Courtesy of Hermitage Offshore

By The Maritime Executive 06-05-2020 09:51:08

Hermitage Offshore Services became the latest company in the offshore sector to issue a dire financial outlook. The company said it has engaged financial advisors to provide consultation and has commenced discussions with its lenders.

The owner of 23 vessels consisting of 10 platform supply vessels, two anchor handling tug supply vessels, and 11 crew boats that primarily operate in the North Sea or the West Coast of Africa, said that current circumstances give rise to substantial doubt about the companys ability to continue as a going concern.

In reporting first quarter results, the company cited the outbreak of COVID-19 coupled with the abrupt deterioration in the price of crude oil resulting, which prompted significant reductions of both current and planned capital expenditure outlays from major oil producers throughout the world. Consequently, it said, the markets in which the company's vessels operate, particularly in the North Sea, have come under significant pressure in the form of reduced spot market rates and utilization, higher lay-up activity, and contract cancellations and renegotiations.

Hermitage became just the latest company in parts of the offshore sector to raise concerns. At the beginning of the week, offshore rig operator Seadrill said that it would voluntarily delist from the New York Stock Exchange followed by issuing its own going concernwarning for investors, citing the fundamental market imbalance between rig supply and demand.

Numerous companies related to the offshore industry have also announced cutbacks in their workforces. Subsea 7 announced this week that it would reduce its headcount by about 3,000 employees during the second quarter out of a global workforce of 12,000. In the North Sea, Maersk Drilling announced about 300 layoffs in April and another 150 in May. In the U.S. Gulf of Mexico oil patch, the Louisiana Oil & Gas Association indicates that its members have already laid off as much as a quarter of its workforce.

Siem Offshore, which operates a fleet of 35 vessels serving the oil and gas industry, announced in April that it has entered into a standstill agreement with its secured lenders in Europe and Norway as a first step toward improving cash flow and liquidity to maintain operations. Siem, however, must also obtain a similar agreement with its secured lenders in Brazil and Canada as well as obtaining approval from its bondholders to defer payments and suspend their acceleration rights.

After years of struggling with oversupply and weak demand, many analysts point to the challenges in the current economic downturn from the global pandemic as causing the current collapse in the industry.

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Hermitage Offshore Becomes Latest to Issue "Going Concern" Warning - The Maritime Executive

Miclyn Express Offshore has contracted 14 of their crew boats on a long term charter with a leading E&P company in Thailand for 1,095 days from May 2020. This fleet of crew boats will support oil & gas production activity via inter-field transfer of personnel and cargo, evacuation and emergency response operations. The fleet service a significant number of platforms that form part of multiple oil & gas production fields within the Gulf of Thailand and operate on a very economic fuel consumption model to minimize operating costs for the charterer.

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The project was contracted through Uniwise Offshore Ltd, a joint-venture between the Singapore headquartered, Miclyn Express Offshore and their local shipyard and logistics partner, Unithai Group. The management of these crew boats are carried out from the shore support bases in Songkhla and Sattahip. Uniwise has served this client with good track record for 20 years. Established in 1999, the joint-venture manages over 25 vessels in Thailand.Source: Miclyn Express Offshore

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Miclyn Express Offshore Awarded Long-Term Charter In Thailand For 14 Crew Boats - Hellenic Shipping News Worldwide

As Tropical Storm Cristobal heads toward the U.S. Gulf Coast, sending offshore workers and equipment scurrying out of its way, it isnt the only storm endangering the offshore energy business.

Debt and a fall off in activity are decimating company cash flows and balance sheets. Without cash flow, solving the debt issue becomes impossible without significant financial restructuring.

While managements would love to renegotiate their loan and bond indentures with lenders in private, most of the action will be done under bankruptcy protection. The outcome will be companies with new owners, as debt is swapped for equity, leaving current shareholders with little or no value. New company directors, and often new management, are also part of the restructuring process. The former debt-holders, and now new shareholders, are driven by one goal recapture as much of their loan value through improved share prices and/or sale of equipment. For them, it becomes a race to see how quickly the industrys and companys fortunes improve, and the holders desire to generate cash returns.

A recent presentation by Rystad Energy analysts offered a sobering outlook for the floating rig segment of offshore drilling, and implicitly the entire business. Their view of the industrys future was supported by comments from Seadrill chief executive Anton Dibowitz earlier this week during the companys first quarter earnings call. He summarized the problems facing Seadrill and all offshore drillers: This industry has two fundamental challenges which are emphasized by recent events there are too many rigs carrying too much debt a number of our assets are increasingly unlikely to return to the market and need to be scrapped. Assets across the industry also carry debt levels which are unlikely to be sustainable and consequently we should expect to see substantial indebtedness being converted into equity.

This problem was identified by Rystad. It showed that beginning in 2015, following the 2014 oil price drop, E&P companies exploration spending no longer tracked their cash flow, a first for the industry. As exploration and greenfield development spending accounts for 38% and 39%, respectively, of spending on floating drilling rigs, the change in E&P company philosophies for managing their long-term future has cut in half the market for these rigs.

Rystad calculated that the ratio of customers to floater companies is now one-to-one. As a result, drilling contractor pricing leverage doesnt exist, jeopardizing future rig utilization and earnings. Without cash flow, debt restructurings will follow. Longer term, this will drive industry consolidation. Rystad says the floater industry went from 15 to 11 contractors following the acquisitions by Transocean and Valaris. It now says the industry may be headed to only four contractors. If correct, theres a hurricanes worth of pain and suffering ahead for the industry, something it cant avoid.

