The drilling sector will face a new war of attrition if the restructuring that the biggest competitors are working on does not lead to a robust downscaling. ShippingWatch has interviewed Maersk Drilling CEO Jørn Madsen about the prospects for an enervated sector.
The global pandemic and the collapse in the oil price make struggling DOF book a large impairment. Combined with a big exchange rate loss, the company reports a deficit of more than NOK 4 billion in the first quarter.
Lower rates put a strain on Maersk Drilling's revenue in the first quarter of the year, and the company has since been notified of early contract terminations. Maersk Drilling recently announced that it plans to lay off people in the North Sea as well as onshore.
Norwegian offshore company Prosafe impaired its fleet by USD 810.5 million in the first quarter. The company requests a further extension on payment of its billion-dollar debt until the end of June.
John Fredriksen's shipowner SFL Corp sold all its supply ships in the first quarter, and major customer Seadrill wants lowered rates on three rigs. Confidence in offshore is intact, however, although one significant factor still needs to be in place, CEO tells ShippingWatch.
The BW Group's offshore company made a large impairment on its fleet in the first quarter. The impairment was largely made due to uncertainty caused by recent events in the market.
The British oil supermajor's new CEO wants to cut the number of managerial employees dramatically and remove a number of his predecessor's top people.
Norwegian oil firm Noreco appoints David B. Cook as new CEO. He will take up the position on July 1.
Borr Drilling continues its hunt for cash with a new share emission to, among others, its majority owner Tor Olav Trøim. The company also sold a rig for scrapping last week. Creditor negotiations continue.
Borr Drilling is negotiating with its creditors to find a solution that can safeguard it until 2022, even in a scenario without further contracts, informs the company in an update. The company books a large deficit in the first quarter of the year.
The coronavirus crisis has made BW Energy cut its investment program for 2020 significantly, with capex now standing at USD 115 million.
Oil firm Noreco Wednesday morning presents an interim report that, according to the company, underlines its resiliency in the face of major fluctuations recently seen in the industry.
The oil companies' lower willingness to invest, along with reduced demand, creates renewed uncertainty for the supply ship operators, says Swedish Viking Supply Ships, whose deficit grew in the first quarter.
Another of Norway's major, distressed companies could be on track for a long-term deal with its lenders. Siem Offshore believes that the company could settle a final agreement soon.
Creditors have agreed to give offshore shipping company DOF Subsea an extension on most of its debt until June 30. The shipping company thus gets more time to settle a long-term solution.
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A deep plunge in the world economy and for the global maritime industry comprises the pessimistic forecast given by Danish Ship Finance in its latest half-year prognosis. The only question is how deep.
Debt-plagued offshore company Prosafe has presented its creditors with a new restructuring plan, which will help ensure a healthy business in the long term. The company is currently hit by the low oil price.
While several companies and sectors have been hit hard by the coronavirus crisis, the impact on Dutch Boskalis' business so far has been "relatively limited". The company is cautiously optimistic about the rest of the year, though it expects to be affected by the coronavirus crisis and oil price plunge.
Drilling company Borr Drilling, which is listed in the US, has received a warning from the New York Stock Exchange.
What was envisioned as a solid aid package for upwards of NOK 100 billion has been received with widespread disappointment by Norway's offshore sector. The biggest oil companies list projects that will be postponed unless the government changes the package.
Oil major Total sends home 150 employees of subsuppliers Semco Maritime and Muehlhan from the North Sea ahead of time due to the corona crisis and the collapsed oil price.
Saudi Arabia plans to cut its oil output by 1 million barrels per day, bringing it to the lowest level in 18 years.
With the rescue plan settled this weekend, banks, bondholders and leasing companies convert a huge debt into shares in Solstad Offshore. Norwegian bank DNB becomes one of the ship operator's biggest shareholders, reports Finansavisen.
Banks should to a higher degree use their position to spearhead a consolidation among strained offshore carriers, says Siem Offshore, which has just presented a deficit for the first quarter. The industry faces another downturn, probably worse than previously.
Norwegian offshore carrier Solstad has landed an extensive debt agremment plan. The deal includes a streamlining of the company and a considerable debt-to-equity conversion.
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