Daily Archives: June 22, 2020

Liam Brooke and Tim Gordon the directors of collapsed peer-to-peer platform Lendy have had their assets frozen while administrators investigate suspicious payments to an offshore account.

In the latest investor update, Lendy administrator RSM revealed that it was looking into 6.8m in payments made to entities registered in the Marshall Islands.

Although the money was said to have been spent on marketing services, RSM said that it is the administrators positionthat these payments were ultimately for the benefit of Liam Brooke and Tim Gordon.

On 1 June 2020, RSM applied for a worldwide freezing injunction to be granted over the assets of both Brooke and Gordon, as well as proprietary injunctions on the properties owned by companies linked to the directors RFP Holdings Limited and LP Alhambra Limited. The injunction was granted three days later.

Read more: Lendy investors face prolonged recovery process

Proceedings have now been commenced against Liam Brooke, Tim Gordon, RFP Holdings Limited and LP Alhambra Limited, RSM confirmed in the latest administrators update.

Owing to the nature of these claims, the joint administrators are unable to provide further information at this time. The joint administrators are continuing to investigate the affairs of the company.

RSM also revealed that it has now interviewed Brooke and Gordon, as well as carrying out reviews of the companys books and records, performing detailed analysis of the companys bank statements and reviewing the results of key word searches of approximately 480,000 company emails.

Read more: P2P administrations face delays due to Covid-19

These investigations have revealed a number of discrepancies in the companys accounts. Solicitors Pinsent Masons have been advising RSM on any legal action that may be required.

Earlier this year, RSM received court approval to extend the Lendy administration process by three years, due to the complex nature of the administration process and the impact of the Covid-19 pandemic.

In the period covered since appointment, the joint administrators have incurred significant time costs in managing the wind down of the loan book, said RSM in the latest update.

As previously advised, the loanbook has proved to be in a considerably worse state than was immediately apparent on our appointment.

As a result, the process to realise secured assets has been more complex, difficult and time-consuming than was first envisaged. It has become apparent there were significant issues in Lendys underwriting and administration processes, which has contributed significantly to the complexity of the wind down and directly led to an increase in costs. As an example, on multiple cases there is a range of litigation directly linked to the historical Lendy practices.

Lendy went into administration on 24 May 2019 with a loanbook valued at 152m. Just under 17m has been realised to date.

Read more from the original source:

Lendy bosses have assets frozen amid offshore investigation - P2P Finance News

The CEOs of two of the biggest names in global renewable energy headed for the door this week.

First to announce his departure was Henrik Poulsen of Orsted, who will leave the offshore wind giant by February next year at the latest.

The resignation of the fossil-to-wind trailblazer prompted an outpouring of tributes from normally hard-bitten financial analysts, who hailed his transformational role at the Danish group.

Poulsen was non-committal over his future plans, but confirmed they don't include leading the energy transition of another oil and & gas group.

The second high-profile exit was Markus Tacke at Siemens Gamesa "by mutual agreement". Unlike Poulsen, Tacke won't be hanging around until a successor is found the turbine OEM immediately named offshore chief Andreas Nauen as his replacement.

Recharge spent the latter part of last week providing comprehensive coverage of US Offshore Wind 2020 Virtual, as official news provider to the high-profile industry event.

You can read all the great news, analysis and interviews from the conference at our special virtual newsletter page here.

But Recharge kicked-off the proceedings in style with two exclusive in-depth articles a long-read interview with Thomas Brostrm, the North America chief of Orsted, and a feature on the transmission challenges facing US offshore.

Hydrogen is never far from the energy transition headlines, with global players descending on the emerging sector from all directions.

This week it was the turn of utility giant RWE, which said it may kit-out a new LNG terminal to accept green hydrogen, and oil & gas player Repsol, which wants to use the gas in synthetic fuels.

Even the nuclear sector is getting in on the act, and a report from a UK government-backed agency warned that the nation may need nuclear hydrogen to hit its stretching net-zero ambitions.

