Business & Finance
Total logs profit despite COVID-19 effects
Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects.
TechnipFMC quarterly earnings dip
TechnipFMC has reported second-quarter 2020 profit of $12 million or 3 cents per diluted share against $97 million profit same time last year. Adjusted diluted earnings per share, excluding charges and credits, was 9 cents. Revenues for the quarter were down 8 per cent at $3.16 billion, form $3.43 b
Siemens Gamesa shines offshore, struggles onshore
Wind turbine manufacturer Siemens Gamesa posted € 466 million net loss in the third quarter of FY 2020, attributed largely to the effects of the COVID-19 pandemic and challenges in the onshore segment. Between April and June, Siemens Gamesa recorded revenues of € 2.411 billion, an eight percent decl
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
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.
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.
InfraVia buys small-scale LNG player Molgas
French private equity firm InfraVia Capital Partners has acquired European small-scale LNG player Molgas Energy. The equity company completed the acquisition via its InfraVia European Fund IV, it said on Tuesday without revealing the financial details of the transaction. However, law firm Ashurst sa