Offshore drilling contractor Valaris on Thursday reported a net loss of $3.01 billion, or $15.19 per share, for the first quarter 2020 compared to a net loss of $216 million, or $1.09 per share, in fourth-quarter 2019.First-quarter 2020 results included a non-cash asset impairment charge of $2…
The Dutch government said on Thursday it is providing ailing shipbuilder Royal IHC with a lifeline of up to almost 400 million euros ($435 million), enabling the company's takeover by a consortium of marine companies and investors from Benelux countries…
Norway's minority government proposed on Thursday to temporarily change tax rules for oil firms in a bid to prevent a collapse in investments amid the COVID-19 pandemic, Prime Minister Erna Solberg said on Thursday.The plan could boost the liquidity…
Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of…
Aker Solutions expects its revenue to fall by 30% this year, driven down by the impact from the COVID-19 pandemic and the crash in oil prices, and plans to respond with further cost-cutting, the Norwegian oil services company said.'The depth and scale of the decline is still unclear…
Austrian energy group OMV posted a net loss for the first quarter due to significant inventory costs and lowered its production target and crude price forecasts in response to tumbling oil demand in the wake of the coronavirus pandemic.OMV said…
BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead.London-based BP said it expected significantly lower refining…
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing…
i3 Energy, a London-listed company focused on developing the Liberator field in the UK North Sea, has started talks with noteholders to seek waiver on previously agreed terms.In a statement on Friday, the company reminded that on 8 November 2019…
Italian energy group Eni lowered its forecast for production and investments on Friday as the coronavirus crisis has driven down oil and gas demand and hammered crude prices.In a statement on first-quarter results, it said it would spend about…
Oil services company TechnipFMC said on Wednesday it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak…
Australia's Santos Ltd posted a 13% drop in first-quarter revenue on Thursday due to lower realized prices for oil and gas, but said it had sufficient liquidity and debt headroom to weather the recent crude price crash.The country's second-largest…
Norwegian oil firm Equinor will cut its quarterly dividend payment by two-thirds as part of an effort to preserve cash amid the collapse in crude prices, it said on Thursday.The first-quarter cash payout to shareholders will be $0.09 per share…
Italian oil services group Saipem said on Thursday it could not offer new guidance for the year because of the highly unstable environment created by the COVID-19 pandemic and falling oil prices.Last week the group pulled its 2020 outlook saying…
Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment.Oil futures this week turned negative for the…