Amec Foster Wheeler has been awarded a global framework contract by BP to provide engineering, procurement support and project management services for pre-FEED (front end engineering and design) and FEED work across a range of projects. The award will allow Amec Foster Wheeler to deliver large, comp
The worst is over, the layup list is decreasing. But after the most brutal downturn in memory, what are we left with? Written by Inger-Louise Molver, Offshore Analyst at Westshore AHTS will see the quickest recovery Around a third of the AHTS vessels trading the spot market have disappeared since
Oilfield services industry has laid off some 300.000 people since the collapse of oil prices in 2014, however the tide is now turning, according to a Norwegian energy intelligence group. Rystad Energy has carried out a research according to which service companies within the Shale business are now s
UAE-based offshore rig builder Lamprell has completed and delivered a new jack-up rig to Shelf Drilling, a jack-up rig drilling contractor. According to Lamprell’s statement on Thursday, the Shelf Drilling Krathong jack-up rig was delivered on schedule and within budget. The rig builder added that t
European Commissioner for Climate Action and Energy Miguel Arias Cañete has said that the gas found in the Mediterranean Sea will be one of the keys towards boosting European energy security. He said this during the ministerial meeting at EastMed Energy Summit hosted by Isreali energy minister Yuval
Qatar Petroleum has decided to press ahead with development of a new offshore gas project. The company said Monday it would be working to bring to production a gas project situated in the southern sector of the North Field. This also marks the lifting of the 2005 moratorium the Qatari government imp
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By Karolin Schaps LONDON (Reuters) – Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led cuts. Brent crude futures
Ocean Rig filed for Chapter 15 bankruptcy protection this week. Another lower-cost offshore rig owner is now emerging and will be a competitive force toward owners who are still restricted by high debt and legacy costs. By David Carter Shinn With around $3.7 billion in debt and a fleet of 11 drill
Deepwater oil and gas industry, generally considered an expensive investment, has managed to cut its costs to a certain level, allowing its most attractive deepwater projects to now compete with US tight oil plays, Wood Mackenzie said. However, more cuts are needed to drive the deepwater breakevens
Saudi Aramco, the world’s most valuable oil company, could become one trillion dollars “bigger,” following the hydrocarbon tax cut announced by the Saudi government. Norwegian energy intelligence group Rystad Energy has lifted its Saudi Aramco valuation by about $1 trillion following the announced t
By Henning Gloystein SINGAPORE (Reuters) – Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. Front-month Brent crude futures <LCOc1>, the intern
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UAE-based rig builder Lamprell has reduced its administrative staff by 20 percent ahead of what the company says might be its toughest year yet. Lamprell said in the 2016 financial results statement on Friday that the reduction in administrative staff was achieved through several rounds of redundanc