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Storms everywhere for the offshore industry - WorkBoat

Lithuanias energy ministry has submitted a government decree for public consultation on the location of a 700MW wind array off its coast that could provide up to a quarter of the small Baltic nations electricity needs.

The zone foreseen covers an area of 137.5 square kilometres, and is located some 29km from shore, with average water depths of 35 metres, and wind speeds seen at about 9 m/s, the energy ministry said in a release.

Fierce competition will begin for investment in this area, and we need to be as well prepared as possible for this, energy minister ygimantas Vaiinas said.

A final decision on the location of the offshore wind farm is expected to be taken at the beginning of June, Rytis Kvelaitis, vice minister for energy told Recharge.

It is expected that the final decision by the Cabinet of Ministers will be taken at the beginning of June.

The government also plans to prepare legislation regulating a support scheme for offshore wind, which it wants to coordinate with the European Commission before 1 June.

First offshore wind auctions are planned to be announced in 2023, while the offshore wind project is slated to start operations by 2030, when Lithuania targets to have a renewable power share of 45%.

The ministry has proposed to commission transmission grid operator Litgrid with the preparatory work for the grid link to the future offshore wind farm.

The decree implements first recommendations of a public-private offshore wind task force, which started operations in February.

The task force had been asked to provide recommendations on possible stages of offshore wind development, models of grid connection, the allocation of responsibilities and connection costs, the selection of offshore arrays, the research required, possible support options and the regulation of offshore permits.

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Lithuania eyes 700MW offshore wind zone that could meet 25% of its power needs - Recharge

Offshore staff

WASHINGTON, D.C. The Department of the Interior and the Bureau of Ocean Energy Management have issued a final rule to update air quality regulations for applicable BOEM activities in the Central and Western Gulf of Mexico and offshore Alaskas North Slope Borough.

The new rule does not relax any standards for regulating air quality, uses the best available science and makes important technical and compliance-related updates to bring the regulation into this century, the department said.

The departments jurisdiction is limited to activities authorized under the OCS Lands Act in the Central and Western Gulf of Mexico and offshore the North Slope Borough of Alaska. The US Environmental Protection Agency (EPA) has air quality jurisdiction over all other parts of the OCS. It is also limited to regulating offshore emissions of criteria and their precursor pollutants to the extent they significantly affect the air quality of any state. With this clear mandate, the final rule operates within these parameters to improve air quality.

The final rule provides a commonsense approach to ensure BOEMs Air Quality Regulatory Program remains in compliance with the OCS Lands Act requirements by ensuring that the bureau uses up-to-date air quality standards (i.e., National Ambient Air Quality Standards (NAAQS)) and benchmarks consistent with those already established by the EPA.

Pursuant to Executive Order 13795 signed by President Trump and Secretarys Order 3350, BOEM reviewed its 2016 Proposed Rule on Air Quality Control, Reporting, and Compliance. As a result of this review and analysis of comments received on the proposed rule, BOEMs final rule adopts the following changes:

Compliance with NAAQS. As was the case with the proposed rule, this final rule adds a definition of the NAAQS. It also clarifies that the departments reporting and compliance requirements apply to the emissions of all pollutants on the OCS for which a national ambient air quality standard has been defined.

Updating significance levels (SLs). The final rule replaces the table of SLs in BOEMs existing regulations dating back to 1980 with a revised table, which is based on values set forth in EPAs regulations (40 CFR 165.51(b)(2)). BOEM will continue to update the table of SLs as appropriate, which will save operators from having to search for the SLs in EPAs regulations.

New requirements for PM2.5 and PM10. This final rule replaces the former criteria air pollutant total suspended particulates (TSP) modeling requirements with new modeling requirements for the criteria pollutants particulate matter 10 (PM10) and particulate matter 2.5 (PM2.5). BOEM is also updating its forms to enable lessees and operators to identify, report, and evaluate PM2.5 and PM10 pollution in the air quality spreadsheets that they submit in connection with their exploration or development plans.

Emissions exemption thresholds. The final rule also updates existing regulations that refer to emissions exemption thresholds to clarify that these formulas apply equally to development and production plans (DPPs) and development operations coordination documents (DOCDs). This update will not lead to a change in practice because BOEM has always applied its existing regulations on air quality to both DPPs and DOCDs.

Clarifying terminology. The final rule updates various terminology to better clarify the intent of the regulations. For example, the final rule replaces the term air pollutant with the term criteria air pollutant. Under the OCS Lands Act, BOEM regulates the emissions of criteria air pollutants, since those represent pollutants for which the EPA has defined a NAAQS. BOEM regulates only those emissions that could affect the bureaus obligation to ensure compliance of state air quality with the NAAQS, so using the term air pollutant was not appropriate.

Air quality spreadsheets. With the implementation of the new air quality rule, BOEM is also updating the Office of Management and Budget (OMB)-approved air quality spreadsheets, BOEM-0138 (for exploration plans) and BOEM-0139 (for DOCDs, and DPPs). The lessee or its designated operator must use these forms for proposed operations in areas of BOEM air quality regulatory jurisdiction. Concurrent with these changes, BOEM is phasing out its previous practice of including the emissions from transiting support vessels in the EET calculations, consistent with the bureaus statutory mandates. Air quality modeling will henceforth only be required in situations when a regulated facility, exclusive of support vessels, exceeds the relevant EET.

