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NOV's Telescopic Leg Crane Sets Novel Industry Standard
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NOV Inc.’s(NOV - Free Report) telescopic leg crane has been recently awarded for its noteworthy contribution to the offshore industry at the Offshore Support Journal (OSJ) Industry Gala Dinner & Awards on February 7. The crane has won the OSJ Innovation of the Year Award 2024 for its substantial impact on offshore support vessel design, build and operational aspects over the past year. By recognizing the impact of the crane, the award also marks a milestone for the heavy lift industry.
The telescopic crane received the Maritime Innovation Award at the Maritime Awards Gala on Nov 6, 2023. The award further solidifies its position as one of the most remarkable innovations of the Dutch maritime industry.
A representative of NOV Heavy Lift states that the dual recognition received by the company is a testament to its dedication to advancing innovation and offering sustainable solutions to the offshore industry.
The telescopic leg crane has been developed by GustoMSC. It is a unique heavy lift crane, equipped with two jack-up vessels, which are Shimizu's Blue Wind and Seaway7’s Ventus. The aforementioned jack-up vessels have been crucial in optimizing the offshore wind installation process.
The crane can lift turbines, which are more than 180 metres (590 feet) high and weigh more than 1,000 tons. Additionally, it can retract its boom length by almost half, thus enabling safe transport in heavy seas and seamless integration on the vessel. The crane also promotes a 20% reduction incarbon dioxide emissions as it is fully electric and regenerates energy during load lowering. A range of telescopic leg cranes, developed by NOV are setting a new industry standard in the offshore industry segment. The larger crane models developed by the company are suited for wind turbine and foundation installation, whereas the smaller models are for wind turbine maintenance.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. With a pipeline network extending more than 125,000 miles, its network spans more than 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Harbour Energy is a leading independent oil and gas company, primarily involved in upstream operations. The recently announced acquisition of the Wintershall Dea asset portfolio is expected to increase HBRIY's estimated production. The company has also done well in reducing its debt in the past year.
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NOV's Telescopic Leg Crane Sets Novel Industry Standard
NOV Inc.’s(NOV - Free Report) telescopic leg crane has been recently awarded for its noteworthy contribution to the offshore industry at the Offshore Support Journal (OSJ) Industry Gala Dinner & Awards on February 7. The crane has won the OSJ Innovation of the Year Award 2024 for its substantial impact on offshore support vessel design, build and operational aspects over the past year. By recognizing the impact of the crane, the award also marks a milestone for the heavy lift industry.
The telescopic crane received the Maritime Innovation Award at the Maritime Awards Gala on Nov 6, 2023. The award further solidifies its position as one of the most remarkable innovations of the Dutch maritime industry.
A representative of NOV Heavy Lift states that the dual recognition received by the company is a testament to its dedication to advancing innovation and offering sustainable solutions to the offshore industry.
The telescopic leg crane has been developed by GustoMSC. It is a unique heavy lift crane, equipped with two jack-up vessels, which are Shimizu's Blue Wind and Seaway7’s Ventus. The aforementioned jack-up vessels have been crucial in optimizing the offshore wind installation process.
The crane can lift turbines, which are more than 180 metres (590 feet) high and weigh more than 1,000 tons. Additionally, it can retract its boom length by almost half, thus enabling safe transport in heavy seas and seamless integration on the vessel. The crane also promotes a 20% reduction incarbon dioxide emissions as it is fully electric and regenerates energy during load lowering. A range of telescopic leg cranes, developed by NOV are setting a new industry standard in the offshore industry segment. The larger crane models developed by the company are suited for wind turbine and foundation installation, whereas the smaller models are for wind turbine maintenance.
Zacks Rank and Key Picks
Currently, NOV holds a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are Energy Transfer LP (ET - Free Report) ,Archrock, Inc. (AROC - Free Report) and Harbour Energy (HBRIY - Free Report) . Both Energy Transfer and Archrock presently sport a Zacks Rank #1 (Strong Buy), while Harbour Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. With a pipeline network extending more than 125,000 miles, its network spans more than 44 states. With a presence in all the major U.S. production basins, the company’s outlook seems positive.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Harbour Energy is a leading independent oil and gas company, primarily involved in upstream operations. The recently announced acquisition of the Wintershall Dea asset portfolio is expected to increase HBRIY's estimated production. The company has also done well in reducing its debt in the past year.