Oilfield Services News

 

Saipem to Cut Costs, Scale Back Green Push, Focus on Traditional Offshore Oil Business

Feb 24, 2022

Troubled energy contractor Saipem will cut costs, sell assets, and scale back green ambitions to focus more on its core oil and gas business after plunging deep into the red last year.The Italian group stunned investors in January when it downgraded…

TAQA Group to Buy Tendeka

Feb 23, 2022

Saudi Arabia-based oilfield services company TAQA has agreed to acquire the UK-based well completion specialist Tendeka.Tendeka specializes in offering reservoir monitoring and control, advanced lower completions, and production optimization…

EnQuest Sends Arbitration Notice to Barakah Offshore

Feb 08, 2022

Oil company EnQuest has sent a notice of arbitration to the Malaysian offshore oilfields services firm Barakah Offshore Petroleum regarding a dispute in which an adjudication decision was made in January ordering EnQuest to pay around $17,1 million…

Petrofac Nets First Major O&M Deal India

Feb 07, 2022

Oilfield services giant Petrofac has won two new contracts with Cairn Oil & Gas, Vedanta Limited, India’s largest private oil and gas exploration company. With a combined value of around $100 million, the wins include Petrofac’s first significant Operations and Maintenance (O&M) contract in-country…

Saipem Loses Its Footing on Path to Green Energy

Feb 02, 2022

Italy's Saipem risks becoming a casualty of the transition to cleaner energy after a shock profit warning left leading shareholders scrambling to shore up the finances of the energy services company.The Saipem board met on Tuesday to discuss the situation…

After Warning, Saipem Shares Slide to Lowest Since 1992

Feb 01, 2022

Shares in Italian energy services group Saipem slid to their lowest level in three decades after a shock profit warning left leading shareholders scrambling to find a way to bolster the company's finances.At 1045 GMT the shares were down 4%…

Saipem Issues Profit Warning as Costs and Pandemic Hit Margins

Jan 31, 2022

Italian energy services group Saipem is talking to investors about a possible funding package, the group said on Monday after warning it will take a heavy loss for 2021, triggering a halt in its shares to prevent a stinging sell-off.Saipem has…

Halliburton Doubles Quarterly Profit, Raises Dividend as Oil Rebounds

Jan 24, 2022

Halliburton Co's fourth-quarter adjusted profit doubled from a year earlier, it said on Monday, beating analysts' forecasts and prompting the oilfield services company to lift its dividend following a rebound in crude and natural gas prices…

Schlumberger Expects 'Supercycle' as Demand Lifts Profit above Forecast

Jan 24, 2022

Schlumberger beat expectations with a rise in fourth-quarter profit on Friday as higher crude and natural gas prices drove demand for the world's largest oilfield services company.Oil prices surged about 50% last year and are trading at seven…

Schlumberger Profit Rises as Higher Oil Prices Drive Drilling Services Demand

Jan 21, 2022

Schlumberger NV, the world's largest oilfield services company, reported a rise in fourth-quarter profit on Friday, as higher crude and natural gas prices drove up demand for its services and equipment.Oil prices surged about 50% last year and…

Baker Hughes Posts Q4 Profit as Higher Oil Prices Spur Drilling Demand

Jan 20, 2022

Baker Hughes Co on Thursday reported an adjusted quarterly profit compared with a year-ago loss, as producers took advantage of a rise in crude prices that fueled demand for oilfield service equipment.Oil prices surged more than 50% last year…

Norway: Inflation to Lead to Hefty Cost Increase in Offshore Oil and Gas Goods & Services

Jan 17, 2022

Norway, the world’s top market for subsea tie-back projects in coming years, is facing an inflation-driven cost increase of $6.5 billion on upcoming contract awards for goods and services in the offshore oil and gas industry through 2026, a Rystad Energy report reveals…

Petrofac Expects Drop in Annual Revenue on COVID-19 Woes, Weak Orders

Dec 16, 2021

British oil services firm Petrofac Ltd said on Thursday it expects its revenue for the financial year to be down by about a quarter, as low order intake and the coronavirus pandemic continued to dent its operations.The company forecasts its annual revenue to come in at about $3 billion…

World is Entering a Period of Oil Scarcity, Halliburton Says

Dec 07, 2021

Oilfield services firm Halliburton on Monday warned the world is headed for a period of energy scarcity following years of underinvestment in bringing more fossil fuels to market.'For the first time in a long time, we will see a buyer looking for a barrel of oil…

ADNOC Weighs IPO of Logistics, Marine Services, and Shipping Unit

Nov 22, 2021

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC…

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Icon Offshore Sells Perisai Pacific 101 Jack-up Rig at Significant Profit

Wales’ Marine Test Center Expands Its Capabilities

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