Category Archives: Outlook


RTE Looks for Surveyor for Subsea Cable Laying Projects

March 7, 2016

RTE, the electricity transmission system operator of France, has issued call for bids for subsea cable laying studies services for projects located in metropolitan France, outside France and in Europe. The studies involve marine navigation and fishing and the associated risks for energy cables. Namely, the studies should be aimed at providing collection of navigation data analysis… Continue Reading »


Nigeria Says OPEC, Non-OPEC Producers To Meet In Moscow

March 5, 2016

Some members of the Organization of Petroleum Exporting Countries plan to meet with other producers in Russia around March 20 for new talks on an oil output freeze, Nigeria’s petroleum minister said on Thursday. “We’re beginning to see the price of crude inch up very slowly. But if the meeting that we’re scheduling, it should… Continue Reading »


Russian Oil Bosses Voice Support For Oil Output Freeze, Not Cut

March 4, 2016

Russian oil companies back the idea to freeze output at near-record levels reached in January, but did not support any proposals to cut oil production to lift global prices, Energy Minister Alexander Novak said. Russian President Vladimir Putin met the heads of the country’s top producers, including Rosneft Chief Executive Igor Sechin, Lukoil CEO and… Continue Reading »


Island Offshore Loses NOK 365 Mln in 2015

March 4, 2016

Island Offshore, a subsidiary of Edison Chouest Offshore and Ulstein, reported revenue of NOK 508 mill in Q4 2015, down from NOK 711 million in Q3 2015, and also lower than the same quarter last year. Fleet utilization in Q4 was 68% including vessels in lay-up. Revenue from the PSV fleet increased in Q4 compared to previous quarters… Continue Reading »


Subsea 7 Nets BP Extension Offshore UK

March 4, 2016

Subsea 7 has secured an extension to the existing contract by BP for the provision of Subsea Construction, Inspection, Repair and Maintenance (IRM) services in the North Sea. Under the terms of the agreement, Subsea 7 will provide BP with an additional two years of cost-effective IRM delivery, extending the contract to 2019. The contract covers the maintenance of the Schiehallion,… Continue Reading »


Farstad Lets 26 Go

March 3, 2016

Norwegian shipowner Farstad Shipping has decided to reduce the size of the organization at the office in Aalesund with 26 positions. In January, the company started a process with the aim of reducing administrative expenses at the office in Aalesund. Farstad Shipping recorded a net loss of NOK 1.32 billion for the fourth quarter on impairments… Continue Reading »


IEA: Oil Prices Have Bottomed Out, But Growth Will Not Be Sharp

March 2, 2016

Global oil prices appear to have bottomed out and are expected to rise through this year as investment cuts help to reduce a supply glut, a senior analyst at the International Energy Agency said on Tuesday. Benchmark Brent crude futures were up 44 cents at $37.01 a barrel at 1304 GMT, the highest in eight… Continue Reading »


Fugro Suffers $410 Mln Loss, Announces Further Cuts

March 1, 2016

Dutch subsea and survey specialist, Fugro, has ended the year 2015 with a loss of €372.5 million (€410.4 million) as the oil and gas market slump continues to drive revenues down and stress offshore services players. The company managed to narrow the loss of €459 million ($505.7 million) from last year on better performance of… Continue Reading »

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