Wednesday, 12 August 2026

Cadeler has bought Menck, a Germany-based supplier of specialist equipment and technology for offshore foundation installation, according to Offshore Engineer OEDigital.

The buyer plans to keep Menck running as a standalone business, preserving its independent market position while reinforcing its role as a supply chain provider across the offshore wind industry, Offshore Engineer OEDigital reported.

The two companies already work together on equipment now in the field. Menck supplies the 4,400kJ impact hammer that Cadeler is deploying on the Hornsea 3 offshore wind project, according to the same report.

Impact hammers of that class drive monopile and jacket foundations into the seabed, the installation step that precedes turbine erection. Bringing the hammer supplier in-house places that equipment inside the same corporate structure as the installation vessel operator running it on Hornsea 3.

Borr Drilling reported a second quarter net loss of USD 241.4 million, widening from a net loss of USD 29.0 million in the first quarter of 2026, according to Offshore Engineer OEDigital.

The swing was primarily driven by a USD 176.3 million debt extinguishment charge tied to the refinancing of the company's senior secured notes due 2028 and 2030 and its convertible bonds due 2028, Offshore Engineer OEDigital reported.

Total operating revenues came in at USD 232.3 million for the quarter, down USD 14.7 million or 6% against the first quarter of 2026. Adjusted EBITDA fell more steeply, to USD 43.8 million, a drop of USD 44.7 million or 51% from the prior quarter.

The refinancing itself covered substantially all of Borr Drilling's debt, executed through USD 300 million of convertible notes and USD 2,035 million of senior secured notes, according to the company. Borr Drilling also upsized its super senior revolving credit facility to USD 250 million.

After the quarter closed, the driller completed the purchase of five premium jack-up rigs through a new 50/50 joint venture at a total price of USD 287 million, per Offshore Engineer OEDigital.

On the commercial side, Borr Drilling has secured 21 contract commitments year-to-date in 2026, covering roughly 4,350 days and USD 541 million of dayrate equivalent backlog.

Contract coverage for 2026 now stands at 73% at an average dayrate of approximately USD 134,000 per day, with second-half coverage at 70%.

Venture Global raised its 2026 adjusted EBITDA forecast to USD 8.7 billion to USD 9.1 billion, up from USD 8.2 billion to USD 8.5 billion three months earlier, according to Oil & Gas Journal. Shares fell more than 6% to about USD 13.30 on the earnings report and management commentary.

Capital spending guidance moved up too, though only at the margin. Oil & Gas Journal reported that executives now expect capex of USD 13 billion for the year, against an earlier range of USD 12 billion to USD 13 billion.

The volume story underpins the higher earnings guidance. The company sold more than 466 TBtu in the second quarter, up from 329 TBtu in the same period a year earlier, according to Oil & Gas Journal. That output generated adjusted EBITDA of nearly USD 2.5 billion, 79% above the year-earlier quarter.

Pricing assumptions were revised sharply higher. Venture Global now assumes liquefaction fees of USD 12.50/MMBtu to USD 13.50/MMBtu for the remainder of 2026, up 30% from May, per Oil & Gas Journal.

On the trajectory of spending against earnings, Jack Thayer said the relative scale of the incremental capital investment is expected to decline compared with the company's growing cash flows, creating more opportunities for other capital allocation priorities.