Wind – Turbine installation successfully completed by DEME Group at Offshore Wind Farm – Renewable Energy Magazine

At East Anglia ONE, DEME Offshore was working directly for Siemens Gamesa Renewable Energy. Turbine installation started in June 2019. During the winter period both Sea Installer and Sea Challenger were deployed on the project to optimise the installation progress, following severe weather conditions during autumn and winter.

We are very proud of our crews and project team for achieving this major milestone at one of the worlds largest wind farms under construction said Michael Glavind, Business Unit Director DEME Offshore. Together with the developer Scottish Power and our client Siemens Gamesa, we navigated through the COVID-19 challenges and successfully maintained operations, with the last turbine safely and successfully installed. A truly exceptional achievement of everyone involved. We look forward to continue our excellent partnership with Siemens Gamesa on future wind farm projects.

East Anglia ONE is the wind farm where DEME Offshore achieved a remarkable milestone in January 2020, when turbine number 2,200 was installed. With now well over 2,200 turbines installed, DEME Offshore continues to grow an unmatched track record in wind turbine installation.

Sea Installer will now set sail to the Borssele 1 & 2 wind farm in the Netherlands, joining offshore installation vessel Sea Challenger, for the installation of 94 Siemens Gamesa 8 MW turbines.

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DEME Group

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Wind - Turbine installation successfully completed by DEME Group at Offshore Wind Farm - Renewable Energy Magazine

Mayflower Wind airs offshore plans – Martha’s Vineyard Times

Mayflower Wind President John Hartnett presented selectmen with an overview of the companys plans to construct a 1,200 megawatt wind farm approximately 25 miles off the southern coast of Marthas Vineyard.

In August, Cambridge-based Mayflower Wind was awarded Massachuestts second offshore energy contract, following Vineyard Wind. The company plans to connect its turbines to a facility near Falmouth and onto Bourne via a 70-mile undersea cable that would run east of Chappaquiddick, according to Hartnett. Mayflower Winds lease area sits southeast of the Vineyard Wind site.

Mayflower Wind is hoping to submit federal permitting plans by the start of 2021, with a hope of approval in 2023. Much like Vineyard Wind, Mayflower Wind would need approval from the Marthas Vineyard Commission, the Edgartown conservation commission, and several other local, state, and federal agencies.

No community benefit agreements have been made with individual towns. Vineyard Wind plans to have 40 employees on Island and other community benefits. In February, Vineyard Wind was dealt a setback after the U.S. Department of the Interior delayed publication of a document key to the wind energy companys first offshore project, Vineyard Wind 1.

Last year, Vineyard Wind dealt with significant permitting setbacks to install cables in Edgartown waters. The Massachusetts Department of Environmental Protection overruled the Edgartown Conservation Commissions 5-1 vote to deny the installation of export cables in the Muskeget Channel, and determined the cables can be installed. Edgartown has appealed that decision to the DEPs Office of Appeals and Dispute Resolution.

In his presentation, Hartnett listed some of the Mayflower Winds benefits as a total of $2.5 billion in total economic benefit, 75 percent of operation and management jobs to be Massachusetts based, the lowest prices for offshore wind energy in the United States, and the elimination of 2 million metric tons of greenhouse gas emissions annually or the equivalent of removing 5 million cars from the road.

I wanted to get through this presentation and lay out what our project looks like and we look forward to working with the town as we move forward in our development, Hartnett said.

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Mayflower Wind airs offshore plans - Martha's Vineyard Times

Remotely-operated surface vessel surveys Greater Gabbard turbine foundations – Offshore Oil and Gas Magazine

Operator view of the Greater Gabbard offshore wind farm from onboard cameras.

(Courtesy XOCEAN)

Offshore staff

GREENORE, Ireland XOCEAN has completed two unmanned survey operations on the Greater Gabbard wind farm offshore Suffolk in eastern England.

The company claims this is a first for the offshore wind market.

In January, the initial survey of seven turbine foundations was performed in challenging conditions with maximum wave heights exceeding 2.5 m (8.2 ft). A subsequent survey of 31 turbine foundations and eight inter-array cables was completed in April.

On both projects, the USV was mobilized out of Lowestoft and transited 60 km (37 mi) unaccompanied to the wind farm. On arrival, survey operations were performed on a 24-hour basis over multiple days with the USV pilots and surveyors managing the vessel remotely from their home offices in Ireland and the UK.

The Greater Gabbard offshore wind farm is a joint venture between SSE Renewables and innogy.

04/30/2020

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Remotely-operated surface vessel surveys Greater Gabbard turbine foundations - Offshore Oil and Gas Magazine

Highlights of the Month – April 2020 – Offshore WIND

Three Injured after CTV Hits Turbine at German Offshore Wind Farm

Three persons were injured, one seriously, after a crew transfer vessel (CTV) allided with a wind turbine at the Borkum Riffgrund 1 offshore wind farm in the German North Sea.

Vestas to Lay Off 400 People, Close Temporary Offshore Wind Facility

Vestas will stop some of its projects with immediate effect and lay off around 400 employees. The company will cut workforce across functions that do not directly support its 2020 deliveries.

Lamprell to Close Sharjah Yard after Moray East Work Done

The UAE-based Lamprell plans to close its Sharjah facility after completing the portion of work on the Moray East offshore wind project currently carried out at the location.

MHI Vestas Turbines for 700 MW Japanese Offshore Wind Project

Renova has selected MHI Vestas to supply turbines for the Akita Yurihonjo offshore wind project in Japan.

Van Oord Reveals French Offshore Wind Connection

Van Oord has signed a preparatory works agreement with Iberdrola for the installation of 62 jacket foundations at the 496 MW Saint-Brieuc wind farm offshore France.

Offshore Wind to Hydrogen Project Takes Off in Germany

Partner companies gathered around the Westkste 100 project in Germany have submitted the full application with a detailed project description to the project management company Jlich.

Siemens Gamesa Turbines for German Offshore Wind Farm

Siemens Gamesa has received a firm order to deliver its SG 8.0-167 DD Flex turbines for innogys 342 MW Kaskasi offshore wind farm in the German North Sea.

DEME Charters Floatel to Pre-Quarantine Offshore Crews

DEME Group has chartered a floatel for pre-quarantine for crews working on offshore wind and dredging vessels.

rsted and ITM Power Explore Different Approach to Integrating Offshore Wind and Hydrogen

rsted and ITM Power are working on a design concept to integrate hydrogen electrolysers into offshore wind turbines.

rsted Faces Delays Across US Offshore Wind Portfolio

rsteds offshore wind development projects in the U.S. are moving forward at a slower pace than originally expected, the companys CEO and President Henrik Poulsen said.

