Finance News

 

Petronas Q3 Profit Jumps 43%

Nov 27, 2018

Malaysian state-owned energy firm Petroliam Nasional Berhad, or Petronas, on Tuesday said it will increase its dividend payout to the government after its third-quarter net profit jumped on higher revenue and oil prices.The new administration…

Norway Revokes Cairn, Kosmos Investment Exclusions

Nov 27, 2018

Norway's sovereign wealth fund, the world's largest, will no longer exclude Cairn Energy Plc and Kosmos Energy Ltd from its portfolio of investments, the Norwegian central bank said on Tuesday.The companies were excluded in 2016 based on advice from the fund's ethics watchdog…

Seadrill CEO Sees 2019 as Another Challenging Year

Nov 27, 2018

The next year will be another challenging time for offshore drillers due to continuing supply overhang even though prices are starting to improve, the chief executive of rig firm Seadrill told Reuters on Tuesday.The Oslo- and New York-listed company…

Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm

Nov 26, 2018

Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP)…

DNO Makes Hostile Bid for Faroe Petroleum

Nov 26, 2018

Norway's DNO has launched a hostile bid to buy all of Faroe Petroleum in a deal valuing the London-listed company at around 608 million pounds ($781 million), sending Faroe shares up by a quarter.DNO, which already owns 28 percent of Aberdeen-based Faroe…

Oil Rebounds After Prior Session's Slide

Nov 21, 2018

Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1…

UK Energy Watchdog Proposes Tests for New Suppliers

Nov 21, 2018

Britain's energy regulator Ofgem has proposed financial and customer service tests for new suppliers after several smaller energy providers went bankrupt over the last year, it said on Wednesday.Ofgem said the tests should ensure new entrants are robust while encouraging competition in the market…

Trump Thanks Saudi Arabia Over Oil Prices

Nov 21, 2018

U.S. President Donald Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower, likening it to 'a big tax cut' that could boost the U.S. and global economies.'Oil prices getting lower. Great! Like a big Tax Cut for America and the World…

Oil Slumps 7 Percent

Nov 20, 2018

Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3…

Heerema to Sell Two Fabrication Yards

Nov 20, 2018

Heerema Fabrication Group (HFG) announced Tuesday that it intends to divest its activities at the locations in Zwijndrecht, the Netherlands and Hartlepool, U.K. The Dutch firm, which builds large structures for the offshore energy industry,…

Oil Markets Face Unprecedented Uncertainty

Nov 20, 2018

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014…

North Sea Crude: Forties Falls to Three-year Low

Nov 19, 2018

North Sea Forties crude differentials fell to a three-year low on Monday, pressured by ample prompt supplies and limited demand.Ekofisk DelaysSome Ekofisk cargoes for loading in November have been delayed by a few days because of unplanned maintenance…

Nigerian Opposition Candidate Seeks to Boost Oil Investment

Nov 19, 2018

Nigerian opposition candidate Atiku Abubakar will seek to boost investment in the country's oil sector if he becomes president next year, according to a draft copy of his manifesto.He plans to reconsider the introduction of bidding rounds for marginal fields and oil blocks…

Delek Drilling to Spin Off Tamar Stake

Nov 19, 2018

Israel's Delek Drilling is looking to spin off its remaining 22 percent stake in the offshore Tamar gas field in 2019, the company's chief executive said on Monday.Last year Delek spun off an initial 9.25 percent of Tamar into a new company in Tel Aviv called Tamar Petroleum…

SBM Offshore: $45 Mln in Extra Impairments in Q3

Nov 15, 2018

SBM Offshore, the Netherlands-based maker of floating oil and gas production facilities, on Thursday said it expected $45 million in impairments in Brazil and the United States.In Brazil, SBM Offshore has decided to temporarily close the Brasa…

Current News

Keys to Keeping Offshore Metal Structures Ship Shape

Keys to Keeping Offshore Metal

CRP Subsea to Supply Well Equipment for Shell’s Whale Development

CRP Subsea to Supply Well Equi

INEOS, Covestro Agree Eight-Year LNG Gas Supply

INEOS, Covestro Agree Eight-Ye

TMC Books Compressors Orders for FPSO and LNG Vessels

TMC Books Compressors Orders f

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine