An offshore vessel costs less than half a million USD

The value of offshore vessels has dropped considerably following the collapse of the oil price nearly five years ago. An older ship now costs less than USD 0.5 million, while the crisis has also kept newbuild prices in check, shows an evaluation by Vessels Value.

Connecticut to multiply offshore wind ambitions

The US state of Connecticut passes a bill to raise its target for offshore wind, allowing expansion of wind farms. This is in line with the strategy of wind service ship operator Esvagt, which is to expand to the US, CEO tells ShippingWatch.

EIA projects lower oil demand

The US Energy Information Agency is lowering its forecast for global oil demand in 2019, according to Reuters. US oil inventories rise above expected levels.

Equinor CEO sees great anxiety on the oil market

Oil company Equinor's chief executive, Eldar Sætre, eyes an oil market where trade disputes trigger large fluctuations in the oil price. The CEO is looking forward to the outcome of OPEC meeting, reports E24.

Shell kicks off huge Australian LNG export

Oil major Shell has shipped its first cargo from major Australian LNG project Prelude. The project is expected to produce 3.6 million tons of liquefied natural gas annually.

Seadrill gets new CFO

Rig company Seadrill has just appointed a new CFO with experience from companies in the oil and offshore industry.

Equinor wins five UK licenses

Norwegian oil major Equinor won five UK shelf permits in the 31st licensing round – four as operator and one as partner.

Prosafe to merge with competitor

Offshore rig company Prosafe wants to join with Floatel International. The merger will create a new major player in leasing hotel rigs to the oil industry. The Lauritzen Foundation is a major shareholder of Prosafe.

Norwegian oil workers want a piece of the sector's recovery

The matter of wages has created a breakdown in negotiations between the Norwegian Shipowners' Association and rig employees' labor union association. Workers demand a share of the blooming recovery in the offshore sector. But there is no basis for that, say employers.

Borr Drilling settles large credit facility

Rig operator Borr Drilling has secured financing for its newbuild program with a new credit facility of USD 645 million. Despite a deficit in the first quarter, management is optimistic about the future.

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