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Highlights of the Month - April 2020 - Offshore WIND

Seabed Surveys to Start at Atlantic Shores Offshore Wind Site – Offshore WIND

Fugros vessels Brasilis and Enterprise are set to mobilise for geophysical surveys at New Jerseys Atlantic Shores offshore wind site on 1 May.

The vessels will carry out surveys within the Atlantic Shores lease area and along potential export cable routes, according to the developers Notice to Mariners.

Fugro secured a contract for geophysical surveys at the Atlantic Shores site in February.

The lease area, for which a joint venture of EDF Renewables North America and Shell New Energies hold development rights, spans across 183,000 hectares and has the potential togenerate 2.5 GW of wind energy.

Along with the upcoming operations to be carried out by Fugro, the site will see further surveys throughout the summer.

The Zephyr Westerly vessel is expected to mobilise for nearshore surveys off Atlantic City and Manasquan on 24 June. A few days later, the Tidewater Royal should begin with vibracore activities along the proposed export cable routes.

Furthermore, the Geoquip Saentis is scheduled to start drilling 15 boreholes within the lease area mid-July.

The Atlantic Shores site covers an area some 14 to 32 kilometres off the New Jersey coast, between Barnegat Light and Atlantic City. The water depths at the site range from 18 to 30 metres.

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Seabed Surveys to Start at Atlantic Shores Offshore Wind Site - Offshore WIND

Southern Poverty Law Center Now Has $162 Million Stashed in Offshore Accounts – Washington Free Beacon

The Southern Poverty Law Center (SPLC), which last year faced accusations of racism among its highest ranks, reported $162 million stashed in offshore investments and paid its disgraced former leaders over $1 million.

The controversial group has continued to build its massive war chest by tens of millions of dollars even after employees claimed that the group's leadership allowed sexual harassment and racial discrimination against its minority staffers. The ensuing media firestorm ultimately led to the ousting of cofounder Morris Dees, longtime president Richard Cohen, and legal director Rhonda Brownstein from the group in March 2019. New forms,covering a period beginning Nov. 1, 2018, and ending on Oct. 31, 2019, show that Cohen and Brownstein each received six-figure severance packages.

Critics of the SPLC in recent years have characterized the group as a money racket that labels conservative organizations as "hate groups" to fundraise, and its most recent financial forms may fuel that criticism. The SPLC achieved numerous civil rights victories decades ago but has since veered far left, partnering with numerous tech and media giants to expand its influence.

The SPLC experienced a drastic uptick in assets even as its contributions and grants have declined. Its most recent tax forms reported annual contributions of $97 million, down from the $132 million it reported in October 2017.Despite that decline, it reported $570 million in assets between its main organization and its action fund, a $52 million increase over what itreportedthe prior year. The jump can largely be attributed to the SPLC's vast investment portfolio, which now includes $162 million stashed in offshore accounts, $41 million more than the group previously reported.

The financial records also reveal that amid the cash influx, Dees, Cohen, and Brownstein collected over $1 million from the group despite being forced out early in the year over a workplace culture that allegedly fostered racial discrimination and sexual harassment.

Dees was paid $338,000 in base compensation and $35,000 in other reportable compensation, the tax forms show. Cohen collected $373,000 in base compensation, nearly $10,000 in other reportable compensation, and received a severance payment of $216,318. Brownstein was paid $233,062 in base compensation, given $2,000 in other reportable compensation, and received a severance payment of $131,283.

The SPLC has long come under fire for labeling socially conservative organizations such as the Family Research Council and Alliance Defending Freedom as "hate groups" alongside groups like the Ku Klux Klan. The SPLC's designations have often been cited by mainstream media outlets, leading nearly 50 conservative nonprofit leaders to release a letter in 2017 calling on the media to stop citing SPLC "hate" lists. The letter called the SPLC "an attack dog of the political left."

"It appears that the SPLC's legacy of fundraising by hysteria is paying off," said Lt. Gen. (Ret.) Jerry Boykin, the executive vice president of the Family Research Council, which was targeted by a gunman in 2012 after the SPLC included it on its list of "hate groups."

"For decades, the organization has used its direct-mail expertise and overt hostility to orthodox religious principles as the basis for bilking wealthy, gullible donors out of their donation dollars," Boykin said. "This discredited, partisan hate machine has been given carte-blanche credibility by partisan Silicon Valley social media giants."

The SPLC has expanded its influence by partnering with tech giants Amazon, Facebook, Google, Twitter, and PayPal to identify "hate groups." It is also part of a massive, unverified "hate crime" database that was initially bankrolled by liberal billionaire George Soros's Open Society Foundations and is used by more than 100 media partners, including Google News Lab, theNew York Times opinion page, and ABC News.

Tyler O'Neil, senior editor of PJ Media and author ofMaking Hate Pay: The Corruption of the Southern Poverty Law Center,told the Washington Free Beacon,"As it turns out, scaring people with exaggerations of hate' is particularly profitable."

"If the SPLC truly wanted to clean house and prove itself a changed organization, the least it could do is stop storing money offshore," O'Neil said. "This kind of nefarious dealing only bolsters claims that the SPLC's hate' accusations are a fundraising scheme."

A former employee of the SPLC, Bob Moser, penned a piece last year in the New Yorker following the SPLC's inner turmoil stating that employees at the organization would pass along articles warning newcomers what they were getting themselves into. Female staffers were also warned about Dees's "reputation of hitting on young women."

"But it was hard, for many of us, not to feel like we'd become pawns in what was, in many respects, a highly profitable scam," Moser wrote.

The SPLC did not respond to a request for comment about the $162 million it now holds in offshore accounts.

Joe Schoffstall is a staff writer for the Washington Free Beacon. Previously, he spent three years with the Media Research Center and was most recently with the Capitol City Project. He can be reached at Schoffstall@freebeacon.com. His Twitter handle is @JoeSchoffstall.

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Southern Poverty Law Center Now Has $162 Million Stashed in Offshore Accounts - Washington Free Beacon

Distress In The Offshore Sector: Alternative Approaches To Restructuring – Hellenic Shipping News Worldwide

The chief executive of Oil & Gas UK, Diedre Michie, has warned that the combination of COVID-19 and the latest oil price collapse, coming so soon after one of the worst downturns in our history, has left the UK oil industry in a paper-thin position.The fall in the oil price has required oil and gas companies operating in the North Sea to announce significant reductions in their exploration and production expenditure. These actions are necessary to maintain cash flows in the short term and ensure the viability of the business in the long term. However, they will also have a negative effect on oil companies supply chains, which have barely recovered from the previous downturn.

