Fossil Energy
AqualisBraemar opens new office to support rig inspection services
Engineering services company AqualisBraemar has set up a new office in the Port of Tyne to support its developing rig inspection services and to be closer to its clients in the northeast of England.
Prosafe still in talks with lenders for long-term financial solution
Prosafe is still working with its lenders to come up with a financial solution to ensure the company’s long-term stability.
ONGC achieves first gas from project offshore India
Early first gas has been achieved on ONGC’s 98/2 Block located in the Krishna Godavari Basin, offshore India.
Aker Solutions mitigating effects of market slowdown with temporary layoffs, salary freeze for execs
Aker Solutions has revealed a package of measures to mitigate the effects of the coronavirus and sharp oil price decline, including layoffs, reductions in cost and investment levels, and salary freeze for executives as well as general population.
Subsea 7 braces for coronavirus impact on market
Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements.
Yinson hit with FPSO deal termination after Aker Energy defers Pecan project
Aker Energy has postponed the development of its Pecan field, located offshore Ghana. As a result, Aker Energy terminated its agreement with Yinson for the provision of an FPSO for the project.
BP to reduce spending in response to volatile market but no job cuts in next three months
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.
Solstad and Ocean Yield in fresh extension of standstill agreement for anchor handling duo
Ocean Yield, a ship owning company with investments in vessels on long -term charters, has agreed to extend the standstill period with Solstad Offshore and its subsidiaries for two anchor handlers.
Byron Energy curbs Gulf of Mexico output due to sharp decline in oil price
Byron Energy has decided to ramp-down production from the SM71 field in the U.S. Gulf of Mexico due to a sharp decline in demand and glut in both international and local supplies.
BP to reduce spending in response to volatile market but no job cuts in next three months
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.
Polarcus readies cost reduction plan to mitigate uncertainty facing seismic market
Polarcus has come up with a $15 million cost reduction plan to navigate the current uncertainty facing the marine seismic acquisition market due to the combined impacts of the COVID-19 pandemic and oil price volatility.
Eco board and management slash own wages
The board and management of oil firm Eco Atlantic have voluntarily taken pay cuts of up to 40 percent to push forward its cost-cutting program attempting to mitigate COVID-19 and oil price drop effects.
Polarcus readies cost reduction plan to mitigate uncertainty facing seismic market
Polarcus’ cost reduction plan includes redundancies, reduction of base salary and capex, and warm-stacking the vessels in between jobs.
Byron Energy curbs Gulf of Mexico output due to sharp decline in oil price
Byron Energy has decided to ramp-down production from the SM71 field in the U.S. Gulf of Mexico due to a sharp decline in demand and glut in both international and local supplies.