More:

Green giants exit, US offshore tradewinds and hydrogen steps on the gas - Recharge

On April 29, 2020, Volvo Construction Equipment (CE) signed a memorandum with the government of Pudong New District, Shanghai, which signaled the official movement of Volvo CEs Asia headquarters from Singapore to Shanghai. This is believed to be a result of Shanghai Free Trade Zones (FTZ) endeavors to promote offshore trade businesses.

Offshore trade, or documentation processing trade, refers to a trade model in which the goods are transferred directly from the exporting country to the importing country without entering the border of the middle country where the contracts, payments, logistics, insurances, financial arrangements, as well as other trading documentations are processed in.

For example, in 2019, Volvo CE shipped two excavators to Nigeria directly from its manufacturing subsidiary in South Korea. In this transaction, the equipment did not enter China, but Volvo CEs Shanghai subsidiary handled all the paperwork, including accepting the order and signing the contract, getting the deposit and the final payment, arranging the production and the later logistics, insuring the goods and settling the tax, etc.

In offshore trade, the subsidiary in the middle country actually plays the role of centralizing and allocating the resources of the supply chain, which in not only good for improving the host countrys role in global trade, but also implies greater tax benefits. Meanwhile, the huge capital turnover in offshore trade can nourish the financial sector and make it more prosperous.

Given this, offshore trade has always been welcomed by major free trade hubs, such as Hong Kong and Singapore. However, it was underdeveloped in Shanghai and other mainland cities, mostly due to the strict regulatory controls.

The customs and the foreign exchange authorities had long held on to the idea that it is hard to determine the authenticity of offshore trade, considering the exporting and importing parties are located outside of China, and the goods, capital, and trade documentation are all separate from each other under this trade model. As fabricated transactions can be very harmful to a countrys economic order and foreign exchange market squeezing the capital from real economy, accelerating the imbalance of international payments, and encouraging unreasonable investments in foreign exchange authorities in China tended to be very cautious and strict towards offshore trade transactions.

In fact, since 2012, Chinas State Administration of Foreign Exchange (SAFE) has released several administrative documents to exert greater control to foreign exchange in offshore trade and combat fake transactions. In particular, in 2016, the SAFE issued the Notice on Further Facilitating Trade and Investment and Improving Authenticity Check (Huifa [2016] No.7), requiring the bank to review the contract, invoice, transportation documents, and the ownership license of the offshore transactions one by one. Enterprises who failed the reviews would not be able to receive money or make payments.

This strict scrutiny made it hard to do offshore trade business in China where payments and settlements were slow. In the past, many well-established companies engaged in offshore trade have had to shift to Singapore or Hong Kong.

The development of offshore trade is in line with Shanghais ambition to play a bigger role in global finance and become an international trade center.

After years of strict control, offshore trade was brought back into attention again when China planned to build Shanghai FTZ into a first-class free trade port.

In 2017, when the draft plan of Shanghai free trade port was released, offshore trade was listed as one of the top targets to promote.

On October 31, 2019, Shanghai FTZ announced seven preferential policies for offshore trade companies, at a conference about promoting the development of offshore trade business.

Some of the above policies have already been put into practice.

On April 13, 2020, the Shanghai Free Trade Zone Offshore Trade Service Center was officially launched in Waigaoqiao Bonded Area, Shanghai, which signified that the development of offshore trade has entered the fast track.

So far, 47 companies are reported to have enjoyed preferential foreign exchange policies in offshore trade businesses.

According to the official news, the next step is to put the financial support into place and reduce the tax burden on offshore trade businesses.

In the current promotion of offshore trade in Shanghai FTZ, more and more companies engaging in offshore trade are expected to set up as a legal entity in the zone or move their regional headquarters here, like Volvo CE.

However, companies are still advised to get themselves familiar with Chinas regulatory environment and pay close attention to the policy changes now and in the future. In this way, they can stay agile while avoiding compliance and financial risks. For further information orassistance in China, please email us atchina@dezshira.com.