05/14/2020

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Department of Interior issues new offshore air quality regulations - Offshore Oil and Gas Magazine

Northland Power operating income and adjusted earnings from offshore wind jumped 55% and 63%, respectively, in the first three months of 2020, compared with last year, boosted by output from the Deutsche Bucht project and higher sales.

Operating income in the first quarter of 2020 was $321m, an increase of $113m on last year, while adjusted EBITDA was $304m rising $117m on Q1 2019.

Offshore wind sales increased by 43% or $135m to $445m, driven by higher electricity production which rose 54% or 558 gigawatt-hours (GWh) compared with the first three months of 2019.

The increase was primarily due to pre-completion production from Deutsche Bucht (pictured) and higher wind resources in the North Sea.

This was partially offset by more periods of unpaid curtailment due to negative pricing at Nordsee One and Deutsche Bucht.

Northland said its share of the loss on sales from the average wholesale market price falling was 7m ($10m) or 7%.

The loss on sales from unpaid curtailments was 5m or 7% of Northlands share of revenues of Nordsee One and 5m or 8% of its revenues from Deutsche Bucht.

At Northland's onshore renewable assets electricity production decreased 13% or 57GWh compared with the same quarter of 2019.

The fall was primarily the result of lower solar and wind resource across the facilities, the company said.

Onshore sales were $53m, a 9% decrease or $5m lower than 2019.

Northland said production variances at the solar facilities have a larger effect on sales than the wind facilities since solar projects receive a higher contracted price per MW.

Operating income and adjusted EBITDA of $24m and $34m, respectively, decreased 11% or $3m and 10% or $4m primarily due to lower production.

Overall, the company's operating income stood at almost $395m in the first quarter, up from about $288m last year.

Adjusted EBITDA rose to nearly $421m in the first three months of the year, 59% up on the $264m posted in the same period of 2019.

Northland said its operating facilities are deemed to be essential infrastructure and, as such, operations have continued uninterrupted to date because of Covid-19.

However, the company said the impact of Covid-19 will have material effects across global economies and sectors, including reduced power demand within the renewable energy sector.

While the vast majority of Northlands revenues are contracted under long-term agreements with creditworthy counterparties, there is some, yet limited, exposure to the wholesale market price of electricity at the offshore wind facilities, it said.

If low wholesale market prices persist for an extended period, Northlands revenues may be negatively affected, the company added.

Northland president and chief executive Mike Crawley said: Our financial and operating performance during the first quarter was solid, however, our highest priority to date has been to ensure the health and safety of our employees, contractors and communities across our global operations amid the Covid-19 pandemic.

As outlined in our 30 March update, Northland provides an essential service, and our efforts are focused on ensuring our facilities continue to operate at high levels of availability.

The strength of our balance sheet and stable cash flow profile, which are underpinned by long-term revenue contracts, position the company well to weather the current environment.

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Offshore wind boosts Northland income - reNEWS

A simulation by Utrecht University researchers indicated North Sea PV projects may perform better than a ground-mounted solar generator in the Netherlands. Offshore installations could generate 12.96% more power per year, according to the findings of the study, with the sea acting as a cooling system.

Scientists from the Copernicus Institute at Utrecht University in the Netherlands have claimed offshore PV plants could be more productive than ground-mounted arrays after running a simulation comparing a North Sea project to a conventional system at the Utrecht Photovoltaic Outdoor Test field.

Simulation measurements accounted for average ambient and water surface temperatures and the effect of waves over a year. The model included seawater functioning as a natural cooling system as well as wind speed and relative humidity and the researchers observed big swings in ambient air temperatures during the year that was simulated contrasted with gradual changes in water temperature.

[The] minimum air temperature at [the] land-based PV installation is 1.1 degrees Celsius, which is roughly 4 degrees Celsius higher than the minimum temperature at the floating PV location, stated the Utrecht team. Similarly, the maximum air temperature is higher at the land-based PV location. The minimum and maximum sea surface temperature are 1.8 degrees Celsius and 16.7 degrees Celsius, respectively.

Temperatures

The temperature at sea was much lower at the floating installation due to higher relative humidity and wind speeds, the researchers observed.

Sea surface temperature, the scientists noted, was close to the PV system equilibrium level.

Both simulated projects comprised 12 solar panels for generation capacities of 3.72 kW. The floating project modeled was placed on a steel pontoon fixed by four wire ropes to four buoys. The wire ropes limit the degree of freedom for the pontoon, in this way dealing with impact from sea waves, said the Utrecht group.

For the floating system model, the estimate of the total amount of solar irradiation to hit panels with a defined tilt angle the global tilted irradiance (GTI) figure was based on a tilt angle affected by sea waves. Both simulated installations were based on use of a SmartSolar MPPT 75/15 solar charge controller manufactured by Victron Energy.

Yield

Under simulation, the ground-mounted array generated 1,192 kWh annually, per kilowatt installed. The floating system was 12.96% more productive, with 1,346 kWh, according to the model. The researchers also noted global horizontal irradiance (GHI) the total irradiance received on a horizontal surface was 8.54% higher for the floating system.