We are already seeing a decreasing rate of utilisation in the offshore supply vessel (OSV) market, with many owners approaching their creditors for yet another round of restructurings. While the OSV market is often first in line to take the brunt of any downturn in the offshore sector, there is no question that drilling contractors are also looking anxiously at their backlog with many already anticipating a requirement to review their financing arrangements. New technological advances and industry practices are also accelerating the obsolescence of various types of floating units from drilling rigs and ships to floating accommodation units.

But the main concern that many market commentators are voicing in this current downturn is that prior to the previous collapse of 2015/16 many service providers had been enjoying largely positive income flows with oil prices being sufficiently high to allow them to make significant profits in an industry that was (arguably) already structurally oversupplied at the time. And yet even with this backdrop and the reasonable levels of liquidity achieved during this period, when the collapse came many contractors had to seek Chapter 11 protection or strike deals with their creditors.

For the contractors that did survive the last downturn (and many did not) whether their survival was achieved by way of refinancing or restructuring, or simply by sound financial management over previous years the prevailing feeling has been that large swathes of the offshore sector have remained over-supplied, with contractors holding on to the hope (perhaps rather than the expectation) that the market would at some point recover releasing them from their own financial lockdown. Unfortunately, COVID-19 and the latest oil price collapse has seen many offshore contractors having to retire back to their drawing boards.

One lesson learnt from the last downturn is that, for all its advantages, Chapter 11 is by no means the only, or always the most suitable, option for restructuring especially in the offshore sector. Other alternatives exist that are less expensive and that may also be better at preserving value for creditors and the company. One such alternative that has been used successfully in a number of cases is the scheme of arrangement, which is a restructuring process available under the UK Companies Act through which a company can propose a compromise or arrangement with its creditors. Schemes of arrangement are also part of the law in jurisdictions whose legal systems derive from English law, such as Singapore, Hong Kong, Bermuda and the Cayman Islands. Schemes are more streamlined and flexible than Chapter 11, while also offering a mechanism with extraterritorial reach.

Whilst a scheme of arrangement does not normally involve an insolvency moratorium (although the Singapore variant can include this feature), it does offer a process through which a companys debts can be restructured and dissenting creditors crammed down. Bibby Offshore (through a UK scheme) and Ocean Rig (through a Cayman scheme) showed how this process can be utilised in conjunction with other restructuring tools (such as centre of main interest (COMI) shifts and Chapter 15 recognition) to effectively restructure debt governed by New York law and of companies incorporated in jurisdictions other than the jurisdiction of the scheme itself.

Inevitably the long-term goal must be that whatever pain the industry has to endure now must give rise to a sustainable and competitive, but still profitable, market place. Unfortunately, as it has proven in the past, the offshore market suffers the same vagaries as any other maritime sector with a boom bust and back again cycle and the inevitably painful penchant for oversupply that this can bring.Source: Watson Farley & Williams LLP

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Distress In The Offshore Sector: Alternative Approaches To Restructuring - Hellenic Shipping News Worldwide

Innogy to pilot offshore wind training hub in North Wales – www.businessgreen.com

Apprentices are set to gain hands-on experience at Rhyl Flats offshore wind farm

German energy giant launches recruitment drive for technician trainees to help fill looming skills gap in burgeoning UK offshore wind sector

Innogy has announced it is to develop a national offshore wind training hub in North Wales as part the German energy firm's apprenticeship programme, in a bid to offer hands-on experience at state-of-the-art wind farms around the UK coastline.

The company launched a recruitment drive for five prospective candidates to joint its three-year apprentice wind turbine technician programme in September, as part of which it is piloting a national apprenticeship hub to "help meet the skills-need" of the UK's growing offshore wind sector.

As part of its Offshore Wind Sector Deal first announced last year, the UK government has set its sights on the industry providing 40GW of electricity capacity by 2030, up from less than 10GW today.

The training hub builds on Innogy's existing apprenticeship programme at Coleg Llandrillo. Apprentices are set to spend two years at the North Wales college, and a third year gaining work experience at offshore wind farms Rhyl Flats in the Irish Sea and Titon Knoll off the coast of Lincolnshire, the firm said.

Richard Sandford, director of offshore investment and asset management for Innogy Renewables UK, said he was "thrilled" to launch the pilot apprenticeship programme, with which the firm aimed fill the looming gap in skills when Innogy builds out its UK offshore wind pipeline.

"Our extremely successful apprenticeship programme was first launched in 2012to generate skilled technicians that could meet the needs of Gwynt y Mr [574MW offshore wind farm]," he said. "This course has since trained nearly 30 new apprentices producing high quality technicians who have been deployed, both locally and across the UK. This is why we are keen to trial this national hub as the need is clearly now wider than North Wales."

With three apprentices already recruited, this year the firm said eight trainee wind turbine technicians would be joining the programme in total, its biggest intake to date. Successful apprentices will gain an NVQ qualification, affording them potential to work on some of the world's largest wind farms, it said.

The move follows growing calls from the green economy to upskill the UK's workforce as the net zero transition gathers momentum. Earlier this week the European Corporate Leaders Group, the coalition of major firms pushing for climate action, produced a report urging European governments to put green jobs and skills at the forefront of Covid-19 recovery plans.

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Innogy to pilot offshore wind training hub in North Wales - http://www.businessgreen.com

W&T Offshore Provides Operational Update and Announces Timing of First Quarter Earnings Reporting and Additional Natural Gas Hedges – Yahoo Finance

HOUSTON, April 30, 2020 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (WTI) (W&T or the Company) today provided an operational update and announced that as provided under an SEC Order dated March 25, 2020, it intends to temporarily delay filing its first quarter 2020 Form 10-Q due to circumstances related to COVID-19, within the time limits allowed by the SEC Order. W&T also disclosed additional natural gas hedges.

Key highlights included:

Tracy W. Krohn, W&T's Chairman and Chief Executive Officer, commented, This is an extraordinary time for energy companies with the drastic fluctuations in supply and demand which has been compounded by the global COVID-19 pandemic. With that said, as provided by the SEC, we are temporarily delaying the filing of our 10-Q due to matters related to the pandemic.

This is one of the most volatile and challenging markets I have seen in the past 40 years, but our overall strategy remains unchanged with our focus steadfastly on preserving and generating cash flow. While we have significantly reduced our expected 2020 capital spend by suspending our drilling activity, we remain confident in the long-term viability of our substantial inventory of drilling opportunities. We have proactively curtailed production on selected oil-weighted fields operated by the Company in this weak price environment, but maintain production at our Mahogany field and our key natural gas fields at our Mobile Bay complex. We have also received notification of potential shut-in production at non-operated properties. We will continue to monitor the oil markets to see if additional shut-ins are appropriate. From an expense standpoint, we are well on our way to implementing meaningful costs savings. We have an exceptional operational team in place, a diverse asset base with good-quality natural gas and oil fields and a strong hedge book, all of which provide us with the ability to weather uncertain commodity price environments.

