Business & Finance
Shell’s second-quarter LNG sales drop
The Hague-based LNG giant Shell logged a 7 percent decline in its liquefied natural gas sales during the second quarter of this year as it reported a huge quarterly loss. Shell announced on Thursday a loss of $18.1 billion for the second quarter due to the effects related to the Covid-19 pandemic. T
GTT sees revenue rise as it continues to book new orders
French LNG containment specialist GTT posted a 66.2 percent rise in revenue in the first half as it booked eighteen new orders. The company said its revenue reached 203.8 million euros ($240 million) in the January-June period. Revenue benefited from the flow of orders over the last two years, it sa
Novatek logs 40 percent plunge in quarterly profit
Russian independent LNG producer Novatek reported a 40 percent decline in its second-quarter profit due to the effects related to the Covid-19 pandemic. Net profit reached 41.6 billion roubles ($572.8 million) in the April-June period, compared to 69.1 billion roubles last year. Revenues also droppe
Precious Shipping: IMO 2020 was absolutely pain-free for us
The IMO 2020 sulphur cap, mandating the switch for all ships to use fuels with a maximum 0.5% sulphur content as of January 1, 2020, except for those equipped with scrubbers, has been the driving force for change in the shipping industry over the past couple of years. The implementation of the regul
Tullow delays Suriname well with rig hunt under way
Tullow Oil has postponed the drilling of its exploration well on a block located offshore Suriname. Meanwhile, Tullow is looking to hire a rig for the well.
Hess sinks deeper into the red
Hess sank deeper into the red during the second quarter of the year compared to the same period last year as its revenues dipped on lower oil and gas prices.
Equinor gains drilling permit for wildcat wells in Norwegian Sea
The Norwegian Petroleum Directorate has granted Equinor a drilling permit for wells located in the Norwegian Sea.
Scotland reaps benefits from renewables, new report shows
Industry body Scottish Renewables has released a new report analysing contribution of renewable energy to the economy of rural Scotland. The report reviews five economic studies carried out over the past three years. It shows the “remarkable an undeniable” positive effects of the sustainable develop
Ampelmann to support Ithaca’s project in North Sea
Ampelmann has secured a contract with Olympic Shipping to support topside commissioning work on Ithaca Energy’s FPF-1 offshore semi-submersible in the North Sea.
Spirit Energy gives another three years of life to North Sea gas field
Spirit Energy has given another three years of life with an additional £13 million ($16.7Mn) investment to its York gas field in the Southern North Sea.
NEO Energy taps Petrofac for well services in UK
Oilfield services provider Petrofac has been awarded a two-year contract with NEO Energy, which doubled Petrofac’s UK portfolio.
Ardmore inks 1st sustainability-linked financing
New York-listed product and chemical tanker company Ardmore Shipping Corporation has completed its first sustainability-linked finance facility with the Netherlands-based ABN AMRO, one of the founding banks of the Poseidon Principles framework. The tanker owner said that the new $15 million receivab
Subsea 7 sinks to $922 million loss
Subsea 7 has booked a major loss in Q2 2020 on restructuring and impairment charges as well as activity drop in the SURF and Conventional business units. The engineering and construction specialist recognised quarterly net loss of $922 million, against profit of $24 million in Q2 2019. Diluted loss
Maersk Drilling invests in new tech concept to help develop carbon-neutral drilling
Maersk Drilling has entered an agreement to invest $1 million in Clean Energy Systems to help develop a new technology called Carbon-Negative Energy.