Latest news from Heavy Lift & Project Forwarding International Magazine

Subsea 7 downscaling plans succeed

November 12 - Subsea 7 has disclosed a bigger fleet reduction plan with six of its ships being laid up in order to reduce the fleet in "subdued markets".

After both net profit and revenue dropped significantly in 2014, the company announced recently that its reduction plan, announced in May 2015, is on track to deliver approximately USD550 million of savings.

The fleet reduction has progressed as planned. 12 vessels are scheduled to leave the fleet by early 2016, six vessels have been laid up and one chartered vessel has been returned. The 16,500 dwt pipe-laying vessel Seven Polaris will also be scrapped, in spite of an impairment charge of USD36 million.

Subsea 7 ceo Jean Cahuzac said: "Subsea 7 has delivered another quarter of good results in the three months to September 30, 2015, despite the continuation of difficult industry conditions and resultant decline in market activity, with strong operational performance in both business units driven by consistently good project execution."


Subsea 7's Luanda spoolbase.

Heavy Lift | News

GE responds to fraud allegations thumbnail image

GE responds to fraud allegations

August 19 - General Electic (GE) has issued a statement in response to allegations that the company is engaging in accounting fraud worth USD38 billion.
Views: 199
Chapman Freeborn and Maximus Air team up thumbnail image

Chapman Freeborn and Maximus Air team up

August 19 - Chapman Freeborn Airchartering and Maximus Air Cargo have transported a magnetic resonance imaging (MRI) machine to Addu Atoll in the Maldives.
Views: 163
Haliade-X components on the move thumbnail image

Haliade-X components on the move

August 19 - A wind turbine blade from LM Wind Power, measuring 107 m long, has arrived at the port of Blyth in the UK for testing at Offshore Renewable Energy Catapult’s facilities.
Views: 194

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