Business & Finance
EMGS loss widens on halved revenues
Norwegian geophysical services company EMGS has seen its second-quarter loss widened as revenues slipped almost 50 per cent The Oslo-listed firm booked Q2 2020 loss of $6.6 million or 5 cents, versus loss of $2 million in Q2 2019. Revenues for the quarter fell at $7.5 million from $14.5 million same
Repsol swings to loss as asset impairments bite
Repsol booked a loss in the second quarter of the year after being forced to re-evaluate its upstream assets due to the effects of the coronavirus pandemic and the low oil price environment.
Tsakos: We have four ships facing serious engine problems due to poor bunker quality
Seven months into the implementation of the IMO 2020 sulphur cap, which shaped a monumental shift for the shipping industry to less-polluting fuels, the issues with regard to the quality of bunkers persis, despite being sidetracked by the COVID-19 pandemic. Speaking in a recent webinar hosted by Cap
More red ink for PGS
PGS has seen its Q2 2020 loss widened, as revenues fell more than 50 percent. The Oslo-listed seismic player reported quarterly loss of $111.4 million, or 29 cents per share on revenues of $90 million. This result compares against loss of $49 million, or 14 cents per share on $192 million revenues i
Italy supports new unmanned ship development project
Italy’s Regione Puglia has approved the Integrated Marine Remote Environmental Monitoring (MARIN) project with a total investment of about €6 million over three years.
Shell gets green light for Brent Alpha jacket decommissioning plan
UK authorities have approved Shell’s decommissioning plan for the Brent Alpha jacket, located in the UK sector of the North Sea.
Helix Energy Solutions earnings drop in Q2
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported profit of $5.5 million, or 4 cents per diluted share, for the second quarter of 2020 compared to $16.8 million profit for the same period in 2019. Sequentially, Helix swung back to black from $11.9 million lo
Watch Neptune install subsea equipment for two North Sea projects
Neptune Energy has successfully installed subsea oil and gas production flowlines and gas lift flowlines for its Duva & Gjøa P1 developments in the Norwegian sector of the North Sea.
Gaz-System starts FSRU terminal market interest
Polish gas grid operator Gaz-System has launched a non-binding Market Screening for new transmission capacities as well as new regasification capacities of planned FSRU LNG terminal.
Rystad: Oilfield services market could replace lagging revenue by tapping into energy transition projects
Hit by the Covid-19 downturn, the oilfield service market is not likely to rebound to last year’s activity level until 2023, according to a Rystad Energy analysis.
OKEA restarts Draugen after nearly a month-long turnaround
Oil and gas company OKEA has successfully completed a turnaround on its operated Draugen platform located offshore Norway.
Man Energy Solutions to axe almost 4,000 jobs as part of restructuring measures
Marine engine manufacturing giant MAN Energy Solutions is launching an extensive cost-cutting and restructuring program that will result in the layoff of almost 4,000 people, the company said. The program is being rolled out as MAN Energy Solutions readies for a prolonged period of stagnant sales as
The Poseidon Principles: Can they accelerate the transition to greener vessels?
Shipping is a capital-intensive industry. However, over the past few years, the availability of capital within the sector has shrunk considerably as western banks cut their exposure to the market after struggling with bad shipping loans. Too many regulations, especially those targeting environmental
Red quarter for Polarcus as revenues sink
Marine seismic player Polarcus has slipped deeper into the red in Q2 2020 as revenues dropped close to 66 per cent compared to prior year. The Oslo-listed company reported second quarter 2020 loss of $20.7 million, versus loss of $0.6 million in Q2 2019. Polarcus generated quarterly revenues of $22.