News on Norway.
Revenue in the Norwegian oil service sector increased last year for the first time since 2014. But the peak level seen in 2014 is still far off, concludes a new report.
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The Norwegian sovereign wealth fund wants to trim its organization by dismissing 100 personnel by late 2022, corresponding to one in six employees.
Norway's sovereign wealth fund gets the go-ahead to sell oil and gas stocks for a value of close to USD 6 billion after a two-year process that has seen an initial proposal to offload all its oil investments be reduced to what amounts to a smaller investment.
Vår Energi's acquisition of ExxonMobil's oil fields will be far from the latest example of acquisitions on the Norwegian shelf, projects consulting firm PwC to Norwegian media.
The producer of the helicopter that crashed off Norwegian island Turøy in 2016, Airbus, says it has pinpointed the technical error leading to the fatal accident, Sysla writes. Aside from that, the company refers to the conclusions of the crash report.
Willingness to invest in the Norwegian continental shelf in 2020 seems to be increasing, show new figures from Statistics Norway. On the long term, things look different, deems investment bank DNB Markets.
The number of Norwegian seafarers working on Norwegian ships has increased slightly compared to last year, but the number has gone down when comparing to the year before that. The development pleases Norway's minister of trade.
Norway's trillion-dollar wealth fund's much-publicized selloff of oil shares could now turn out to be so small that it hardly makes a difference.
Friday could turn into a major strike if the unions for Norwegian employees on a number of rigs do not reach an agreement with the Norwegian Shipowners' Association. The strike will affect a total of 1,586 employees, writes media.
Oil major Exxonmobil's plans to sell off its Norwegian business could lead to the biggest sale on the Norwegian Shelf since 2006, according to Wood Mackenzie. The analyst firm points mainly to North Sea players as obvious buyers of the large portfolio.
A new executive, found internally, will take over as CEO of family-owned shipping company Kristian Gerhard Jebsen Skipsrederi. Jan Pedersen steps down after serving for 26 years.
With a new plan of action, the Norwegian government will work to reduce the emission of greenhouse gases from the country's shipping sector by 50 percent already in 2030 – two decades before the target set by the IMO comes into force. But the plan includes too few concrete initiatives, say critics according to Sysla.
Lars Lühr Olsen, who has been a part of Ulstein for 20 years, becomes new managing director of Ulstein Verft in Norway. His predecessor departed of his own accord, write several media.
Companies with large exposure to the oil sector are more optimistic than the average. 73 percent expect increased activity and earnings next year.
A Greek cruise line has been fined close to NOK 1 million for violating the sulfur cap in Norway, says the country's maritime authority, describing the fine as historically large.
Kvaerner increases its expectations for 2019 revenue by NOK 1 billion, bringing the total revenue projection to NOK 8 billion. First quarter was solid, says CEO.
Oil major Equinor was, despite a sliding revenue from lower oil prices, able to surpass expectations and strengthen its bottom line in the first three months of the year.
Exports of oil and natural gas out of Norway decreased significantly in March. Even though the oil price has gone up, lower volumes weigh down, show the figures.
16 months have passed since the last fatal accident in Norway, and as such, 2018 was a year without fatalities in the country's oil industry, shows the latest risk level numbers from Norway's Petroleum Safety Authority.
The ban on open-loop scrubbers in Norway could be expanded to more than the five fjords where it is currently prohibited to eject wash water, reports Lloyd's List.
With shares in Maersk and Teekay, the world's biggest investor, Norwegian wealth fund, expects to pass judgement on carriers who scrap ships in India already by this fall. The chairman of the fund's Council on Ethics tells ShippingWatch that shipping companies will now be contacted.
Norway's government has decided to remove oil companies from the country's sovereign wealth fund, the world's largest investment fund. This is being done to reduce an overall oil price exposure to the national economy, says finance minister Siv Jensen.
Climate considerations should not put a damper on oil exploration, says the head of Norway's central bank, Øystein Olsen, according to Aftenposten.
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.
Several shipping companies are considering moving functions and departments out of Norway as a result of the new Norwegian tax rules, the Norwegian Shipowners' Association tells ShippingWatch. DHT has already made the move.
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