About Us

China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.

We also maintain offices assisting foreign investors in Vietnam, Indonesia, Singapore, The Philippines, Malaysia,Thailand, United States, and Italy,in addition to our practices in Indiaand Russia and our trade research facilities along the Belt & Road Initiative.

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What has Shanghai FTZ Done to Support and Revitalize Offshore Trade? - China Briefing

Offshore Oil and Gas Market report is segmented on the basis of type, service type, application, and region & country level. Based upon type, offshore oil and gas market is classified into liquefied natural gas, heavy crude oil, and light crude oil. On the basis of service type, the market is classified into directional drilling, logging while drilling, measurement while drilling, offshore contract drilling, and subsea production and processing. On the basis application, the market is classified into a deep water drilling, shallow water drilling, and ultra-deep water drilling.

Offshore Oil and GasMarket is valued at USD 86,900 Million in 2018 and expected to reach USD 151.851 Million by 2025 with CAGR of 8.3% over the forecast period.

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Market Analysis ofOffshore Oil and Gas-

Offshore oil and gas is the extraction and drilling process of natural gas and oil from below the oceans floor. Natural gas and oil are extracted through the wells and then transferred by pipelines and ships to refineries. In 2013, the industry has faced a downfall in the price due to major environmental disasters which have taken place in Mexico in 2014 i.e. Oil Spill in the Deepwater Horizon Gulf Of Mexico. However, it has been observed that the oil & gas sector is recovering. The global infrastructure and economies highly depend on the petroleum-based products which have led to an increase in the worlds dependence on oil and gas. It has been estimated that the world production of oil and gas is expected to increase because of growing demand which may result in the shrinking of the global economy and availability of oil.

The developing countries like China, Russia, and Brazil are increasing production and exploration efforts. However, geopolitical deliberations such as the ongoing dilemmas in Iran, Qatar, and Venezuelas exit from the Organization of the Petroleum Exporting Countries will hugely influence oil and gas supply. The trend of alternative and renewable energy is another threat to traditional oil and gas companies coupled with the rise in governmental pressure and pro-eco legislation has the industry is under more scrutiny than ever. Electricity producing from offshore wind and solar power plants has increasingly become cost-effective and cheaper. According to the International Renewable Energy Agency, over 80% of newly commissioned renewable energy will be cost-effective and cheaper than new natural gas and oil sources. These factors are expected to hamper the growth of offshore oil and gas market.

The regions covered in this offshore oil and gas market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Offshore Oil and Gas is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players

The major players operating in the offshore oil and gas market are BP, ExxonMobi, Chevron, Royal Dutch Shell, Total, ConocoPhillips, Eni, Petrobras, Statoil, CNOOC and Others.

The Reduction in Price of Crude Oil and Recovery of Offshore Sector are the Major Factors Driving Factors for the Growth of this Market

The oil and gas industry will continue to manipulate the politics and international economics, particularly in the U.S. the level of employment in the sector as more than 10 Mn jobs, are supported and depend on the oil and gas industry. Recently, there has been a recovery in the industry as it enters its third year. The growth is predicted to increase at a significant rate due to increased upstream production which will continue to have a positive effect for midstream businesses. The crude price has also become stable at around $50/barrel. Additionally, 1 million jobs are estimated to be made in 2019 and the number of active drilling rigs has increased to more than 780 as compared to previous years which were 591 in the U.S. The UK offshore sector is also expected to recover as there are planned 16 greenfield projects with recognized development plans and around 29 greenfield projects is estimated to start production between 2019 and 2025.

Middle East and Africa is expected to be the Most Prominent Market for the Offshore Oil and Gas.

