News on Norway.
The British group will now focus its oil business on the UK and Denmark. PGNIG takes over all the company's Norwegian assets for a price of USD 615 million. Wood Mackenzie describes the deal as a "good exit" for Ineos.
The Norwegian maritime industry wants the money from the increased carbon levy gathered in a national fund, which will finance projects to advance the green transition.
The Norwegian competition authorities found no basis for charges against shipping companies which were suspected of participating in illegal cartel activities. The case has now been shelved.
Lower oil prices could within a decade cost upwards of 90,000 jobs in the Norwegian oil sector, according to an update from the Norwegian government.
Norway's government awarded 61 licenses to 30 oil companies on Tuesday. A long list of licenses were awarded to companies including Lundin and Wintershall.
In a new analysis, bank SEB expects more investment decisions on the Norwegian shelf in 2022. Tax cuts for the country's offshore sector particularly factor in.
Salmon farming was a far better business in 2019 than offshore activities, according to a tally of the biggest fortunes among Norwegian business people. Several maritime names remain in the Top 10.
Norway's Yara International plans to convert a facility to produce green ammonia in a gamble that the chemical will become a preferred fuel for emission-free shipping.
The petroleum companies that are drilling for oil in the Norwegian underground have altogether paid 21 percent less taxes last year. They paid a total of NOK 116 billion to the Norwegian state.
A Norwegian shipowner has been sentenced to six months in prison for having attempted to send ship Tide Carrier to be illegally scrapped in Pakistan. Updated.
The Norwegian wind sector must seize the current moment to create value and jobs, but it requires investments from the state, says the sector.
Investments in the oil sector will be lower in the years until 2023, projects Norges Bank.
Norway's Storebrand Asset Management has launched a new green strategy that means it will exit oil and coal investments and blacklist a total of 27 companies.
A 50-year-old Norwegian national is accused of having shared state secrets with Russia and has now been charged with espionage. He is employed by DNV GL, through which he is in contact with the defense industry, reports Dagens Næringsliv.
A Norwegian yard company has, after negotiations with liquidator and banks, taken over Kleven Verft. The plan is to continue shipbuilding operations, and the yard's former CEO, who stepped down two weeks ago, is back.
The second quarter looks set to be better than feared for Norwegian oil service company Kvaerner. Despite a big drop in the oil price during the spring, the company now expects a "significant improvement" in results.
Shipyard Vard was hit by a cyber attack at the end of May. Following the attack, employees have received a text message saying that temporary dismissals may be necessary, according to a Norwegian media.
Particularly companies with large expansion portfolios and major deficits will benefit from a new Norwegian stimulus package for the oil industry. Aker BP is among the big winners, according to analyst.
The Norwegian oil and gas sector looks set for a marked decline in investment levels in 2021, according to a survey by Statistics Norway. This is due to the corona crisis and the oil price collapse.
Ship management company OSM Maritime has settled a deal with Kristian Gerhard Jebsens Skibsrederi to take over operation of 37 ships. And several of the shipowner's employees will move to OSM in a newly established subsidiary in Bergen.
The Norwegian Shipowners' Association will make the country's fleet climate neutral within the next 30 years, according to a new plan. "If the industry does not take these challenges seriously now, they will grow bigger over time," says CEO Harald Solberg.
Another of Norway's major, distressed companies could be on track for a long-term deal with its lenders. Siem Offshore believes that the company could settle a final agreement soon.
What was envisioned as a solid aid package for upwards of NOK 100 billion has been received with widespread disappointment by Norway's offshore sector. The biggest oil companies list projects that will be postponed unless the government changes the package.
Norwegian offshore carrier Solstad has landed an extensive debt agremment plan. The deal includes a streamlining of the company and a considerable debt-to-equity conversion.
The Norwegian government launches an aid package for the country's oil and gas sector, which is hard hit by the oil price collapse and the corona crisis. The bailout could amount to NOK 100 billion.
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