Commentary from Vivek Srivastava, Senior Trade Analyst at VesselsValue.

The UK Hydrographic Office (UKHO) has started surveying the seabed of the southern waters of Belize as part of the UK government’s Commonwealth Marine Economies (CME) Program.

NOLA Oil Terminal, LLC has been approved by the Louisiana State Bond Commission to issue up to $300 million in tax exempt bonds. This is in addition to funding already secured to commence construction, which began in October 2021, at its 158-acre crude oil and refined products terminal at Mile Marker 59 along the lower Mississippi River in Plaquemines Parish.

Chevron Corporation reports earnings of $5.1 billion ($2.63 per share - diluted) for fourth quarter 2021, compared with a loss of $665 million ($(0.33) per share - diluted) in fourth quarter 2020.

Seadrill 2021 Limited announced on February 23, that it has emerged from Chapter 11 after successfully completing its reorganization pursuant to its Chapter 11 plan of reorganization (the “Plan”). The Plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October 26, 2021.

Using VesselsValue data, Charlie Long, Offshore Analyst, has analyzed the fate of Teras Offshore's Liftboat fleet looking at their assets and sales following their liquidation announcement on 30th December. 

Eneti Inc. has discontinued discussions with a shipyard in the United States to build a Jones Act-compliant Wind Turbine Installation Vessel.

Latest analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals a year-on-year growth for the global offshore rig market at the close of 2021, up 200% from 2020.

Energy industry leaders say the energy transition is accelerating faster than ever, and that 2022 is set to be a strong year for industry growth, as set out in a new global report from DNV analyzing the views of more than 1,000 senior energy professionals.

VAALCO Energy Inc. announces the successful completion of the Etame 8H-ST development well that was drilled from the Etame platform in the Etame field, offshore Gabon.

The European Investment Fund (EIF) will support the new Premium Maritime Credit Fund (“PMCF” or “the Fund”) managed by NRP Maritime Asset Management AS (”MAM”), investing up to USD 60 million in the Fund, in addition to the funds in place from other European institutional investors and family offices.

Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, a 70% increase over 2020, Rystad Energy research shows. The total deal value for 2021 was the highest in three years and almost reached the highs seen in 2017 and 2018 of $205 billion and $199 billion, respectively.

In the fourth quarter of 2021, revenue growth at 24.8% was particularly strong and supported by all regions, business lines and market segments. EBIT margin was 4.3% compared to 1.1% in the comparable period last year as a result of improved performance in Americas and Middle East & India, in particular in marine.

The European Investment Bank (EIB) and Prysmian Group, a world leader in the energy and telecom cable systems industry, announces that they have finalized financing of €135 million intended to support the Group’s 2021-2024 R&D plans in Europe.

Exceed Managed Pressure Resources, the Managed Pressure Drilling (MPD) arm of Aberdeen-headquartered well management and performance improvement specialist Exceed, has announced a 230% rise in revenue during 2021.

Eni and Point Resources Holding, a HitecVision portfolio company, owning respectively of 69.85% and 30.15% of Vår Energi AS, announces the intention to launch an initial public offering for Vår Energi and for the company to apply for a listing on Oslo Børs (the “IPO”).