John Fredriksen, who actually holds a Cypriot passport, has been listed as Norway's richest person by business magazine Kapital for the 15th consecutive year. Another shipping profile is ranked a bit further down the list.
Wilh. Wilhelmsen will pay NOK 545 million to boost its ownership stake in offshore company Norsea Group to 72 percent. "We wish to have an exposure towards the energy market, primarily oil and gas," explains the company.
Compensation claims filed against collapsed OW Bunker, the publication of names of sulfur violators, and J. Lauritzen's Supreme Court defeat against MAN Diesel & Turbo were among this week's top stories on ShippingWatch.
18 months of rescue attempts have resulted in a restructuring plan for the drilling company Seadrill, which applied for Chapter 11 in the US Tuesday. Existing shareholders will be squeezed, note several analysts.
Equity fund Hitec Vision plans to spend more than a billion dollars acquiring oil fields in the British part of the North Sea. Massive cost reductions have made the market attractive, says the investment director.
Belgian tanker carrier Exmar booked a deficit for the first half of the year, a period in which the carrier's LNG activities in particular had a negative impact, while LPG and offshore also caused problems.
Wind carriers can look forward to contract opportunities in the wake of the announcement that Dong Energy has won the contract for offshore wind farm Hornsea 2. It will be the world's larges offshore wind farm to date, and it will be installed in the British part of the North Sea.
A single typo meant that the permission to drill for oil in the Barents Sea appeared far more economically beneficial than it is actually assessed to be. The Arctic drillings may not be profitable at all.
Norwegian billionaire John Fredriksen's oil trader Arcadia is in the midst of a significant reduction of its oil trading activities, and the trader is also cutting jobs. Sources say it is unclear whether Arcadia will remain in the crude market.
Denmark's Blue Water Shipping has found its new CEO, appointing Esvagt Chief Executive Søren Nørgaard Thomsen, after a year and a half where founder and owner Kurt Skov served as interim CEO, Skov confirms to ShippingWatch.
Oil and gas production will end in France from 2040. A plan presented by Ecology Minister Nicolas Hulot in July will also progressively increase taxes on fossil fuels, close coal-fired power plants by 2022 and invest more in renewable energies.
Bourbon Offshore's operating deficit grew in step with the oil industry's lacking investments in the first half year. Despite a small improvement in offshore, the prices will remain strained, expects the carrier.
Two former Brazilian presidents, Dilma Rousseff and Luiz Inácio "Lula" da Silva, have been officially charged in the bribery case concerning hundreds of millions of dollars and the country's oil company Petrobras.
A plunging market value over the summer means that offshore company Pacific Drilling is at risk of being de-listed from the New York Stock Exchange. The company has until mid-September to find a solution.
Important knowledge was lost when a key employee was fired before the incident in which two Maersk Supply Service Vessels sank, notes a researcher of maritime safety – but the carrier denies that cost cutting played a part in the wreck.
The Danish Maritime Accident Investigation Board's report on the shipwreck of two Maersk vessels made headlines this week, and the spotlight also fell on Klaus Kjærulff's bulk venture, Denmark's plans to expand DIS, and the significantly lower investment level among oil companies.
Major oil companies have presented bottom line growth one after another in recent financial reports. But this is far from enough to set a fire under the weak investment level, assess analysts. Big energy companies confirm the trend to ShippingWatch.
The Danish Maritime Authority will decide where to place liability in the case of a shipwreck last year, where two Maersk vessels sank while being towed by a third vessel. It must also be determined whether any laws were violated, a supervisor tells ShippingWatch.
Nabors Industries is buying all the shares in Robotic Drilling Systems, which has previously included Odfjell Drilling and Statoil Technology Invest as co-owners. The deal could bring Odfjell Drilling a two-figure million dollar amount.
By October at the latest, the work of organizing the major Norwegian offshore carrier Solstad Farstad after the merger will be finished. The carrier eyes a bright spot in the market and reveals a big venture.
After two vessels sank last year, Maersk Supply Service has updated its internal procedures and now considers the case closed, COO Claus Bachmann tells ShippingWatch. The Danish Maritime Accident Investigation Board issued its accident report Wednesday.
