Oil prices will eventually rebound, BP’s Upstream Chief Executive Bernard Looney told attendees during a presentation at the Offshore Technology Conference in Houston. “Is it lower for longer or lower forever? At BP we don’t think it’s lower forever,” Looney assured oil and gas industry delegates during the first day of the global conference. “You… Continue Reading »
Oil narrowed a decline as a labor strike in Kuwait cut output for a second day, counteracting the failure of producing nations to reach an output-freeze agreement in Doha. Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the… Continue Reading »
Ezra Holdings has booked a loss in the second quarter as the weak market drove the revenues down forcing the Singapore-based offshore contractor to recognise impairments and write offs of bad debts. The Losses for the three months ending February 29 came in at USD 282.6 million for Q2 2016 and USD 336.4 million for H1 2016,… Continue Reading »
Partrac has been selected by Statoil to provide real-time wave and current measurement services for the Dudgeon offshore wind farm. Partrac has been contracted to manage the deployment and maintenance of the equipment and the delivery of real-time waves and current data over the duration of the construction phase of the development. The company chose a… Continue Reading »
Aker Solutions has secured an agreement to provide maintenance and other services for subsea facilities at Petrobras-operated oil and gas fields offshore Brazil. The contract is for a fixed term of three years valued at BRL 435 million net of taxes (NOK 1 billion) and may be extended by another three years. It covers maintenance,… Continue Reading »
IRM Systems (IRMS), the independent authority in emergency pipeline repair, has introduced its new method of maintaining critical pipeline valves. Reportedly, the Valve Integrity Management Solution (VIMS) was developed to help maintain pipeline valves to performance standards and criteria that can save up to 70% in lost production, excluding the substantial cost of associated labour, equipment… Continue Reading »
Orkney-based energy and environmental consultancy Aquatera has become a member of the non-profit Nagasaki Marine Industry Cluster Promotion Association (NaMICPA) and also entered into a partnership with Japanese dive operator and offshore operations company, Shibuya Diving. NaMICPA helps support the development of marine renewables in Japan and stimulate further international collaboration. Aquatera has become a… Continue Reading »
Norway’s Electromagnetic Geoservices (EMGS) will reduce its global headcount by about 15 per cent due to decline activity levels on the market. The Oslo-listed company informed it will implement several structural changes to the organisation, including centralising and / or merging departments, in addition to other measures to reduce cost. EMGS said it expects to book restructuring… Continue Reading »
DONG Energy has signed a contract with a UK-based Hughes Sub Sea Engineering (Hughes SSE) for the undertaking of a subsea inspection campaign. Merseyside-based firm will conduct a subsea inspection, examining various components of offshore wind turbine foundations and cabling at DONG Energy offshore wind farms located in Denmark and Germany. The campaign will comprise… Continue Reading »
Mexico will use $13.6 billion from a central bank surplus to pay down debt and boost its rainy day fund, shoring up finances as it prepares a support plan for the beleaguered state oil company Petroleos Mexicanos. The Finance Ministry will spend 167 billion pesos ($9.5 billion) of the transfer to buy back debt and… Continue Reading »
