Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.The Britain-based company…
All electric systems are starting to free companies from the traditional strict form factors that ROVs traditionally take. With a more flexible modular harness, vehicles can be built from standardised building blocks. Saab Seaeye, a firm well versed in all-electric vehicles…
Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago…
With the need to use and abandon the cable gripper for up to 20 days between cable recovery projects, hydraulic tools specialist Webtool has redesigned its Webtool CRT200 Cable Retrieval Tool for large diameter cable and longer subsea deployment in water up to 1…
Danish wind turbine maker Vestas has won an order to deliver V150-4.2 MW wind turbines to be installed in Vietnam's Mekong Delta and has also secured a 20-year service contract - the longest such contract in Vietnam for a wind turbine manufacturer…
Gas giant Gazprom said on Thursday 20 workers have been quarantined at Bovanenkovo gas field, which feeds the Nord Stream pipeline and is a key source of Russian gas supplies to Europe, after contact with a person who has coronavirus.The outbreak…
Oil company Tullow Oil has terminated the drilling contract with Maersk Drilling for the Maersk Venturer drillship in Ghana.Maersk Drilling said Tuesday it had received a notification from Tullow Ghana 'of early termination for convenience of the drilling contract…
Norwegian independent oil firm Aker BP will postpone non-sanctioned projects to cut its planned 2020 capital and exploration spending by 20% due to the coronavirus but maintains its production guidance, it said on Monday.Capital spending for this year would be reduced to $1…
The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world's hottest offshore oil plays, specialists at consultancy Wood Mackenzie told Reuters.Before…
Norwegian offshore suppliers on Monday endured a perfect storm of economic shockwaves after the oil price collapsed 30 percent over the weekend and sent oil stocks plummeting en masse in a way not seen for two decades.By around midday in Oslo…
Orsted Taiwan Ltd announced that it has signed a 20-year wharf lease with Taiwan International Ports Corp (TIPC) for the development of its offshore wind farms (OWF) off Changhua County.The global offshore wind leader announced the signing of…
Integrated subsea contracts took center stage in 2019 and had a breakout year with 20 such contracts signed, representing a record-high of over 150 subsea trees awarded under such deals.'After hitting rock bottom in 2016, the subsea equipment market has gradually recovered…
North Sea private equity player, Hitecvision — the firm behind the rise of well-known E&P players and suppliers — has decided to bundle 20 of its oilfield suppliers into a well-capitalized industrial group with other-than-offshore aims.Hitec said the offshore suppliers would live on in a new…
Canadian oil company Africa Oil has received the South African government's approval to buy into the offshore block 3B/4B.Africa Oil will acquire a 20% stake in the Block 3B/4B Exploration Right from Azinam. It will also assume operatorship for the joint venture partners…
Oilfield services giant TechnipFMC has awarded steel producer Tata Steel three separate contracts in the UK sector of the North Sea.The scope of work includes the provision of a High-Frequency Induction (HFI) line pipe for carrier application and both spool and pipe-in-pipe systems…
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