The two vessels from Maersk Supply Service which sank last year, continuously collided while on course and were severely damaged long before the crew realised the gravity of the situation, reveals the report from the Danish Maritime Accident Investigation Board.
Odfjell Drilling's operating earnings declined in the second quarter, shows the report published Wednesday. The drilling and oil service market remains weak, but there are indications of stabilization and increased activity in the longer term, says the company.
Recently launched Norwegian rig company Borr Drilling has been granted permission for a listing on the Oslo Stock Exchange, even though the company has only existed for one year. Normally, a company must be three years old before it can hit the stock exchange.
The North Sea was just one of many factors that woke Total's interest in Maersk Oil. Another was the opportunity to take over the expertise that the Danish firm still possessed after the French oil major had nabbed huge fields from the Danish company.
Monday morning, the oil price reached its highest level in two years, after Hurricane Harvey caused refineries in the US to shut down production. According to the weather forecast, there is no improvement in store for coming days.
Prosafe has opted to postpone two flotels which it took over when acquiring Axis Offshore at the turn of the year. The rigs were ordered when Axis Offshore was partly-owned by Danish carrier J. Lauritzen.
In the second quarter, John Fredriksen's drilling company Seadrill lost USD 158 million. CFO Mark Morris explained in an investor call Thursday that management expects a profit in the next quarter, albeit much reduced from the year before. He also revealed some details of the major rescue plan.
Both Songa Offshore and North Atlantic Drilling exited the second quarter with setbacks in revenue. While Songa Offshore booked a bottom line in the black, things developed more negatively for Seadrill's subsidiary North Atlantic Drilling which landed a big loss.
Times are tough for the hotel rig market, where the downturn has hurt Prosafe's bottom line yet again. Therefore, the company's CEO is celebrating a major contract with Statoil for the Johan Sverdrup field.
John Fredriksen's drilling company Seadrill lost USD 158 million in the second quarter while half of the company's rigs have been laid up. Everything is being done in order to land a rescue plan in less a month, says CEO Anton Dibowitz.
The share price for John Fredriksen's drilling company Seadrill is at its lowest level in five years, ahead of the publication of the company's interim report tomorrow Thursday. This year alone, the stock market value of the company has dropped more than 90 percent.
Total's plans to establish its regional headquarters in Denmark has provoked concerns in Norway. "What we now see is that the major companies are pulling out of Norway," says a professor of oil economics to Dagens Næringsliv.
For Denmark as well as for Maersk Group, the divestment of Maersk Oil to Total was the right solution, says the CEO of the Energy division Claus Hemmingsen to ShippingWatch. There were many inherent uncertainties in a listing, he says.
With the divestment of Maersk Oil, the group has taken a major step in spinning off Maersk's energy division. In an interview with ShippingWatch, CEO of Maersk Drilling, Jørn Madsen, explains that the company is in the midst of "extensive talks" about the future with various players.
French oil major Total expects annual synergies of USD 400 million with the acquisition of Maersk Oil. The transaction means that the French company's activities in the North Sea will be combined with Maersk Oil.
CEO Søren Skou states that it was imperative to find a buyer for Maersk Oil, which would maintain the oil company's strong position in the Danish part of the North Sea. Ane Mærsk Mc-Kinney Uggla says the decision was difficult but the right one.
Rieber Shipping has trimmed a big chunk off its half-year deficit compared to last year, shows the interim report. But the offshore carrier, where a new CEO is taking over today, does not think that rates are cause for optimism.
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.
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.
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.
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.
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.
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.
The Seadrill restructuring, which is expected to be a costly affair for shareholders, is now forcing one of the group's subsidiaries off the New York Stock Exchange. The NYSE Regulation does not think it makes sense to continue trading of the share.
China's escalating acquisition of ports and carriers is a sign of its commitment to its political vision of becoming a maritime superpower, prompting concern among European carriers, which have allegedly called for political attention to the matter – both nationally and within the EU. Next week's meeting of the Box Club will no doubt also revolve around the issue.