Business & Finance
Fugro to downsize workforce by 10 per cent
Dutch subsea and survey specialist Fugro said it will reduce its workforce by up to 10 per cent due to challenging market situation. The company posted loss before interest and taxes of €26 million for the first quarter 2020, against loss of €19 million in Q1 2019. Fugro recently announced a program
Impairments take Transocean deeper into the red
Transocean recorded a wider loss in the first quarter of 2020 when compared to the same period last year due to impairments on assets.
Completion of Parker Island Dredging in May
Dredging work in the area of Parker Island off Beach Haven is expected to be completed by Memorial Day weekend – Monday, May 25, The SandPaper reports. Commenting the latest announcement, Steve Schapiro, NJDOT spokesman, said that the 4.3-acre island, located in the bay west of Morrison’s Marina, is
Gasum closes Linde’s LNG and biogas business buy
The Nordic energy company Gasum closed the acquisition of Linde’s LNG and biogas business in Sweden and Norway.
FAR to sell Sangomar stake after failure to secure financing
FAR Limited has said it is unlikely it will be able to finance its part of the Sangomar project development in Senegal. Therefore, FAR has started a process to sell all or part of its working interest in the project.
Frederikshavn: Removal of Old North Breakwater Underway
Removal of the old north breakwater has officially started, Port of Frederikshavn, Denmark, said in their latest announcement. The entire north breakwater incl. the breakwater head is to be removed in connection with the establishment of the new quay area by Østre Kaj, which is to create space for O
KrisEnergy secures loan for project offshore Cambodia
Singapore’s independent oil and gas company KrisEnergy has entered into a credit facility agreement with Kepinvest Singapore to fund the near-term development project in Cambodia’s offshore Block A.
VIDEO Mud Cat Busy in Colorado
Mud Cat Dredges has just released this beautiful video about their Mud Cat Model MC 40E Dredge, used to clean out a lake in Colorado. The MC 40E is pumping to multiple centrifuges for rapid mechanical dewatering on shore. According to Mud Cat, the radio remote control system allows the operator to m
Cheniere sees quarterly revenues rise
US liquefied natural gas exporter Cheniere posted a 20 percent rise in first-quarter revenues while net profit rose to $375 million. The LNG company reported revenues of $2.71 billion in the January-March period, compared to $2.26 billion in the same period the year before. Net income increased by $
Woodside expects low oil and gas prices into 2021
Australia’s largest LNG player Woodside expects low oil and gas prices to continue for the rest of 2020 and into next year due to the Covid-19 coronavirus pandemic. Cripling worldwide demand caused by the Covid-19 restrictions has seen oil, gas and LNG prices at its lowest levels for decades. Demand
Iberdrola’s offshore wind farms produce 1.1 TWh in Q1 2020
The offshore wind farms developed and owned by Spain-based Iberdrola have produced 1,119 gigawatt-hours (GWh) during the first quarter of 2020. Iberdrola’s total installed offshore wind capacity stood at 1,174 MW on 31 March. In the United Kingdom, the company’s offshore wind farms generated 680 GWh
ConocoPhillips swings to $1.7 billion loss
ConocoPhillips went from a profit in the first quarter last year to a loss in the same period of 2020 after being hit by impairment charges and lower oil and gas prices.
Heads of agreement reached for IHC takeover
A maritime industry consortium and the existing syndicate of banks of shipbuilder Royal IHC, including the three major Dutch banks, have reached a heads of agreement for the acquisition and refinancing of IHC Merwede Holding B.V.
Seafox tests waters around Gulf Marine Services
Dutch jack-up owner and operator Seafox has placed an unsolicited and non-binding proposal to acquire the Gulf Marine Services PLC (GMS). Seafox made a possible cash offer for the entire issued and to be issued share capital of GMS by a wholly-owned subsidiary of Seafox, at a value of USD 0.09 per G