Business & Finance
Polarcus stock crashes on loan default news
Marine seismic player Polarcus said on Tuesday it has defaulted on debt payments and that it will halt all interest and installment payments to finance providers. As a result, the company’s shares fell over 30 percent before the Oslo Stock Exchange stopped trading on Tuesday morning. During these di
Safeway, Tyne Gangway join forces in UK
Dutch company Safeway and the UK-based Tyne Gangway have signed a cooperation agreement, which will see Tyne Gangway supporting Safeway in the Port of Tyne and the UK. The UK company, specialising in design and manufacturing of marine access systems, will provide the aluminium inner and outer boom a
Iberdrola gets €100 million EIB support for innovation strategy
The European Investment Bank (EIB) has signed a financing agreement with Iberdrola to support the company’s two-year innovation, research and development strategy for renewables with €100 million. Iberdrola will use the funds for R&D in renewables, the production of green hydrogen and the developmen
Fécamp offshore wind farm launches crowdfunding campaign
A crowdfunding campaign for the construction of the Fécamp offshore wind farm in Normandy, France, has been launched on the Kiwaï platform for Normandy residents who wish to invest in the project. The crowdfunding campaign is aiming at a loan amount of EUR 750,000, with contributions ranging from a
MSC agrees with Quadrise to trial alternative HFO
MSC Shipmanagement Limited of Cyprus, a wholly-owned subsidiary of Mediterranean Shipping Company, has signed a Joint Development Agreement with Quadrise to trial MSAR, an enhanced emulsified synthetic heavy fuel oil (HFO), on commercial container vessels. The trial is set to commence in 2021 with s
Petrofac hires Stena rig for UK operations
Offshore drilling contractor Stena Drilling has signed a new drilling contract with Petrofac for operations in the UK using the Stena Don rig.
BP in oil exploration team cuts as climate change-driven reorganisation continues
Oil major BP has drastically cut its fossil fuel exploration team in an attempt to keep up with the fast-moving revolution focused around renewables and climate change.
Premier-Chrysaor tie-up gets new CFO
Premier Oil has announced the proposed appointment of a new CFO of a new entity, which will be formed following the completion of a merger with Chrysaor.
Lundin eyes Odfjell rig for one firm well
Oil and gas company Lundin Energy and Odfjell Drilling have signed a letter of intent for the use of Deepsea Stavanger rig in Norway.
Elon Musk to offer $100 million prize for carbon capture technology
Tesla boss and billionaire Elon Musk has revealed his plans to donate $100 million as a prize for the “best carbon capture technology”.
Two Kerogen controlled oil players outline net-zero strategies
Norwegian oil and gas company Pandion Energy has launched its strategy to achieve net-zero carbon emissions, recognizing the importance of climate change.
Spirit Energy extends partnership with contractor trio
Spirit Energy has extended agreements with Subsea 7, TechnipFMC and DNV GL for future developments offshore Norway. The new 5-year deals are a continuation of supplier collaboration that started in 2015, and which has contributed to Spirit Energy delivering its first development on the Norwegian She
Equinor, Nordic Unmanned to study offshore oil and gas drone use
Norwegian oil major Equinor has hired compatriot data solutions company Nordic Unmanned to conduct a study on how remotely piloted aircraft systems (RPAS) could be used in an offshore setting.
Baker Hughes back in black after three quarters
Oilfield services major Baker Hughes has booked $653 million profit in the fourth quarter of 2020, against $48 million same time last year. This result also marks the company’s return to profit after posting third loss in a row at the end of Q3 last year. Nevertheless, Baker Huges reported adjusted