Fugro has entered into an agreement to acquire CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ joint venture agreement effective December 30, 2019 in exchange for a cash consideration of USD 35 million, paid by CGG before year-end 2019. The proceeds will be used to lower Fugro’s outstanding debt position and strengthen Seabed Geosolutions’ balance sheet.

As 2019 draws to a close, Anna Belova, Senior Oil and Gas Analyst at leading data and analytics company GlobalData, looks at the key trends that will shape the industry in 2020, ranging from stronger focus on gas developments to a push for shorter-cycle investments:

New research released from the Bureau of Safety and Environmental Enforcement (BSEE) and Bureau of Ocean Energy Management (BOEM) indicates the need to define the Gulf of Mexico Shallow Water Province (water depth less than 200 meters) as a distinct province to avoid stranding more than $20 billion of the Nation’s oil and natural gas resources.

According to one of the published reports, the projected value of the global FSRU (Floating Storage Regasification Unit) market in 2018 is US$ 1,217.9 Mn and the market is estimated to reach US$ 2,380.3 Mn by 2026 with a CAGR of 8.7%.

Shane Guidry, CEO of Harvey Gulf International Marine has announced the purchase of Harvey’s 30 percent ownership in Quality Liquefied Natural Gas Transport (QLNG). The CEO previously owned 70 percent of QLNG with Harvey and now controls 100 percent. 

Maersk Drilling has entered into an agreement with a subsidiary of Shelf Drilling, Ltd. to sell the jack-up rig Maersk Completer for USD 38m in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be delivered in January 2020.

Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are expected to contract the most next year by almost 12%.

Siemens Gamesa Renewable Energy continues to demonstrate that sustainability can be present in every step it takes as a company, including its funding strategy. In less than a year, it has accumulated 1.48 billion euro in green guarantee lines.

Rystad Energy’s base-case production profile for the Perth Basin in Western Australia has it reaching a peak gas production rate of over 400 million cubic feet per day (MMcfd) by about 2024, surpassing that of South Australia’s once mighty Cooper Basin.

The end of the year is the perfect time for reflection, so VV are taking this opportunity to look back on the biggest and most valuable deals of 2019 in the Cargo and Offshore sectors.

Royal Dutch Shell plc (“Shell”) announces that it has signed a $10 billion revolving credit facility. The new facility replaces Shell’s existing $8.84 billion revolving credit facility and is provided by a syndicate of 25 banks.

Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") has announced financial results for its fiscal 2020 third quarter ended October 31, 2019.

Leading Aberdeen engineering outfit, Balmoral Group, has invested a six-figure sum in Blaze Manufacturing Solutions Ltd taking a 70% stake in the Aberdeenshire-based company.

VesselsValue sounds the alert on MODU values following 2 sales of modern premium jack up units to separate buyers at historic lows.

Natural gas production for Northwest Europe is forecast to decline by approximately 25% from current levels over the next five years as upcoming projects struggle to offset overall declines, according to GlobalData, a leading data and analytics company.

Energy projects that need oil prices above $60 per barrel in order to break even risk being uncommercial going forward, according to Rystad Energy. However, massive investments in exploration and sanctioning are still needed to meet growing global demand.