Daily Archives: May 14, 2020

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...

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

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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Fortune Business Insightsoffers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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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...

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

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!

The rest is here:

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

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

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...

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

rsted has provided an update on the ongoing offshore construction work at the 752 MW Borssele 1 + 2 offshore wind farm in the Dutch North Sea, saying that all activities are going according to plans.

So far, DEMEs installation vessel Innovation has installed 73 out of the 94 monopile foundations at the site some 23 kilometres off the coast of Zeeland.

The installation of the Nexans inter-array cables has reached a halfway point. Van Oord has installed 47 out of the 94 inter-array cables. Van Oord has deployed its dedicated cable-laying vessel Nexus and the trencher Dig-It to install and bury the 94 inter-array cables to a depth of 2 metres.

The wind farms first foundation was installed mid-January and the first inter-array cable was put in place at the end of February.

The installation of the wind farms turbines started in mid-April. So far, DEMEs jack-up Sea Challenger has installed eleven out of the 94 Siemens Gamesa 8 MW units. The wind farm delivered its first power at the end of April.

Borssele 1+2is expected to be completed by the end of 2020 when it will become the largest offshore wind farm in the Dutch North Sea.

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Borssele 1+2 Construction Team Not Skipping a Beat - Offshore WIND