A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.U.S. West…
As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact…
Halliburton Co on Monday joined its bigger rival Schlumberger in taking impairment hits in the first quarter and issued a bleak outlook for North America as oilfield providers grapple with an unprecedented decline in oil prices.Oil prices have…
US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company…
Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10…
Oilfield services provider Baker Hughes Co said on Monday it will take a $1.5 billion charge to its first-quarter earnings, write down the value of its oilfield business and slash this year's capital spending by 20%.Oil and gas producers have cut 2020 spending by about 30%…
Offshore oil and gas contractors Seadrill, Pacific Drilling, and Hermitage Offshore have in the past week received listing warnings from the New York Stock exchange.All three companies have been warned by the New York Stock Exchange (the 'NYSE')…
U.S. oil firm Murphy Oil Corporation has informed that its CEO Roger W. Jenkins has recovered and resumed his responsibilities 'following his temporary medical leave.'Jenkins had taken medical leave in March due to coronavirus concerns when…
Dutch dredging and marine services giant Boskalis has acquired the U.S.-based maritime emergency response specialist Ardent Americas.Ardent, created by the 2015 merger of salvage divisions of Svitzer and Crowley, specializes in emergency preparedness and response…
The U.S. Interior Department said on Wednesday that one oil company had begun the process of requesting relief from royalty payments on its offshore production as the industry reels from slumping prices.Lawmakers representing U.S. Gulf Coast…
Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.Thursday's videoconference…
Offshore engineering and consultancy firm Arup has appointed Saygin 'Sy' Oytan as the company's Offshore Wind Leader in the AmericasAs an associate principal in the Boston office, Oytan will lead strategic business development initiatives aimed…
U.S. oil company Marathon Oil has decided to cut its 2020 CAPEX further, for the second time in less than a month.The company, with assets in the U.S. onshore plays such as Bakken and Eagle Ford, and in Equatorial Guinea offshore space, one Wednesday revised its 2020 capital budget to $1…
OWC, formerly known as Offshore Wind Consultants Ltd, has won a contract with an undisclosed developer to develop a ground model for a US offshore wind project and its cable route. Will Cleverly, managing director of OWC said:“Our approach…
Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by $10 billion as the coronavirus pandemic saps energy demand and oil prices…
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