Photo: Bourbon

Bourbon Offshore failed to meet own expectations for 2016


With major setbacks on the top as well as bottom lines, offshore carrier Bourbon met none of the expectations it had set for 2016. Even though there are signs of a better market in 2017, the year will be focused on cost reductions and a debt plan.

Published 16.03.17 at 11:48

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

Norwegian creditor: New massive losses in store for offshore

Farstad Shipping Sirius Offshore:

2017 will be yet another tough year for Norwegian offshore, projects state guarantor Giek, warning of new massive losses for the sector this year, reports Dagens Næringsliv.

John Fredriksen is racing against time to save his empire


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.

Maersk Oil eliminates 139 positions in Danish reorganization


Cost reduction efforts mean that a total of 123 jobs have been cut, informs Maersk Oil Tuesday, while a new and final phase is expected to trim another 16 positions.

Seadrill CEO has debt deal 'in sight' promising bitter pills


Seadrill CEO is eyeing a new plan for the struggling company, which still targets raising about $1 billion in new capital. "We don't just kick the can down the road," said Per Wullf in an interview Friday.

Norway eyes giant oil discovery in the Barents Sea


Oil and gas resources worth upwards of NOK 900 billion (USD 105 billion) could be hiding in the eastern part of the northern Barents Sea, estimates the Norwegian Petroleum Directorate after mapping the area.

Drilling surge in the US boosts Halliburton


The rising drilling activity in the US has been cited as bad news for OPEC's attempts to sustain a high oil price. But the surge in drilling was good news for Halliburton.

Current front page

Maersk Line: 2017 off to a good start

Robbert van Trooijen.jpg Container:

2017 has already been hailed by Maersk Line and several of its biggest competitors as the year in which the miserable results from last year will be replaced by a de-facto turnaround. Things have developed positively so far, Maersk Line's head of Asia and the Pacific tells ShippingWatch.

Nordea increases loss provisions on shipping and offshore


In the first quarter, Nordea had to increase its loan loss provisions for, in particular, oil services and offshore in the segment Shipping, Oil, and Offshore, writes the bank in its interim report.

Scorpio Tankers' bottom line dropped in Q1


New York-listed Scorpio Tankers booked a first quarter result this year, which shrank since last year, while revenue landed in line with expectations. Second quarter looks much better, says one analyst.

Maersk in large digitalization venture with Microsoft


Maersk Group has formed a collaboration with Microsoft with the intention of ensuring that customers, as is the case at Fedex, can easily and precisely track their goods.

EU preparing restrictions on maritime subsidies


Several EU nations are currently subject to comprehensive reviews of their subsidies to carriers and maritime businesses. The EU Commission is preparing a more restrictive practice, ShippingWatch is told.

"The era of privately owned carriers is coming to an end"


That was one of the arguments cited when Hafnia Tankers CEO Mikael Skov and CEO of Teekay Corporation, Kenneth Hvid, participated in a debate in which they had to convince representatives from family-owned carriers that they belong to the past.