. The consideration of around GBP 202.5 million reflects the payment to Equinor for a 10% equity interest in both Dogger Bank A and Dogger Bank B. Equinor’s shareholder loan financing to date of around GBP 185 million was repaid following the financial close.

“This is our third offshore wind transaction in less than two years. Once again, we have demonstrated Equinor’s ability to create value from renewables projects. The divestment is in line with our strategy. We access attractive acreage early and at scale, then leverage our technology and experience to mature and de-risk projects. Today’s deal underpins our track record in consistently capturing value from world class assets,” says Pål Eitrheim, executive vice president in New Energy Solutions in Equinor.

Equinor and SSE Renewables secured 3.6 GW of offshore wind contracts for Dogger Bank’s three phases, Dogger Bank A, Dogger Bank B and Dogger Bank C in the UK Government’s 2019 Contract for Difference auctions.

The first two phases of Dogger Bank reached recently financial close at competitive terms, underlining the attractiveness of the UK offshore wind assets and the confidence in the joint venture. Dogger Bank C is being developed on a different timescale with financial close to follow at a later stage. There is no change to the ownership of the third phase, Dogger Bank C (1.2 GW), in which Equinor and SSE each have a 50% stake.

SSE Renewables are leading the construction of the 3.6 GW project, and Equinor will lead on the wind farm’s operations.

“Dogger Bank is the largest wind farm in the world under construction, and we are pleased to welcome Eni as a new partner. Through the sheer scale of the project, we have delivered record-low contract prices for the UK market, and as operator of the wind farm we will continue to deliver value to the UK for years to come. Together with our partners we will continue to drive the energy transition to a net zero emissions future for the UK,” says Eitrheim.

“For Eni, entering the offshore wind market in Northern Europe is a great opportunity to gain further skills in the sector thanks to the collaboration with two of the industry’s leading companies, and to make a substantial contribution to the 2025 target of 5 GW of installed capacity from renewables, an intermediate step towards the more ambitious target of zero net direct and indirect greenhouse gas emissions in Europe by 2050,” says Claudio Descalzi, Chief Executive Officer of Eni.

The transaction is expected to close in early 2021, subject to regulatory and lenders approvals and customary purchase price adjustments.

Equinor is developing as a broad energy company, and on 2 November this year announced its ambition to become a net-zero energy company by 2050. The company aims to become a global offshore wind major and expects to increase its current installed capacity to 12-16 GW, around 30 times the current level, by 2035.

Greensea Systems, Inc. creator of OPENSEA®, the open architecture robotics platform for the marine industry, announces the award of a Phase II Small Business Innovation Research (SBIR) ASAP grant totaling $1,100,000, with option for additional funding, for the continued development of Standoff Command and Control of Remotely Operated Vehicles (ROVs).

High impact exploration has weathered a perfect storm of a pandemic, an oil price crash and an accelerating energy transition, and enters 2021 with a substantial drilling program that should at least match 2020.

The Covid-19 pandemic has devastated crude and condensate demand in 2021, creating massive supply surpluses and filling up inventories, causing producers to slash output in order to keep prices at somewhat profitable levels. Rystad Energy’s latest balances, however, show that 2021 could offer producers a window of opportunity, as monthly supply deficits may reach their highest level in years.

The oilfield service (OFS) market is projected to lose a cumulative $340 billion in purchases value over the next eight years, a Rystad Energy analysis shows, as peak oil demand will arrive earlier and at a lower level than previously thought, leading to reduced E&P investments.

A snapshot survey of the UK’s supply chain has revealed an improved outlook for the industry with less anticipated redundancies, greater optimism and new geographical markets.  

TechnipFMC has announced the resumption of activities toward its planned separation into two industry-leading, independent, publicly traded companies: TechnipFMC, a fully integrated technology and services provider; and Technip Energies, a leading engineering and technology player.

The World Ocean Council is pleased to announce the launch of “BlueFIN 21” - the annual Global Blue Finance Summit.

Chevron Corporation has announced a 2021 organic capital and exploratory spending program of $14 billion and lowered its longer-term guidance to $14 to $16 billion annually through 2025.

Activity on the Norwegian continental shelf last year remained at a high level, despite the ongoing pandemic. The year has been characterized by high production and significant investments in developments and projects on the fields.

McDermott International, Ltd. announced that on Dec. 31, 2020, it secured $560 million in new capital.

After a turbulent 2020 for the oil and gas industry, 2021 is expected to see a modest rise in investment in the UK and Norway offshore sectors, assuming a US$50 per barrel average oil price.

GIEK’s mission is to promote Norwegian exports – and it is doing that big time in the offshore wind market both in Europe and further afield. Having reached around NOK 4bn in June, its latest NOK 3.6bn (GBP 300m) risk-sharing splash supports supply contracts for Norwegian companies Aibel and OHT Alfa Lift AS to the Dogger Bank mega-project in the North Sea.