Borr Drilling, founded by Tor Olav Trøim, has landed an agreement with its creditors and now plans to raise further capital. The two initiatives will strengthen the strained company's liquidity, says CEO.
Over the next ten years, Maersk Drilling plans to reduce carbon emissions from its drilling activities by 50 percent. This marks the first time that Maersk Drilling announces a concrete target in this regard.
It makes sense for Maersk Drilling, Odfjell Drilling and Northern Ocean to be merged, says Danske Bank. The latter two have Helene Odfjell and John Fredriksen as major shareholders, and both could see smaller ownership stakes following a merger, the bank projects.
Shipowner Ocean Yield, controlled by Norwegian investor Kjell Inge Røkke, books a significant million-dollar impairment. The majority is subscribed to a floating production vessel, which also saw its value impaired last year.
The crisis within the offshore industry could drag out for years, assess several banks. Danske Bank's head of shipping sees no improvement before 2023 or 2024. The bank's appetite for offshore has diminished in recent years.
Over the coming years, a double-digit amount of new rigs are set to be delivered to the crisis-stricken drilling sector, in which chief executives want to scrap up to 40 percent of the existing fleet. Many newbuilds will likely never hit the market.
There was a hint of optimism at the start of the year among the Norwegian offshore shipping companies, but the companies now expect to stack a record number of ships toward the end of 2020, shows a survey.
The current covid-19 crisis has had a significant impact on the world's energy consumption, according to DNV GL. Oil demand may have already peaked, the classification bureau concludes in a new report.
Odfjell Drilling is prepared to participate in a large-scale consolidation wave of the hard-strained drilling sector. But there is one major bump in the road. "The consolidation we've seen so far has been a pure catastrophe for shareholders," CEO tells ShippingWatch.
The world's second-most valuable company has promised its shareholders fixed dividends of at least USD 75 billion per year for five years. But now Saudi Aramco finds itself forced to make cuts and divest in order to fulfill this pledge.