Business & Finance
Axxis Geo Solutions swings to profit
Ocean bottom node seismic player Axxis Geo Solutions has returned to profit as revenues hiked close to 83 per cent. AGR recorded Q1 2020 profit of $7 million, bouncing back from loss of some $4 million same time last year. The Oslo-listed firm generated quarterly revenue of $45 million, versus appro
Acteon names new CEO
Subsea services specialist Acteon said that Dr Carl Trowell will become Group’s new chief executive officer, succeeding Richard Higham. Trowell will join Acteon from offshore drilling company Valaris (Ensco). He was Ensco’s chief executive and subsequently became executive chairman in 2019 following
Continued scrapping of rigs needed to balance demand and supply, Maersk Drilling says
Maersk Drilling believes that continued rig scrapping is needed to obtain a healthier balance between rig demand and supply.
Navantia and Harland & Wolff to jointly pursue UK offshore wind projects
Navantia and Harland and Wolff (Belfast) Limited are in advanced teaming agreement discussions for cooperation in the offshore wind sector. The partnership will focus on fixed and floating foundations for the offshore wind sector in the UK. The teaming agreements are in relation to a series of speci
Reach Subsea sees quarterly deficit grow
Norwegian contractor Reach Subsea has widened its quarterly loss against prior-year comparable period on currency effects and IFRS16 depreciation effect. For the first quarter 2020, Reach booked loss of close to NOK 32 million, versus loss of NOK 19 million in the year-ago quarter. To remind, in the
OMV ready to drill Norwegian Sea well after getting green light from regulators
OMV is ready to drill an appraisal well in the Norwegian Sea following an offshore safety approval for the use of a rig and the receipt of a drilling permit from Norwegian authorities.
The Netherlands to extend offshore wind licences to 40 years
The Netherlands intends to extend the licences for new offshore wind projects from 30 to 40 years, according to Eric Wiebes, the country’s Minister for Economic Affairs and Climate Policy. In a letter sent to the Dutch Parliament, Minister Wiebes said that the extended licences will allow the develo
DOF Subsea books NOK 1.5 billion loss
DOF Subsea has reported loss in Q1 2020 of NOK 1.5 billion, against NOK 25 million in Q1 2019. Earnings hit was due to depreciation and impairment of NOK 976 million. This was because of the weakening market for vessel services and the low demand visibility for services going forward. DOF Subsea als
Hurricane granted more time for UK well work
Hurricane Energy’s request to extend the deadline for activities planned on the Lincoln license off the UK has been approved by UK authorities.
Petrofac kicks off well decommissioning job in UK
Petrofac’s Engineering & Production Services business has begun the activity on its previously awarded well decommissioning contract for the Rubie and Renee fields located off the UK.
Magseis Fairfield adds new CTO
Magseis Fairfield has appointed Mark Zajac as chief technology officer, effective June 01, 2020. Zajac joins from Schlumberger and brings over 30 years of experience in the oil field services industry. He will replace Nils Heieren, who has decided to leave the company after close to seven years. “I
Prosafe dives deeper into the red over impairment charges
Prosafe sank deeper into the red in the first quarter of 2020 due to impairment charges resulting from the oil price collapse and the coronavirus pandemic.
Wilson and Arkon join forces to create shortsea giant, take on environmental regulations
Norwegian short-sea operator Wilson ASA has signed a deal with German counterpart Arkon Shipping GmbH & Co. KG to make the largest short sea player in Europe. Under the deal, Wilson will take about 20 dry bulk carriers on a long-term lease from Arkons’ represented coaster fleet, including Hanse Eco
Delek sells rights to royalties from Karish and Tanin fields
Delek Group and Delek Energy have signed an agreement with a third party for the sale of the rights to royalties regarding 26.4705 per cent of rights in the Karish and Tanin leases for oil, gas, and other valuable materials produced and processed at the leases.