Drilling major Valaris, recently restructured, exits the second quarter with a billion-dollar net loss, largely due to impairments and other costs. But demand improves on the back of pandemic-related downturn, says the CEO.
In the first half of the year, Norway's state-owned oil and gas company Petoro sent more than USD 6 billion into the Norwegian Petroleum Fund, nearly surpassing the whole of 2020. This is due to increased prices and rising demand, says the CEO.
Subsea 7 increased its revenue with 59 percent compared to 2020, however, it was not enough to keep the balance sheet in the black on the bottom line. The offshore company states that delays and Covid-19 impacted business in the second quarter.
SEB evaluates that the recently restructured Seadrill will have a fair equity value of about USD 1.2 billion. Since the news of the restructuring broke over the weekend, the Seadrill stock price has only plummeted.
Hundreds of specialized vessels are needed for the installation and maintenance of offshore wind turbines in the coming ten years, predicts VesselsValue. Demand for offshore wind is increasing rapidly, not least in Asia.
John Fredriksen's strained drilling company Seadrill has settled a comprehensive restructuring agreement with a majority of its lenders, which among other things reduced the company's debt liabilities by almost USD 5 billion.
Oil prices have recovered over widespread concerns about the impact of the delta coronavirus, which led to a slump early in the week and could put a lid on prices, just as OPEC+ is planning on adding 400,000 more barrels to the market from August.
The classification firm has been tasked with investigating safety at a hydrogen project off the coast of France. Hydrogen is seen as a key potential alternative fuel for shipping in its efforts to decarbonize.
Aker Solutions announces its second-quarter results on Thursday, showing advancement for the company after being hit hard by the pandemic and oil price slump. Aker BP doubles operating income and predicts a strong future.
With negotiations at a deadlock and oil inventories falling below average levels in 2015-2019, the current output level is falling short of the IEA's second-quarter consumption projections, and the 400,000 barrels-a-day hike under consideration will do little to bridge the gap between supply and demand.