Although the wind speed simultaneously changes the tilt angle and, as a result, the panels are not always positioned at the optimum angle, the existence of water around the pontoon is a big advantage for improving the efficiency, as the panel temperature is lower and more constant as well, the researchers stated.

The simulation did not compare the installation costs of the systems or the levelized cost of energy for the solar electricity they would generate.

Paper

The findings of the simulation were presented in the paper Simulation of performance differences between offshore and landbased photovoltaic systems, published in Progress in Photovoltaics.

The Oceans of Energy company spun out of the Delft University of Technology, in the Netherlands, operates a pilot 8.5 kW offshore solar project in the North Sea which is set to be expanded to 50 kW for a year-long testing phase. The plan is to subsequently expand the site to 1 MW and, eventually, 100 MW.

A Belgian consortium including the Tractebel engineering subsidiary of French energy company Engie, is working on another offshore solar project in the North Sea. The group, which also includes Dredging, Environmental and Marine Engineering NV; solar installer Soltech NV; and Ghent University, is planning to install the 2 million array near an aquaculture farm and offshore wind project.

Excerpt from:

Offshore vs land-based solar - pv magazine International

COVINGTON,La., May 13, 2020 /PRNewswire/ --Hornbeck Offshore Services, Inc. (OTCQB:HOSS) (the "Company") announced today that it has launched a solicitation of votes from its lenders and unsecured noteholders in support of a prepackaged chapter 11 plan of reorganization (the "Plan"). As previously announced, pursuant to a restructuring support agreement, the Company has the support of secured lenders holding approximately 83% of the Company's aggregate secured indebtedness and unsecured noteholders holding approximately 79% of the Company's aggregate unsecured notes outstanding for the Plan. The Company intends to commence a voluntary prepackaged chapter 11 filing in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Court") within the coming days, and to seek a hearing on June 19, 2020 for confirmation of the Plan following the conclusion of the solicitation period.

As previously reported, the Company will have access to a $75 million debtor-in-possession term loan facility provided by existing creditors and permitted use of existing cash on hand and cash generated from operations to support the business during the financial restructuring process, which will enable the Company to operate in the ordinary course of business without disruption to its customers, vendors and workforce. The Plan provides for payment in full of all vendors and employees.

The Plan and related disclosure statement are available at http://cases.stretto.com/Hornbeck. Upon the chapter 11 filing, more information about the Company's restructuring, including access to Court documents, will be available at http://cases.stretto.com/hornbeck. For further information regarding the restructuring, please contact the Company's solicitation agent, Stretto, at 1-(855)-258-1004 (toll-free domestic), or email them at [emailprotected].

Kirkland & Ellis LLP, Winstead PC and Jackson Walker LLP are serving as legal counsel to the Company, Guggenheim Securities, LLC is acting as financial advisor, Portage Point Partners, LLC is serving as restructuring advisor and Stretto is serving as claims and noticing agent.

Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about improving the Company's capital structure, the Company's ability to effect its restructuring Plan as expected, or at all, and strengthening of the Company's balance sheet. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: negotiations with third parties; regulatory and other approvals; adverse changes in the markets in which the Company operates or credit or capital markets; and actions by lenders, other creditors, customers and other business counterparties of the Company. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. For a more complete discussion of these and other risk factors, please see each of the Company's annual and quarterly filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. This communication reflects the views of the Company's management as of the date hereof. Except to the extent required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement.

Contacts:

Todd Hornbeck, CEO

Jim Harp, CFO

Hornbeck Offshore Services

985-727-6802

Ken Dennard, Managing Partner

Dennard Lascar / 713-529-6600

SOURCE Hornbeck Offshore Services, Inc.

http://www.hornbeckoffshore.com

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Hornbeck Offshore Announces Launch Of Solicitation Of Votes On Comprehensive Prepackaged Restructuring Transaction With The Support Of The Requisite...

Pune, May 13, 2020 (GLOBE NEWSWIRE) -- The global offshore wind power market size is prophesied to gain impetus from the increasing availability of advanced technology and turnkey solution offered by different service providers. Offshore wind power has a prominent role to play in gaining renewable energy targets in most nations of the world. A recently published report by Fortune Business Insights titled, Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026, predicts the market size to increase its installed capacity from more than 23GW in 2018 to reach 94GW by 2026, rising at a CAGR of 19.2% between 2019 to 2026.

What is the Scope of the Report?

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/offshore-wind-power-market-100148

Drivers & Restraints-

Stringent Regulations Imposed on Carbon Emissions by Government will Bode Well for Market

The increasing demand for energy stands as a major offshore wind power market growth driver. Besides this, the rise in the adoption of renewable energy and its increasing adoption in power generation mix is likely to add impetus to the market. In addition to this, governments of various nations all around the world are imposing stringent regulations on carbon emission and are promoting the use of green energy and green technology to reduce carbon footprint. This is further expected to aid in the expansion of the market in the coming years.

On the contrary, heavy investment and maintenance costs of installing offshore wind power systems may pose a major hindrance to the market in the coming years. Nevertheless, the increasing focus on water conservation and discontinuation of nuclear and coal using practices are likely to create lucrative growth opportunities for the market in the coming years.

Segment-

Above 30m Segment to Witness Substantial Growth Owing to Current Trend of Floating Offshore Wind Power Projects

Based on water depth, the market is bifurcated into up to 30m and above 30m. Among these, the up to 30m segment holds a majority of the share since installing wind towers is easier in shallow waters and deducts the overall capital expenditure. However, the forecast period may witness the significant growth of the above 30 m segment which is expected to rise to 50% from 30% earned in 2018. This is on account of the rise in investments on floating offshore wind power projects that requires installation in deep waters.

