Shipowner SFL Corp has booked an impairment on five ships on contract with crisis-stricken Solstad Offshore. The contracts for three of the vessels have now been voided.
The US imposes sanctions on a unit under Russia's Rosneft for its ties to Venezuelan state-owned oil company PDVSA and President Nicolas Maduro.
Maritime businesses in Norway are now really starting to hire again following the crisis in 2014. Last year Norway's maritime sector accounted for the biggest increase in number of job postings, reports Sysla.
Seadrill gets a new major shareholder as hedge fund Odey buys close to 12 million shares in the John Fredriksen-controlled rig operator.
The market bottomed out in 2019, projects the chief executive of drilling company Transocean. The company booked a deficit after taxes of around USD 1.3 billion.
BW Energy's initial public offering has been concluded with significant interest from Norwegian as well as foreign investors, writes the parent company in a notice.
Numerous offshore vessels remain withdrawn from the market in the North Sea, and they will need to be sold to another sector if they are to return to work, brokers tell Sysla.
Rig company Borr Drilling has entered a financing deal on a newbuild rig slated for delivery this summer.
Despite an ambition to have more women in leading positions, Maersk Drilling does not employ a single female offshore manager today, and female office managers comprise only 23 percent. "It's not satisfactory," HR chief concedes speaking to ShippingWatch.
Sweden's Viking Supply Ships exits 2019 with an overall profit. However, the first quarter looks weak for the shipping line, which sees a potential setback on the top line. Market balance remains fragile.
The offshore company BW Energy now lowers the pricing of the company by USD 250 million ahead of a listing in Oslo. The outbreak of Coronavirus in China has changed market conditions.
There are a series of concrete goals in the comprehensive logistics agreement between Vestas and DSV Panalpina, says Vestas' global supply chain chief in an interview with ShippingWatch. Efficiencies represent just one of these goals.
The merger between Prosafe and Floatel, which both lease hotel rigs in the North Sea, has been canceled. The decision comes after the transaction was met with resistance in Norway as well as the UK.
The Norwegian oil service firm finished 2019 with high sales and marked improvements but still dials down dividend payouts to investors. The high activity level continues into 2020, Kvaerner says.
Supplier Kongsberg reports growth for its maritime business in 2019. The integration of acquisition Rolls-Royce is ahead of schedule, according to the company. As part of the integration, 450 employees will be laid off. (Updated)
Norway's largest private equity firm, Hitecvision, shelves plans to divest its oil service companies, instead placing them together in a new major group to be headquartered in Stavanger.
Aker BP finished 2019 with record production and sales figures, and the Johan Sverdrup partner was thus able to double its bottom line result.
CEO Kristian Mørch believes in further improvements in the chemical tanker market in the first quarter, shows the annual report for 2019, in which the company remained in the red.
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"We're being very careful about the terms and about committing," says Equinor CEO Eldar Sætre in an interview with ShippingWatch's sister media EnergyWatch. He emphasizes that the oil firm will need help to transition but rejects the notion of dividing up its business.
Offshore operator BW Energy is giving investors one more week to submit bids for equity shares up to the planned initial public offering. The company cites uncertain markets and declining oil prices as contributing factors behind the extension.
Offshore company Prosafe struggles with a poor market and remains in negotiations with lenders to secure new financing. The firm expects the market to deteriorate further in 2020.
Record-high oil output from fields like the recently opened Johan Sverdrup was more than sufficient to offset both low gas prices and the closing of Tyra.
A number of top refinery executives in China expect domestic oil consumption to drop by 25 percent in February resulting from the coronavirus outbreak, writes Financial Times.
The strained offshore shipping lines seem to finally be nearing the end of their draining crisis, writes analyst firm Fearnley. But debt remains a big burden for the companies.
2019 looks likely to be the year when the highly strained rig market hit bottom, Maersk Drilling CEO Jørn Madsen tells ShippingWatch. Now companies must convince investors that things will improve.
Shipping Operator - Leth Agencies
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