Q1 2025: People on the move and company news of the offshore energy industry
Compiled by Ariana Hurtado, Editor-in-Chief
In Offshore's last business briefs update in mid-January, we highlighted the C-suite changes at Talos Energy, Galp, Trillion Energy International, Jadestone Energy, Arcius Energy, Kistos and Wood Mackenzie, among others, as well as company updates that took place throughout December and January.
The first quarter of the year, although not quite at the end yet, has remained active with leadership appointments and company news, especially with bigger headlines about a potential bp/Shell merger and confirmed Saipem/Subsea7 merger.
The following compilation highlights the latest C-suite, senior-level and board of director updates as well as M&A deals, joint ventures and strategic alliances, new facility/center openings and more.
C-suite changes
As part of its multi-year leadership changes and succession planning strategy, Transocean Ltd. has promoted Keelan Adamson, current president and COO, to president and CEO, according to a Feb. 18 company news release. He will assume his new role following a transition period, which is expected to conclude during the second quarter. Adamson will succeed Jeremy Thigpen, who has led Transocean as CEO since 2015. Read more.
Tullow Oil Plc appointed Richard Miller interim CEO and CFO on Feb. 14. The company announced current CEO Rahul Dhir's departure from this role on Dec. 5, 2024. He stepped down from the board Feb. 14 of this year, but he will remain available to the business until his notice period ends on June 5. Read more.
Talos Energy appointed Paul Goodfellow president, CEO and a member of the board of directors on March 1. Read more.
Ørsted’s board of directors selected Rasmus Errboe, current deputy CEO and chief commercial officer, as the new group president and CEO of the company. He has been with Ørsted since 2012 and was appointed to deputy CEO in March 2024. Errboe will be replacing Mads Nipper who stepped down from his position as group president and CEO on Feb. 1. Read more.
Dolphin Drilling AS CEO Bjørnar Iversen resigned Jan. 29, after six years with the company. Chief Strategy Officer Jon Oliver Bryce has been appointed interim CEO (Read more). Dolphin Drilling also announced on Feb. 28 the decision by CFO Stephen Cox to resign from his position to pursue opportunities outside of the company. Cox will remain in the CFO position until mid-year 2025 and the company has commenced the recruitment process.
JERA Co. Inc. and bp announced the leadership team of their planned 50:50 offshore wind joint venture, JERA Nex bp, on March 7. The new entity will be a global offshore wind developer, owner and operator and will be led by CEO Nathalie Oosterlinck, currently serving as CEO of JERA Nex. In addition, Erin Eisenberg has been named CFO; Richard Sandford has been selected as chief development officer; Zlati Christov has been appointed chief investment officer; Eric Antoons has been named COO; and Alfonso Montero Lopez has been appointed CTO.
AET, a global owner and operator of maritime transportation assets and specialized services, has appointed Nick Potter as president and CEO. He also assumes the role of vice president, Petroleum & Products at MISC Group, joining the MISC executive leadership team.
Erlend Engelsgjerd, who has worked with P&A company HydraWell since April 2012, has been named as the company’s new chief commercial officer, and Marcelo Jaculli has taken on the role of technology development lead.
Ahmed Moghal, CFO of Baker Hughes' Industrial & Energy Technology business, has been appointed CFO of Baker Hughes. He succeeded Nancy Buese, who (by mutual agreement with the company) ceased to serve as CFO, effective Feb. 24. Buese will move to a strategic adviser role and will depart the company on April 30.
The UK government announced in February that Dan McGrail, currently CEO of RenewableUK, will be taking the role of interim CEO of Great British Energy. Starting this March and working over a six-month period, he will help drive forward the government’s Plan for Change and its clean energy goals. Executive Director of Offshore Wind Jane Cooper will be promoted to deputy CEO of RenewableUK, taking on the role of leading the organization over this period.
Ryoji Mitani has been appointed MODEC's executive officer, chief compliance officer and head of information technology.
Roberto Coimbra will step down as CEO of helicopter company Omni Táxi Aéreo (OTA) to assume the role of board director at the OHI Group. Additionally, he will lead Omni Unmanned. Succeeding Coimbra as CEO of OTA is Paulo Couto, previously OHI Group’s chief transformation officer.
