Latest News
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Jan De Nul Installs First Foundation at RWE’s Thor Offshore Wind Farm
Jan De Nul has kicked off the installation campaign of the monopile foundations for RWE’s Thor offshore wind farm, completing the installation of the first of 72 monopiles with its heavy-lift vessel Les Alizés.When finished, Denmark’s largest wind farm to date will provide enough renewable energy to power more than a million Danish households.The 72 wind turbines will find their home near the west coast of Jutland, some 22 kilometers offshore, and will make up RWE’s Thor wind farm, with the capacity of more than 1 GW.The monopile foundations have lengths of up to 100 meters and weigh up to 1,500 tones. Les Alizés picks up the foundations at Eemshaven in the Netherlands, before sailing to the installation site off the western coast of Jutland, near Thorsminde.The final monopile installation is planned towards the end of 2025.Besides the monopile foundation and scour protection installation, Jan de Nul will also install the inter-array cable system and the export cables connecting the offshore and onshore substations.“Our Thor offshore wind farm - currently under construction - will be Denmark’s largest to date. The successful installation of the first monopile marks a significant milestone, achieved through the collaborative efforts of everyone involved. My thanks go to all colleagues and suppliers for their contribution so far,” said Günther Fenle, Project Director for Thor at RWE.“RWE’s Thor offshore wind farm is one of the key projects of 2025 for Jan De Nul. This is yet another big step in building the energy transition, and we execute multiple scopes of work: from installing inter-array and export cables, over scour protection to monopile foundations. For the diverse areas of expertise, we are deploying several units out of our fleet of vessels,” added Philippe Hutse, CEO Offshore Energy at Jan De Nul.
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EnerMech Gets LLOG’s Gulf of America Pre-Commissioning Job
Energy industry services firm EnerMech has secured a contract from oil company LLOG for pre-commissioning services at the Salamanca platform in the Gulf of America.The contract covers hydrotesting and nitrogen dewatering of three 8-inch infield flowlines, one 16-inch oil export pipeline and one 10-inch gas export pipeline. The contract award follows a previous contract in for topside pre-commissioning services which EnerMech secured in 2024.The Salamanca Floating Production Unit (FPU) will operate at a depth of approximately 6,400 feet of water with production from the Leon and Castille fields.With an initial production capacity of 60,000 barrels of oil per day and 40 million cubic feet of natural gas per day, this project is poised to make a substantial contribution to the United States’ energy sector.The FPU is a refurbished structure, previously the decommissioned Independence Hub production facility.“The Salamanca project is an important one for the future of the country’s energy sector, and we are proud to have been chosen to work on what is a vital piece of infrastructure.“To secure a second contract on the development is a strong reflection of the capabilities and expertise of our team in the region and I’d like to give kudos to Brennon Fitzgerald for their leadership and guidance,” said Charles ‘Chuck’ Davison Jr., EnerMech CEO.InterMoor Delivers Mooring Piles for LLOG’s Salamanca FPULLOG Hires ABL for Marine Warranty Services at Salamanca Project in Gulf of MexicoSalamanca Development: LLOG Taps Subsea 7 for GOM Pipeline Work
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Financial Times - May 2
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines EU negotiator: Europe is ready to offer Trump 50 billion euro in trade Activist Investor's Play for Upper Crust Owner Sets Stage for Takeover Harrods becomes the latest British retailer to suffer a cyber-attack The UK government has set aside 94 millions pounds for British Steel's rescue. View the full article The EU's chief negotiator has said that Brussels is looking to increase its purchases of U.S. products by 50 billion euro ($56.50billion) in order to solve the "problem" with the trade relationship. He added that the EU was making "certain progresses" toward a deal. Irenic Capital Management, an activist investor, has a stake in SSP Group of about 2% and is pressuring the Upper Crust owner for a higher profit margin. Hackers have attempted to hack into the systems of London's Harrods department store. This is the third high-profile attack in the UK on a retailer within two weeks. The previous incidents were at Marks & Spencer, and the Co-op Group. The British government has set aside nearly 100 million pounds for the bailout of British Steel, just weeks after assuming control of two of its blast furnaces. ($1 = 0.8850 euros) (Compiled from Bengaluru Newsroom)