Operational UpdateDuring the first quarter of 2020, W&Ts production averaged 53,553 barrels of oil equivalent per day (Boe/d), or 4.9 million Boe (48% liquids), near the high end of the Companys first quarter guidance range, reflecting a 61% increase from the first quarter of 2019 and slightly higher than the fourth quarter of 2019.

During the first quarter of 2020, the Company performed one recompletion and four workovers that in total added approximately 700 net Boe/d to production. W&T currently plans to continue to perform recompletions and workovers that meet economic thresholds.

As of April 30, 2020, W&T has temporarily shut-in production of approximately 3,300 Boe/d in selected oil-weighted fields operated by the Company but maintains production at its Mahogany field and its key natural gas fields at our Mobile Bay complex. The Company continues to monitor the market for the sale of its production as well as commodity prices and may consider additional curtailments of its operated production in the future, if market conditions warrant. W&T also received notice of production at non-operated fields that may potentially be shut-in by its other working interest owners. Those third-party curtailments are currently estimated to total approximately 3,400 Boe/d net to W&T. W&T is implementing 15% to 25% reductions in lease operating expenses without compromising safety or operational capabilities and reviewing G&A costs for additional savings. As a result of the production curtailments, proactive efforts to continually reduce costs in the lower price environment and ongoing uncertainty in the commodity markets, the Company has decided to withdraw the annual guidance it provided earlier this year and will provide such guidance again in the future when there is more stability in oil and gas markets.

Response to COVID-19 PandemicW&T is committed to the health and safety of all its employees and contractors and has taken proactive steps to ensure their continued safety in its response to the COVID-19 pandemic. At W&Ts corporate offices, the Company mandated a work-from-home policy as of March 23, 2020 and assured that all employees had the ability to continue performing their work duties remotely. W&T continues to monitor the situation and will follow the advice of government and health leaders regarding fully reopening its corporate offices.

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The Company instituted screening of all personnel prior to entry to heliports and shorebases as well as its two Alabama gas plants, which includes a questionnaire and temperature check. The Company conducts daily temperature screenings at all offshore facilities and implemented procedures for distancing and hygiene at its field locations.

Timing of Reporting First Quarter ResultsThe Company announced that as provided under an SEC Order dated March 25, 2020, it intends to temporarily defer filing its first quarter 2020 Form 10-Q due to circumstances related to COVID-19, within the time limits allowed by the SEC Order. A Form 8-K will be filed with the SEC under the guidelines provided by the SEC. W&T intends to issue its first quarter 2020 earnings release, file its Form 10-Q and conduct its quarterly conference call on or before the end of the 45-day extension period on June 25, 2020.

Hedging UpdateIn the first quarter of 2020, W&T added natural gas Henry Hub costless collars on 40,000 thousand cubic feet per day (Mcf/d) of natural gas production for the period April 1, 2020 through December 31, 2022 with a floor of $1.83 per Mcf and a ceiling of $3.00 per Mcf. The Company also added Henry Hub costless collars on 20,000 Mcf/d of production for the period January 1, 2021 through December 31, 2021 with a floor of $2.17 and a ceiling of $3.00, and on 10,000 Mcf/d of production for the same period with a floor of $2.20 and a ceiling of $3.00.

W&T recently added Henry Hub costless collars on 10,000 Mcf/d of production for the period May 1, 2020 through December 31, 2020 with a floor of $1.75 and a ceiling of $2.58. A listing of the Companys current outstanding derivative positions is included in the tables below as well as in the Investor Relations section of W&Ts web site under the Financial Info tab.

About W&T OffshoreW&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 51 producing fields in federal and state waters and has under lease approximately 815,000 gross acres, including approximately 595,000 gross acres on the Gulf of Mexico Shelf and approximately 220,000 gross acres in the Gulf of Mexico deepwater. A majority of the Companys daily production is derived from wells it operates. For more information on W&T, please visit the Companys website at http://www.wtoffshore.com.

Forward-Looking and Cautionary Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to future events, based on what we believe are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, the continued impact of responses to COVID-19, uncertainties and other factors discussed in W&T Offshores Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Form 10-Q and Form 8-K reports found at http://www.sec.gov or at our website at http://www.wtoffshore.com under the Investor Relations section. Investors are urged to consider closely the disclosures and risk factors in these reports.

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W&T Offshore Provides Operational Update and Announces Timing of First Quarter Earnings Reporting and Additional Natural Gas Hedges - Yahoo Finance

North Sea welcomes Health Protection Scotland guidance on preventing Covid-19 offshore – News for the Oil and Gas Sector – Energy Voice

The UKs oil and gas industry has welcomed the publication of fresh guidance on managing Covid-19 cases offshore.

Health Protection Scotland has produced a 20-page document setting out how helicopter companies, duty holders and medics can manage and prevent an outbreak on oil and gas installations.

It comes as the North Sea has seen confirmed cases across several offshore platforms, with dozens more people suspected to have been infected but not confirmed.

Step Change in Safety (SCIS) said it was pleased to see the publication after initial guidance from HPS lacked the detail and clarity to address the industrys specific needs.

Industry body Oil and Gas UK also worked to produce the document, which goes into points including PPE requirements, quarantine measures and dealing with cases that develop while helicopters are in transit.

The guidance can be read here.

SCIS executive director Steve Rae said: We are pleased to hear that the HPS guidance has now been officially published.

We realised from the onset of the lockdown that the UK Government and HPSs mainstream initial guidance lacked the detail and clarity to address our industrys specific needs.

To this end, we took the proactive approach of establishing a two-way communication conduit so that we could receive first-hand the concerns of our workforce and respond accordingly.

We have been collaborating with OGUK (Oil and Gas UK) since the onset of the COVID-19 pandemic to ensure the information we are making available to the workforce is consistent, timely and factual.

We will continue to do so as the safety and wellbeing of our workforce remains of paramount importance to us at this difficult and challenging time.

A survey published last week by offshore unions highlighted workers concerns around the industrys response to the outbreak, from sick pay to the use of PPE.

OGUKs HSE director Trevor Stapleton said: OGUKs Pandemic Steering Group worked alongside the HSE, Public Health England and Health Protection Scotland to draft and publish this guidance which helps demonstrate and give clarity to industrys proactive and comprehensive response to the COVID19 pandemic.

OGUK together with wider industry continues to do everything we can to protect the health and welfare of our workforce and we will review and evolve industry guidance as we learn more about this virus.

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North Sea welcomes Health Protection Scotland guidance on preventing Covid-19 offshore - News for the Oil and Gas Sector - Energy Voice

Equinor hires MMT to probe US offshore wind sites – reNEWS

Equinor has awarded a contract to MMT to conduct geophysical studies at the developers offshore wind lease area off New England.