After seven years in various roles at DeepOcean, has stepped into the role of chief commercial officer, working closely with the company's Commercial, Technology, M&A and Corporate Development teams.
WIND Group, a specialist of subsea cable logistics, cable recovery and related services to the offshore industry, has named Renier van den Bichelaer COO. Renier will also join the WIND Group management board.
Brava Energia said at a meeting held on Jan. 29 that the board of directors approved the appointment of Carlos José do Nascimento Travassos to chief offshore operating officer in April 2025, replacing current director Carlos Ferraz Mastrangelo. Mastrangelo informed the board of his intention to end his term in April for personal reasons. Travassos was appointed a non-statutory director Jan. 30, and the ratification of his appointment as part of the statutory board is expected to occur by April 2025.
Offshore foundations company Subsea Micropiles has appointed Prof. Jacques Yves Guigné chief scientific officer.
Other leadership and management appointments
The US Senate on Feb. 3 confirmed former Liberty Energy CEO Chris Wright was sworn in as the 17th Secretary for the Department of Energy.
EnerMech has appointed Jason Jeow to head up its Asia-Pacific regional management. Jeow joined EnerMech in February as VP Asia-Pacific. He will take on responsibility for managing relationships with regulatory bodies and environmental agencies as well as collaborate with business lines and local leaders to ensure adherence to high HSE standards and the safety of EnerMech personnel.
Paradigm has appointed Scott Ingram as the Norway director to expand the deployment of its
technologies into the Norwegian markets.
After more than a decade with Shell, Integrated Gas and Upstream Director Zoë Yujnovich will step down March 31. Yujnovich will assist with the transition, after which she will leave the group. Cederic Cremers has been appointed president, Integrated Gas, and Peter Costello has been named president, Upstream, with both joining the Executive Committee, effective April 1.
Clay Neff, currently Shell's president, International Exploration and Production, has been named Shell's president, Upstream, effective July 1.
WSP has appointed Chris Cowland head of offshore wind for the UK and Ireland.
Unique Group, a subsea technologies and engineering provider, has appointed Fraser Moonie global commercial and strategy development director, Survey Equipment.
Advanced Navigation, a specialist in navigation and autonomous systems, has named Maximilian Doemling head of product management.
Law firm Jenner & Block announced Feb. 18 that Meghan Greenfield has joined as a Washington, DC-based partner in the firm's Energy Practice and Environmental and Workplace Health and Safety Practice.
Enteq Technologies has appointed Stephen Kellett commercial director.
Fugro’s board of management has appointed Katja Fenton as general counsel and member of the executive leadership team. She will join Fugro on April 1. She succeeds Annabelle Vos, who was appointed as group director Middle East & India on Jan. 1.
Quorum Software has appointed Roy Queener executive vice president of Global Services.
Board of directors updates
Transocean's newly promoted CEO Keelan Adamson is also expected to be nominated to join the board of directors. Jeremy Thigpen will continue serving as CEO until Adamson’s appointment and will continue his service as a member of the company’s board of directors through his current term. Thigpen is expected to be appointed executive chair of the board of directors. Chad Deaton, Transocean’s current chair of the board, will transition to lead independent director. Read more.
Eco Wave Power has appointed Hilary E. Ackermann, a Vistra Energy board member and former Goldman Sachs executive, to its advisory board.
Eng Aik Meng has been appointed non-executive and non-independent director of Seatrium Ltd.
Industry trade body Offshore Energies UK (OEUK) made new board appointments in mid-February. Doris Reiter, bp’s senior vice president North Sea, has succeeded Neil McCulloch as operator and developer chair, having previously served as vice chair to the board. Scott Barr, managing director UK Business Unit at Harbour Energy, has become operator and developer vice chair.
SBM Offshore announced Feb. 19 that Bernard Bajolet has stepped down as a member of the supervisory board after the 2025 Annual General Meeting, following seven years of service. Bajolet will continue to be involved with the company as an adviser.
Company M&A deals
The Chouest Group announced earlier this week the acquisition of Kystdesign, a manufacturer of remotely operated vehicle (ROV) systems.