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Regional Analysis-

Increasing Number of Under-construction Projects Undertaken by China will Help Dominate Future Market

The market is widely segmented on the basis of nations, further attributed to their geographical placement and the speed of the wind. Currently, the United Kingdom is holding a majority of the offshore wind power market share, grappled by Germany and China. China is likely to overpower this dominance in the forecast period with the U.K., Germany, France, and Spain at a close competition. In 2018, an estimate of about 40% of the worlds offshore wind power was installed in China, thereby increasing its power generating capacity. This, coupled with the multiple numbers of under-construction projects that China has recently taken up is expected to help this nation emerge dominant during the forecast period.

Competitive Landscape-

Key Players Invest in New Offshore Farms for Multiplying Productivity

Vendors operating in this market are engaged in the installation of new offshore wind farms and are investing heavily in gaining momentum in the market. Besides this, they are also engaging in collaborative efforts such as mergers and acquisitions, joint ventures, contracts and agreements, and partnerships to expand their geographical presence in the market.

Some of the key Industry Developments of the Offshore Wind Power Market are listed below:

March 2019 Renexia and Senvion S.A. entered into a joint venture for the installation of 30 MW offshore wind farms in the Italian Mediterranean Sea.

July 2019 The setting up of a zero-subsidy offshore wind farm with a total capacity of 760 MW was bagged by Vattenfall. This offshore farm consists of farms with a rated capacity of 10MW offered by Siemens Gamesa Renewable Energy.

Fortune Business Insights lists out the names of some prominent companies in this market. This includes:

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Detailed Table of Content

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Have a Look at Related Research Insights:

Floating Wind Power Market Size, Share & Industry Analysis, By Water Depth (Shallow Water {< 30m}, Transitional Water {30m-60m}, Deep Water {>60m}), By Capacity (Up to 3 MW, 3 MW to 5 MW, Above 5MW) and Regional Forecast, 2019-2026

Wind turbine blade Market Size, Share & Industry Analysis, By Material (Carbon Fiber, Glass Fiber, Others), By Blade Size (Up to 27 Meter, 28-37 Meter, 38-50 Meter, Above 50 Meter), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026

Wind Turbine Foundation Market Size, Share & Industry Analysis, By Type (Monopile, Jacket Pile, Gravity, Suction, Tripod, Raft, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026

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Offshore Wind Power Market to Exhibit 19.2% CAGR till 2026; Increasing Availability of Advanced Technology and Turnkey Solutions to Add Impetus to...

Nordic infrastructure fund Infranode is preparing an investment of up to DKK 1 billion (circa EUR 134 million) for new infrastructure facilities at the Danish port of Esbjerg which will be used for the offshore wind industry.

The investment will go into port facilities for storage, preassembly and manufacturing of components for offshore wind turbines.

This investment is part of our strategy of being a long-term partner to the public sector in the green transition currently unfolding in Denmark and throughout the Nordic region, and we look forward to investing in more Danish infrastructure projects, said Joel Lfroth, who is in charge of Infranodes activities in Denmark.

According to the port of Esbjerg, investment will be made available gradually and are expected to create as many as 2,000 new jobs.

We have a really strong platform in Esbjerg and in all of Denmark in terms of the green energy potential. The physical settings are in place at the port of Esbjerg, and this agreement will set the base for the necessary financial capabilities for unlocking the huge potential so we can establish the necessary production capacity, said Port Esbjerg CEO Dennis Jul Pedersen.

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Port of Esbjerg Getting EUR 134 Million Investment for Offshore Wind Facilities - Offshore WIND

China produces around 60 percent of the worlds aquaculture output, but precise data relating to this figure is notoriously difficult to source. Moreover, as the authors of a new study note, rapid development of the countrys marine aquaculture industry has introduced serious ecological and environmental problems to the coastal zone in the effort to meet a growing demand for seafood consumption.

Therefore, the marine fishery management department urgently needs to properly control and manage the culture mode and structure along with the aquaculture capacity of the coastal zone to ensure orderly development of the aquaculture industry while strengthening the environmental protection of marine resources, they add.

However, as the researchers note, accurate and comprehensive information on the type and location of aquaculture areas is essential for anyone wishing to address these issues. And, in order to obtain this information, the researchers launched the study, which they claim is the first large-scale extraction of marine aquaculture research that has taken place in China to date.

In this study, we used remote sensing statistical monitoring methods to extract statistics showing the extent of raft aquaculture and cage aquaculture in China's offshore waters, filling in the blanks in Chinas offshore aquaculture distribution statistics, they explain.

To achieve this they took Landsat 8 remote sensing images and used a combination of an unsupervised classification algorithm and artificial review to extract areas for Chinese offshore raft and cage aquaculture during 2018.

They noted that: Chinas offshore aquaculture distribution was generally located within 40 km of the shoreline, and an aquaculture zone could be found around islands that were farther from the shoreline. Offshore aquaculture areas were mostly distributed in estuaries, harbors, and islands.

In terms of production methods, their results showed that coastal zone raft aquaculture covered 194,110 hectares largely in the north and centre of the coastline. Cage aquaculture covered 5,784 hectares, and was largely confined to the south of the country.

