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 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 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.
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.
Rig company Seadrill's debt is far greater than the annual report seems to indicate, reports Dagens Næringsliv. The debt at John Fredriksen's company stands at USD 14 billion. If the company is unable to settle a rescue plan, it could end up as one the biggest bankruptcies in history.
After only six months as a listed company, the Danish utility lands its first positive bottom line in four years. As expected, the wind division was the driving force behind a profit of more than DKK 10 billion.
Maersk Energy is considering a sale of its Brazilian oil and gas activities, CEO Claus Hemmingsen tells Reuters. He also projects that the split of the energy unit will result in individual "stand-alone" companies, as it is difficult to locate any synergies.
In Norwegian business daily Dagens Næringsliv, John Fredriksen lashes out at the former finance division at Seadrill in the wake of the company's current financial dififculties. "We are now once again in a bind because of these finance people," says the shipping billionaire.
John Fredriksen's Seadrill, which just two years ago stood as the crown jewel of his empire, is now working actively with contingency plans for the company in light of uncertainties about whether there is support for the company's restructuring plan. These goals include raising USD 1 billion in fresh capital.
Low activity among subcontractors to the oil and gas sector contributed to an overall decrease in Norwegian industry production during the last three months of 2016. The vessel and rig construction sector took a hit, among others.
Statoil has virtually cleaned out the market for Norwegian supply vessels, writes Dagens Næringsliv. The oil behemoth needs to relocate four rigs and has hired 13 vessels on short-term contracts for the job.
Fred. Olsen Ocean and Teekay Offshore have formed a joint venture which will work with creating a new design for wind vessels. There is a "gap between crew transfer vessels (CTVs) and service operations vessels (SOVs) in the offshore wind space," write the companies.
Over a few months, oil major Statoil halved its maintenance budget for the Mongstad refinery, writes Dagens Næringsliv. Statoil has recently come out and acknowledged that an accident at Mongstad could have cost lives.
According to Norwegian media Sysla, the number of companies with exploration licenses granted through the TFO program has plunged by almost 40 percent since 2013. However the Norwegian Ministry of Petroleum and Energy is not concerned and notes that the number of extraction licenses remains stable.
The countries behind the agreement to reduce the oil output have so far been able to cut production by 1.5 million barrels per day. This happens while the number of active oil rigs in the US is on the rise, notes Global Risk Management.
Statoil has just completed a report related to a well accident in the Troll field and a hydrogen leakage at production facility Mongstad. The company acknowledges that the two incidents could have resulted in fatalities.
Major Polish yard Remontowa has received another cancellation on a contract with Norwegian Siem Offshore. Once more, the explanation is customer dissatisfaction with delays. Thus all four contracts have now been canceled.
Lundin Petroleum is starting the year in a strong financial position, says the CFO after the company released its development and exploration budget for the year and upgraded reserves. Most of the budget's focus will be on offshore Norway.
The Barents Sea is home to just three out of 56 recently distributed oil licenses in the latest Norwegian licensing round, where Aker BP and/or Statoil are involved in 75 percent of all the tendered fields.
The oil companies' discoveries of new liquid oil and gas resources have declined 90 percent since 2010 and are now hovering at the lowest level since the 1940s, according to Rystad Energy. The Norwegian shelf in particular has disappointed in 2015 and 2016.
Maersk Group CEO Søren Skou says in an interview with Bloomberg TV during the Davos summit that he thinks the most likely scenario for the group's energy business is an IPO. Søren Skou also projects increasing global trade.
Norway's Kjell Inge Røkke and his Aker group are allegedly weighing a sale of offshore-engineering business Aker Solutions. The company is discussing various options with potential adviser Goldman Sachs, sources say.
Statoil will be the operator or partner in approximately 70 percent of exploration wells on the Norwegian North Sea shelf in 2017, and in some instances the Norwegian oil company is struggling to find partners, report Norwegian media.
Newly established oil and gas giant Aker BP wants to be the biggest on the Norwegian shelf when it comes to exploring for new oil. Meanwhile, shareholders have been promised annual dividends of USD 250 million, which will be increased when Johan Sverdrup begins production.
Farstad Shipping will not be able to pay off a bond loan which is set to mature in February. The struggling offshore carrier also had to ask its secured creditors to defer payments on its debt to late February. Norwegian investors are still lurking in the wings.
The minister of environment in France Ségolène Royal has sent a letter to Denmark's government demanding that the Scandinavian country compiles a report about the shipwreck involving two Maersk vessels which sank off the coast of France.
Since 2014, costs in the Norwegian oil sector have been more than halved according to a new report from the Norwegian Petroleum Directorate. While 2017 and 2018 will see a lower investment level than in 2016, the picture will change in 2019, say estimates. Read the report here.
Despite wind activity being one of the priority areas at Esvagt since 2011, it still only makes up 15 percent of the business. However, this share could grow significantly over coming years, says CEO Søren Nørgaard Thomsen to ShippingWatch. He is ready to invest in more tonnage.
Norwegian oil and gas company Aker Solutions, which delivers products, services, and systems to the oil and gas industry, must cut 650 jobs globally. Job wills primarily be cut in Norway, the UK, and India, report several media.
There are still large parts of the British North Sea shelf which have yet to be explored with the latest technology, says Statoil's executive VP for exploration. He believes that there are still major oil discoveries to be made.
The investment level in oil and gas projects will increase this year for the first time since 2014, and the number of new oil projects looks set to double this year compared to last, projects Wood Mackenzie.
Norwegian offshore carrier DOF has received new share capital after a series of lenders have traded their bonds for newly issued shares. The maneuver is part of the rescue plan the carrier settled last summer.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
Shipbroker Hagland Offshore estimates that 80 of the currently 110 stacked offshore vessels are either too small or too old take on new jobs in the North Sea. The 80 vessels, according to the broker, have cost a combined USD 1.88 billion to build.
Offshore carrier Farstad Shipping, fraught with problems, had partnered with investor Kristian Siem to come up with a financial rescue plan for the carrier. However, these efforts have now proven unsuccessful and the partnership between the two companies has been discontinued.
Struggling Havila Shipping plans to have a rescue plan settled in February, contingent on all reservations being lifted, informs the offshore carrier Wednesday. The restructuring will include a reduction of share capital.
Statoil will drill six high impact wells next year, which might contain large volumes of oil. The company has high expectations for the Korpfjell field in the Barents Sea. The field may hold up to three times as much oil as Johan Castberg.
Donald Trump's choice for US secretary of state, Rex Tillerson, plans to sell out of his shares in the oil company ExxonMobil if he is approved for the job. Until the turn of the year, Tillerson was CEO of the company and he has been criticized for his close ties to Russia.
Norwegian offshore carrier BW Offshore has, following protracted negotiations, reached agreement concerning its insurance arrangements for FPSO Cidade de São Mateus. The vessel was involved in an accident two years ago in which nine people were killed.
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.