Norwegian Aker Solutions buys family-owned oil service company for a little over NOK 200 million. The acquisition of the company, Norway's third-largest offshore supplier, is expected completed in the second quarter.
Siem Offshore will extend the repayment period on two Norwegian bond loans. The offshore carrier, controlled by Kristian Siem, will also issue shares for a total NOK 190 million. The issue is fully secured by majority shareholder Siem Europe.
OPEC members weigh an extension of their output reduction deal as member states say more time is needed to reduce the stockpiles. Ministers from oil countries have asked OPEC to make a recommendation a month from now on the possibility of prolonging the cuts.
Ocean Rig, owned by Greece's George Economou, has filed for bankruptcy protection in the US under Chapter 15 in an effort to prevent creditors from disrupting the efforts to restructure the company's debt.
Offshore carrier Topaz Energy and Marine's result for 2016 was significantly marred by impairments on vessels. 2016 was tough, and 2017 will also be challenging, writes management in the annual report.
Norway should sell the oil shares the country owns through Oljefondet, its state-owned oil fund, as the state is already sufficiently exposed to the oil sector through its stake in Statoil and in several fields on the Norwegian shelf, says a professor of economy in a new report.
Korea Development Bank and Export-Import Bank of Korea will provide USD 2.6 billion in additional loans to Daewoo Shipbuilding and Marine Engineering, and swap about KRW 1.6 trillion of debt to equity.
The companies operating in the North Sea, including Maersk Oil, and a majority in the Danish parliament have agreed on a new deal for oil extraction in the North Sea. Maersk Oil is pleased with the agreement, which according to the company enables a full redevelopment of the Tyra gas field, which was otherwise facing closure.
Oil major Wintershall, which is especially active in the North Sea, anticipates "significant" improvements for its top line and operating profit in 2017 after a setback last year. The company achieved a record production in 2016 despite the downturn in the oil and gas sector.
The Norwegian carriers saw their revenue decline significantly more than expected last year, according to new numbers from the Norwegian Shipowners' Association. The shipowners expect a continued crisis in offshore in 2017 and a new major dip in revenues.
Massive debts trigger renewed fear of defaults among Singapore's oil service companies. Most recently, Ezra Holdings has filed for Chapter 11 in the US, and the company's shareholders could face significant losses.
Somewhat newly-established company Borr Drilling in Norway is looking to buy 15 rigs from US-Swiss rig major Transocean for USD 1.35 billion. Borr Drilling is headed by the former CFO of John Fredriksen's Seadrill, Tor Olav Trøim.
Shipowner Johan Wedell-Wedellsborg opened up about the sale of Stena Weco to Stena Bulk, Maersk Group CEO Søren Skou is building a new CEO Office, and the dry bulk shares have skyrocketed in 2017 so far. Here are this week's top picks on ShippingWatch.
Brazil's trouble-stricken state-owned oil company Petrobras has been cleared to progress with its asset divestment program by a court in the country. The approval sends the sales process back to start, reports Reuters.
With major setbacks on the top as well as bottom lines, offshore carrier Bourbon met none of the expectations it had set for 2016. Even though there are signs of a better market in 2017, the year will be focused on cost reductions and a debt plan.
A new and major financial claim, this time for USD 194 million, intensifies the pressure on offshore company Ezra, one of the cornerstones of Singapore's maritime sector. The creditor has given Ezra two weeks to get the issue in order.
Norwegian offshore carrier Island Offshore saw its bottom line plunge to a loss of almost NOK 1 billion in 2016. The company is in the midst of a restructuring process which meant that, among other things, the carrier sold three vessels in the first months of the year.
John Fredriksen's hard-pressed drilling company Seadrill gets a breather with a large cash payment following conclusion of the dispute concerning rig West Mira. The company also makes a cash impairment to account for the rig's value.
Maersk plans to sue a Spanish billionaire, Torm CEO Jacob Meldgaard talks to ShippingWatch after the release of the carrier's annual report for 2016, and dry bulk may be closer to recovery. All this and more on ShippingWatch this past week.