The extraction results can be used not only to evaluate Chinas aquaculture production but also offer significant reference value for scientific planning related to sea use, ecological environmental protection, and marine disaster prevention and mitigation, they wrote.

The researchers did concede that their remote sensing extraction results were inconsistent with figures from the statistical yearbook and therefore, in the future, plan to add multiple images to make up for the omissions caused by single-phase image extraction and add high-resolution optical images and microwave images to further ensure the reliability of the data set.

In the future, we plan to use the advantages remote sensing offers in terms of high-frequency, large-scale, and long-term observation to conduct more detailed and extensive application research on marine aquaculture to provide technical support for the management and planning of coastal zones, they conclude.

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Shedding new light on China's offshore aquaculture industry - The Fish Site

German federal government, the coastal states, and the transmission system operators have signed a joint agreement to raise Germanys offshore wind capacity target from 15 GW to 20 GW by 2030.

Following the meeting of the energy ministers last week, the final work on the agreement has now been completed.

With the agreement, all parties are committed to working closely to realize the wind energy expansion in the German North Sea and the Baltic Sea.

The agreement is said to offer concrete milestones and timelines for all involved parties to ensure that the necessary planning and approval steps, as well as the construction of the connection lines and the offshore wind farms, go hand in hand.

Federal Maritime and Hydrographic Agency (BSH) will continue to update the area development plan and identify the areas needed for the additional capacity by the end of the year.

The Federal Network Agency (BNetzA) had already confirmed the connection lines required for the connection of these new wind farms in the 2019 network development plan.

The coastal states will complete the approval processes in a timely manner and the transmission system operators; TenneT, 50Hertz, and Amprion; will put the offshore connection lines into operation in a timely manner so that the electricity from the future wind farms can be transported without delays, BSH said.

This offshore agreement also implements a requirement from the 2030 climate protection program of October 2019 to conclude a binding agreement with the affected coastal countries and the transmission system operators as a prerequisite for raising the offshore target to 20 GW.

In the future, the project timelines will be checked regularly so that delays are identified at an early stage and appropriate measures are taken quickly, BSH said.

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Germany Raises 2030 Offshore Wind Target to 20 GW - Offshore WIND

Johan Castberg turret mooring system manifold load-out.

(Courtesy SBM Offshore)

Offshore staff

MONACO SBM Offshore has provided updates on its FPSO construction programs.

Shortly after the Fast4Ward MPF hull of the Liza Unity for the Liza field offshore Guyana arrived in Singapore in February it was moved into dry-dock for integration of the mooring structures and lifting of the first topsides modules onto the vessel.

Once the dry-dock phase is over, the hull will be transferred back to the integration quayside to complete topsides lifting and integration.

Due to COVID-19, yards in Singapore are currently closed, but yards in China have re-opened and are running near normal capacity, SBM says, following closure due to the Chinese New Year and COVID-19 restrictions.

The keel has been laid for the Fast4Ward MPF hull for the FPSO Sepetiba for the Sepia field offshore Brazil, and topsides fabrication has started in China and Brazil.

To date SBM has ordered five Fast4Ward hulls, three of which are allocated. The third of these is for the FPSO Prosperity for ExxonMobils Payara field development in the Staborek block offshore Guyana, although that project remains subject to government approvals and authorization to proceed with the next phase.

Construction has started on hull number four and is progressing in accordance with SBMs execution plan.

As for the companys offshore vessel fleet, various cases of COVID-19 have been identified, but the response plans have been effective to date, in some cases supported by deep decontamination measures.

SBM is charging the incremental costs from implementation of these additional measures to clients in the case of reimbursable contracts. Otherwise costs are being borne by the relevant operating companies in which SBM has an ownership stake.

The 100%-owned Thunder Hawk semisubmersible production platform was temporarily shut down due to COVID-19 impacts at the end of April.

05/14/2020

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Fast4Ward FPSO hulls progressing despite COVID-19 - Offshore Oil and Gas Magazine

Following impressive year-on-year growth, it is established Offshore Wind will play a critical part in energy transition. Forecasts 2020-2030 is set to be a booming decade for the sector.

However, crisis points are the ultimate test. With energy prices falling and labour mobility disrupted amid Covid-19, what are immediate and long-term implications for planned and ongoing projects? And how will this affect the wider value chain?

Reuters Events latest Offshore Wind interactive webinar explores how developers, operators, banks, and the supply chain can adjust to the impact of Covid-19. Sharing insights, Pieter Marinus (General Counsel,Parkwind), Jing Liu (Sector Lead of Power & Utilities, SMBC) and Gunnar Herzig (Managing Director, World Forum Offshore Wind).

Sign up or request recordings:Offshore Wind Amid Covid-19 (15th May, 10am BST)

Facing the unprecedented challenges during this COVID-19 crisis, all the stakeholders of the offshore wind sector have to work together and take a strategic approach said Jing Liu, SMBC, This should involve evaluating the impacts from supply chain to energy market demand, adapting to the changes from logistics to financial market, developing the solutions from governments to developers, in order to maintain growth.

Covering three critical areas, the webinar will provide project updates, unpack the response from the investment community and offer advice on how the supply chain should respond. As Parkwind have a number of ongoing projects during this pandemic, the audience will be able to propose questions on the challenges of developing projects under difficult conditions.

