Business & Finance
Norden teams up with Diamond S Shipping in product tanker consolidation drive
Tanker shipping majors Norden and Diamond S Shipping Inc. have created a strategic partnership, DiaNor, that will see the two companies’ product tanker fleets consolidate. Under the arrangement, Diamond S will initially contribute 28 medium range (MR2) product tankers to the endeavour, which will be
Covid-19 crisis setting the stage for restructuring of offshore drilling market
There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market.
UK National Grid secures $743 million green loan for Viking Link
The UK National Grid has secured a green loan worth USD 743 million to finance the Viking Link interconnector project. This the first ever multi-credit export agency (ECA) covered green loan and follows the launch of the National Grid’s first green bond earlier this year, which raised EUR 500 millio
Van Oord plans 500 lay-offs due to COVID-19
Van Oord plans to lay off approximately 500 employees globally due to COVID-19 impacts on the business. Van Oord stated that the coronavirus situation is having a major impact on the company as it is facing a decline in turnover and deterioration in results. The Rotterdam-headquartered company estim
Henrik Poulsen resigns as Ørsted CEO
Henrik Poulsen has resigned his position as CEO of Ørsted after eight years in the role. Poulsen will continue as CEO until 31 January 2021 at the latest and will be nominated for the company’s Board of Directors at the next annual general meeting (AGM) in March. “It’s been an incredible ride over t
MSC expands its Carbon Neutral Programme with South Pole
Mediterranean Shipping Company (MSC) has partnered with a climate solutions provider South Pole to develop the MSC Carbon Neutral Programme. The deal comes on the back of a similar program implemented in 2019 in selected countries, which is now being extended worldwide throughout 2020. Under the pro
NHV pens aviation services extension with Ithaca Energy
Offshore helicopter operator NHV Group has won an extension with Ithaca Energy to provide aviation services to the oil company’s several fields in the Scottish part of the North Sea.
BP assets to take up to $17.5 billion hit as it lowers oil price forecast
Oil giant BP is expecting massive reductions to asset values during the second quarter of 2020 as a result of the combined hit of the oil price plunge and the COVID-19 pandemic.
Silverstream Technologies finalising deals to supply 15 more ships with its micro-bubbles system
London-based firm Silverstream Technologies is in the final stages of securing deals to supply an additional 15 ships with its micro-bubbles system that cuts fuel consumption. The Silverstream® System, a type of Air Lubrication System (ALS), pumps tiny bubbles through vents on the hull to reduce fri
Sakhalin Energy shuts one LNG train for maintenance
Russia’s Sakhalin Energy has closed only one LNG train at the Gazprom-operated Sakhalin-2 facility for planned maintenance due to challenges associated with the Covid-19 coronavirus pandemic. The maintenance also includes the Lunskoye-A offshore platform that produces the majority of the gas for the
Neptune Energy set to drill two North Sea wells
The Norwegian Petroleum Directorate has granted Neptune Energy a drilling permit for two wildcat wells in the North Sea off Norway.
Dutch shipyard picks Ampelmann gangway for new icebreaker
Ampelmann has secured a contract from Royal Niestern Sander for the sale of a winterised A-type motion compensated gangway system.
Upstream spending set for 15-year low as it falls from lower mountain to deeper valley, Rystad says
Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29 per cent decrease of $156 billion compared to 2019, according to Rystad.
UK urged to exempt offshore workers from COVID-19 quarantine restrictions
The Offshore Industry Group is urging the UK Government to exempt all offshore energy sector workers from the recently introduced 14-day quarantine restrictions. The group, comprising IADC, IAGC, IMCA, IOGP and ISOA, is calling upon governments to recognize offshore energy sector workers as “key wor