DNO International reached an agreement March 7 to acquire Norwegian E&P independent Sval Energi Group from owner HitecVision for $450 million. Subject to approvals from the Norwegian government and competition authorities, the transaction should close in mid-2025. Read more.
Serica Energy confirmed in early March that it is in talks with fellow North Sea E&P independent EnQuest on a potential combination of the two companies. Read more.
Saipem and Subsea7 executed a memorandum of understanding on a proposed merger in February. The companies aim to reach agreement on the terms of the combination around mid-2025, and to conclude the process in the second half of 2026, following receipt of shareholder and other relevant approvals. The combined operation would be renamed Saipem7. Read more.
Leading investment bankers are looking to engineer a merger between bp and Shell to create one national British oil and gas champion, The Mail on Sunday reported in February. According to the report, the aim is to bring the two oil majors together so they can compete with international rivals such as France’s TotalEnergies and US majors ExxonMobil and Chevron. Read more.
AGR, an ABL Group company, entered an agreement in February to acquire Norwegian technical staffing consultancy Techconsult. Upon completion of the transaction, Techconsult would be merged into the Norway branch of AGR Consultancy. The joint business offers specialist support for the oil and gas and renewable energy industries, including digitalization of operations. Read more.
Optime Subsea announced Jan. 31 that a transaction with Halliburton had been finalized, resulting in Halliburton now owning 100% of the company. Optime Subsea's technologies include the Subsea Controls and Intervention Light System (SCILS) and the Remote Operated Controls System (ROCS) for subsea operations. Read more.
EnQuest announced Jan. 22 that it signed a sale and purchase agreement to acquire Harbour Energy’s business in Vietnam, which includes the 53.125% equity interest in the Chim Sáo and Dua production fields, both developed originally by Premier Oil. The $84 million transaction should close during the second quarter. It marks EnQuest’s first foray in Southeast Asia beyond Malaysia, where it recently completed 10 years of operations. Read more.
After several years of collaboration, Hendrik Veder Group (HVG) and Dutch Steel Fabricators (DSF) are merging, as announced by HVG March 14. This consolidation creates a company with revenue exceeding €100 million (US$108.2 million), primarily active in the offshore, maritime and commercial construction sectors.
Kraken Robotics Inc. announced March 13 that, through a subsidiary, it has signed a definitive agreement and plan of merger to acquire 100% of the shares of 3D at Depth Inc., a subsea technology and services company specializing in high-resolution LiDAR imaging and measurements. Kraken will indirectly acquire 3D at Depth for $17 million. The transaction is expected to close on or about April 1.
Diversified Energy Co. Plc, an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, announced on March 14 the completion of its acquisition of Maverick Natural Resources.
Shell completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance on March 13. Shell says the divestment of SPDC aligns with its intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its deepwater and integrated gas positions. Renaissance now controls SPDC’s 30% stake in the SPDC joint venture, an unincorporated JV with the government-owned Nigerian National Petroleum Corp. (55%), Total Exploration and Production Nigeria Ltd. (10%) and Agip Energy and Natural Resources (Nigeria) Ltd. (5%).
Quorum Software, an energy industry software specialist, announced the acquisition of zdSCADA, a provider of cloud-based supervisory control and data acquisition (SCADA) technology, on March 11. In addition, Francisco Partners, a global investment firm that specializes in partnering with technology businesses, acquired Quorum Software from Thoma Bravo on March 4.
Sulzer has acquired Davies and Mills, an electromechanical services (EMS) provider based in Bahrain. With this acquisition, Sulzer expands its regional footprint in the Middle East to six service locations, welcoming 53 former Davies and Mills employees to the Sulzer family in Bahrain. The acquisition was concluded in January 2025.
On Feb. 5, Fugro acquired EOMAP GmbH & Co. KG (EOMAP), a specialist in mapping and monitoring of marine and freshwater environments through satellite earth observation.
Joint ventures and alliances
Eni and Petronas entered into an exclusive memorandum of understanding in late February to progress talks on forming a joint venture holding company. This would oversee some of their upstream assets in Indonesia and Malaysia. It would combine about 3 Bboe of reserves with exploration upside for a further 10 Bboe. Read more.
