Business & Finance
Shell cuts dividend as profit tumbles on low oil prices
Shell has decided to slash its dividend after seeing its quarterly profit nearly halved when compared to the last year’s quarter amid a dramatic decline in oil price.
Aker Solutions slips to quarterly loss
Aker Solutions booked Q1 2020 loss of NOK 742 million, against profit of NOK 149 million same time last year. Lower activity levels towards the end of the quarter impacted the results, as operators postponed offshore work to mitigate the spread of the coronavirus. Loss per share was NOK 2.73. Exclud
Australia’s Origin hit by lower APLNG revenue
Origin Energy saw lower quarterly revenue from the Australia Pacific LNG project but it managed to renegotiate a crucial supply deal with China’s Sinopec. Origin Energy, which holds a 37.5 per cent stake in the APLNG project, said Thursday the first price review under Sinopec’s long-term contract wa
First Contract Awarded for the Rockaways
The U.S. Army Corps of Engineers, New York District has awarded the first contract for the East Rockaway Inlet to Rockaway Inlet and Jamaica Bay, New York Coastal Storm Risk Reduction Project. This is the first of several contracts that will provide nearly $600 million in federal investment for the
Equinor bites dust in North Sea well
Norwegian oil and gas company Equinor has drilled a dry well near the Oseberg field in the North Sea off Norway.
Polarcus elects new board member
Polarcus has elected Nina Tronstad as a board member, with a term of office expiring at the company’s 2021 annual general meeting. Nina Tronstad has held a series of senior executive roles in the oil and gas sector with Kvaerner, Aker Solutions and Equinor. She is a chemical engineer by profession.
COVID-19 effects push Novatek into red
Russia’s largest private natural gas producer and LNG player Novatek slipped into red under the COVID-19 impacts.
Legasea gets Ocean Outdoor advertising boost
Aberdeenshire subsea specialist start-up Legasea will reap the benefits of a £10 million outdoor advertising campaign. The Westhill based firm, will see its adverts run on Ocean Outdoor screens throughout Scotland. The advertisement campaign will feature during May, on up to 52 screens, across promi
Keppel Offshore & Marine profit halved despite higher revenues
Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite an increase in revenues.
USPA Pushes the Limits in Dredging
In the first three months of 2020, the volume of dredging works carried out by the fleet of Ukrainian Sea Ports Authority exceeded 700,000 cubic meters. Compared to the first quarter of 2019 (160,000m³), the company increased the dredging volume by 540,000m³. According to the company, the positive d
Gazprom’s net profit dips
Russian gas giant Gazprom reported a 17 percent drop in 2019 net profit due to lower prices and declining demand in Europe. Gazprom’s net profit reached 1.2 trillion Russian roubles ($16.3 billion) last year. This compares to 1.46 trillion roubles in 2018. Operating profits also fell by 42 per cent
Meetings Held for Reading and Caversham Scheme
In February and March 2020 the Environment Agency held a number of drop-in sessions in north Reading and Lower Caversham regarding the proposed flood alleviation scheme. Due to the escalation in the UK’s response to the coronavirus the the final event scheduled for Friday 20 March was cancelled. At
Large E&P player interested in Corallian’s block off UK
UK oil and gas company Corallian and its joint venture partners, Upland Resources and Baron Oil, have signed a work-sharing and confidentiality agreement with an undisclosed “large European E&P company” for licence P2478 in the Inner Moray Firth which could lead to a future farm-out deal.
New projects boost CNOOC output but revenues slip on low oil prices
CNOOC saw an increase in its quarterly production driven by new project startups in China and the contribution from new international projects.