Subsea World News has put together a recap of the most interesting articles from the previous week (October 31 – November 06).
At the end of September, Oceaneering had 279 vehicles in our fleet and utilization for the quarter was 52%. The 39 ROVs retired worked a total of 349 days in the third quarter; pro forma quarterly utilization, reflecting these vehicles as if they had been retired effective as of the beginning of the quarter was 58%.
Aberdeen and Houston based company has attracted the investment from a fund advised by Alchemy Special Opportunities.
The transaction will be executed using a partnership structure, pursuant to which GE Oil & Gas and Baker Hughes will each contribute their operating assets to a newly formed partnership.
As a result of the restructuring, an anticipated 450 of the existing 770 jobs in the company will be phased out, the company informed.
The assignments include the construction of a landfall and the execution of subsea rock installation works, the company informed. The projects are part of the West Nile Delta project, which comprises the development of a series of gas fields, located 65 km off the northern coast of Egypt.