Germany, the Netherlands, and Denmark plan to construct a huge artificial island in the North Sea. The project, which will cost billions of euros to complete, will serve as a hub for upwards of 7,000 offshore wind turbines. Shipowners eye significant potential. Find a video of the project here.
Temporary and modest tax relief meant that Maersk and DUC bowed out just half an hour before the Danish government presented a deal to Denmark's parliament concerning the sinking Tyra field in the North Sea.
The offshore market looks set to be flooded with new offshore supply vessels this year, according to new numbers from VesselsValue. Bad news for the offshore sector, which already has hundreds of unemployed vessels stacked.
Offshore carrier Bourbon has rescheduled and reorganized debt for close to a billion euro as part of its "Stronger for longer" action plan to weather the current downturn in the oil and gas sector. The debt will now mature gradually ahead of 2025.
The new CEO of US oil company ExxonMobil, who took over the position from the current US Secretary of State, Rex Tillerson, will continue to invest billions in the Gulf of Mexico in both new and existing refineries.
Birgit Aagaard-Svendsen, former CFO at carrier J.Lauritzen, will join the board of directors of Prosafe, which leases accommodation vessels. The executive has previously served on the board at competitor Axis Offshore, which Prosafe has now purchased.
The International Energy Agency has presented its forecast for the medium-long term, which projects daily oil consumption that will soon surpass 100 million barrels. This means that tanker carriers will likely face longer voyages when sailing oil.
The comprehensive cost reduction measures and streamlining efforts among Norwegian offshore carriers have hit employees in the sector hard. Norway's three top carriers alone let go of close to one fourth of their employees in 2016, reports sysla.no.
If the industry can continue its cost adjustment initiatives, and the oil price improvements are sustained, there is reason to believe that the number of offshore projects will rise this year, says offshore and installation carrier Subsea 7.
Yet another oil service company has succumbed to the crisis in the energy sector. Norway's Emas-AMC, which has ownership ties to crisis-stricken Singaporean offshore firm Ezra, has agreed to a voluntary liquidation. According to Norwegian media, the company has debt of USD 298 million.
According to Danish media Berlingske Business, Denmark's government and Maersk have landed a new deal concerning the North Sea which can secure the rescue of the Tyra field. The Danish Ministry of Finance rejects the rumor.
Offshore carrier Havila Shipping was able to settle its announced restructuring plan in the nick of time, while the carrier has also published its annual report for 2016, showing an improved bottom line.
The operating result for the full-year 2016 declined at BW Offshore. The setback was mainly due to losses and expenses related to the wrecked FPSO vessel Cidade de São Mateus. On the other hand, the insurance money from that accident compensates for some of the decline.
Norwegian offshore carrier Farstad Shipping impaired assets by NOK 1.8 billion in the fourth quarter 2016. The carrier will soon become part of the new offshore giant Solstad Farstad, backed by investors Kjell Inge Røkke and John Fredriksen.
John Fredriksen's efforts to land a refinancing deal for Seadrill continues, and there is no guarantee that an acceptable arrangement can be settled on in time, according to the driller's annual report 2016. A possible consequence could be Chapter 11, says the company.
Offshore carrier Farstad Shipping has bagged contracts for several vessels which the carrier had idled in recent years. The contracts come in the wake of news that the carrier will form a new offshore carrier together with Solstad and Deep Sea Supply.
The offshore carrier saw its fleet utilization drop to 48 percent last year. Including its seismic vessels, placed in a joint venture with Rasmussengruppen, Rieber impaired its fleet value by more than NOK 500 million.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.
Transocean received a large one-off income in October when an Indian offshore company canceled a long-term contract for a drilling vessel. The figure offsets a decline in revenue from the drilling activities in the fourth quarter.
The rig company booked a new deficit but still had a much better 2016 than in 2015, when the loss came to almost half a billion dollars. But 2017 will reach a "historic low" in the drilling market, projects the company.
