Global offshore rig utilization dropped from 87% to 73% across 2015, to the lowest levels in 30 years, according to Clarksons Research. Global Jackup working utilization declined from 86% to 70%, down from a high of 95% in 2013, while…
Schedule slippage is an ever-present reality for exploration and production (E&P) projects, especially for the more complex mega-projects, says Norwegian oilfield analysts Rystad. 'In addition to subsurface challenges, above-ground issues…
ION Geophysical has been awarded an extension to its existing multi-year contract with Petroleos Mexicanos (Pemex), the national oil company of Mexico. Under this contract, ION is providing a broad range of seismic data processing for multiple offshore and onshore surveys…
Baker Hughes suffered a net loss of US$1 billion in Q4, in addition to a 36% dip in its revenue year-on-year that the company said is from global pricing pressures, and the steep decline in activity. Image from Baker Hughes…
Jan De Nul Group will install two additional power cables for Saudi Aramco’s Marjan Field, offshore Saudi Arabia, in the Persian Gulf. For the Marjan gas oil separation plant project executed by McDermott, Jan De Nul Group will install two 115 kV cables…
Rope manufacturer Lankhorst Ropes, was awarded a contract by Shell to supply the mooring lines for the Appomattox development to be located approximately 140nm southeast of New Orleans in the Gulf of Mexico. Lankhorst Ropes is supplying 78 rope lengths totaling over 63…
Australia-based Otto Energy may leave the Philippines to focus on its North American assets, leaving joint venture partner Red Emperor Resources with an option to takeover more stake in SC 55. Map of SC 55…
BG Group shareholders made the final decision in the US$70 billion mega merger with Shell in an overwhelming 99.53% vote in favor of the deal today (28 January), making it the biggest merger between two supermajors in more than a decade. BG…
TGS has acquired 93,000km (50%) of the 186,000km 2D seismic project, Gigante, which covers the entire offshore sector of Mexico and ties into TGS' regional 2D seismic grid covering the entire US Gulf of Mexico. Interpretation of preliminary…
Carnarvon Petroleum has secured 35% stake in license TR/3 in the Barrow sub-basin offshore Austrailia, joining operator Quadrant Energy. Image of the Noble Tom Prosser, courtesy of Noble. The…
Despite a multibillion dollar backlog of projects, put on hold amid US$30-50/bbl oil prices, exploration firms are still eyeing resources in arctic waters. New areas of the Barents Sea were offered to oil firms in Norway’s 23rd licensing round…
Leicester-based engineering polymer firm Nylacast is to open a new production facility in China following a £12 million (US$17.21 million) funding deal from Santander Corp. & Commercial. Nylacast supplies high performance engineering polymers and finished components to the oil and gas…
Sweden's MMT has been awarded a contract to work on the ocean thermal energy conversion (OTEC) NEMO project by French naval defense group DCNS. This project is jointly developed by DCNS and its partners with purpose to characterize the…
UK Prime Minister David Cameron is visiting oil city Aberdeen today to announce an injection of cash to help the ailing city as the industry struggles to deal with low oil prices. Cameron will sign a new 'UK City Deal' fund of up to £250 million (US$358…
Petrofac and GE have been awarded a contract worth over £110 million to engineer, construct and install a turnkey power system to efficiently connect up to 336 MW of clean energy from the Galloper offshore wind farm, off Suffolk, UK, to the British grid…