Ezion, another one of Singapore's offshore companies, has filed for insolvency, and trading of the company's shares has been suspended. Shipping service company Marco Polo's shares have been suspended since May, and the company's latest interim report does not bode well for the future.
Transocean has limited activity in Norway, says union spokesman for Songa Offshore's employees, following news of the sale to the US-based rig major. New ownership could be positive as well as negative, he tells media E24.
Maersk Line grew, benefiting from a strengthened container freight market, while major impairments at Maersk Tankers and APM Terminals dragged the group's overall results down. And the hacker attack came at a high price.
Havila Shipping suffered a triple-digit million loss NOK in the second quarter, a period which also brought a reduced operating profit. The offshore carrier settled a new debt agreement earlier this year which also strengthened its equity.
Equity funds make their foray into the North Sea, Maersk's lobbyists are at work in the US, several dry bulk carriers make gains, and a new investment fund from Maersk and a series of pension funds were among this week's top stories on ShippingWatch.
Although oil companies have cut down costs and it has become cheaper to produce oil from several fields, the industry continues to hesitate on investing, says offshore supplier SBM Offshore in its second quarter report.
Three years after the oil plunge began, the market is now finally starting to restore itself – with wholly different prices and all new players. Some of these are major international equity funds entering the North Sea with billion-dollar investments. Read on to learn who these new funds are.
Norway's two biggest parties have long favored steps that could open up the environmentally sensitive area Lofoten for oil exploration. But many Norwegians are turning their backs on the industry that helped make the country one of the world's richest.
The new drilling company, founded by two former senior execs from Fredriksen's Seadrill, plans to go public in Norway and expects to submit an application in late August, says the company in a press release.
The IMO's upcoming environmental regulations, which starting in 2020 will bar ships globally from emitting more than 0.5 percent sulfur on the world seas, could force the oil price up, projects DNB Markets.
State-owned Norwegian energy company Petoro, which owns one third of all oil and gas fields on the Norwegian shelf, now believes that oil extraction is on track to become a profitable business once again. The half-year results shows significant improvements compared to last year.
Norway's Petroleum and Energy Minister, Terje Søviknes, is optimistic about the number of submitted development plans for the oil sector. More development plans have already been submitted so far in 2017 than during all of last year combined.
The price for a barrel of North Sea crude will rise ahead of 2020, predicts oil analyst at DNB Markets, Torbjørn Kjus. The analyst has lowered his estimate but is overall more positive than other industry stakeholders.
Nearly 70 percent of the giant Johan Sverdrup project is expected completed before the year is over, says Lundin Petroleum, a partner of Maersk and Statoil on the giant field. The Swedish oil company improved its results significantly in the first half of the year.
Oil company Archer, one of John Fredriksen's strained energy businesses, delivered a significantly stronger result for the second quarter this year, though this was attributable to a refinancing completed in the spring.
Rising energy prices and intense focus on trimming costs boosted many oil companies above analyst expectations in their Q2 interim reports released last Thursday and Friday. However, even oil execs are starting to turn away from fossil fuels and drive electric cars.
This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.
Norwegian shipping magnate Kristiam Siem tells Norwegian media that the consolidation wave in offshore is happening far too late. "The industry did not consolidate when it could have done so freely," he says.
Following a USD 90 million deficit in 2016, the former Viking Supply Ships CEO Christian W. Berg will play a key part in turning developments around at Norwegian GC Rieber Shipping. ShippingWatch has interviewed Chairman Paul-Chr. Rieber about the opportunities facing the carrier.
Teekay Corporation has entered a strategic partnership with investment firm Brookfield, which will inject hundreds of million of dollars in Teekay Offshore. Brookfield will thus own 60 percent of the offshore unit.
The Sævik family, known for Havila Shipping, has bought a stake in offshore carrier Volstad Maritime, based in Ålesund, Norway, report local media. "We wish to contribute to building a large and profitable subsea company," says Havila founder Per Sævik according to Sysla.
Yet another company under Singapore's once-booming offshore company Ezra has collapsed. Subsidiary Lewek Champion, with the offshore vessel of the same name, has been declared bankrupt by Singapore's high court.
The offshore carrier achieved a higher revenue and improved bottom line in the second quarter. Recent acquisitions will contribute to a higher revenue for 2017 than last year, and the company expects a surge in orders in the strained offshore market.