The session further explores the implication of the oil price crash and the slump in energy demanding, weighing up whether this will provide opportunities for speeding up the transition to renewables or make energy projects as a whole less attractive.

Sign up or request recordings:Offshore Wind Amid Covid-19 (15th May, 10am BST)

Amid uncertainty, it is integral to share insights and debate the essential topics and key challenges facing renewables. This webinar forms part of a new series of Offshore and Floating Wind insights by Reuters Events, showcasing their commitment to provide the industry with a digital forum to connect and stay updated. Over the coming months, Offshore and Floating Wind Europe will be delivering a series of podcasts, whitepapers, presentations, and a virtual event in October.

For more information about the Virtual Offshore and Floating Wind Summit please visit thewebsite,or get in touch with Luke Brett, Project Director at Reuters Events via LinkedIn!

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Offshore Wind amid COVID19: SMBC, Parkwind & WFO share insight - News for the Oil and Gas Sector - Energy Voice

India will need offshore wind to meet demand for electricity that is expected to double in this decade alone unless, that is, the nation really wants to see gas or even coal stepping in to fill a gap that land-based renewables just wont be able to fill.

The latest National Electricity Plan (NEP) of India estimates a requirement of nearly 475GW of new installed capacity from all sources by 2030.

Offshore Wind is actively being explored as a new source in the energy mix of India. Government has earmarked areas with potential for up to 70GW and is considering development of sites with 1.7GW of pipeline. At the same time a highly ambitious target of 30GW by 2030 was announced, which will be missed.

This is against the backdrop of cheap prices of large-scale onshore solar and wind in India. The current price for these sources range between $35-50/MWh. In contrast, offshore wind costs are currently expected to be two to three times of onshore wind and solar, which sceptics say makes the case for sea-based turbines look very weak.

But they are failing to take account of the pressure of the scale of installations envisaged in the NEP. There will be just not be enough land and grid infrastructure to evacuate 440GW of renewables.

Solar and wind-based plants are the main pillar of the NEP, which requires expansion of power on the grid by nearly 375GW within the next decade. This has never been attempted, and will be an uphill if not an impossible task; realistic estimates are for about 250GW of additions by 2030, based on previous growth trajectories, budget allocations and transmission utility plans.

Furthermore, this new capacity will be installed on sites with Tier-3 resources (for onshore wind) negating some of the improvements in underlying technology to bring down prices. Despite decline of cost of generation, the cost of grid infrastructure and demand for sites for renewable projects will drive the landed costs up by around 30% on current prices for both solar and wind.

The second pillar of the desired future energy mix is coal-based plants, which are also facing challenges. Some 97GW of coal-based power plants are planned, but only 41GW are likely to come online by 2030, and cancellations are expected in the pipeline, as new projects will find it hard to raise finance due to multiple reasons.

Coal based power plants continue to be under severe pressure of high-risk perception due to financing, fuel and demand risks. Other non-emitting power resources contribute a small amount, as nuclear and hydro are in total expected to contribute only 34GW by 2030. There is no plan to add gas-based power plans this decade.

A shortfall in onshore renewables could revive demand to fire up more coal and gas-based plants.

Offshore wind can emerge as a preferred source of electricity, if it can compete and win against coal.

But fossil fuels are likely to become expensive while the generation cost from offshore wind is only expected to decline as the supply chain builds up.

Offshore wind is a renewable alternative that can emerge as a preferred source of electricity, if it can compete and win against coal-based power in India.

The cost benchmark for offshore wind must be set at the future LCoE of new coal in India, which is expected to be around $70/MWh, and that benchmark must be from pure LCoE, as India does not have a carbon emission tax and may not agree to impose one

The emerging shortfall of required installed base and price benchmark of $70/MWh in 2030 creates reasonable conditions for offshore wind growth in India.

It would be down to prospective players in the sector proactively set cost targets, and look for ways to reach them by leveraging local capabilities in supply chain and project development.

Sidharth Jain is managing director at MEC+

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Why India needs offshore wind to blow coal out of the water | Recharge - Recharge

Orsteds UK boss last night called on the countrys offshore wind sector to pick export battles like to the North Sea oil and gas industry and win them on a global stage.

Benj Sykes, Orsteds UK vice-president and chairman of the UK Offshore Wind Industry Council (OWIC), said the prize in the sector would be the ability to globally export skills and services.

Mr Sykes, who has previously worked for Shell and Hess, urged the UK offshore wind sector to follow the lead shown by the north-easts subsea oil and gas industry.

Speaking during the All-Energy Conference 2020 webinar, he said: This is a global market and were talking about huge volumes well over 1000 gigawatts (GW) globally.

The prize in this industry is to be good at exporting, to have goods and services that the world wants.

I come from an oil and gas background, I have seen the success of the subsea oil and gas industry of exporting the capabilities developed in Aberdeen and the north-east and how theyve taken it globally.

What I would like to see is for us to find ways to do the same, we need to pick our battles and we need to win them on a global stage.

Mr Sykes and ScottishPower Renewables Jonathan Cole also tipped floating wind sector to be big, if the industry develops over the next five years.

Mr Cole, whose firm recently announced trials with Norwegian Olav Olsen on floating wind technology, said UK authorities had to start taking floating wind more seriously if it wants to get anywhere near the 75GW target to meet net zero.

But he warned that getting big depends on a couple of factors.

