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Offshore

Strained DOF continues negotiations with creditors

Offshore shipping company DOF booked a new deficit in the second quarter that is significantly smaller than at the same time last year, however. The company continues negotiations with its creditors to find a long-term solution.

Seadrill books new major deficit

John Fredriksen-controlled rig company Seadrill reports a triple-digit million-dollar deficit for the second quarter. The company has lost half a billion USD on its bottom line in the first half of the year.

Media: Trøim booked hundred-million loss in one year

Setbacks in Borr Drilling and Golar LNG stock hit investor Tor Olav Trøim with losses totaling USD 222 million in asset values in one year, according to a Norwegian newspaper which reports that the sum corresponds to what Trøim received from Seadrill in 2014.

Rates for offshore service ships reach new heights in the North Sea

The rates for anchor handling vessels in the North Sea have soared, and according to Finansavisen, several ship operators have signed contracts worth more than half a million NOK per day – more than a doubling compared to just a week ago and the highest level so far this year.

Viking Supply Ships reduced its deficit significantly

The Swedish offshore ship operator has cut millions of SEK from its deficit in the second quarter compared to the same period last year. According to the CEO, increasing activity in the North Sea drive the improvements, though the market remains challenged.

Petoro increases billion-dollar cheque to Norwegian state

Despite fluctuating oil and gas prices, state-owned oil company Petoro has once again increased its contribution to the treasury – this time with a transaction to the Norwegian Oil Fund that is USD 336.8 million higher than in last year's first half.

Offshore hirings are booming again

According to Rystad Energy, the current offshore recovery entails that major service companies are now hiring more staff for offshore positions than in shale. But attracting talent is far from cost-free.

Noreco completes major Shell acquisition

Oil company Noreco completes its total acquisition of Shell's oil and gas extraction in the North Sea, thus becoming the second-largest producer of oil and gas in Denmark.

Climate agenda severely impacts Equinor's market value

While the oil price has surged by almost one-fifth since New Year's, the stock price of Norwegian oil major Equinor has dropped by 15 percent. According to business media, this is a consequence of investors moving away from oil.

Shell's revenue slashed in half as prices slide

Earnings are more than halved in Shell's latest quarterly report, showing performance well below expectations. The company is struggling with declining prices on oil, gas and petrochemicals, the oil major explains.

Lundin counting down to Johan Sverdrup opening

Major North Sea oil player Lundin Petroleum is hit by increased expenses in its first half-year result, but looks forward to giant oil field Johan Sverdrup opening in a few months, according to its interim report.

Oil service major doubles its LNG order book

Oil service company Baker Hughes eyes strong prospects for liquefied natural gas, describing the energy source as a growth area. The company's combined order book has grown 8.6 percent, while the LNG order book has doubled since last year.

Kristian Siem becomes chairman of Siem Offshore

One of the central figures in Norway's offshore sector, tycoon Kristian Siem, will take over the role of board chair in Siem Offshore on Aug. 1. He recently extended a helping hand to imperiled rival Solstad Offshore.

BP expects lower oil output in third quarter

Oil output will decrease in the third quarter of the year, oil company BP predicts after producing close to 4 million boepd in the second quarter of 2019. The company's bottom line is on par with last year.

This week's top stories on ShippingWatch

This week especially held stories involving the Strait of Hormuz, and most recently, the Danish government has declared its readiness to participate in a naval mission. Moreover, an investor has lost patience with a Danish shipbreaking yard, and logistics company Kuehne+Nagel said no to seafreight acquisitions.

Bourbon is insolvent and requests rehabilitation proceedings

Credit claims from Chinese ICBC Leasing testify, according to Marseilles' commercial court, that French Bourbon Corporation is insolvent, and the court therefore rejects the company's petition for a safeguard procedure. Bourbon now petitions the court again.

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