The drilling company has secured an extension of its deadline to negotiate a rehabilitation, but time is still running out and the company is now preparing its investors and other stakeholders for coming losses.
Saudi Arabia said Monday that it will make deep cuts to its crude oil exports in August and encourage improved compliance with supply reductions from other petroleum exporters. The news made the oil price rise.
An arbitration tribunal has ruled in favor of Songa Offshore in the protracted dispute between the drilling company and South Korean shipbuilder DSME. But the yard can still appeal the decision, writes Songa.
Among this week's highlights were interim reports from suppliers Alfa Laval and Wärtsilä as well as an interview with Dan-Bunkering's new CEO, while DSV and the Port of Gothenburg talked about communication in relation to unique situations.
Shipments of crude oil from Saudi Arabia to the US dropped to a seven-year low last week, and the trend looks set to continue amid OPEC's output cap deal and the country's seasonal increase in domestic oil consumption.
An international court has sentenced Russia to pay USD 6 million in fines in a case related to Russia's imprisonment of 30 Greenpeace activists in 2013. The activists were protesting against oil drilling near the Arctic when Russian special forces boarded their ship.
Maersk Oil has, according to the Financial Tribune, submitted a plan for how to develop the oil reserves in Iranian field South Pars. The National Iranian Oil Company is now reviewing the plans, reports the usually well-informed media.
China Petroleum & Chemical Corp., the world's top oil refiner, will process about 1 million metric tons a month less than previously projected for the period June to August. This comes alongside OPEC's weakened resolve to maintain output costs.
Stig Remøy, who controls carrier Olympic Subsea, believes the offshore market has left the worst behind. 10 of the carrier's 11 subsea vessels are now employed following a challenging restructuring six months ago.
Aker Group, which covers six companies operating in oil and shipping and is owned by Kjell Inge Røkke, saw its value drop NOK 2.8 billion in the second quarter. Sliding share prices in Aker BP, Aker Solutions, and Kvaerner, in particular, dragged the group down. But the CEO is optimistic.
Maersk Drilling has entered a fixed IT deal with US-based conglomerate General Electric. The deal is an extension of a pilot project and involves elements including the use of data to optimize maintenance and operation of drilling rigs.
Statoil has great ambitions for Brazil where the company has now bought a bigger stake in field Caraca. In the long term, Statoil wants to achieve a daily output of around 700,000 barrels per day in Brazil, reports Dagens Næringsliv.
Norwegian oil service company Aker Solutions sees signs of improvement in the market, especially off of Norway. Yet the second quarter was weaker than the same period last year, according to the interim report Wednesday.
Saudi Aramco plans to invest more than USD 300 billion over the next decade on its oil production capacity and natural gas exploration, explains the CEO. Saudi Arabia's government also plans to sell about 5 percent of the company in 2018 in what could be a record IPO.
Major internal battles in the UN IMO regarding shipping's role in terms of the climate and environment, accounts from the world's second-largest bunker group, and the Maersk Group's problems after a hacker attack and chemical discharge in the North Sea made headlines this past week.
Total is planning to a sign a formal contract with Iran this Monday for the development of the country's share of the world's largest natural gas field. Under the preliminary November accord, Total will control 50.1 percent of the project.
The large-scale cyber attack on Maersk crippled significant parts of the group and characterized a week in which future capital and ownership conditions also took center stage among the week's top picks on ShippingWatch.
Offshore carrier Subsea 7 has acquired a series of assets from distressed peer EMAS Chiyoda Subsea. The purchase comes with an order backlog of USD 850 million and will strengthen the company's presence in the Middle East, says CEO.
It came as very good news at a tough time for the offshore sector when Statoil this Wednesday awarded long-term vessel contracts to four carriers for a total value of NOK 3.1 billion. "It's important to secure long-term contracts in today's market," DOF's Chief Exec tells E24.
The Norwegian oil major has taken on a series of offshore vessels on contracts totaling USD hundreds of billions, including ships from Norway's new, large-scale offshore carrier Solstad Farstad and from Havila.
Transocean's acquisition of Songa Offshore is symptomatic of the acquisition wave in the sector, where many analysts view Maersk Drilling as the next major target. Transocean was allegedly also looking into Maersk Drilling, a company which even major players describe as a big mouthful.
The oil price will likely fluctuate between USD 50-60 the next two years. ShippingWatch has gathered projections from a series of leading analysts and stakeholders in the sector, which indicate a new price level some three years after the oil price downturn began.