Login
Offshore norge platform rig storm Wintershall
Photo: Wintershall

40,000 Norwegian oil workers have lost their jobs

Offshore:

The number of dismissed employees in the Norwegian oil industry will remain the same, although the oil price has increased since January of this year, notes DNB Markets according to Norwegian media.


BY OLE ANDERSEN
Published 01.11.16 at 14:42

Log in to read articles

Some of our content is exclusively for subscribers.

Try ShippingWatch free for 14 days

Get 14 days free trial access

Sign up for ShippingWatch newsletter
Most read Offshore

Ocean Rig files for Chapter 15 in the US

borerig offshore.jpg Offshore:

Ocean Rig, owned by Greece's George Economou, has filed for bankruptcy protection in the US under Chapter 15 in an effort to prevent creditors from disrupting the efforts to restructure the company's debt.

John Fredriksen is racing against time to save his empire

Offshore:

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.

Aker Solutions buys Norwegian oil service company

Offshore:

Norwegian Aker Solutions buys family-owned oil service company for a little over NOK 200 million. The acquisition of the company, Norway's third-largest offshore supplier, is expected completed in the second quarter.

Siem Offshore to extend large loan

Offshore:

Siem Offshore will extend the repayment period on two Norwegian bond loans. The offshore carrier, controlled by Kristian Siem, will also issue shares for a total NOK 190 million. The issue is fully secured by majority shareholder Siem Europe.

Court names Monjasa in protracted bunker fraud case

Offshore:

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.

Daewoo Shipbuilding to receive second lifeline from creditors

Offshore:

Korea Development Bank and Export-Import Bank of Korea will provide USD 2.6 billion in additional loans to Daewoo Shipbuilding and Marine Engineering, and swap about KRW 1.6 trillion of debt to equity.

Current front page

CEO Habben Jansen will now pay back Hapag-Lloyd's owners

rolfhabbenjansen1.jpg Container:

Hapag-Lloyd CEO Rolf Habben Jansen heralds a pause in growth for the German carrier in order to digest the mergers with CSAV and UASC and cater to the owners who have lost vast sums in recent years. He does not share the optimism for the market expressed by other carriers.

Sunken Maersk Supply Service vessels contain tons of oil

Carriers:

The two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.

HSH Nordbank hit by new loan loss provisions for billions

Suppliers:

Ailing German shipping bank HSH Nordbank made loan loss provisions for EUR 2 billion in 2016 on non-performing shipping loans. Several equity funds are showing interest in buying the bank.

Dry bulk rates surpass last year's peak

Bulk:

Last week the dry bulk rates inched above last year's peak level registered in November after many months on rock bottom, shows the most recent data from the Baltic Dry Index.

Weco Roro cancels historic Atlantic service

Container:

The closure of the service that linked the Mediterranean to the US East Coast and parts of Latin America marks the end of a 60-year presence for the carrier on this trade. According to Alphaliner, the service is shut down due to persistent losses.

Norden makes big savings on fuel

Carriers:

Monitoring of fuel consumption on Norden's fleet has secured savings of nearly USD 25 million at the carrier, while the oil price decline has contributed to a strong reduction in costs, according to Norden News.

ADVERTISEMENT
ADVERTISEMENT

Vacancies

ADVERTISEMENT