The Norwegian oil giant has already found a new CEO after Eldar Sætre has announced his resignation. The CEO steps down from a 40-year career at Equinor, where he has set an ambitious course for the coming decades.
Rig company Noble Corp, which filed for Chapter 11 in the US last week, lost a little over USD 1 billion on the bottom line in the first half of the year, during which major impairments strained financials. CEO sees the company making it to the other side "as a stronger company".
Demand to install offshore wind turbines at sea is far greater than the orderbook for ships that can install the turbines. As such, there is potential in moving in this direction, says Clarksons Platou. The broker has already publicly praised one shipping company for doing so. Updated.
It was in many ways extraordinary when the first part of the Tyra platform was lifted onto the world's largest construction vessel and towed to port. See pictures of the process all the way from the North Sea and to its destination, Mars' scrap yard in Frederikshavn, Denmark.
Rig operator Diamond Offshore Drilling, which is under Chapter 11 in the US, continues negotiations for a rescue plan, though the company cannot guarantee that it will be settled. The company lost USD 1 billion in the first half of the year.
For the first time since the Deepwater Horizon catastrophe, the British oil giant reduces its shareholder dividend following a major billion-dollar loss in the second quarter and upstream impairments of USD 6.5 billion.
The drilling market has been hit hard by a large oil price drop and the coronavirus crisis, and this now means that yet another major player has to file for Chapter 11. Another big company could follow suit.
After booking nearly USD 1 billion in earnings before interest and tax in oil trading during the first six months of 2020, Glencore now says trading profit will be at the top end of its target, after the commodity giant reaps the benefits of spring's contango market.
The interim reports for the world's largest energy companies have started ticking in, and they bear witness to a serious setback for the industry in recent months. In the second quarter alone, oil supermajors Shell and Total booked impairments totaling USD 25 billion.
Odd trips taken by tankers hauling diesel fuel signal how glutted the market for the fuel is right now. One vessel made a double U-turn, while another sailed across the world only to make an abrupt change of change course.
Subsea 7, in which Norwegian Kristian Siem owns a considerable stake, has presented a deficit for the first quarter of more than USD 900 million and plans to divest ten vessels in order to get through the crisis.