Fossil Energy
Russian Maritime Register of Shipping to class SOCAR crew boats
In February 2014, Russian Maritime Register of Shipping (RS) signed an agreement with Baku Shipyard LLC of Azerbaijan for the design approval of project 38М сrew boat high speed craft (designer – SHIPTECH, Singapore). The new boats are intended for the transfer of specialised personnel employed at o
SeaBird 4Q loss deepens
SeaBird Exploration Plc, a global provider of marine 2D and 3D seismic data for the oil and gas industry, announced their Q4 and preliminary 2013 report. The company reported a net loss of $8.7 million for Q4 2013 (net loss $5.4 million in the same period in 2012). Revenues were $37.2 million in Q4
Scottish Government funds Oil and Gas Innovation Centre
A unique new academic and industrial partnership will use Scottish expertise to solve the global challenges of the oil and gas industry over the coming decades. £10.6 million worth of funding was announced by the First Minister, Alex Salmond, to create a new Oil and Gas Innovation Centre (OGIC), to
Deep Sea Supply expect revenues to increase in 1Q 2014
Deep Sea Supply, an international operator of offshore supply vessels, has reported 4Q 2013 results with consolidated revenues of USD 29.8 million and operating expenses of USD 17.4 mln. This resulted in EBITDA of USD 13.7 mln and EBIT of USD 6.0 mln. Following financial expenses of USD 5.2 mln and
Modest earnings growth for Petrofac
Petrofac Limited, a UK-based oilfield services provider, has released their final results for the year 2013, reporting Net profit of US$650 million. Compared to the last year’s US $6.2 billion, revenues are up by 1% to US$6.3 billion. EBITDA is up 17% to US $1,031 million (US $883 million in 2012).
Pacific Drilling had an outstanding 2013, CEO says
Pacific Drilling S.A. today announced revenue of $200.5 million and net income of $25.7 million or $0.12 per diluted share for the fourth quarter of 2013. This compares to revenue of $193.2 million and net income of $30.3 million or $0.14 per diluted share for the third quarter of 2013. In the fourt
UK offshore oil industry faces biggest challenge in 50 years
Oil & Gas UK has published its Activity Survey 2014, highlighting the contradictions currently at play in the UK offshore oil and gas sector. The industry trade body’s annual report on oil and gas exploration, production and investment activities forecasts capital expenditure of around £13 billion i
16 more companies join Barents Sea seismic project
The project for joint seismic acquisition in the southeastern Barents Sea has been joined by 16 new companies. A total of 33 companies are now part of this project, which will secure good data quality and low acquisition costs. A joint acquisition of data will also limit any possible negative conseq
BCC Research: EOR market to reach $34.4B figure by 2018
The global market for enhanced oil recovery (EOR) technologies was valued at $21 billion in 2012 and was estimated at $22.6 billion for 2013.
Lime acquires 20% in PL509CS from North Energy
Lime Petroleum Norway AS has on 20 February 2014 signed an agreement with North Energy ASA to acquire a 20 per cent stake in a new licence in Norway, PL509CS. North Energy was awarded operatorship of the licence in Predefined Areas (“APA”) on 21 January 2014. The acquisition of the 20 per cent stake
BP extends Platform Drilling Services contract with Odfjell
BP has chosen to extend the present Platform Drilling Services contract in the UK for a further 4 years from December 2014, by declaring two 2-year options. This brings the contract to a renewal date in December 2018. In addition, BP has one remaining 2-year option. The value of the 4-year extension
Kosmos records loss of $91M in 2013
Kosmos Energy Ltd. announced financial and operating results for the fourth quarter and full year 2013. For the fourth quarter of 2013, the Company reported net income of $4 million, or$0.01 per basic and diluted share. For the full year 2013, the Company generated a net loss of $91 million or $0.24
Hyundai Heavy orders MacGregor cranes for Subsea 7 vessel
MacGregor, part of Cargotec, has won an order for two subsea cranes from South Korean shipyard Hyundai Heavy Industries Co Ltd. The active heave-compensated cranes will have an SWL of 100-tonnes and 25-tonnes respectively. They will be fitted on board a new 160m heavy construction vessel (hull 2654)
Gassco to remove Ekofisk 2/4-S steel jackets and tripod
Gassco has received consent for the removal of steel jackets and tripod on Ekofisk 2/4-S, in the North Sea, offshore Norway.