Guyana and Namibia focused oil and gas company Eco Atlantic has said that its board and management have agreed to voluntary pay cuts of up to 40 percent, in the wake of the situation with the coronavirus and the low oil prices.The company has…
Offshore installation and construction company Subsea 7 has withdrawn its 2020 guidance and outlook statements given late in February, citing the impact of the coronavirus and the oil price crash.Subsea 7 had in February said that it expected increasing tendering activity for offshore work…
Norway-based offshore vessel owner Siem Offshore has received some breathing room after reaching an agreement with its banks.The company last week warned that the extreme fluctuations in the financial markets over the past weeks „have resulted…
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders…
Private equity-backed gas producer Neptune Energy plans to cut its budget for development projects by around $300 million this year and will not pay a cash dividend to its owners Carlyle and CVC Capital Partners, it said on Tuesday.Following the collapse in oil prices…
Italian marine cable installation company Prysmian plans to cut the dividend by 50 percent, citing the effect of the coronavirus pandemic and its effects on the global economy.Citing the spread of the pandemic and its potential duration, and…
Italian energy group Eni will cut its capital spending by a quarter this year, and more next, as it moves to mitigate the impact from falling commodity prices because of the coronavirus emergency.In a statement on Wednesday, the state-controlled…
Nigerian oil company Lekoil has said it is in the process of paying $2 million to Optimum Petroleum, its partner in an offshore block in Nigeria.The 2 million payment was agreed in January, and it is the first of two installments Lekoil is due…
Chinese offshore oil and gas specialist CNOOC Ltd said on Wednesday it will 'significantly' reduce capital spending this year amid sharply lower global oil prices.The state-backed energy company saw limited impact on its operations from the…
Norwegian oil firm Equinor will cut investments, exploration drilling and operating costs as part of a $3 billion plan to help the company weather the coronavirus crisis and low oil prices, it said on Wednesday.Equinor will halt its onshore drilling in the United States…
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company…
Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.Oil has crashed by more than 60% since January, hit by global…
Kvaerner, a Norwegian offshore engineering and construction company, has said its executive management will cut its salaries. The company has also placed 30 employees on temporary leave, with this number set to increase.This is a part of the…
Talos Energy, a U.S. oil company focused on the U.S. and the Mexican side of the Gulf of Mexico, has announced further cost cuts, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The company said Monday it would…
Norwegian offshore vessel operator Eidesvik Offshore will see its platform supply vessel Viking Princess return from a contract earlier than expected.The company said Sunday that it had received 'notice of early redelivery' from the charterer Ithaca Oil and Gas…