Engineering and pipeline maintenance expert Wellube has appointed Garry Kidd, as managing director. This follows a Unique Group company’s major rebrand as part of the renewal of the business, strategy and corporate vision. Kidd brings over 13 years of experience in senior leadership positions, of wh
Noble Corporation has received several new contract extensions for its drilling rigs and cancellation of a drilling contract in Vietnam.
The outlook for the global shipping sector for the coming 12 to 18 months remains negative, according to Moody’s new report. The key drivers of the negative outlook are a combination of expectations that the global economy will shrink in 2020 due to the impact of the pandemic and the road to recover
Qatar’s PowerGlobe is looking to charter an LNG carrier to support its newly booked capacity at Croatia’s first import terminal on the island of Krk. The energy arm of privately-held Optimized Holding said in a statement it plans to charter the LNG vessel for a period of ten years. PowerGlobe did no
Seadrill has received a contract suspension for the jack-up drilling rig AOD II operating in the Middle East due to changes in the drilling program.
Container shipping companies’ fight to maintain freight rates high through capacity management seems to have paid off, beating forecasts on carrier profitability. The liners’ ability to adapt to the new normal through a disciplined approach to the deployment of ships comes as a surprise as dwindling
Polarcus is taking further actions to streamline its business and adjust operational capacity to align with current market conditions. This follows on the $15 million cost reduction plan implemented due to the COVID-19 pandemic and oil price volatility. The company has additionally streamlined and r
The massive consolidation drive in the container shipping market that dominated the narrative over the past four years seems to have brought about unexpected benefits during the coronavirus crisis. The driving force behind the phenomenon has been primarily achieving economies of scale, especially co
There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market.
Saudi Arabian oil and gas giant Saudi Aramco has suspended its contract for the Shelf Drilling-owned High Island IV jack-up rig.
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.
State-owned LNG giant Qatar Petroleum said on Thursday it will integrate chemical distributor Muntajat as part of efforts to further strengthen its downstream business. The integration of Chemical and Petrochemical Marketing and Distribution Company will enable QP to continue expanding its global re
OPEC, Russia, and other oil producers agreed to extend their record oil production cuts of 9.7 million barrels per day by another month.
1,400 GW of offshore wind globally by 2050 is entirely achievable considering the resource potential, technology innovation, and government appetite to position offshore wind at the centre of the global energy transition, the Ocean Renewable Energy Action Coalition (OREAC) said. OREAC estimates that