Survey operations will begin late summer 2020 and will run until the second quarter of 2021.

The contract covers high resolution geophysical, benthic surveys and shallow subsurface surveys for the planning and engineering of Equinors lease area off New England.

MMT will use its Stril Explorer vessel, which is equipped with the Surveyor Interceptor SROV.

MMT developed the Surveyor Interceptor with Reach Subsea to reduce the time it takes to carry out offshore surveys.

The technology will significantly increase the operational window, cut operation time, and reduce the impact on the surrounding wildlife by reducing the noise in the water column, MMT said.

The method will also allow all surveys to be conducted from a single vessel rather than the standard two-vessel deployment.

The Surveyor Interceptor will be modified to host more sensors, to achieve all the offshore wind data requirements Equinor requires, MMT said.

MMT chief executive Per-Olof Sverlinger said: This award is strategically important as MMT/Reach has been preparing to support our clients in the US offshore wind industry for more than two years now.

We have a long experience from the renewables segment in Europe and developers have shown interest in using our professional support in the US market. They know what we can deliver and we know their requirements on both a safe and efficient operation and the quality of deliverables.

Reach Subsea chief executive Jostein Alendal added: This major award is a testament to the combined capabilities of Reach and MMT, our track record worldwide, and our ability to develop innovative solutions.

To be in the technological forefront demands a good portion of stamina and it is encouraging for the whole team to get this recognition from a leading operator like Equinor.

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Equinor hires MMT to probe US offshore wind sites - reNEWS

Diamond Offshore Drilling (DO) Expected to Beat Earnings Estimates: Can the Stock Move Higher? – Yahoo Finance

The market expects Diamond Offshore Drilling (DO) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2020. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus Estimate

This offshore oil and gas drilling contractor is expected to post quarterly loss of $0.79 per share in its upcoming report, which represents a year-over-year change of -49.1%.

Revenues are expected to be $217.98 million, down 6.7% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has been revised 13.43% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Diamond Offshore Drilling?

For Diamond Offshore Drilling, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.76%.

Story continues

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Diamond Offshore Drilling will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Diamond Offshore Drilling would post a loss of $0.66 per share when it actually produced a loss of $0.45, delivering a surprise of +31.82%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Diamond Offshore Drilling appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportDiamond Offshore Drilling, Inc. (DO) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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Diamond Offshore Drilling (DO) Expected to Beat Earnings Estimates: Can the Stock Move Higher? - Yahoo Finance

Riviera – Events – Offshore Wind Webinar Week – Riviera Maritime Media

Be sure to join us for Offshore Wind Webinar Week

Beginning Monday 8 June, we will be holding a series of daily webinars, meticulously researched and organised to address offshore support vessel operations and associated technologies with the maritime professionals you want to hear from. The webinars are designed to strike the right balance between transmission of key information and interaction with the expert panel assembled.

Our discussions are focused, cover the advertised subjects, and deliver registrants actionable insights.

Should you wish to join one of our expert panels please contact Bill Cochrane.

Please join us for any or all of the following:

Date: Monday 8 June - Time: 09:00-09:45 BST

Register now

The Walk-to-Work (W2W) sector is set for growth with offshore wind turbine installations forecast to treble through to 2030. The challenge for industry is managing the greater range of risks that go hand-in-hand with transferring personnel across a moving gangway in different theatres of operations. Our panel will use case studies to model what needs to be considered when preparing for the W2W opportunities and challenges ahead.

Join us as we cover

Date: Wednesday 10 June - Time: 09:00-09:45 BST

Register now

The race is on to reduce emissions and achieve carbon neutrality throughout the supply chain. Offshore wind vessel owners are considering - and investing - in new types of propulsion, innovative designs and hullforms. High-tech CTVs and SOVs are also attracting interest and orders. Dont get left behind! Our panel of industry experts will assess the available options and detail whats required to join and stay at the head of the pack.

Join us as we cover

Date: Thursday 11 June - Time: 16:00-16:45 BST

Register now

Offshore windfarm development in the United States holds considerable potential and is one of the best prospects for new opportunities. What North American developers are asking is how to bring European experience to the US and customise it for local conditions and regulations. Our webinar will bring the relevant parties together to provide the advice you need and respond to your questions on this significant emerging market.

Join us as we cover

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Riviera - Events - Offshore Wind Webinar Week - Riviera Maritime Media

COVID-19 | Resetting the offshore industry to help Indias job market – Moneycontrol.com

Kavita Dwivedi and Badri Narayanan Gopalakrishnan

One of the key industries that set the Indian economy into the growth path in the last decade has been offshoring. With COVID-19-induced lockdowns in different parts of the world for more than two months now, Indian offshoring industry needs to strategise and realign its operations.

Experts have been predicting a structural and fundamental change in the kind of jobs available in India within the offshoring sector by 2022. Industry 4.0, increased innovation, automation, robotics, increased data protection laws such as General Data Protection Regulation (GDPR), growing demand for artificial intelligence (AI) and machine learning (ML) would lead to these changes. However, now with the COVID-19 impact, the way the world operates is going to witness a change.

The Government of India together with industry bodies and leaders who shaped Indias offshoring industry and startups can look at using this challenge as an opportunity, form strategies to both import foreign companies and jobs to India and also export jobs after the pandemic. This gives our political and industrial leaders some lead time to attract MNCs to come and set up their business operations in areas of IT, ITES, banking, telecom, healthcare, education, travel and tourism, FMCGs, etc.

It may be early days, but India is emerging relatively positive on the world stage during this COVID era. As a nation, we are collectively fighting the virus with a positive intent and discipline, serving as an example to rest of the world. This positivity can help us in creating a favourable environment for industries to come and expand in India.

The Indian offshoring industry bigwigs such as Infosys, TCS, Cognizant, and Capgemini, would need to redefine the way they operate. This is the time to reskill their workforce and deploy them in the new-age jobs. Indias $150 billion outsourcing industry was slowly hitting the tipping point even before COVID-19. The industry lauded for its ability to put India on the map as a destination for high-quality, low-cost technology skills, fast turnaround and for being an engine of wealth and job creation would need to rejig its way and start a second wave of new-age skilled jobs in India.

According to a report by Gartner, more than 80 percent of logistics leaders globally planned to increase their outsourcing budget by more than 5 percent by 2020. One of the reasons for this is that outsourcing their logistics helped them a lot by meeting or exceeding the end-to-end (E2E) supply chain and overall business objectives.