Geographically, Offshore Oil and Gas Market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. The Middle East and Africa are expected to grow at the fastest CAGR during the forecast period. The increasing growth is mainly because this region has the highest production of natural oil and gas which export to the other region and countries as well. It has been estimated that around 30 Bn barrels are consumed each year, globally, mainly by developed economies. Oil also accounts for major energy consumption share regionally, Europe and Asia account for 32%, North America with 40%, Africa with 41%, and South with 44% and the Middle East with 53%.

Key Benefits for Market Report

Market Segmentation:

By Type:

By Service Type:

By Application:

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Offshore Oil and Gas Market Research Report Insights and Forecast 2020 to 2025 - Cole of Duty

O

ffshore jurisdictions remain popular for all manner of businesses. Holding companies, asset management, iGaming, blockchain and bitcoin, and even forex are popular sectors for offshore incorporation and operation. But how do you go about picking the right one? It is not as simple as choosing which one you think, superficially, is the best option. You need to dig deep and take a considered decision as to which will be the best fit for you, your company, and your ongoing requirements.

How much will it cost?

One of your key considerations is likely to be how much it will cost you to operate in an offshore jurisdiction. First, you need to take into account the setup costs and then any fees for ongoing maintenance. Additionally, if you are setting up a company you should note additional expenses such as compliance with permanent establishment and/or economic substance requirements. These are just some of the things you need to ascertain before making any concrete decisions on where you will base your business.

Is it a stable jurisdiction?

When choosing the right location, you should aim for one that is politically, socially, and economically stable. It is all very well and good enjoying fiscal benefits and low operating costs but if the economic outlook is poor and the political system is volatile, you will soon encounter issues.

Being in an unstable jurisdiction can make it difficult to conduct short and long term planning. It can also impact relationships with partners and third parties. Choosing a location with a good all-round climate facilitates strategic planning and the smooth running of your business. An additional bonus of stability is not having to worry about currency fluctuations or issues when it comes to remitting profits and revenue elsewhere.

What about Tax?

How much tax you will pay in your jurisdiction of choice is a very important matter. This will directly impact how much of your business income remains yours and how much you can remit elsewhere.

The best-case scenario is to find a place with a zero or low-rate of tax that is not blacklisted. Many jurisdictions have favourable fiscal incentives but are still in line with international best practices.

Is it reputable?

If you pick a jurisdiction with a bad reputation or that is blacklisted, it will severely impact your ability to conduct business. Your reputation is worth more than the money you could save on a zero tax rate or cutting corners. Finding a jurisdiction that has a good reputation and offers you the benefits you want is attainable, with some professional guidance.

Is my confidentiality protected?

Different jurisdictions have different levels of confidentiality that are afforded to those operating there. Information sharing, details of Ultimate Beneficial Owners, and annual or periodic filings are just some things that vary depending on where you are located.

Depending on your business and requirements, you need to decide what level of privacy you want and then pick a jurisdiction accordingly. However, in our view, all jurisdictions will become transparent eventually.

Is it suitable for my needs?

Not every offshore jurisdiction is suitable for every business. As an example, not all are geared up for efficient tax planning and some dont have legislation to properly handle asset management. Furthermore, some might be good for tax and assets, but may not be good for the nature of your business.

Before deciding, you need to consider several factors including filing obligations, capital requirements, tax, nominee and disclosure requirements, audits, incorporation times, and other regulations, statutes or policies. This list is not exhaustive and there are many other considerations you should be aware of before taking the plunge.

Can I find the right professional partner?

Not all corporate service providers are created equally. Some are better than others and have different priorities when it comes to working with clients. You should look for a provider that has experience in all of the jurisdictions you consider, and that works with a large network of international partners. Experience in your industry or sector is also important.

It is also recommended to ask for detailed quotes when inquiring about company formation services as many service providers won't even include the most basic incorporation documents to offer you an incredibly low price. However, you will need to pay those additional/hidden fees later on. If it seems too good to be true, it probably is.

Beware of hidden fees and unnecessary charges and instead opt for custom turn-key packages that are designed to incorporate all of your needs.

