A rising oil price and large-scale cost reductions have significantly boosted earnings at oil companies such as Statoil, Shell, and Aker BP in the first quarter. Several of these firms are now gearing up to invest, but the good old days will never return, projects Nordea Markets.
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.
The Fredriksen-controlled rig unit exits the first quarter with a slide in revenue and an operating result virtually slashed in half compared to the same period last year. A new investor could be about to enter the company.
Norwegian shipping magnate John Fredriksen is spending every waking hour trying to settle a rescue plan for his ailing company Seadrill, he tells Norwegian daily Dagens Næringsliv. This Wednesday morning, the share price took a new steep dive of almost 30 percent.
Some of the world's biggest customers in dry bulk and tanker, including Trafigura and Shell, criticize carriers for slacking off on the quality of crews on board vessels, according to a new report. This fact could impact safety.
Shipbroker Lightship Chartering has been sentenced to pay a little over DKK 500,000 to a former partner who now works at Maersk Broker. Lightship has also been sentenced for an email sent by owner Morten Have to the management of Maersk Broker.
A 38-year-old crew member from the Philippines has been killed in an accident on board Norden vessel Nord Quebec when the ship berthed at Troi-Riviéres in Canada. The Canadian authorities are investigating the accident.