India remains the leading country to outsource as perTholons Top 50 Digital NationsandAT Kearney Global Services Location Indexof 2019. The country also has 14 super cities listed in the Tholons report.Its time for central, state and industry leadership to plan and market these cities as preferred destinations for such outsourcing operations. Indias 100 Smart Cities project should help us in identifying the cities that can be marketed as top offshoring destinations. This will help boost our economy both on the financial side and also will give some respite to the problem of unemployment.

The High Level Strategic Group (HLSG) set up by the Centre estimates a net workforce shortfall of 32-39 million by 2020 in developed countries. The same report goes on to assert that contribution of remote services alone, which is the main focus of this report, will be $133-315 billion of additional revenue flowing into the country and the addition of 10-24 million jobs (direct and indirect) by 2020.

It also adds that importing customers into India (medical tourism, educational services, leisure tourism) could add $6-50 billion in revenue and create 10-48 million jobs by 2020. The HLSG estimates that through remote services and the importation of customers India could enhance year-to-year GDP growth by up to 1.5 percent over current growth rates, most of which (~80-85 percent) would be through remote services.

This is the right time for the government, industry bodies and leaders of offshoring and IT industry to form a strategy to position India as the most favourable destination for offshoring by providing ease of business, marketing it the right way and training Indians on advanced/skill sets that can support the growth trajectory and optimise costs of Industry 4.0 for global companies.

A downside that remains, however, is that offshoring industry may be heavily hit by the global recession.

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COVID-19 | Resetting the offshore industry to help Indias job market - Moneycontrol.com

European countries exclude companies registered in offshore tax havens from coronavirus stimulus | TheHill – The Hill

Three European countries have moved to restrict companies that keep large sums of money overseas in tax havens from accessing stimulus funds.

Business Insider reported Thursday that France's top finance minister said on a radio show that his goal was to prevent such companies from being eligible to receive any government stimulus.

"It goes without saying that if a company has its tax headquarters or subsidiaries in a tax haven, I want to say with great force, it will not be able to benefit from state financial aid," said Bruno Le Maire.

"If your head office is located in a tax haven, it is obvious that you cannot benefit from public support," he added

His announcement follows similar declarations from officials in Denmark and Poland.

Denmark's government ended support for companies with overseas fortunes in an order issued days ago by the country's finance ministry extending a government bailout program into July, according to Business Insider.

"Companies based on tax havens in accordance with EU guidelines cannot receive compensation, insofar as it is possible to cut them off under EU law and any other international obligations," a translation of the Danish order read.

Poland's prime minister reportedly went a step further earlier this month, calling for an end to all tax havens, according to the news outlet: "end tax havens, which are the bane of modern economies."

Prominent media figures in the U.K. and Italy have also blasted companies for not paying taxes, pointing to underfunded public services amid the coronavirus outbreak.

"It has become evident that those who do not pay their taxes are not only guilty of a crime, but of murder: if the beds and the respirators are not there they are partly to blame," wrote one Italian broadcaster in an op-ed for La Repubblica.

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European countries exclude companies registered in offshore tax havens from coronavirus stimulus | TheHill - The Hill

Piracy on the Rise Offshore from Mexico – The Maritime Executive

file photo

By The Maritime Executive 04-25-2020 08:40:04

Marine insurer Gard has issued an alert after the high number of piracy attacks on offshore support vessels in the southern rim of the Gulf of Mexico this month.

The US Maritime Administration (MARAD) issued an Alert on April 17 saying that a maritime threat has been reported in the vicinity of Ciudad Del Carmen and Dos Bocas, Mexico, in the Bay of Campeche area in the southern Gulf of Mexico. Four reported attacks took place between April 4 and 14, 2020, involving crew injuries and theft. A previous attack was reported in November of 2019.

The International Maritime Bureaus Piracy Reporting Center (IMB PRC) reports another incident that took place on April 15, approximately 12 nautical miles north of Ciudad del Carmen, Mexico. Six men armed with automatic weapons and pistols boarded an anchored accommodation construction barge. They attempted to enter into the accommodation without success and opened fire towards the superstructure causing damage to three windows. The pirates stole the barges high value project equipment and escaped. One crewmember was injured during the incident.

According to IMB PRC reports, the perpetrators are typically armed and violent and use small boats capable of reaching high speeds. Their targets are mainly offshore support vessels. Sophisticated equipment is often stolen and resold, and crews are robbed.

Gard says: Various media reports describe a steep increase in the number of attacks on maritime oil infrastructure in Mexico since 2016 - some even refer to an average of 16 attacks a month between January and September 2019. Although these numbers are unconfirmed, they do suggest that there could be a significant degree of under-reporting of incidents in the Gulf of Mexico.

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Piracy on the Rise Offshore from Mexico - The Maritime Executive

How the 1952 Republican Primary Killed Offshore Balancing – The National Interest

In a public letter to a New Hampshire newspaper in early 1948, General Dwight D. Ike Eisenhower, then Chief of Staff of the Army, poured cold water on the burgeoning movement, spearheaded by prominent U.S. citizens and politicians, to persuade the countrys most preeminent soldier to enter politics beginning with the states Republican primary in March of the same year. [L]ifelong professional soldiers, in the absence of some obvious and over-riding reason, [should] abstain from seeking high political office, the general emphatically stated.

Yet less than three years later, in January 1951, such an overriding reason emerged in the nations presidential political fray of 1952. The Grand Old Party (GOP) gathered around Robert A. Taft, the Republican Senator from Ohio. Nicknamed Mr. Republican, Taft was the leader of the partys nationalist Old Right or Republican Old Guard, principally known for their strong anti-statist and anti-interventionist positions in domestic and foreign policies perhaps most evident in their opposition to New Deal liberalism and U.S. entry into World War II. Eisenhower, in April 1951, had assumed his role as the first NATO supreme commander. Tafts known hostility to NATO in conjunction with public opposition in the country to sending U.S. ground troops to Europe, however, concerned Eisenhower that whatever he would accomplish diplomatically and militarily abroad would be nullified politically at home. Eisenhowers sentiment was reinforced by some of his closest friends, who were alarmed at the prospect of a Taft presidency. We cannot let the isolationists gain control of government if we are to endure as a free people over the years, General Lucius Clay wrote to Ike, stressing in a separate note that nothing accomplished there [NATO] would have any real permanency, should the senator from Ohio enter the White House.

Eisenhower invited Taft to a tte--tte at the Pentagon in early 1951 to convince him of the need for a NATO buildup to confront the growing Soviet menace on the old continent. According to Eisenhowers account, he asked Taft whether he and his Old Right congressional associates would support a bipartisan policy of collective security for the United States and Europe. If Taft were to answer yes, then Eisenhower would remain in Europe as supreme commander for the next years, if no then NATO would be set back, and I would probably be back in the United States, the general recalled. Taft declined, arguing that then U.S. President Harry Truman had no constitutional right to send troops to Europe. The conversation, Eisenhower said, aroused my fears that isolationism was stronger in the Congress than I had previously suspected. After the meeting, he tore up a prepared statement disavowing politics. Eisenhower later claimed that this marked the beginning of his presidential ambitions.