Arabian Drilling and Shelf Drilling signed a memorandum of understanding Feb. 18 to enter a strategic alliance. This would deploy some of Arabian Drilling’s jackup rigs internationally, while Shelf Drilling would look to use certain high-spec Arabian Drilling jackups to meet contract requirements. Read more.
Offshore engineering specialist Enersea and EPCI management expert IX Renewables signed a memorandum of understanding in mid-March to enhance collaboration in the offshore wind sector. IX Renewables specializes in EPCI management, offering technical, commercial and legal expertise for offshore wind developments. Enersea brings technical knowledge in offshore wind engineering, ensuring optimal designs and feasibility for renewable energy projects.
The Offshore Renewable Energy (ORE) Catapult and the Japanese Floating Wind Technology Research Association (FLOWRA) signed a memorandum of understanding earlier this month to work together to reduce development risks and costs of floating offshore wind. The organizations will collaborate on personnel exchanges, the standardization of component technologies, and the establishment of a test and demonstration partnership to drive large-scale technological development.
Norway’s offshore wind association Norwegian Offshore Wind signed a memorandum of understanding (MoU) March 5 with ANEV, the Italian National Wind Association. The MoU sets a framework for extensive cooperation between the two organizations, and it aims to create new and stronger synergies between Italy and Norway. The MoU states cooperation in areas such as offshore wind, power-to-x and energy storage from offshore wind.
Boom Logistics, an Australia provider of lifting services and project logistics, announced in late February a strategic alliance with Empire Energy, a specialist in engineering, procurement and construction for offshore wind initiatives. This collaboration aims to advance the development of Australia’s offshore wind sector, prioritizing early stakeholder engagement and creating essential pathways for upskilling local service providers.
Odfjell Technology, an integrated supplier of well services technology and engineering solutions, entered into a cooperation agreement Jan. 29 with R&D Solutions, an Australia-based energy industry equipment and services provider. Odfjell says this expands the company’s presence in Asia-Pacific and that its well intervention services, wellbore cleanup and whipstock tools are now available to service the Australian well services and deepwater markets, with plans for future growth in the regional P&A sector.
New company/rebrands
The Pritchard-Gordon (PG) group of companies has launched PG Renewables, a turnkey contractor providing offshore and nearshore UXO identification and clearance services to the marine renewables markets. The company's services aim to reduce risk and optimize productivity for offshore wind farm developers within the UK and Europe, offering explosive ordinance disposal specialists, low and high order techniques, and what it claims is the only remote ordnance lifting system to be proven at scale. Read more.
SPIE Global Services Energy, a subsidiary of SPIE, announced Feb. 28 that its wind power high-voltage specialized entity, Correll Group, has changed its name to SPIE Wind Connect. SPIE Wind Connect is focused on supporting the offshore and onshore wind industry.
Green Hydrogen International Corp., a specialist in large-scale, behind-the-meter green hydrogen production and storage projects, has rebranded to Energy Abundance Development Corporation, effective March 20.
Shell Corp.’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. The company said the Upstream organizational model will drive value through greater standardization across shale and tight, base assets and emerging countries, offshore, Eurasia and Australia.
Investments and funding
Reelwell AS announced March 21 that it secured an equity investment by Odfjell Technology, which purchased a 10% stake in Reelwell. The company also said this investment will be used to grow and develop Reelwell’s DualLink digital drillpipe technology. Odfjell also will act as partner to Reelwell for the contract it secured with Vår Energi in late January for the provision of its DualLink technology, which will be deployed offshore on the Norwegian Continental Shelf for the first time.
bp and Apollo announced March 21 that they have reached agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP) Ltd. – bp TANAP – the bp subsidiary that holds bp’s 12% interest in TANAP, owner and operator of the pipeline that carries natural gas from Azerbaijan across Türkiye. Under the agreement, Apollo funds will purchase the non-controlling shareholding in bp TANAP for a consideration of about $1 billion. Proceeds arising from this transaction will contribute toward bp’s program for $20 billion in divestment and other proceeds. Read more.
Apollo also announced March 19 that funds managed by Apollo affiliates have agreed to acquire a majority stake in OEG Energy Group, an offshore energy solutions business, from funds managed by the Power Opportunities strategy of Oaktree Capital Management LP and other investors. The transaction implies a headline valuation of more than $1 billion for OEG, and Oaktree and others will retain a minority equity interest in OEG.