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Oil prices increase as China opens up for trade talks with US
The oil prices rose in the early Asian hours of Friday, after China announced that it was open to talks with the United States. This raised hopes for a deescalation of the bitter trade war between two world's largest economies. Brent crude futures increased 38 cents or 0.6% to $62.51 per barrel at 0136 GMT. U.S. West Texas Intermediate Crude futures also rose 38 cents or 0.6% to $59.62 per barrel. China's Commerce Ministry said on Friday that the United States had recently taken steps to start a dialog with Beijing through information being passed along by relevant parties. Oil prices have been impacted by recent concerns that the broader global trade war may push the world economy into a depression and crimp demand for oil, at the same time as OPEC+ is preparing its output increase. The sentiment toward crude oil was boosted by the signs of a possible easing of trade tensions between China and the United States, the largest importer of crude in the world. The threat by Donald Trump, the president of the United States, to impose secondary sanction on Iranian oil buyers also supported oil prices. ANZ analysts wrote in a report that the threat of a tighter crude supply had them worried. Trump's remarks followed the postponement by the United States of talks with Iran about its nuclear program. He had earlier restored a campaign of "maximum-pressure" against Iran. This included efforts to reduce the country's exports of oil to zero to prevent Tehran from developing nuclear weapons. The oil prices rose late Thursday to close nearly 2% higher, erasing the earlier losses on the expectation of more OPEC+ supplies. On Wednesday, it was reported that Saudi Arabia - the de facto leader in OPEC+ - had informed allies and industry professionals that they were unwilling to support oil prices by cutting further supplies. Earlier reports said that several OPEC+ countries are planning to propose the group accelerates production increases in June for a 2nd consecutive month. On May 5, eight OPEC+ members will gather to discuss a plan for June. (Reporting and editing by Shri Navaratnam in New York)
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The worst of New Zealand's extreme weather has passed, and cleanup is underway
Metservice, the New Zealand government's weather forecaster, said that most severe weather warnings in New Zealand had been lifted by Friday. Wellington, New Zealand's capital, was hit with the strongest winds it has seen in over a decade. Schools and offices were closed and flights cancelled. In the Canterbury region in the middle South Island, heavy rainfall caused flooding and landslides. A few people were forced to evacuate. As there is still flooding on the surface and road closures, both Christchurch City and Selwyn District are in a state of emergency. Selwyn District Council stated in a post on Facebook that the worst weather is over. Wellington International Airport has reopened. However, local news organisation Stuff reported that some planes have not been able to land. Images posted on local news websites showed debris and rocks littering the road near the south coast of the city and the waves breaking over the seawalls. Wellington Region Emergency Management Office posted on Facebook that they continue to urge people to avoid travel unless absolutely necessary. (Reporting and editing by Matthew Lewis in Wellington)
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Consolidated Edison to invest $72 billion over the next decade
Consolidated Edison, a utility firm, announced on Thursday that it will invest roughly $72 billion in capital over the next ten years to increase its capacity, improve grid safety, and maintain reliability. U.S. Electric utilities are investing more in infrastructure as a result of extreme weather and a growing demand. This is to meet the increased demand, but also to improve resilience. Utility companies have been facing lawsuits for billions of dollars in damages over the last few years because of their role in wildfires. Consolidated Edison announced that $66 billion would go to core services, which support safety and reliability. The rest of the money will be spent on clean energy, climate resilience, and customer engagement. Separately the New York utility beat its first-quarter profit expectations, thanks to regulatory rate relief. U.S. utilities are seeking to increase customer bills in order to