The Norwegian oil service firm is awarded a contract for delivery of two electrical high-voltage boilers as part of Lundin Energy's electrification of Edvard Grieg.
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.
Oil company BP cancels a long-term contract with one of Odfjell Drilling's rigs ahead of schedule. The drilling company has, however, already secured new work for the rig in Norway.
Wind service provider Ziton plans to raise EUR 100 million through an equity offering to industrial and financial investors, the company announces.
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.
Siem Offshore and US-based Tidewater both see a big need for thinning out the global fleet of supply ships. As many as 700 ships could end up being scrapped, Tidewater projects.
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.
Seadrill has now secured deals with several creditors to postpone payments. The rig company is working on a new restructuring.
The Norwegian shipping company buys a quarter stake in a wind service operator with customers such as Ørsted and MHI Vestas and that has its eye on US and Asian markets.
John Fredriksen's Seadrill has acquired the remaining shares in company Asia Offshore Drilling for USD 31 million.
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.
In a new report, the UK-based oil major predicts that the global demand for oil is unlikely to ever recover following the dramatic drop in the wake of the Covid-19 pandemic.
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.
Equinor, BP, Total, Repsol, ConocoPhillips and Eni have all invested substantial figures into a research center in Angola, which several observers doubt will ever materialize.
DNB's Asset Management division has decided to shut down an investment fund for oil service and shipping, reports E24. "We see a clear change toward 'green funds'," says DNB.
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.
Norway's Equinor sells 50-percent stakes in two US offshore wind farms to BP, with the two groups thus forming a new strategic partnership in the market.
The US-based fossil energy giant faces massive cutbacks and canceled projects, Reuters reports.
Offshore ship operator Solstad Offshore plans to buy back debt totaling almost NOK 1 bllion. The carrier agreed with lenders on a rescue plan in spring.
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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.
The biggest individual shareholder in Transocean, Norwegian billionaire investor Frederik W. Mohn, is allegedly weighing a sale of his stake in the drilling company.
This is the biggest price reduction in five months and is caused by, according to Reuters, the fact that demand has yet to return following the outbreak of Covid-19.
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