Page 4: of Offshore Engineer Magazine (Jul/Aug 2024)

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EDITOR’S LETTER

In the short introduction to this edition, we coin a reference to the classic 1966 Clint Eastwood flm ‘The Good, The Bad and The Ugly’, because look- ing at the offshore energy landscape now – and I guess always – the vision is the same as sectors ebb and fow.

Reporting on ‘The Good’ this month is our New York City-based V ol. 49 No. 4 fnancial contributor Barry Parker, who takes a deep dive into foating

ISSN 0305-876x USPS# 017-058 production again to see how the recent and ongoing ‘merger mania’ is impacting the sector in the near term. But it wasn’t long ago that foat- 118 East 25th Street, ing production was ‘the ugly’, as the sector came to a dead standstill as

New York, NY 10010 oil and gas prices sank during Covid. But as Parker reports, consolida- tel: (212) 477-6700; fax: (212) 254-6271 tion across the sector and renewed prospects for a much longer bull run www.OEDigital.com in the deepwater sector has opened the vault and money is fowing to the sector again.

EDITORIAL

GREGORY R. TRAUTHWEIN ‘The Good’ is not relegated only to foating production, as Teresa Wilkie

Editor & Publisher – RigLogix, Director (Westwood Energy) reports Namibia is the “Newest

AMIR GARANOVIC

Most Promising Deepwater Rig Demand Hotspot.”

Managing Editor [email protected] ‘The Bad’ this month comes with a look inside the mounting costs of decommissioning, courtesy of Andrew Burr, North America Analyst, Welli-

BARRY PARKER, New York

WENDY LAURSEN, Australia gence Energy Analytics. Tightening global rules dictating how offshore structures are shutdown at the end of life comes with an increasingly high

PRODUCTION / GRAPHIC DESIGN price tag … with current estimates indicating a liability at more than $300

NICOLE VENTIMIGLIA billion. Key offshore producers Brazil, the US Gulf of Mexico (US GoM), [email protected] the UK, and Norway face the largest bill at almost $150 billion combined.

Last but certainly not least, ‘The Ugly’ is the ballooning cost for the frst

SALES

TERRY BREESE, VP Sales

US-built WTIV, Charybdis, which according to the latest insights from Do- +1 (561) 732-1185 | [email protected] minion via a recent investor presentation will be in the $715m range, refect-

JOHN CAGNI ing new modifcations to accommodate project specifc turbine loads based [email protected] | +1 631-472-2715 on fnal certifed weights and dimensions of the equipment and additional

FRANK COVELLA fnancing costs. While it is not unusual for any shipyard in any country to [email protected] | +1 561-732-1659 experience cost growth on a new vessel class, originally the ship was expected

MIKE KOZLOWSKI to cost about $500m, a fgure which still stands in stark contrast to Cadeler [email protected] | +1 561-733-2477 recently taking the ffth and newest addition to its feet – Wind Peak – the

GARY LEWIS, Panama frst of seven newbuilds for which Cadeler currently has signed contracts. (516) 441-7258 | [email protected]

Check out the

This ship was built at COSCO Shipping Heavy Industry (COSCO) ship- 2024 Media yard in Qidong, China, and according to Mikkel Gleerup, CEO of Cadeler,

CORPORATE STAFF

Kit via the QR

CEO it was delivered “on time and within budget.”

JOHN O’MALLEY

Code Below [email protected]

President & COO

GREGORY R. TRAUTHWEIN [email protected]

IT Director

VLADIMIR BIBIK

Public Relations

MARK O’MALLEY [email protected]

Gregory R. Trauthwein

Accounting

Editor & Publisher

ESTHER ROTHENBERGER [email protected] [email protected]

Circulation m: +1-516.810.7405

KATHLEEN HICKEY [email protected]

OFFSHORE ENGINEER (ISSN 0305-876X) is published bi-monthly (6 times per year) by AtComedia,

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