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Solstad Farstad starts off with huge loss

New major offshore carrier Solstad Farstad suffered a larger deficit than expected for the third quarter, which brought the first financial report from the new company. Solstad Farstad expects that the market will remain weak in the short term.

Maersk expects solution for Drilling within next year

Unemployed rigs and the decision to hand off the drilling division have resulted in a major impairment for Maersk Group. The group states that "a structural solution for Maersk Supply Service, remains to be defined" within the next 12 months. Meanwhile, Maersk Oil saw its result roar ahead in this year's third quarter.

Analyst: Oil market at its most solid since before collapse

Following the summer downturn, the oil price rose to its highest level in over two years this week. The oil countries' production cap has generated optimism among analysts speaking to ShippingWatch. However, it is critical the production cuts are extended, or prices could slip again.

Prosafe has slashed onshore workforce in half

In onshore alone, accommodation rig company Prosafe has reduced its workforce by almost 100 people over the past year, CEO Jesper Kragh Andresen tells ShippingWatch after the publication of the company's Q3 results.

Oil output threatened as Norway explorers neglect North Sea

Norway's oil output could come under further pressure because oil explorers are neglecting the North Sea. This development could exacerbate an expected slump in the country's oil production in the middle of the next decade, regulator warns.

Ørsted increases profit after divestment of oil and gas business

Ørsted, formerly known as Dong Energy, has divested 50 percent of the offshore wind farm Walney Extension, and is now banking on a better 2017 than it had originally forecast. Earnings from the sale of the oil and gas business have increased profits by 11 percent.

BP enjoys major upstream success

The oil major grew nine percent in the third quarter with support from a higher oil price. Now a share buy-back program will be launched.

New owners in the North Sea will put pressure on costs

2017 has brought an entirely new concentration of owners of oil fields in the North Sea, which could put renewed pressure on costs and thus suppliers. Aker BP's costs need to be reduced further than the current USD 11 per barrel, CEO Karl Johnny Hersvik tells ShippingWatch.

Aker BP buys Hess Norway for USD 2 billion

Aker BP has acquired Hess Norway for USD 2 billion, informs the company. The deal makes Aker BP sole owner of several fields which, according to the company, hold significant potential.

Vitol concerned about Iraqi-Kurdistan conflict

There is a risk that exports will be impacted by the conflict in northern Iraq, where the Iraqi army has taken over several oil fields in the Kirkuk region, says Vitol's CEO to Financial Times.

Tidewater hunting for new CEO

In August, US offshore carrier Tidewater finalized its restructuring. Now the board is hunting for a new CEO to lead the carrier through a period that remains challenging.

New fund raises millions for shipping and offshore

Fleetscape, a new shipping entity under equity fund Oaktree Capital, has raised USD 400 million for the maritime industry, reveals the company, which is the latest alternative source of financing to emerge in the sector.

These are some of Seadrill's major bondholders

Bondholders have again become the unknown ownership element that could ultimately block a restructuring – this time at Seadrill. But there are several parties among the unsecured bondholders who support the rescue plan. Now some investors have been named.

Offshore wind encourages Americans to build their own installation vessels

More new offshore wind farms may be on the way in the US, but that does not necessarily mean that the Jones Act, which hinders European players from carrying out installations on non-US vessels, will be done away with. Instead, there are indicators that US yards will build the necessary vessels themselves, says a US offshore wind researcher.

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