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.
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.
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.
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.
On several occasions, Lauritzen Fonden has used a subsidiary to provide financial aid to its dry bulk carrier J. Lauritzen during 2016. ShippingWatch outlines the shipping activities in the fund's investment company LF Investment.
Norwegian company Standard Drilling continues its acquisition spree buying used supply vessels at low prices, with its latest investment in a newly established company which has purchased two used PSV vessels for USD 11.7 million.
Maersk Drilling has secured work for the semi-submersible rig Maersk Developer, which will be used to drill a well in Colombia. The contract has been entered into with Repsol and is worth an estimated USD 12 million.
Axis Offshore, which until now been partially owned by Lauritzen Fonden, has now been sold to competitor Prosafe. The transaction was announced in November and means that Prosafe will take over three accommodation vessels for the oil sector.
Increasing pressure on all business segments meant that big decisions had to be made at Maersk Group's headquarters in Copenhagen, but stock market developments suggest that the outcome has been positive.
A.P. Moeller-Maersk sets the stage for a permanent closure of the gas field Tyra, as the company was unable to agree with the Danish government on improved framework conditions. The company will continue the talks with the state.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
Offshore carrier Farstad Shipping has secured formal agreement from affected lenders for its announced decision to stop payments on debt throughout January 2017, while the carrier is working to settle a long-term agreement with the banks.
China plans to invest close to USD 300 billion in motor and waterways in 2017, informs the country's Ministry of Transport. China stocks soared as investors bet on state-backed builders after the government's announcement.
Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.
Two vessels from Maersk Supply Service sank late Wednesday night. The ships were being towed by another vessel and were headed to scrapping at a facility in Turkey. No one was hurt in the event, Maersk tells Danish daily Ekstra Bladet.
The market will not see consequences of the OPEC deal to reduce oil production until February at the earliest. In the meantime, the oil price could fall back down to about USD 50, says bank Société Générale according to Norwegian daily Dagens Næringsliv.
Iranian media outlets write that Maersk Oil could be poised to sign a more formal deal for the development of the large South Pars oil field. The company has already signed a memorandum of understanding.
Credit ratings agency Moody's downgrades Maersk Group from Baa1 to Baa2 and outlook negative. The move is a direct consequence of the group's strategic restructuring, which means that the former conglomerate is being split into two parts.
Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.
"We're absolutely determined to stay investment grade," Maersk CFO Jakob Stausholm tells Bloomberg, after observers such as Danske Bank have warned that Maersk is at risk of being downgraded to a junk rating.
The offshore carrier has entered an agreement with bondholders to postponement the settlement of accounts by 16 days, but all agreements are in place with only "technicalities" left behind regarding the share issue, the carrier tells ShippingWatch.
A newbuilding from Polish shipyard Remontowa is now so delayed that Siem Offshore has canceled the order. Earlier this year Royal Arctic Line sold two newbuildings before delivery from the yard, also citing delays.
Norwegian billionaire investor Endre Røsjø has joined a new shipping bank as major shareholder and will likely serve as chairman, while Germany's Henning Oldendorff (pictured) and Norwegian Arne Blystad will be the biggest shareholders, sources tell ShippingWatch.
Maersk Group's offshore carrier continues its announced fleet reduction by selling another two vessels. Maersk Supply Service has now sold off a total of ten vessels, and the carrier is currently half-way in its plan to reduce its fleet by 20 vessels.
After several days of rumors, Donald Trump has now officially appointed Rex Tillerson, CEO in ExxonMobil, as his new Secretary of State. Several significant politicians from both major US parties have expressed concerns over the new top diplomat's close relationship to Vladimir Putin.
The Oslo Stock Exchange criticizes Axis Offshore for unequal treatment of bondholders in favor of its owners, Lauritzen Fonden and Hitec Vision, in forcing the adoption of a rescue plan at a meeting this summer. The owners are now in the process of selling the company to Norwegian Prosafe.
Just two weeks after the OPEC countries settled a deal to cut their oil production, the organization this weekend reached agreement with 11 other countries concerning a further reduction. The deal is described as important and has already made the oil price increase even more.
Bondholders in offshore carriers such as Havila Shipping, which was rescued from bankruptcy in the nick of time last week, are so resentful of the banks' role in the debt game that they are considering boycotting the banks entirely. This could hit the already hard-pressed offshore carrier sector.
The Russian government has sold a large stake in Rosneft to commodity trader Glencore and a fund managed by the Qatar state. The sale worth USD 11 billion is described by Putin as one of the biggest transactions in the oil and gas sector this year.
A spokesperson for Iran's oil ministry tells the Wall Street Journal that the country expects to land an agreement with Shell. The news comes after Total sealed an agreement with Iran in November as the first western company to do so since the sanctions were lifted.
A Danish court has lifted its court-ordered anonymity in a protracted fraud case against Danish bunker company Monjasa, which was found guilty of perpetrating gross fraud against a Malaysian customer. Partner Jan Jacobsen was also found guilty and given a prison sentence of 3.5 years.
Norwegian shipping investor Tor Olav Trøim, the former right-hand man of shipping magnate John Fredriksen, has bought two drilling rigs for USD 130 million. The price corresponds to approximately one fourth of the rigs' original price, reports Norwegian media Finansavisen.
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.