Company & People News/Dredge Mining
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Subsea 7 plans cost cuts as loss doubles

United Kingdom

Subsea 7 has seen red in Q1 2020 on activity drop in the SURF and Conventional business units as well as COVID-19 pandemic.The Oslo-listed firm posted quarterly loss of $38 million, or $13 cents per...

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Marine Energy Wales greets Morlais new developers in Wales

United Kingdom

Marine Energy Wales has welcomed the news that North Wales’ tidal stream array demonstration project, Morlais, has signed up three new international turbine developers.French firms Sabella and...

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Polarcus shrinks deficit; preps for market uncertainty

United Arab Emirates

Marine seismic player Polarcus has cut its deficit in Q1 2020 despite slightly lower revenues on improved pricing compared to prior year.The Oslo-listed company reported loss for the Q1 2020 of $4.2...

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Seafox tests waters around Gulf Marine Services

Netherlands

Dutch jack-up owner and operator Seafox has placed an unsolicited and non-binding proposal to acquire the Gulf Marine Services PLC (GMS).Seafox made a possible cash offer for the entire issued and...

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Fugro to downsize workforce by 10 per cent

Netherlands

Dutch subsea and survey specialist Fugro said it will reduce its workforce by up to 10 per cent due to challenging market situation.The company posted loss before interest and taxes of €26 million...

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FSG files for insolvency

Germany

Cash strapped German shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) has filed for the opening of insolvency proceedings at the local court in Flensburg.The court has approved the application...

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Chinese dredging company gains reputation in Saudi Arabia for its sense of responsibility

China

By Qu XiangyuChinese companies operating in Saudi Arabia are widely lauded by the local community for their efforts to maintain strict containment measures amid COVID-19, advance construction and...

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Damen Suffers Mega Loss From Bad Projects

Netherlands

By Pieter Lalkens & Tjabel DalingProvisions and write-downs on a number of poor offshore projects have left shipbuilder Damen Shipyards deep in the red. The Gorinchem concern suffered a...

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Judge: Hagler Systems, Inc., Maintains Control of Trade Secrets

GA, United States

A U.S. District Court judge this week issued an order that pumping and processing leader Hagler Systems, Inc. (HSI) will maintain control of all of its intellectual property and proprietary documents...

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Ørsted posts strong results, sees no significant impact from COVID-19

Denmark

Leading offshore wind developer Ørsted reported an operating profit (EBITDA) of DKK 6.8 billion (EUR 912 million) for the first quarter of 2020, a 33 percent increase compared to the same period...

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Keppel Offshore & Marine profit halved despite higher revenues

Singapore

Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. Keppel Corporation said on Wednesday that its...

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Hapag-Lloyd puts ordering of mega boxships on the back burner

Germany

German liner giant Hapag-Lloyd is postponing the decision on the ordering of new ultra-large containerships until further notice due to the ongoing market uncertainty caused by the coronavirus...

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Polarcus in XArray seismic acquisition in Asia Pacific

United Arab Emirates

Polarcus has received a contract for an XArray marine seismic acquisition project in Asia Pacific.The acquisition is expected to begin in June 2020.The work will have a duration of approximately one...

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Korean shipbuilding majors reveal Q1 figures as ordering plummets amid Coronavirus woes

Korea, Democratic People's Republic of

South Korea’s two shipbuilding heavyweights, Korea Shipbuilding & Offshore Engineering Co and Samsung Heavy Industries have released their business performance figures for the first quarter of...

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Polarcus elects new board member

United Arab Emirates

Polarcus has elected Nina Tronstad as a board member, with a term of office expiring at the company’s 2021 annual general meeting. Nina Tronstad has held a series of senior executive roles in the oil...