Offshore Activity - page 1009


Oilfield Services Giant to Cut Spending by 30%

Mar 24, 2020

Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company…

Deme Offshore, Penta-Ocean in Japan Offshore Wind Pact

Mar 24, 2020

Japanese marine contractor Penta-Ocean Construction and Belgian offshore installation specialist Deme Offshore have entered into a memorandum of understanding to cooperate in the construction of offshore wind farms in Japan. In light of recent…

Only a Handful of FPS to Be Ordered in 2020, Down from 18 Expected

Mar 24, 2020

Energy intelligence company Wood Mackenzie has downgraded its expectations when it comes to new orders for floating production systems in 2020, citing the oil price crash.Mhairidh Evans, principal analyst in Wood Mackenzie’s upstream supply…

Tullow Rescinds Maersk Drillship Contract

Mar 24, 2020

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…

Chevron to Slash Spending by $4B

Mar 24, 2020

Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.Oil has crashed by more than 60% since January, hit by global…

New Oil and Gas Project Spending to Fall 68% in 2020 if Oil Price Stays Low

Mar 24, 2020

Oil and gas project sanctioning in 2020 could drop almost 70% compared to 2019 if the oil prices remain in the $30 a barrel area, Norway-based Rystad Energy said in an analysis on Monday.'The effect of the COVID-19 virus on global demand for oil and gas…

Prosafe Loses Safe Zephyrus Gig with EnQuest

Mar 24, 2020

Offshore accommodation rig contractor Prosafe has lost a contract it had won for its Safe Zephyrus offshore accommodation unit with EnQuest earlier this month.As previously reported, Prosafe on March 16 said it had secured a contract to support…

Kvaerner Sends Workers on Temporary Leave. Execs Cut Own Salaries

Mar 24, 2020

Kvaerner, a Norwegian offshore engineering and construction company, has said its executive management will cut its salaries. The company has also placed 30 employees on temporary leave, with this number set to increase.This is a part of the…

Gazprom Neft to Boost Arctic Oil Production

Mar 24, 2020

Gazprom Neft, the oil arm of Russian gas giant Gazprom, plans to raise oil production at its Arctic projects this year, the company said on Tuesday.It said its oil production at the Novy Port project will rise to 8 million tonnes (160,000 barrels per day) in 2020 from 7…

Kleven Signs PSV Delivery Contract

Mar 24, 2020

Norway’s Kleven Verft has signed the final contract to complete, equip, and deliver a platform supply vessel, in cooperation with Havyard, to Canada’s Atlantic Towing.To remind, Norway’s Havyard in February decided to outsource the construction…

Head Energy Clinches Brage Platform Well Hook-Up Work

Mar 24, 2020

Oil company Wintershall Dea has awarded Norwegian engineering firm  Head Energy a contract for two well hook-ups at the Brage Platform.'This is a strategically important contract for us and a recognition of our skilled engineering team working with EPCIC offshore modification projects…

Husky Suspends West White Rose Works on COVID-19 Fears

Mar 24, 2020

Canada's Husky Energy has decided to suspend construction activities on its West White Rose offshore project, citing the COVID-19 virus fears.The oil company sanctioned the West White Rose development in May 2017. The field is being developed…

Oil & Gas Freelance Platform Secures Funding

Mar 23, 2020

Proteus, a digital platform that promises to try and revolutionize the way in which the upstream oil and gas industry resources projects has secured £1.8m of private investment.Developed by the start-up technology firm, Xergy, Proteus is a cloud…

Offshore Drilling: It’s Going to Get Worse Before It Gets Better

Mar 23, 2020

With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds. RigLogix has contacted a number of rig owners and operators and the consensus seems to be that it’s going to get worse before it gets better…

Talos: Cost Cuts to Allow for Cashflow Generation in Mid-$20s a Barrel

Mar 23, 2020

Talos Energy, a U.S. oil company focused on the U.S. and the Mexican side of the Gulf of Mexico, has announced further cost cuts, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The company said Monday it would…

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