Energy

Dril-Quip, Inc., a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, and Innovex Downhole Solutions, Inc. (Innovex), a global leading provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry, announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to create a unique energy industrial platform. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis.

In support of the Biden-Harris administration’s goals for deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030 and 15 GW of floating offshore wind energy capacity by 2035, the Bureau of Ocean Energy Management (BOEM) announced it finalized its designation of a Wind Energy Area (WEA) in the Gulf of Maine. The Final WEA has the potential to support generation of 32 GW of clean energy, surpassing current state goals for offshore wind energy in the Gulf of Maine: 10 GW for Massachusetts and 3 GW for Maine.

DNV has handed over a Statement of Conformity to Moss Maritime for their design brief outlining the design methodology for their concept called XolarSurf. This marks a significant milestone in the development of their technology. The recognition helps pave the way for further developments for floating solar in exposed waters and the opportunity of providing clean energy close to shore without the use of area on land.

Export Finance Norway (Eksfin) is providing loan financing of EUR 525 mn to Ørsted of Denmark, one of the world's largest offshore wind developers. The financing is based on the purchase of two transformer platforms from Norway's Aibel for the Hornsea 3 offshore wind farm project in the UK. The transaction increases Eksfin's total offshore wind financing to nearly EUR 3.5 bn.

Talos Energy Inc announces that it has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC ("TLCS"), to TotalEnergies E&P USA, Inc. ("TotalEnergies") for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, combined totaling approximately $148 million. The transaction was based on an effective date of January 1, 2024 and will close later today. Talos intends to use the proceeds from the sale to immediately repay borrowings under its credit facility and for general corporate purposes.

The US Department of Energy (DOE) has selected thyssenkrupp nucera USA Inc. for a $50 million grant (pending negotiations) under the Bipartisan Infrastructure Law's investment in clean hydrogen and electrolyzer manufacturing. With this major funding from the US government, thyssenkrupp nucera aims to further expand its footprint in the North American hydrogen market and support the global transition towards a cleaner, more resilient energy infrastructure.

In support of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030, the Bureau of Ocean Energy Management announced it will initiate the environmental review of a proposed wind energy project offshore New Jersey, which would deliver clean renewable energy to the region.

Maersk Supply Service to partner with Edison Chouest Offshore (ECO) for the construction and operation of a windfarm feeder concept specifically designed for Maersk Supply Service’s next-generation Wind Installation Vessel.

Equinor, on behalf of the partners, is exercising two options to extend contracts with Archer AS, KCA Deutag Drilling Norway AS and Odfjell Operations AS for a total of four years.

Saipem has signed a Letter of Intent, received by the Northern Endurance Partnership (NEP), a joint venture between the operator bp, Equinor, and TotalEnergies, and Net Zero Teesside Power (NZT Power), a joint venture between bp and Equinor, stating that the company has been selected for the award of the NEP and Net Zero Teesside Power (NZT) projects. The two projects are related to the development of CO2 offshore transportation and storage facilities to the East Coast Cluster in the United Kingdom.

KENC Engineering has secured multiple contracts with offshore energy contractor DEME. For KENC, the contracts involve a broad scope of work that will encompass engineering and fabrication of seafastening and auxiliary structures that DEME requires for its work on several international offshore wind farms. KENC will be carrying out the concept, basic and detailed designs on all projects.

Framo, a leading innovator in pump technology, proudly introduces its latest breakthrough—an inline turbine designed to recover electrical power from diverse fluid flows. Successfully tested at the company's state-of-the-art center on Flatøy, just outside Bergen, this cutting-edge technology offers substantial cost savings, energy efficiency, and a sustainable alternative to pressure reduction valves. The product is poised for imminent market launch.