Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.The company's Oslo…
Italian prosecutors asked a Milan Court on Wednesday for documents sourced from U.S. bank JPMorgan to be filed as part of a corruption trial over the acquisition of an oilfield in Nigeria by Eni and Shell.The long-running graft case revolves…
Dutch heavy lift and transportation company Mammoet is opening a new office in Taichung, Taiwan, to allow its team to be located closer to project sites and to offer onshore services for offshore wind farms locally.'Due to the rapid expansion…
Lenders of the troubled marine seismic contractor Polarcus, which last week took control of the company's vessels after a debt payment default, will sell Polarcus' vessels and all the employees will be let go.Banks last week tool control of Polarcus' subsidiaries that own seismic vessels…
Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash…
Neptune Energy has started drilling on the Seagull oil and gas development in the UK Central North Sea, the company said Thursday.Neptune is using the Gorilla VI (JU-248) jack-up rig, operated by Valaris. The company will drill four wells for…
Organizers of Subsea Expo, dubbed the world’s largest underwater engineering event, said Tuesday that the event will not be taking place this year, citing lockdown restrictions, rising infection cases, and new variants of the coronavirus in the UK…
Even as the U.S. economy makes the switch over coming decades to renewable energy like wind and solar, the nation needs to ensure its fossil fuel industry stays healthy, a top U.S. central banker said on Friday.'The challenge for the country will be to transition…
Håkan Agnevall will take over the position of CEO of the Finnish marine equipment maker Wärtsilä on February 1, 2021.Back in September 2020, Wärtsilä first announced that Agnevall, president of Volvo's bus division, would become its new CEO…
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump…
U.S. offshore drilling contractor Diamond Offshore, which filed for Chapter 11 bankruptcy in April 2020, said Monday it had entered into an agreement with certain creditors over its financial restructuring that should see $2.1 billion eliminated…
Schlumberger on Friday joined rivals in predicting a steady recovery in the oil industry this year after the world's top oilfield services provider's fourth-quarter results beat estimates, aided partly by growing drilling demand.Easing of COVID…
President Joe Biden on Wednesday signed a new raft of executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies, as he pursues green policies he billed as a boon for job creation…
Shell's Malaysian subsidiary Sarawak Shell Berhad has extended the contract with Malaysian offshore vessel owner Dayang Enterprise for the use of the Dayang Opal accommodation workboat.The value of the contract is based on work orders issued…
Dutch offshore services company Fugro announced its chief financial officer (CFO) Paul Verhagen has decided to leave the company.Verhagen, who joined Fugro as CFO and member of the Board of Management in 2014, will step down after the annual meeting of shareholders on April 22…
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