Yet Taft was no longer an isolationist. While it was true that the senator, elected to the U.S. Senate ten months before the outbreak of World War II, was one of the leading voices of the nationalist anti-interventionist wing of the GOP in the early 1940snotably opposing the Lend-Lease Act of 1941by the time of the long talk between him and Eisenhower in 1952, his foreign policy position had matured and shifted from isolationism to what realist international relations scholars have labeled offshore balancingthough neither Taft nor any other policymakers labeled it as such. An offshore balancing strategy recognizes spheres of influence, regional balances of power, and pushes for burden-shifting away from the United States to its allies and partners. John J. Mearsheimer and Stephen M. Walt summarized the strategy thus in 2016: Instead of policing the world, the United States would encourage other countries to take the lead in checking rising powers, intervening itself only when necessary. Conversely, Hal Brands offers a more critical definition: In its simplest form, offshore balancing envisions slashing U.S. force posture and alliance commitments overseas, and undertaking a market retrenchment in U.S. policy more broadly. Its guiding premise is that such retrenchment can lead to greater security at a lesser costthat less, in other words can really be more. At the core, an offshore balancing strategy for the United States means maintaining regional hegemony in the Western hemisphere while maintaining a balance of power in Asia and Europe, chiefly through allied nations buoyed by U.S. military aid, thus preventing any other great power from dominating these geo-strategically important regions.

Taft pushed exactly such a strategy in the 1950s, although never formally naming it so. Inspired by the lessons of Great Britain during the Napoleonic Wars, the senator proposed a continental defense and selective containment strategy that connected key strategic points across the globe underpinned by U.S. air and naval power, all reinforced by balance-of-power politics and the deterrent effect of nuclear weaponsin short, an offshore balancing strategy. As Colin Dueck in his study of Republican foreign policy since World War II notes, by 1951, Taft had come a long way from his prior isolationism. Given his eminent standing within the GOP, the 1952 Republican primary was the only window for such a strategy at the national political level as an alternative to the bipartisan internationalist consensus and containment strategy that emerged following the 1947 announcement of the Truman Doctrine. Unfortunately, Taft poorly promoted his vision. Given ongoing debates about the future direction of U.S. foreign policy ranging from a new isolationism to continued liberal hegemony, it may be opportune to reexamine Tafts ideas from the 1950s.

A Foreign Policy for Americans

Tafts transformation from isolationist to an advocate for offshore balancing is best illustrated by analyzing the only book the senator wrote in his lifetime: A Foreign Policy for Americans. Published in November 1951, the book, according to the author of the authoritative Taft biography, Mr. Republican, is the most reliable single guide to his thinking. In it, Taft laid out his blueprint for a new global U.S. strategy and defense policy to confront the Soviet Union while keeping defense spending and global U.S. commitments relatively low. Tafts principal concern was that U.S. over-commitment abroad would lead to the erosion of limited government at home and, most importantly for Taft, and increase executive authority.

The book was partially influenced by a great congressional debate over Trumans decision in the fall of 1950 to commit several U.S. divisions to a new NATO defense force in Europe and overall increases in defense spending amidst the Korean War. U.S. military planners in the late 1940s and early 1950s were aiming to create a 76th division NATO army, including forty-five hundred aircraft, by 1957, with a sizeable U.S. contingent. (The eventual U.S. contribution would be the 7th Army.)

Tafts principal concern was that such a force committed the United States to a land war in Europe and Asia. What I object to is undertaking to fight that battle () primarily on the vast land areas of the continent of Europe or the continent of Asia, where we are at the greatest possible disadvantage in a war with Russia, Taft writes. The first principle of military strategy is not to fight on the enemys chosen battleground, where he has his greatest strength. This was also informed by recent U.S. experiences in North Korea. Exactly a year prior to the books publication date in November 1950, the 8th U.S. Army and its South Korean allies were routed by Chinese and North Korean troops at the Yalu River on the border between North Korea and China and were forced to retreat to below the 38th parallel bisecting the Korean Peninsula.

Yet, Tafts reluctance to commit ground troops did not mean abandoning allies. Taft, noting that the United States is of course, interested in the defense of Europe emphasized that it is ultimately within their national interest for European countries to provide not only the bulk of the troops but also the bulk of the interest and initiative () [but] finally take over the responsibilitya refrain heard to this day. Aware of his reputation as an isolationist, Taft reiterated, however, that he did not agree with those who think we can completely abandon the rest of the world and rely solely on the defense of this continent. He merely questioned those who had equated not sending U.S. ground troops to the old continent with running out on Europe despite the United States having definitely agreed to go to the defense of these countries if they are attacked. What Taft suggested instead was an offshore balancing strategy for the United States that does not rely on sending large ground forces overseas as part of long-term defense pacts, but rather relies on U.S. air and maritime power, paired with the United States burgeoning nuclear arsenal, to deter and, if need be, defend against Communist military actions.

At the core was the idea of the United States acting as an independent arbiter of power similar to Great Britain, which brought about the balanced peace of the last half of the 19th century. Driving home his point about ground troops, Taft also noted that London seldom committed any considerable number of British land troops to continental warfare (). Instead, it relied on its powerful Royal Navy. The United States, even beyond its considerable naval fleet, would principally rely on the nuclear-capable air force, the best possible defense for the United States and also the best deterrent to war. This air-atomic force, as he called it in a January 1951 Senate speech, would have global reach and would act as the prime deterrent against Communist aggression.

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How the 1952 Republican Primary Killed Offshore Balancing - The National Interest

Offshore driller Valaris to explore bankruptcy with its creditors-sources – Reuters

April 21 (Reuters) - Offshore oil driller Valaris PLC is preparing to start talks with creditors to see if they can agree on terms for a possible bankruptcy filing, as it grapples with a $6.5 billion debt burden and an unprecedented plunge in U.S. crude prices, people familiar with the matter said on Tuesday.

Reuters reported last month that the London-based company was working with debt restructuring advisers as it struggled to cope with a rig accident and falling energy prices.

Since then, U.S. crude futures have traded in negative territory for the first time in history amid a supply glut and a collapse in demand brought about by the coronavirus outbreak, putting further pressure on the companys customers, which are mainly large oil companies.

Valaris, which employs about 5,800 people worldwide, in recent weeks hired corporate restructuring experts at turnaround firm Alvarez & Marsal, the sources said.

The sources requested anonymity because the deliberations are confidential. Valaris and Alvarez did not respond to requests for comment.