fund infrastructure improvements. This is because the electrical grids of the United States face extreme weather conditions and a growing demand as a result of industry electrification, data center expansions and increased industrial electrification. U.S. utilities have become more popular as a defensive strategy, providing investors with a safe, low-risk investment. Utility companies are a safe haven in turbulent markets because of their regulated revenue models, which shield them from volatility in demand and other risks. Falling interest rates also help to boost their appeal. According to LSEG, the company reported an adjusted profit per share of $2.26 for the quarter ending March 31. This compares to analysts' estimates of $2.20. Reporting by Tanay Kumar and Arunima in Bengaluru, Editing by Shailesh Kuber
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Eversource Energy first-quarter profits rise on higher electricity prices
Eversource Energy announced a higher first-quarter profit Thursday as it benefited from increased electricity rates. Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or the expenses incurred when delivering their services. The electric distribution segment's quarterly earnings were up 12.1% from the previous year, at $188.4 millions, and its electric transmission segment earned $199.4million, an increase of 12.8%. Eversource Energy provides electricity and natural gas for about 4,000,000 customers in Connecticut, Massachusetts and New Hampshire. The company's water distribution segment saw a 33.3% decline in earnings to $3.6 millions from the previous year. Eversource, a utility company, agreed in January to sell Aquarion Water, its water division, which it had acquired in 2017, in a $2.4 billion deal. The utility wants to reduce its debt and concentrate on its main businesses, electricity and gas. Eversource reported net income of $550.8 millions for the quarter ending March 31. This is up 5.5% compared to a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Alan Barona.)
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US sanctions fuel theft network in Mexico that it links with CJNG cartel
The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United States for individuals connected to Mexican cartels. Treasury reported that the network generated hundreds of millions of dollar annually for CJNG through fentanyl, fuel theft and smuggling crude stolen from Mexico across southwest border. Treasury Secretary Scott Bessent said, "Fuel smuggling and crude oil theft are cash cows for CJNG’s narcoterrorism enterprise. They provide a lucrative income stream for the group that allows it to cause havoc in Mexico as well as the United States." He said that the U.S. will use all tools available to target cartels. In February, the administration of President Donald Trump designated CJNG a terrorist organization that is a terrorist group from abroad and deemed terrorism. The companies could not be reached. The sanctions prohibit Americans from transacting with the entities or persons. (Reporting and editing by Rod Nickel. Timothy Gardner)
Viva Energy, Australia's largest energy company, drops 25% after weak results and forecast
The shares of Viva Energy Group plunged by 25% on Tuesday to their lowest level ever as the Australian fuel retailer missed its full-year profit forecasts and warned that challenging trading conditions will weigh on first-half earnings.
The stock price dropped by nearly A$1 billion (635 million dollars) after it was listed in July 2018. This wiped out almost A$1 billion of the market capitalisation for the company, which is now A$2.86 Billion.
Viva Energy’s underlying profit fell 20% to A$254.2 in 2024. This was below Visible Alpha’s consensus estimate of A$260.6, which had been provided.
"Group performance has been negatively affected by lower demand in our convenience business, due to rising costs of living and illegal tobacco trade. This is coupled with high inflation that increases the cost of doing businesses," CEO Scott Wyatt stated.
For the first half fiscal 2025, the company expects combined earnings before interest taxes, depreciation, and amortization (EBITDA), which together represent over 90% of its total EBITDA. This is expected to range from A$270-A$330 million.
This is also below Visible Alpha's estimate of A$380m.
Jefferies analysts said that the results were "another disappointing result, with material consensus estimates downgraded implied by commentary."
Viva shares were down 25.2% to A$1.79 at the last close, and ranked second on the ASX 200 benchmark index which was down just 0.6% by 0441 GMT. (1 Australian dollar = 1.5743 dollars) (Reporting and editing by Nikita Jino, Bengaluru)
(source: Reuters)