The market for OSV vessels has been hard hit by overcapacity and this will continue in coming years, assesses Siem Offshore, which is about to embark on crucial negotiations with bondholders in order to land a financing plan.
The Norwegian oil and gas sector has become somewhat more optimistic about the future, and it now expects to make more investments in 2017 compared to just a few months ago, according to new numbers from the companies.
The downturn for yet another of the prominent offshore companies in Singapore, Ezra Holdings, could drag down more victims in the series of oil and gas related companies which have at this point succumbed to the crisis. The banks are just one of the sectors being hit.
Trendsetting companies in sectors such as tanker presented financial reports, APM Terminals opened up about the future partnership with Maersk Line, and we got to know a shipping company which usually subscribes to a great degree of discretion. This week's top picks on ShippingWatch.
Maersk Supply Service has presented its report to the French authorities about the two supply vessels which sank off the coast of France on Dec. 22 2016. No oil spills were observed in relation to the wreck, states the report.
Viking Supply Ships booked significantly lower revenue in 2016 and a deficit of SEK 406 million (USD 45 million), according to the carrier's annual report. The rates for anchor handling vessels plunged last year.
Only 174 new oil and gas fields were discovered last year, the lowest level in 60 years, reports the Financial Times. The downward trend is partially attributed to the fact that major fields have become harder to find.
Jesper Kragh Andresen will take over as new CEO of Prosafe, which owns the world's largest fleet of accommodation vessels for the oil sector. He previously headed Lauritzen's offshore company Axis Offshore, which was acquired by Prosafe in early January.
The low investment level in the oil sector continues to strain offshore carrier Bourbon. Declining revenue and fewer jobs in 2016 have made the carrier idle another 27 vessels. The company now has a total 104 vessels stacked.
An all-time low oil and gas market hits Dutch SBM Offshore in 2016, a year which saw revenue and the profit take a step back. The company projects a weak and gradual market improvement in the medium and long term.
Digitalization emerges as the theme when outlining the reasons behind the nomination of Jim Hagemann Snabe to chair Maersk Group and replace Michael Pram Rasmussen who is stepping down. Here is a portrait of Snabe and a focus on some of the digital challenges.
It has, on the one hand, raised excitement that Norway's two uncrowned offshore Kings, John Fredriksen and Kjell Inge Røkke, have joined forces as investors in the efforts to save carrier Farstad. On the other hand, employees could be right in fearing for the future.
According to Aker BP, development of the major Johan Sverdrup oil field, which counts partners such as Statoil and Maersk Oil, has become even cheaper, thus pushing the break-even price for a barrel of oil down below USD 20 in the first phase.
Shell will sell its shares in the Danish Underground Consortium (DUC), which holds the majority of oil production in the Danish North Sea shelf. This is according to news media Reuters based on information disclosed by three anonymous bank sources.
Norwegian shipping magnates John Fredriksen and Kjell Inge Røkke seem to be the main architects behind a plan to create a consolidated supply shipping company by joining the fleets of Farstad Shipping, Deep Sea Supply, and Solstad.
Perhaps Maersk Line can expect a positive result in its interim report, set for release next Wednesday. The battle for the ballast water market has begun. John Fredriksen struggles with two separate issues. And Shipping and offshore are hurting banks. Read this week's top picks on ShippingWatch.
A multiple year boom could be coming to an end for the colorful Norwegian shipping magnate John Fredriksen's crown jewel, Seadrill, as the company has turned out to be USD 14 billion in debt and at which a race against time and unsatisfied bond holders has begun.
Dong Energy and Siemens Windpower are close to finding a buyer for offshore carrier a2Sea, which specializes in offshore wind turbine installations, according to Berlingske Business. The buyer will likely be another shipping company, sources tell the newspaper.
Danish pension funds will invest big-time in shipping, a new COO at French container carrier, and a new deal between Denmark and oil majors for the North Sea are some of this week's top stories on ShippingWatch.