U.S. President Donald Trump on Tuesday directed federal officials to formulate plans for steering money to U.S. oil and gas companies, underscoring the turmoils severity on the industry.

Valaris, formed a year ago through the merger of Ensco and Rowan Companies, plans to attempt negotiations with creditors to gain support for a restructuring plan before a bankruptcy filing, the sources said.

Known in restructuring circles as a prearranged or prepackaged bankruptcy, such a deal could limit the time Valaris spends navigating court proceedings, the sources added.

Any bankruptcy filing is still weeks or months away, the sources said. Valaris could also try to restructure its debt outside of court proceedings and avoid bankruptcy, though corralling enough creditors to do so would be challenging, one of the sources added.

Debt restructuring experts at law firm Kirkland & Ellis LLP and investment bank Lazard Ltd have also been advising Valaris, Reuters previously reported.

S&P Global downgraded the companys credit rating deep into junk territory on Monday, pushing up its borrowing costs. The credit ratings firm said the move reflected the offshore oil drillers unsustainable debt, deteriorating liquidity and high likelihood it will restructure its finances.

Valaris had roughly $1.7 billion of liquidity at the end of 2019, about $100 million of it in cash and the rest available under a credit line. It faces a $123 million debt maturity this year, in addition to about $400 million in estimated interest expenses, ratings firm Moodys Investors Service Inc said in March.

Valaris also plans to spend up to $160 million this year, including on idle drilling rigs that are not bringing in revenue, according to Moodys. Valaris unsecured bonds trade at less than 20 cents on the dollar, according to S&P, reflecting creditors concerns about repayment.

Valaris earlier this year reported an accident that damaged one of its rigs off the coast of Angola. As a result, Frances Total SA terminated its contract with the rig, which was among Valariss most lucrative. (Reporting by Mike Spector and David French in New York Editing by Marguerita Choy)

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Offshore driller Valaris to explore bankruptcy with its creditors-sources - Reuters

Can Offshore Wind Prop Up Oils Supply Chain Through the Price Crunch? – Greentech Media News

Various streams of the energy transition and none more thanoffshore windare seen as possible routes to new, less-riskyrevenues for big oil companies and their supply chains. As the oil and gas sector faces the triple crises of the coronavirus, the resulting recession and the halving of oil prices, can power and renewables plug thegap in their finances?

Many big oil exploration companies have already announced huge spending cuts, resulting inscores of exploration projectsbeingcanceled. For oil-field contractors like Halliburton, Schlumberger and Wood (formerly the Wood Group) that leaves a substantial shortfall in their bottom line.

In Europe, offshore wind has long been seen as an opportunity for North Sea oil services companies to tap new sources of revenue. With Exxon, Shell, Total,BP and other producers cutting billions from their spending, those oil-field contractorshave a lot of ground to make up.

In the next five years alone, globaloffshore wind investment will top 200 billion ($218 billion), according to a January report by Wood Mackenzie. By 2025 there will stillbe twice as much investment in upstream oil and gas (101 billion) compared to offshore wind (45 billion), WoodMac believes, buta decade ago the difference was two orders of magnitude.

There are limited points of actual overlap in the work done by supply chain companies between fixed offshore wind and offshore oil and gas developments, said Mhairidh Evans, principal analyst forupstream supply chain research at Wood Mackenzie, who co-authored the report.

Still, the similarities that do exist alongside the rapid growth trajectory for offshore wind are drawing in many ofthe larger oil and gas service companies,such as Saipem and Subsea 7, Evans said. "When we start to think about floating wind, the overlaps increase. Offshore oil and gas service companies have the expertise on deepwater and harsh environment operations and floating structures."

Wood, headquartered in Aberdeen, Scotland, is one of the 10 largest oil services companies globally. It has been diversifying its business aggressively in recent years.In 2014, 96 percent of its revenue was from the oil and gas sector. Now mid- and upstream oil and gas make up one-third.

In addition to offshore wind, Wood is also pushing into onshore renewables. Last week the company announced $100 million worth of work building onshore wind farms in the U.S.

The events of the last two months only serve to reinforce our view that our strategy is the correct one,"Martyn Link, Wood's chief strategy officer, told GTM in an email. "Were not fully insulated from the impact of the oil price crash.But as a more diverse business, were certainly much more resilient."

Were optimistic about the offshore wind market as we can see significant capital investment being planned over the next five years in many of our priority regions," Link said.

Wood plans to play a role in all stages of an offshore windprojects lifecycle, from design and planningthrough to operations and maintenance. It's also makingmoves in other sectors, including carbon capture and storage andpower transmission.

Equinor, the Norwegian oil producer, has made an early push into floating offshore wind and sees significant overlap with its traditional businesses.The list ofcontractors for Equinor's88-megawatt Hywind Tampen floating offshore wind project includes a number of firms with an oil and gas background, including Subsea 7 and Kvaerner.

Our strategy todevelop into a broad energy company, to develop profitable oil and gas projects, and to grow our renewable business is still valid in the current downturn in the oil and gas market, an Equinor spokesperson told GTM.

This is not the oil industrys first crisis,and many oilfield service companies are still recovering from the lastprice crash.

Already, companies were looking to diversify, to balance their upstream businesses with something less directly exposed to commodity price fluctuations,be that renewables, downstream/chemicals and so on," said WoodMac's Evans.

"Another downturn,just as the service sector was getting back on its feet again,puts that into a more urgent light."

Oil services companies with the most specific crossover with offshore wind's needs will reap the most immediate rewards. But even as the gap between the two sectors narrows, offshore windwon't be enough to patch up the oil sector's triple crises on its own.

Is offshore wind the thing that will come to the oil and gas supply chains rescue? I doubt it," said Evans."But for some specific companies, it could really help falling revenues and spare capacity."

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Can Offshore Wind Prop Up Oils Supply Chain Through the Price Crunch? - Greentech Media News

Offshore wind turbines on their way to Virginia – 13newsnow.com WVEC

VIRGINIA BEACH, Va. Parts for Dominion Energy's planned offshore wind project are making their way across the globe.

They're being built in Germany -- shipped through Denmark -- and are now on their way to Canada.

Work on the first two wind turbines is expected to begin this summer. When completed, they'll be pumping power from about 27-miles offshore of Virginia Beach.

rsted, a power company based in Denmark, will lease a portion of the Portsmouth Marine Terminal for offshore wind staging materials and equipment.

The turbines are part of Governor Ralph Northam's plans to have Virginia run on renewable energy. Last year he enactive Executive Order 43, which sets new statewide clean energy goals for the Commonwealth, including having 30 percent of Virginias electric system powered from renewable sources by 2030, and 100 percent of electricity coming from carbon-free sources by 2050.

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Offshore wind turbines on their way to Virginia - 13newsnow.com WVEC