Africa
Boskalis sells Smit Amandla Marine to South African consortium
Dutch offshore services and dredging provider Boskalis has completed the sale of its stake in Smit Amandla Marine (SAM). Boskalis sold its stake in SAM, a provider of offshore support and ocean towage solutions in South Africa, for 50 million euros ($53.1 million), to South African consortium AMSOL.
Rolls-Royce Axes 800 More Jobs at Marine Business Unit, Puts Focus on Smart Ships
Rolls-Royce plans to lay off 800 more workers from it Marine business throughout 2016 and 2017 citing ”continuing weakness in the maritime market” as the reason for the third wave of job cuts at the division in less than a year. ”Today’s proposals follow a series of cost reduction initiatives carrie
Fitch Predicts More M&A Activity, Defaults in Shipping Sector in 2017
Muted demand growth will exacerbate overcapacity for the shipping sector in 2017, putting pressure on freight rates and driving further consolidation and defaults, according to Fitch Ratings. Fitch expects performance in all segments to be under pressure and has therefore maintained its negative sec
Drewry: Putting the Squeeze on Terminal Operators Could Backfire on Carriers
Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry. Terminal operators face a “perfect storm” of
CGG Delivers Data for Gabon South Basin Survey
CGG informed that the final processed depth volumes from the 3D BroadSeis multi-client survey in the Gabon South Basin are now available for license. As technical consultant to the Gabonese Republic’s Ministry of Petroleum and Hydrocarbons, CGG acquired the broadband seismic survey of over 25,000 km
Oil prices surge, smash trading volume records as OPEC and Russia agree output cut
Oil prices shot up 13 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned they could remain modest by historical comparison as other producers fill the gap.
Hyperdynamics hires drillship for Fatala well
Offshore oil exploration company Hyperdynamics has signed a definitive drilling services contract with Pacific Drilling to engage the Pacific Bora drillship. The company will use the drillship for a drilling campaign offshore the Republic of Guinea, starting in the second calendar quarter of 2017. “
EU Extends Counter-Piracy Op until 2018
On November 25, 2016, the European Council extended Operation Atalanta’s mandate to deter, disrupt and repress acts of piracy off the coast of Somalia, until December 31, 2018. The two-year mandate extension comes amidst concerns within European Union Member States that whilst pirate attacks on merc
Offshore Decom Spending Set for Growth, IHS Markit Says
The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years alone. This will cause spending to rise significantly, according to a new study by IHS Markit an
IHS Markit: 600 offshore projects slated for disposal over five years
The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years alone. This will cause spending to rise significantly, according to a new study by IHS Markit an
OPEC agrees first output cut since 2008, details unclear
By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA (Reuters) – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels.
Reuters: OPEC reaches deal to cut oil production
OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday. While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September