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OPEC Oil Output Near Record High in April as Iran
OPEC's oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages. Top exporter Saudi Arabia…
Samsung Heavy Loses $4.6-bln FLNG Order
South Korea’s shipbuilder Samsung Heavy Industries (SHI), the world’s third-largest shipbuilder, has received a contract termination for three floating liquefied natural gas (FLNG) units from oil and gas giant Royal Dutch Shell Plc. The deal for the three vessels…
ABS Approves First Subsea's Large Scale Steel Forgings
Subsea mooring specialist, First Subsea, has achieved American Bureau of Shipping ABS 2009 Approval for its larger R4 steel forgings up to 562mm diameter. These are the largest diameter forgings to have received the approval, and set the benchmark…
Korean Shipbuilders Maintain Top Ranks, Despite Troubles
Korea's 'Big Three' shipbuilders are still the world's three biggest by order backlog, despite their troubled management, according to data from UK-based Clarkson Research Services. The country’s three largest shipbuilders – Daewoo Shipbuilding & Marine Engineering Co.…
Challenges for Offshore Exploration
The oil discoveries are down 47% y-o-y on an annualised basis so far in 2016, global rig utilisation has dropped 22 percentage points to 73% in two years, and 29% of seismic units are inactive, says Clarksons Research. As a result of weaker oil prices and E&P spending cuts…
Saipem Sticks to Guidance as Q1 Beats Forecasts
Italian oil services group Saipem stuck to its guidance for the year on Wednesday as first-quarter operating profits beat forecasts thanks to growth in its construction business. Saipem, controlled by oil major Eni and state lender fund FSI…
US Battles Russia for European LNG Market
As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah.
Statoil CEO: Quarterly Earnings Brighten Future
Q1 operating profit beats forecasts; shares jump more than 3 pct. Norway's Statoil beat first-quarter earnings expectations on Wednesday and said the global oil market was approaching a balance between supply and demand, offering a glimpse of optimism on the crisis-stricken industry.
Sembcorp Profit Halved as Clients Defer Projects
Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy.
Cambla: Soft Solutions for Hard Problems
As uncertainty around the fluctuating oil price remains, the industry must continue to evolve. It is more important now than ever that companies search for effective and innovative methods to streamline their processes, in order to adapt to the challenging climate.
Decommissioning Market to Boom to 2040
Which Way is Up? The Six Things You need to Know Now Subsea Well Removal is a Leading Cost Driver North Sea decommissioning has long been considered an area of huge potential opportunity for a variety of companies, which to date has not been fully realized.
Oil Rises, Heads for Third Week of Gains
Oil prices rose on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing. Strong gasoline consumption in the United States, increasing signs of declining…
Statoil Launches New Subsea Concept
Norwegian oil major Statoil presented a new subsea concept that is designed to reduce cost and increase efficiency. The concept is called Cap-X. The concept was presented by Margareth Øvrum, executive vice president for technology, projects and drilling in Statoil.
Brazil to Pay Energy Debt from 2017
Brazil's government will pay debt it owes to energy transmission companies starting in 2017, the country's official gazette said on Friday, a surprise decision that sent shares of energy companies soaring. The debts stem from changed energy policy four years ago.
U.S. Regional Banks Brace for Energy Loan Losses
The five U.S. regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad loans to the struggling oil industry. Overall, provisions for bad loans at Comerica Inc…
U.S. Drillers Cut Rigs for 5th Consecutive Week
U.S. energy firms cut oil rigs for a fifth week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms continue to slash spending despite a bigger than 60 percent spike in futures since hitting a near 13-year low in February.
Aqualis Offshore and CSDC Join Forces
Aqualis Offshore and China Ship Design & Research Center Co., Ltd (CSDC) have signed an agreement to cooperate on engineering projects both in China and internationally. CSDC, a subsidiary company of China Shipbuilding Industry Corp (CSIC),…
Petrobras Says Unit Extraction Costs at Subsalt Polygon Fall 7%
The cost of extracting oil from Brazil's so-called Subsalt Polygon in the Atlantic ocean fell about 7 percent last year, state-controlled oil producer Petróleo Brasileiro SA said on Tuesday. In a securities filing, Petrobras said unit extraction…
Keppel's Profit Nosedives
Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.
Venezuela Oil Minister Says US Helped Ruin Deal in Doha
Intense pressure from the United States was one of the reason why OPEC and non-OPEC producers failed to reached a deal on freezing oil output in Doha on Sunday, Venezuelan Oil Minister Eulogio Del Pino told reporters. "The United States was behind the pressure.
Keppel Q1 Profit hit by Offshore, Marine Segment
Singapore conglomerate Keppel Corp posted a 41 percent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.