Page 14 - NorthAmOil Week 04 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

MIDSTREAM Project management and engineering compared to an operating loss of $21.6mn in
will commence immediately at Subsea 7’s the fourth quarter of the prior year. Adjusted
Whistler Pipeline expansion offices in Houston, Texas. Fabrication of the operating loss for the fourth quarter of 2020
was $11.3mn.1 Net income for the fourth
flowlines and risers will take place at Subsea
Whistler Pipeline today announced the 7’s spoolbase in Ingleside, Texas, with offshore quarter of 2021 was $12.3mn, or $0.06 diluted
expansion of the Whistler pipeline’s Midland operations scheduled for 2024. earnings per share, compared to a net loss of
basin footprint with a new 36-inch lateral Craig Broussard, vice president for Subsea $10.2mn, or $0.05 loss per share in the fourth
extending northwest into Martin County. 7 US, said: “We are pleased to have been quarter of the prior year. The adjusted net loss
The Martin County lateral will lengthen selected as a partner for the delivery of the in the fourth quarter of 2020 was $6.8mn, or
the existing 36-inch Midland lateral Shenandoah development. This project allows $0.03 adjusted loss per share.2 Earnings before
approximately 35 miles and connect to Subsea 7 to demonstrate the full capacity interest, taxes, depreciation and amortisation
multiple processing sites in the county. The of our offering, including our extensive (EBITDA) for the fourth quarter of 2021 was
lateral is scheduled to be in service in the involvement in mooring and installation of $39.4mn, compared to negative $2.5mn in
fourth quarter of 2022. host facilities, EPIC activities related to the the same period of the prior year.3 Adjusted
Whistler is owned by a consortium flowline system, and utilising our industry EBITDA for the fourth quarter of 2020 was
including MPLX, WhiteWater, and a joint leading experience and welding capabilities $7.8mn.3
venture between Stonepeak and West Texas to support the development of high-pressure Cost of revenues during the fourth
Gas, Inc. (WTG). fields. We look forward to building on the quarter of 2021 was $200.6mn, or 74.8% of
WHISTLER PIPELINE, January 26, 2022 collaborative approach demonstrated by the revenues, compared to $117.9mn, or 79.3% of
Shenandoah project to form a long-term revenues during the fourth quarter of 2020.
cooperative relationship in support of Beacon Cost of revenues increased primarily due to
SERVICES Offshore Energy’s future growth plans.” increases in expenses consistent with higher
SUBSEA 7, January 26, 2022 activity levels, such as materials and supplies
Subsea 7 awarded project RPC reports fourth-quarter expenses, maintenance and repairs expenses,
employment costs and fuel costs. In addition,
offshore US Gulf of Mexico these costs increased due to higher market
prices for materials and supplies, fuel and
Subsea 7 today announced the award of a 2021 financial results other raw materials. Cost of revenues as a%age
substantial1 project for subsea installation RPC today announced its unaudited results of revenues decreased due to the leverage of
services related to Beacon Offshore Energy’s for the fourth quarter and year ended higher revenues over direct employment costs
Shenandoah development, located offshore December 31, 2021. RPC provides a broad and improved pricing for RPC’s services.
Gulf of Mexico in water depths up to 6,300 range of specialised oilfield services and RPC, January 26, 2022
feet. equipment primarily to independent and
The project covers the tie-back of four major oilfield companies engaged in the mCloud creates new
subsea wells to the Shenandoah host facility exploration, production and development of
through a subsea manifold with dual oil and gas properties throughout the United ESG-digital hubs to align
flowlines and risers. The work scope includes States and in selected international markets.
engineering, procurement, construction, For the quarter ended December 31, 2021, organisation and advance
installation (“EPIC”) and commissioning of RPC generated revenues of $268.3mn, an
the subsea equipment including structures, increase of 80.5% compared to $148.6mn oil and gas agenda
umbilicals, and production and gas export in the fourth quarter of 2020 due to higher
flowlines. Subsea 7’s scope also includes the customer activity levels resulting in higher mCloud Technologies, a leading provider
wet tow and hook-up of the semi-submersible utilisation of our existing equipment and of AI-powered asset management and
FPS to the field and mooring system pricing improvements. Operating profit for environmental, social, and governance (ESG)
installation. the fourth quarter of 2021 was $20.1mn solutions today announced the creation of a
new ESG-digital hub based in Houston, Texas
to join other company hubs based around
the world. These hubs serve as focal points
for local mCloud teams driving the ongoing
technology development and customer
delivery of AssetCare solutions worldwide.
The new Houston-based focal point joins
a hub based in Calgary, Alberta, Canada
originally announced in February 2021 in
collaboration with Invest Alberta, and a hub
recently announced on January 25, 2021 based
in Saudi Arabia in collaboration with Aramco.
To lead the Houston hub, the company
also announced today it had hired Vincent
Higgins as President, Oil and Gas Digitisation.
Higgins was most recently Honeywell’s
Global Director and General Manager, Digital

P14 www. NEWSBASE .com Week 04 27•January•2022