Subsea specialist Subsea 7 is consolidating its Renewable Energy Division, which it established in 2011, into its 50%- owned joint venture Seaway Heavy Lifting (SHL).
The company says the consolidation will rationalise its offering to the renewables market, and enable offshore installation specialist SHL to leverage Subsea 7’s engineering and project management expertise to broaden its range of services and target larger projects.
SHL was founded in 1992 and operates the crane vessels Stanislav Yudin and Oleg Strashnov, with their revolving lift capacities of 2,500mt and 5,000mt respectively.
Subsea 7’s renewables division was established to principally target offshore wind projects in Europe, said the company. SHL has established a track record of successfully delivering offshore wind installation projects.
Subsea 7’s Chief Executive Officer, Jean Cahuzac said: “The combination of Subsea 7’s engineering, project management and offshore delivery expertise with SHL’s existing capability in transport and installation of marine structures will create a company with the resources to better compete in the growing offshore renewables sector. We look forward to demonstrating how this new combination can deliver an extended offering to clients in a safe and cost effective way.”
Recommended Reading
Tinker Associates CEO on Why US Won’t Lead on Oil, Gas
2024-02-13 - The U.S. will not lead crude oil and natural gas production as the shale curve flattens, Tinker Energy Associates CEO Scott Tinker told Hart Energy on the sidelines of NAPE in Houston.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
Oil Market Shifting Back to Supply/Demand
2024-03-08 - Stratas Advisors' John Paisie forecasts the price of Brent crude to increase during the second and third quarters of this year and move toward $90/bbl.
Commentary: Fact-checking an LNG Denier
2024-03-10 - Tampa, Florida, U.S. Rep. Kathy Castor blamed domestic natural gas producers for her constituents’ higher electricity bills in 2023. Here’s the truth, according to Hart Energy's Nissa Darbonne.