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Offshore

Norway expects fewer oil investments

Statistics Norway has lowered its expectations as to how much the oil industry will invest in the Norwegian oil and gas industry this year. Investments are, however, expected to increase compared to last year.

Glencore sets cap on its coal production

Swiss commodity trader Glencore aims to limit its coal production to "current levels" in a part of its climate change mitigation efforts – a decision that could raise the price of thermal coal, a Wood Mackenzie analyst assesses.

BW Offshore increased its profit in 2018

Both the top and bottom line grew for offshore company BW Offshore in 2018. The shipping company sees signs of an improved market, in which a higher oil price is expected to result in extended contracts for ships.

Transocean reduces billion dollar deficit

The level of activity will increase in 2019, forecasts Transocean President and Chief Executive Jeremy Thigpen, who estimates that the recovery began in 2018 when Transocean also completed a number of acquisitions.

Media: Offshore carriers ditch Equinor contracts

Equinor pays so little to offshore shipping companies that some of them prefer to have their ships berthed rather than working for the partially state-owned oil company, says the industry. The matter is now being addressed politically in Norway.

Oil price starting to move toward USD 70 again

It is not quite there yet, but after a dive around New Year, the oil price is now moving past USD 65 per barrel and is thus inching closer to the USD 71 per barrel which was the average price last year. Good for offshore investments. Bad news for shipping.

Kvaerner's profit almost halved in 2018

In line with expectations, Kvaerner finished 2018 with a profit of close to NOK 500 million, which marks a setback compared to the year before. CEO Karl-Petter Løken anticipates improved market conditions for the Norwegian oil service and yard company this year.

Aker company appoints new CEO and chairman

Norwegian MHWirth, owned by Aker company Akastor ASA, gets new top executives. Eirik Bergsvik takes over as new CEO of the drilling company, effective immediately, while Merril A. "Pete" Miller Jr becomes new chairman.

Equinor employees have lost confidence in safety authority

Oil major Equinor's employee union Safe calls for the Petroleum Safety Authority Norway's Director General, Anne Myhrvold, to step down when her term ends this spring, reports Dagens Næringsliv. The call comes after Norway's public auditor has criticized the authority.

Maersk Drilling points to biggest threats ahead of IPO

Maersk Drilling reveals the biggest threats to the company ahead of the upcoming listing later this year. While the oil price is not surprisingly one of the major risks, it is not the one the company itself expects will have the greatest impact.

Maersk Drilling expects lower operating profit in 2019

Maersk Drilling now presents its first independent results after being spun off from the Maersk Group. The company expects a positive operating result before special items for 2019, though it may well be lower than last year.

BP doubles earnings

The oil giant delivered a strong 2018 performance despite a declining oil price at the end of the year.

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