The last word

Offshore incorporation and other business activities is not a matter to be taken lightly. After all, it can impact every aspect of your business. Taking the advice of a professional with an extensive track record of working in the offshore sector is the first step towards ongoing success.

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Things to consider when looking for an offshore jurisdiction - Yogonet International

Danish green energy giantrsted CEO Henrik Poulsen has resigned after an eight-year tenure. rsted is now the worlds biggest offshore wind developer. It recently installed its 1,500th offshore wind turbine, in announced on June 11.

Poulsen will leave rsted by January, the company announced yesterday. The company is now searching for a replacement. He was previously an executive at McKinsey and Lego.

Poulsen said [via the Financial Times]:

Its been an incredible ride over the past eight years, and I have a tremendous amount of affection for Orsted, its vision, and not least its people.

Weve transformed a Danish utility predominantly based on fossil fuels into a global leader in green energy, which was ranked as the worlds most sustainable company earlier this year.

rsted plans to double its wind capacity in the next five years to 20GW. It employs almost 7,000 people worldwide, and had revenues of around $10.3 billion in 2019.

The Financial Times reports:

The companys stock has risen more than 70% since the beginning of last year, brushing off a dip in valuation inflicted by the pandemic and giving it a market capitalization of roughly $48 billion.

The Danish green energy company is growing its onshore wind business, too.

As Electrek previously reported on April 8, in 2013, rsted announced it would stop developing onshore wind to concentrate on offshore wind, but in 2018, it returned to onshore wind development with the acquisition of Lincoln Clean Energy. It completed its largest onshore wind farm, in Texas, in April.

rsteds onshore operational installed capacity has increased to 1.3GW. The company intends to reach 5GW installed onshore capacity by 2025.

It aims to reach 99% green energy production overall by 2025.

Poulsen transformed what was a fossil-fuel company known as Danish Oil & Natural Gas into Orsted, which is now known as the most sustainable company in the world.

He also proved that green energy can be profitable. Lets hope he keeps his hand in the game, as he has achieved remarkable things for the green energy sector and the environment at large.

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CEO of worlds largest offshore wind developer resigns - Electrek

As our nation cautiously reopens and our economy begins to recover from the COVID-19 pandemic, the thought of a summer road trip has never seemed sweeter. Just having the freedom to take to the road and explore our beautiful country has an exciting, renewed significance for many of us right now. Once we get the green light and before our journey begins, however, we'll need to fill up our gas tanks.

Louisiana's offshore oil and gas industry provides fuel that makes our trips possible, as well as hundreds of thousands of well-paying jobs that fuel our local, state and national economies. Now, the industry needs help to survive and continue to fuel our nation and economy long after this crisis has passed.

The COVID-19 pandemic brought the global economy to its knees this spring, shuttering businesses, suspending travel and cutting worldwide demand for oil and gas to the lowest levels in modern history at a time when production levels were surging. U.S. crude oil production was, in fact, at an all-time high in early 2020, breaking records and contributing to our nation's new role as a net oil exporter. Louisiana's local companies and infrastructure have supported the production of nearly 20 percent of America's oil supply, 45 percent of U.S. petroleum refining and 52 percent of our nation's natural gas processing.

Then, that historic peak seemed to evaporate overnight as the pandemic extended its reach, demand began to drop, and a price war between Saudi Arabia and Russia contributed to a glut in the oil supply. We watched oil prices plunge to less than $20 a barrel and analysts predict a 20-percent decline in global oil demand in 2020, still too much for a 10-million-barrel-a-day OPEC production cut to overcome. Global oil storage reached its capacity.

The impact on Wall Street has been devastating, but the impact on America's future domestic oil supply is even more alarming. This economic crisis truly threatens the survivability of our strong domestic offshore oil and gas industry, thousands of small businesses who service offshore production, and the hundreds of thousands of men and women whose jobs are linked to oil and gas production. We must save America's offshore oil and gas industry.

