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Business & Finance

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Rendering of an LNG terminal
Business & Finance

Report calls LNG ‘a false solution’ harming the climate, urging banks to stop financing export terminals

Non-governmental research and campaigning organization Reclaim Finance and BankTrack, an international tracking, campaigning, and civil society support organization targeting private sector commercial banks and the activities they finance, have published a report asking banks to stop financing lique

about 1 year ago
Offshore Energy Recap 2024
Business & Finance

Readers’ choice: Offshore Energy’s most-read news of 2024

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With increasing coverage of global energy transition efforts, but also energy security worries, keeping up with everything can be a challenge. To celebrate the year gone by, the Offshore Energy editorial team brings you the most-read stories on the site that defined the journey throughout 2024. $30

about 1 year ago
Illustration; Source: TotalEnergies
Business & Finance

2024 energy plays in review: Uptick in renewables and clean tech, but oil & gas still hold energy security keys

As another turbulent year for the energy markets, 2024 witnessed a further escalation in geopolitical tensions and conflicts, leading to a mixed bag of achievements, missed opportunities, and rough energy seas not only for the goal of tripling clean sources of supply but also for dominant fossil fue

50 minutes read
An offshore platform
Business & Finance

Rex ending the year with corporate restructuring to pursue growth opportunities

Masirah Oil, an affiliate of Singapore’s oil exploration and production company Rex International Holding, has repurchased some shares from its wholly-owned subsidiary, Rex Oman.

about 1 year ago
Al Jurf and Dana jack-up rigs; Source: ADNOC Drilling
Business & Finance

ADNOC Drilling enriches its jack-up fleet with two high-spec rigs

ADNOC Drilling has disclosed the arrival of two premium offshore jack-up drilling rigs in the Middle Eastern country’s waters.

about 1 year ago
Illustration; Source: ADNOC Drilling
Business & Finance

‘New benchmark’ for triad’s drilling JV with delivery of first wells under 20 days

Three players, two incorporated in the United States (U.S.) and one in the Middle East, recently set up a new joint venture, named Turnwell, which has ticked off its list the first batch of wells in its initial 144-well program under 20 days.

about 1 year ago
DP World
Business & Finance

‘First-ever’ blue bond in MENA region sees light of day

Dubai-based terminal operator DP World has issued a staggering $100 million blue bond, becoming the first company in the Middle East to mark this ‘milestone’. According to DP World, the blue bond will aim to fund environmentally friendly projects across marine transportation, port infrastructure, ma

about 1 year ago
enersea2
Business & Finance

Cable carousels for Scottish cable factory under construction in Dubai

UAE’s Subsea Cable Assets (SCA) has begun the production of cable carousels destined for Sumitomo Electric’s cable factory in Scotland. The Dubai-based EPIC contractor SCA has appointed the Dutch Enersea to design six cable carousels and loading towers for the Japanese end customer. The carousels ar

about 1 year ago
Main Pass I jack-up rig; Source: Shelf Drilling
Business & Finance

After rig suspension, Shelf Drilling releases 42-year-old jack-up from active duty

Shelf Drilling has decided to remove its 1982-built jack-up rig from active service, following a recent suspension of operations in the Middle East.

about 1 year ago
Two men sitting behind a desk signing documents
Business & Finance

Third formal deal sealed for ADNOC’s mega LNG project

Abu Dhabi National Oil Company (ADNOC) has signed a sales and purchase agreement (SPA) with Germany’s energy supply company EnBW Energie Baden-Württemberg (EnBW) for gas from its lower-carbon Ruwais liquefied natural gas (LNG) project. The deal for supplying 0.6 million tonnes per annum (mtpa) of LN

about 1 year ago
Zohr field; Source: Eni
Business & Finance

BP and ADNOC’s XRG bring new gas player into existence

BP and ADNOC, through its recently established investment arm, XRG, have given birth to Arcius Energy, a new regional gas platform, with an initial focus on the development of gas assets in Egypt.

about 1 year ago
Ostwind 4
Business & Finance

50Hertz awards contract for Ostwind 4 offshore grid connection in Germany

UAE-based Drydocks World, in partnership with GE Vernova, has secured a contract to build and install Ostwind 4, a 2 GW offshore wind grid connection in Germany. Ostwind 4 will connect Baltic Sea offshore wind farms to the national grid using high-voltage direct current (HVDC) technology. This will

about 1 year ago
FSRU Energos Eskimo; Source: Energos Infrastructure
Business & Finance

US firm’s FSRU embarking on decade-long job in summer

U.S. energy infrastructure player New Fortress Energy (NFE) has confirmed a new multi-year assignment for a floating storage and regasification unit (FSRU), which has been booked by Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS). Shortly after EGAS revealed a deal to lease an undisc

about 1 year ago
Subsea7 filling out 2026 offshore agenda with Aramco and Shell contracts
Business & Finance

Subsea7 filling in 2026 offshore agenda with Aramco and Shell contracts

Subsea7 has secured two contracts, one with Saudi Arabia’s energy heavyweight Aramco and the other with UK energy giant Shell, for the delivery of subsea infrastructure in Saudi Arabia and the Gulf of Mexico. The long-term agreement with Aramco is seen as substantial, meaning it is worth between $15

about 1 year ago