Mr Cole said: Right now, comparing floating to fixed-bottom offshore wind, floating is way more expensive because the structures are bigger and theyre more expensive.

But the advantage it has is that its much more prone to mass production and install ability is much easier if you have the right infrastructure in place.

But in order to take advantage of that you need to have scale and a rationalisation of the technology race that were in theres more than 60 concepts right now.

What you need in the next five years is enough scale of projects coming into the market and enough technologies to take that scale and use it to start driving the cost down.

If that happens, its entirely conceivable that floating can make a contribution to the 2030 target, but its all about timing.

Eventually floating is going to be a big part of our industry.

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Offshore wind must mimic North Sea export 'battles' and 'win them on a global stage', Orsted boss says - News for the Oil and Gas Sector - Energy...

Vattenfall has signed a Framework Agreement with two UK and one Danish company to provide up-tower blade maintenance and repair at the companys wind farms for a minimum period of two years.

The Swedish energy company selected GEV Wind Power, James Fisher Marine Services, and Danish Blade Service to provide the blade maintenance and repair services.

The agreement will cover over 900 turbines at 50 wind farms across the UK, Denmark, Germany, the Netherlands, and Sweden. The sites are located both onshore and offshore.

The UKs offshore wind industry is world-leading, and will make a crucial contribution to achieving the ambition of net zero carbon emissions by 2050. Im delighted that these companies will share their services and experience in pursuit of this goal, Danielle Lane, Vattenfalls UK Country Manager, said.

The launch of the Offshore Wind Sector Deal in the UK last year has boosted investor confidence, because it defines a number of targets, which are to be achieved by the UK Government and the offshore wind sector. These targets cover offshore wind deployment, creation and security of tens of thousands of jobs, employing a more diverse and skilled workforce, and significant opportunities for UK businesses. Our collaboration with GEV Wind Power and James Fisher Marine Services, both based in the East of England, demonstrates our commitment to enable the untapped potential of UK companies in the renewables sector to be realised, and boosting local employment and economic regeneration.

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Vattenfall Gathers Blade Squad - Offshore WIND

Swedish floating offshore wind technology developer Hexicon is working with Genesis Eco-Energy Developments to explore opportunities for project development off South Africa.

A joint venture company Genesis-Hexicon has been set up to drive development, the partners said.

They said the purpose of the JV is to jointly develop large-scale floating wind projects, contribute to the Oceans Economy and clean energy targets for South Africa, and transfer the Hexicon IP for deep water deployment in the South African market.

Hexicon chief executive Henrik Baltscheffsky said: This is the winning formula for large scale energy production in South Africa, one of the top 10 long term markets on the planet for deep water deployment.

We are proud to have teamed up with Genesis Eco-Energy Developments that since 2002 has a proven track record developing onshore wind and solar projects and also collaborating with the government stakeholders in shaping the renewable energy policies in South Africa.

Genesis Eco-Energy Developments managing director Davin Chown said: As one of South Africa's pioneering wind energy development companies, the logistical progression for Genesis will be to focus offshore along South Africa's coastline which has abundant unexplored resources.

This is an ideal opportunity to explore the deployment of this innovative floating wind technology from Hexicon.

Now is the right time to start to develop the South Africa offshore wind energy market and contribute to Operation Phakisa, the Oceans Economy programme.

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Hexicon JV eyes offshore wind in South Africa - reNEWS

Ideol has entered into a Memorandum of Understanding (MoU) with Kerogen Capital to assess the benefits of using offshore wind to power oil & gas platforms.

Ideol stated that the focus of the initiative will be to combine the Damping Pool, its floating offshore wind solution, with Kerogens international offshore oil & gas expertise and network.

The collaboration aims to identify and promote differentiating value propositions when substituting hydrocarbon powered generators of oil & gas production platforms with floating wind systems to improve the operational, commercial and environmental sustainability of the offshore facilities.

In addition to decreasing the greenhouse gas emissions, powering oil and gas platforms with offshore wind could offer commercial benefits such as increasing available sales volumes and reducing fuel operating costs, said Jason Cheng, Managing Partner of Kerogen.

Teaming up with Ideol offers a combination of our respective expertise in upstream oil & gas and offshore wind to assess power to platform opportunities, starting with long-life projects in the North Sea area.

Back in 2018, the French Ideol secured EUR15 million funding from Kerogen Capital in order to accelerate the commercialization of its floating foundation solution in key geographies.

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Ideol and Kerogen Capital to Test Waters for Offshore Wind-Powered Oil & Gas Platforms - Offshore WIND

May 14th, 2020 Grant Rowles Asia, Offshore 0 comments

Singapore-based Nortrans Offshore, led by Kjell Gauksheim, has secured new work for two vessels in its diverse fleet.

Together with its local partner, Nortrans has secured a charter of one to three months for 2017-built multipurpose supply vesselPrince Jameson I with Shell Nigeria.

Additionally, 2015-built accomodation support vessel Temis has been awarded a new contract with Noble Energy at the Alen Gas Field development, in Equatorial Guinea.

After successfully completed the Leviathan project in January 2020 with our DP3 flotel Temis, we are pleased to achieve this recognition by Noble Energy again selecting Nortrans and Temis for their next hook up and commissioning project commencing Q3 this year 2020, Gauksheim said on social media.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrades Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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Nortrans Offshore seals new contracts for MPSV and accommodation vessel - - Splash 247