On April 2, LMOGA appealed to President Trump to implement measures to help domestic oil and gas producers and local businesses survive the crisis by putting them in a position to recover and continue fueling our nation and the world once demand and supply stabilize. Without emergency policy measures, producers may have no choice but to shut in wells, accelerate layoffs and cancel contracts totaling millions of dollars with local service companies. Without preemptive federal action, the economic domino effect will be long and brutal, and our future domestic energy supply will be at risk.

One of the measures promoted by LMOGA is the temporary reduction or suspension of royalty payments on federal offshore leases to ensure a robust energy industry remains viable during and after the current crisis. A viable industry is not only good for the economy and our energy supply, but for coastal restoration as well, because production generates federal funds for restoration projects. The U.S. Secretary of Interior has authority to reduce royalty rates for economic purposes, and LMOGA has strongly advocated that President Trump, Secretary of Interior David Bernhardt and Congress make this temporary cut to boost production and future royalty revenues.

LMOGA requested actions including a three-year extension on federal leases in the Gulf, extensions for decommissioning wells, and the protection of pipelines and other infrastructure if limits to storage capacity necessitate well shut-ins.

I am convinced that our global economy will rebound once the pandemic threat has diminished, and then demand for oil and gas will soar. We need to ensure our domestic offshore oil and gas industry survives to meet tomorrow's challenges and continues to fuel our gas tanks, the national treasury, and jobs for men and women everywhere for decades to come.

For more information about Louisiana's oil and gas industry and LMOGA's work to protect and grow the industry, visit http://www.lmoga.com or call (225) 387-3205.

Link:

Save America's offshore oil and gas industry - BIC Magazine

A Louisiana-based offshore services firm and naval architects plan to build a new superfeeder class of vessel to provide offshore wind energy developers a Jones Act-compliant system for transporting turbine components from U.S. ports to installation sites.

The 408x131x16.4 SuperFeeder will be a fully DP-2 dynamic positioning vessel, propelled by three diesel-electric 2,500-kW Z-drives and two 1,200-kW tunnel bow-thrusters, and capable of 10 knots cruising speed while fully loaded with turbines, foundations and blades, according to 2nd Wind Marine LLC, Galliano, La.

Developed by naval architects MiNO Marine LLC, Jefferson, La., the design is planned for two vessels to be built simultaneously, completed in 2021 to work on more than a dozen wind energy areas leased by developers off the East Coast.

They will each be capable of transporting one complete set next-generation wind turbine components from U.S. ports to offshore wind farm sites, enabling optimized construction throughput and the most efficient utilization of non-Jones Act compliant wind turbine installation vessels, according to a statement from the companies.

With early U.S. wind projects dependent on U.S. feeder barges carrying components to foreign-flag European wind turbine installation vessels and the first Jones Act WTIV still a few years away the time is right for the superfeeder concept, according to Joseph A. Orgeron, business and technology developer for 2nd Wind Marine.

Orgeron worked in 2015-2016 with Deepwater Wind (since acquired by wind developer rsted) to bring Gulf of Mexico liftboats north for construction of the Block Island Wind Farm, the first U.S. commercial offshore wind project off Rhode Island. Hes an advocate for the skills and experience that Gulf of Mexico offshore operators can adapt to the nascent East Coast wind industry.

According to the companys own mission statement, 2nd Wind was created as a vessel development, erection, and operations firm that intends to manage the design, finance, construction and ultimate operation of a two purpose-built Jones-Act coastwise compliant vessels capable of transporting (or feedering) of large, next-generation offshore wind turbine components from U.S. marshalling ports out to awaiting installation vessels during installation phases and perform specific O&M tasks in the post-installation market.

The vessels power systems will be primarily diesel-electric with medium speed Tier-IV engines. The hulls and superstructures will be configured to accommodate the coming generation of 12-megawatt and larger turbine parts Orgeron calls the design future-ready.

