In a landmark partnership, Damen Financial Services (DFS) and Siemens Financial Services (SFS) have joined forces to establish a new facility for vessel financing solutions: Damen Ship Lease (DSL). The DSL facility is now one of the funds of Damen Ship Lease Cooperation which is managed by DFS. It is designed to provide current and prospective ship owners with the ability to expand their fleets by enabling them to acquire state-of-the-art vessels using flexible financing options.

The price to rent an offshore rig hit a nine-year high last year with jackups, semisubmersibles and drillships costing on average US$118,000, $368,000 and $419,000, respectively (as of 31 December 2023). These figures represent an overall 54% increase in dayrates when compared with 2021. This swift rate of cost inflation – sparked by higher global rig demand, rising utilization and tightening availability – has more recently become a factor in the slowdown in contracting activity as operators take stock of their current rig provisions and look at ways to keep future projects economical, as well as being extra careful to make the right rig selection, especially for long-term campaigns.

CGG announces that S&P Global Ratings ("S&P") has upgraded the Company's issuer credit rating to 'B-' from 'CCC+'. S&P noted "a markedly stronger 2024 – 2025 financial performance" as a reason for the upgrade.

"We believe that S&P’s rating upgrade aligns with our recently communicated financial roadmap,” said CGG CFO, Jérôme Serve. “We remain focused on the strengthening of our financial performance, cash generation and balance sheet deleveraging.”

Q1 2024 Results and conference call

CGG will announce its first quarter 2024 non-audited results on May 14, 2024, after market close.

The Ras al-Khair Special Economic Zone (SEZ) aims to host the largest shipyard in the Middle East and North Africa (MENA), leveraging partnerships with major maritime players and backing by the Saudi government to attract investment. The SEZ is based in the city of Ras al-Khair on the eastern Arabian Gulf coast of the Kingdom, just north of al-Jubail Industrial City—home to the world’s fourth largest petrochemical company: Saudi Basic Industries Corporation (SABIC).

TotalEnergies has signed an agreement with Sapura Upstream Assets Sdn Bhd (SUA) to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for a consideration of $530 million, subject to closing adjustments. Closing is expected in the second half of 2024.

Coach Solutions, a leading software-as-a-service provider to the maritime industry, has announced a strategic investment from parent company Kongsberg Digital.

Beacon Offshore Energy LLC (“Beacon”) has completed the divestment of its non-operated interests in certain fields in the deepwater Gulf of Mexico in accordance with a previously executed definitive agreement with GOM 1 Holdings Inc., an affiliate of O.G. Oil & Gas Limited. The divestment includes Beacon’s 18.7% interest in the Buckskin producing field, 17% interest in the Leon development, 16.15% interest in the Castile development, 0.5% interest in the Salamanca FPS/lateral infrastructure, and 32.83% interest in the Sicily discovery.

Solstad Offshore announces contract awards from Clients in the offshore energy markets with a combined duration of approx. 600 days (inclusive of mobilization and demobilization) and a gross value of approx. NOK 800 million. 

“2023 was a very strong year for Kraken, with 70% growth in revenue and 166% growth in Adjusted EBITDA. We expect our strong growth trajectory to continue in 2024. To use a baseball analogy, we are in the second inning of a nine-inning ball game,” said Kraken President and CEO Greg Reid. “We have a strong pipeline of opportunities and a unique competitive position. In 2023, we made significant improvements in our business, including strengthening our technical and commercial depth, adding specific skillsets to our board of directors, and making significant investments in headcount and infrastructure. While not always apparent to external parties, these changes are positioning us to capture significant new business and improve our execution in the future. Below, I highlight several points that give us confidence that our future looks bright as the Kraken team brings our world class solutions to existing and new customers across the defense and commercial markets.”

NOAA and the Department of Commerce announced that $2.7 million from the Bipartisan Infrastructure Law (BIL) will be used to replenish and expand an important array of robotic floats in the Argo program that measure ocean and climate data as part of President Biden’s Investing in America agenda.

Acteon Group, the international offshore energy infrastructure services business, has been acquired by private equity investors Buckthorn Partners and One Equity Partners (OEP).

Vår Energi ASA is on track for growth and value creation and delivers strong financial results in a quarter with record high production.

Royal Boskalis B.V. (Boskalis) has concluded a historic 2023. Both revenue and earnings reached a record level with all parts of the business contributing to these impressive figures.

OKEA ASA in collaboration with its partners, announces that final investment decision (FID) has been made for the Brasse development. The field is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves and will be developed as a tie-back to the Brage field.

Industrial data and engineering consultancy Imrandd has developed a revolutionary asset management solution which harnesses artificial intelligence (AI) to reduce inspection time and costs for offshore operators.