Wave energy specialist Wavepiston has secured an investment of €900,000 (US$973,890) from two professional investors via the Dutch joint venture company, The Blue Line B.V., which is an initiative from Connect the Drops and Unknown Group. The new funding will be directed toward further technological enhancements, system validation in real-world environments and the establishment of strategic partnerships to facilitate market entry.
New facilities
KOIL Energy Solutions Inc., a provider of controls infrastructure for subsea oil and gas fields, announced its expansion into Brazil on March 3, with a new technology center for manufacturing and service support in Macaé. KOIL Energy has leased 180,000-sq-ft property with offices and a workshop of 27,000 sq ft. The facility will house engineering, manufacturing, testing and service support activities.
OEG Energy Group Ltd. has invested in a new office in Edinburgh, which it says strengthens its position in the UK renewables sector and supports the rapid expansion of offshore wind projects across Scotland and beyond. As part of its expansion, OEG has hired an initial wave of six new personnel in Edinburgh, and the company plans a further recruitment drive, with capacity to accommodate up to 24 additional team members in the new location. The new office, which is about 2,000 ft will be equipped with the latest technology for 24/7 monitoring operations.
Schneider Electric launched its new Innovation Center in Houston on March 10. The opening of the 10,500-sq-ft facility is part of Schneider Electric’s continued investments in the US and part of its investment to support customers with growing digitalization, automation and manufacturing demand.
Motive Offshore Group, a provider of rental, inspection and engineering services for the energy sector, has invested more than half a million pounds in its facility in Peterhead, Scotland. The purpose-built operations site, due to be fully refurbished by year-end 2025, will serve as a key hub for Motive’s expanding fleet of offshore equipment and testing services, offering clients an end-to-end provision across loadouts, testing and operations. The company said the new facility will drive new local jobs, and it is planning to expand its headcount in Peterhead by 30%.
In addition, Motive Offshore Group opened a new office in late January in Houston, Texas, following what it says is a fourfold increase in its equipment for the Americas. The Houston facility will serve as a central hub for Motive's operations in the Americas and reinforce its increased local capabilities, achieved through key acquisitions and the relocation of important equipment. Motive says it is also launching a local recruitment drive to enhance both its onshore and offshore teams, predicting a 75% increase in its local team over the next year.
Energy and marine consultancy ABL launched a new entity in Namibia, expanding its growing operations in-country to support the local oil and gas market, while also developing its offering to support Namibia’s energy transition, the company announced Feb. 27. ABL Namibia will provide the company’s full technical service offering in energy and marine consulting, with a focus on marine technical due diligence, rig inspections and rig moving, marine inspections and surveys, marine warranty survey, and maritime services including ports consulting. Via the support of its sister company the renewable energy consultancy OWC, the new entity will also provide a springboard off which to expand the company’s expertise in energy transition and green energy technical advisory, engineering and consulting.
Subsea Technology & Rentals (STR), a global subsea sensor equipment and solutions provider, announced on Feb. 19 that its new Norway Technology and Service hub will be located at Åkrehamn. The custom-designed facility will be 1,000 sq m with STR investing more than NOK 70,000,000 (about £5 million) in the base, equipment fleet and organization in 2025. The workshop will include workstations for both electronic sensor technology and mechanical tooling.
James Fisher & Sons, a global service provider to the energy, marine and defense industries, launched a new legal entity in Japan on Feb. 19 that it says reinforces its long-term commitment to Japan and broadly the Asia-Pacific region.
Technip Energies has expanded in India with the opening of a new office near Ahmedabad in Gujarat International Finance Tec-City (GIFT City) and the inauguration of a Research and Innovation Center set up within the Indian Institute of Technology Madras (IITM) Research Park in Chennai, the company announced Feb. 13.
The Dräger Group announced plans Feb. 4 to expand its UK rental division, Draeger Hire UK, over the next four years. Operating nationwide, Dräger’s rental service offers 24-hour delivery on a range of the international safety manufacturer’s equipment, from gas and flame detectors to breathing apparatus, drug and alcohol testing products, and specialist fire-fighting equipment.