The design has the house offset asymmetrically to the port side, allowing more bow deck space to accommodate larger vertically stacked blade racks. Below decks will accommodate up to 60 persons, counting 20 crew and 40 offshore workers, in single and double berthed, MLC-2006 compliant staterooms.

The cargo deck rated to transport, and jack up with, 4,000 metric tons has a double deck, so changes in grillage can be easily facilitated without concern to tank and void spaces below. Each vessel is intended to carry a complete next-generation turbine set, including tower, generator nacelle and blades.

A unique Liebherr-designed crane, installed around a jacking leg with an offset-pedestal, will allow access to more than 95 percent of the vessels cargo deck space. Its lifting capacity will be up lifting each component of next-generation turbines from quayside to the cargo deck. With an extended boom variant, the crane will enable operators to change out blades at sea in the wind turbine arrays.

MiNO Marine developed its designed hull form through extensive engineering analysis using computational fluid dynamics (CFD) methods to yield an efficient hull form suitable for a wide range of offshore operating conditions while also minimizing potential for flow induced drag.

U.S. shipyards have been engaged and are currently evaluating the design and preparing construction cost and timeline estimates, the companies said.

Speaking at the International WorkBoat Show in December 2019, Orgeron likened the potential of U.S. offshore wind for offshore operators to the cusp of offshore oil and gas a half-century before.

Probably 40, 50 years ago with the rise of the Cajun mariners, my dad was looking in the Gulf of Mexico and saw a great opportunity when the oil and gas companies said how much they were going to spend, said Orgeron. With the Block Island project, I saw then there was so much interest in Gulf of Mexico vessels, he said. There was so much more there for Gulf of Mexico operators to look into.

Join us for a live webinar on Thursday, June 25, where well discuss many of these topics and also investigate what the vessel supply chain capabilities currently are, what building a future-ready offshore wind vessel looks like, how creative ideas will ensure timely development and investment, and lastly how characteristics of the northwest Atlantic working environment differ from the European model and how that will affect vessel design and performance. Click here to register.

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'Superfeeder' design offers Jones Act solution for offshore wind developers - WorkBoat

A ship trails an array of seismic air guns. [photo courtesy Ocean Conservation Research]

North Carolinas objectionto WesternGecos proposed Bureau of Ocean Energy Management permit to conduct a geological and geophysical seismic survey for oil and gas exploration in the Atlantic Outer Continental Shelf has been overridden.

The decision signed byU.S. Under Secretary Of Commerce For Oceans And Atmosphere Neil Jacobs was announced Monday.

The state Department of Environmental Quality voiced Monday its disappointment with the decision to override North Carolinas Coastal Zone Management Act consistency objection to WesternGecos proposal to conduct geological and geophysical, or seismic, surveys off the North Carolina coast.

WesternGeco appealed North Carolinas findinglast yearthat its proposed survey was inconsistent with state enforceable policies because of adverse effects to recreational and commercial fisheries. The decision to override the states objection to the proposed survey was announced Monday.

The effect of this decision is that the state Division of Coastal Managements consistency objection no longer prohibits the Bureau of Ocean Energy Management from issuing a permit to WesternGeco. Numerous studies, including several new studies completed in the last few years, indicate the proposed seismic testing poses an unacceptable threat to North Carolinas marine life and its coastal recreational and commercial fisheries, according to NCDEQ officials.

This proposed seismic testing for oil and gas exploration has no place off our coast, said NCDEQ Secretary Michael S. Regan. Our coastal resources are too precious to risk from these proposed activities. We stand with all of the coastal communities who have made their opposition to the proposed seismic testing and offshore oil and gas clear.

North Carolina can appeal the decision to the federal courts and the state said it is reviewing next steps.

Coastal leaders and state officials have signedsigned a resolutionto oppose seismic testing and the offshore drilling that would follow.

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Feds override NC objection to offshore seismic survey for oil, natural gas off Outer Banks - OBXToday.com