Business & Finance
Dragflow Pumps on Moungo River in Cameroon
One of the biggest sand quarries on the Moungo River in Cameroon is now relying on Dragflow pumps for their sand extraction. The Moungo river in Cameroon has always been known for having the best quality sand for construction purposes around Douala. According to Dragflow, one of the main issues in t
Maersk Drilling to reduce offshore crew as North Sea rigs go into stack mode
Maersk Drilling has decided to stack a number of its North Sea drilling rigs to adapt to the changing market environment.
‘Founding father’ of Soviet oil industry and Lukoil chairman passes away
Long-time chairman of Russian oil and gas company Lukoil and “founding father” of the Soviet oil industry has passed away following a long illness.
Impairments in offshore drilling drag Saipem into the red
Italian oilfield contractor Saipem sank into the red in the first quarter of the year dragged down by impairments in the Offshore Drilling division.
Working to Reduce Risk of Flooding in Sandwich, Kent
Working on behalf of the Environment Agency, Mackley is delivering emergency flood prevention works to protect the historic town of Sandwich in Kent. Sandwich lies close to the coast on the River Stour, and a short section of approximately 35 metres of the river wall at Pillory Gate Wharf was identi
Clipper Bulk downsizing to mitigate pandemic’s impact
Danish bulker operator Clipper Bulk A/S has launched cost-cutting efforts to combat historically low freight markets caused by the Covid-19 pandemic, which will include job cuts. The company said it would axe 24 out of 91 jobs ashore by the end of April, with the majority impacting the head office i
Lamprell and ScottishPower settle East Anglia 1 tab
Lamprell and ScottishPower Renewables have reached a final settlement with regards to the close-out of the East Anglia One project. The final settlement will result in a cash payment to Lamprell of USD 18.9 million in May 2020, the UAE-based offshore engineering and fabrication company said. In addi
Lugaport Land Reclamation Wraps Up
As part of land reclamation for the new Lugaport Terminal, Group of Companies Novotrans has successfully completed the sheet piling and sand filling operations. The volume of money currently invested into the project by the holding exceeded $80 million. Commenting the latest milestone, Konstantin Go
France greenlights 8.75 GW offshore wind target
France will put up to 8.75 GW of offshore wind capacity out to tender from 2020 to 2028, the Multiannual Energy Programme (Programmation pluriannuelle de l’énergie (PPE)) shows. The new PPE has entered into force on Thursday, 23 April. As proposed earlier, the PPE also increases the intended operati
Ineos pushes charter of Floatel unit to 2021
A charter for a Floatel International-owned flotel with Ineos in the UK North Sea has been postponed for 2021.
Equinor slashes quarterly cash dividend by two thirds
Norwegian oil major Equinor has decided on a cash dividend of $0.09 per share for the first quarter of 2020, a reduction of 67 per cent compared to the fourth quarter of 2019.
Dry bulk’s overcapacity woes exacerbate road to demand recovery
Over ordering of bulk carriers over the past ten years has set the tone for the upcoming decade as overcapacity hinders shipowners’ battle with low demand further constrained by the COVID-19 pandemic. A total of 413 million DWT has flooded the market since the turn of the decade, bringing the world
Helix Energy Solutions swings to quarterly loss
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported net loss of $11.9 million, or 9 cents per diluted share, for the first quarter of 2020 compared to $1.3 million profit for the same period in 2019. Sequentially, profit fell from $8.1 million of 5 cents per d
Repsol Sinopec expands Petrofac’s scope of support on UK assets
Petrofac is preparing to extend its provision of operations and maintenance services to Repsol Sinopec Resources UK following an enhancement to its existing contract.