Business & Finance
Lower prices push ConocoPhillips into the red
Oil major ConocoPhillips went from black to the red in the last quarter of 2020 compared to the prior-year period due to lower prices and volumes.
ExxonMobil swings to loss amid ‘the most challenging conditions’ ever
ExxonMobil booked a $20.1 billion loss in the last quarter of 2020 compared to a profit in the same period of 2019 due to massive impairments.
SMM Digital: Redundancies in European shipbuilding sector set to increase
The shipbuilding industry has been hit hard by the impact of the coronavirus pandemic quashing shipowners’ interest in investing in new ships. The pandemic crushed down on an already battered industry suffering from overcapacity, weak demand, and flat world trade growth. The European shipbuilding se
GE expanding factory in France to house Haliade-X nacelle assembly
GE Renewable Energy is expanding its wind turbine nacelle factory in Montoir-de-Bretagne in France to accommodate the assembly of nacelles for the Haliade-X offshore wind turbines. The wind turbine supplier has awarded a consortium of VINCI Construction France’s subsidiaries with a contract for the
Three60 Energy scores duty holder deal for Galoc field FPSO
Energy services group Three60 Energy has been awarded a contract for the provision of duty holder O&M services to the FPSO Intrepid offshore the Phillippines.
Maersk Supply Service gets new CFO
Danish offshore vessel provider Maersk Supply Service has named a new chief financial officer (CFO) of the company with effect from 15 March 2021.
ExxonMobil launches new low-carbon business
U.S. oil major ExxonMobil has created a new business named ExxonMobil Low Carbon Solutions to commercialise its extensive low-carbon technology portfolio.
Malaysian contractor expands into liftboat market, eyes offshore wind
Coastal Contracts and its partner JUB Pacific are entering the liftboat business with plans to pursue expansion in the oil and gas as well as venturing into the offshore wind market.
Polarcus fleet up for sale – all employees face layoffs
Seismic player Polarcus has received notification from the lenders that they no longer support the continuation of the company’s operations. Following the recent loan default, Polarcus’ lenders took control of its vessels and shipholding unit and also replaced the directors of its subsidiaries contr
Depressed demand drags BP profit down
BP recorded a significant decrease in its quarterly profit due to lower demand, exploration write-offs, and lower oil and gas prices
SCA to develop new container port, cargo handling areas in Tunadal
Swedish forest products company SCA revealed plans to invest approximately SEK 460 million (about $54.7 million) in Tunadal port between 2021 and 2024.
Petrobras inks deals for sale of shallow-water fields
Brazilian oil and gas giant Petrobras is selling its whole interest in two shallow-water fields located in the Espírito Santo Basin offshore Brazil.
Japan’s MOL sets up offshore wind division
Japan’s Mitsui O.S.K. Lines (MOL) has announced that it will restructure the organisation as of 1 April and that it will establish a business division dedicated solely to offshore wind. As part of its restructuring and setting up several new business units and divisions, MOL is establishing the Wind
MHI Vestas Japan opens for business
Mitsubishi Heavy Industries and Vestas have launched MHI Vestas Japan, a joint venture targeting onshore and offshore wind turbine markets in Japan. The joint venture started operating on Monday, 1 February. MHI Vestas Japan’s head office is located in Chiyoda-ku, in central Tokyo. Masato Yamada, fo