The oil price war and the coronavirus pandemic are already taking their toll on the oil and gas services market, with offshore drilling contractors among the most affected segments. One of the major drillers, Noble Corporation, has seen its contracts shortened, rigs stacked and put on standby, and d
The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling, in particular, is among the most affected industry segments, according to energy intelligence firm Rystad Energy.
The Public Investment Fund from Saudi Arabia has taken an 8.2 percent stake in the world’s largest cruise shipping company Carnival Corporation. The fund bought 43,508,895 of the class securities offered as part of Carnival’s debt and equity offerings aimed at lifting the company’s liquidity. The mo
Dredging Today brings you an overview of the most popular stories from the past week (March 30-April 5, 2020). Donjon Wraps Up Manhattan Dredging In preparation for the arrival of the USNS Comfort to New York, USACE New York District Operations Division moved quickly and approved the necessary dre
Saudi Arabia’s decision to flood the market with crude oil at a time when demand is in doldrums amid coronavirus pandemic is about to create a massive supply-demand imbalance, says BIMCO’s Chief Shipping Analyst, Peter Sand. Liquid fuels production and consumption will be imbalanced during much of 2
Ship classification society Indian Register of Shipping (IRClass) has classed its first vessel under the Lebanese flag.
Polarcus, a Dubai-based seismic contractor, has recorded a decrease in its vessel utilization in the first quarter of 2020. The vessel activity decreased from 92 percent in Q1 2019 to 89 percent in Q1 2020. According to Polarcus’ update, on a contracted basis the vessel utilization dropped to 80 per
ITF Seafarers’ Trust launching a USD 1.23 million fund to address the impact of the pandemic on seafarers.
Tekmar’s subsea asset protection specialist Pipeshield has secured 20 new projects in the first quarter 2020 from customers in the UK, Europe, US, Middle East and Asia. Amongst a multi-million-dollar total value awards is a contract to supply over 90 4Te Precise Rock Placement Units (PRP’s) to the M
Subsea World News has put together a recap of the most interesting articles from the previous week (March 23 – March 29). https://subseaworldnews.com/2020/03/23/aker-solutions-to-provide-umbilicals-for-chevrons-gom-fields/ https://subseaworldnews.com/2020/03/23/kongsberg-boosts-em-2040-mkii-multibea
The number of Maersk employees working from home has increased considerably amid global lockdown measures.
More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact analysis shows, also revealing that shale services will bear most of the reductions.
Unique Group has signed an exclusive rental agreement with UK-based OTAQ Offshore to represent the latter’s technology and products across the Middle East, APAC and the Americas. OTAQ Group supports customer activities in the offshore energy, aquaculture, commercial diving, defence and oceanographic
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