Offshore Engineer Industry News News

Tullow Oil Debt Down to $2.8 Bln

Nov 15, 2018

Tullow Oil forecast its net debt would drop to $2.8 billion by the end of the year and slightly raised its full-year free cash flow to $700 million, helped by trimming its capital expenditure.The company had previously said it might reach free cash flow of about $650 million…

ABS and Sembcorp Marine Pioneer Cyber Security Standard for New Vessels

Nov 15, 2018

The global provider of classification and technical advisory services to the marine and offshore industries ABS awarded a Cyber Security-Ready (CS-Ready) Notation to a Sembcorp Marine jack-up drilling rig built to its proprietary Pacific Class 400 design…

PGS Sells OptoSeis to Geospace Technologies

Nov 14, 2018

Norwegian marine geophysical company PGS said it has sold its OptoSeis fiber optic sensing technology business to Houston based Geospace Technologies.The transaction includes an initial cash payment at closing of $1.8 million, plus contingent cash payments of up to an additional $23…

Rosneft's CEO Says VTB Did Not Finance Share Sale

Nov 14, 2018

Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft CEO Igor Sechin said on Wednesday.Reuters reported last week that…

Oil Majors Spending 'Sweet Spot' to Last to 2020

Nov 13, 2018

Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday.Oil and gas giants such as Royal Dutch Shell…

GE to Sell Portion of Stake in Baker Hughes

Nov 13, 2018

General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has…

Saudi Aramco CEO says IPO will 'certainly' happen

Nov 12, 2018

Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will 'certainly' happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp…

Mubadala Buys Stake in Egypt's Nour Offshore Concession

Nov 12, 2018

Abu Dhabi state fund Mubadala Investment Company's oil business Mubadala Petroleum has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore concession from Italy's Eni, it said on Monday.Egypt's main producer…

Hedge Funds Enforce Correction to Oil Market's Course

Nov 12, 2018

Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers…

OMV Forms JV with Sapura

Nov 09, 2018

Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm…

Rosneft Snubs Government Oil Meeting

Nov 08, 2018

Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production…

Petrobras CEO Not Expected to Stay On

Nov 07, 2018

Brazil's right-wing President-elect Jair Bolsonaro said on Wednesday that the chief executive of state-controlled oil company Petroleo Brasileiro SA, Ivan Monteiro, is not expected to stay on during the new administration.Speaking to reporters…

W&T Offshore Reshuffles Executive Management

Nov 06, 2018

The US-based oil and natural gas acquisition, exploitation and exploration company W&T Offshore announced certain executive management changes within the Company, effective immediately.The Company announced the appointment of Janet Yang to Executive Vice President and Chief Financial Officer…

Tighter North Sea Rig Market Suggests Brighter 2019

Nov 06, 2018

North Sea drilling activity this year could surpass 2017 levels while seeding a brighter 2019, as a range of indicators point to recovery after four years of rig glut and “cannibalization”.Boldest among bellwethers is oil company spending. After campaigning since 2014 for lower supplier costs…

Rosneft Nearly Triples Net Profit

Nov 06, 2018

Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution…

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