Polarcus, a marine geophysical company, on Wednesday posted a profit for the first quarter of the year, compared to a loss in the same period last year owing to financial restructuring. Polarcus’ net profit for the first quarter of the year totaled $145.9 million, compared to a net loss of $26.4 mil
German oil and gas exploration and production company Wintershall is setting up a facility in an Abu Dhabi port to support its drilling activities in the region. The company’s subsidiary Wintershall Middle East GmbH has signed a deal with Abu Dhabi Ports, the operator of Khalifa Industrial Zone (Kiz
Offshore marine services provider, PACC Offshore Services Holdings (POSH), has been awarded long-term charters for eight offshore supply vessels with a combined value of approximately $167.5 million by a Middle Eastern national oil company. The group will supply eight Anchor-Handling, Supply and Saf
Scanning the newspapers, social media and analyst coverage this year, there is consensus that a recovery in oil prices is coming, as a function of a reduction in over-supply, and that upward movement in prices should be expected later this year, Douglas-Westwood has said in its DW Monday report. The
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Offshore drilling contractor Rowan Companies has been awarded two contracts for one jack-up drilling rig, while the dayrate for Rowan’s other jack-up could be slashed retroactively if the client exercises its extension option. According to the offshore driller’s latest fleet status report, Rowan’s h
Qatari shipping company Milaha has taken delivery of ‘Milaha Explorer’, a new liftboat which will be deployed offshore in support of field maintenance operations.
Cyprus’ decision on building an onshore LNG plant to develop its offshore gas resources will depend on future gas discoveries. This was stated on Monday by the country’s president Nikos Anastasiades during his press conference on the three years of his presidency. He said that the results of the ong
Offshore drilling contractor Paragon Offshore has received two contract extensions and one contract termination for its jack-up drilling rigs. According to Paragon’s latest fleet status report, the contract for Paragon’s 1979-built jack-up drilling rig Paragon M1162, operating in the UAE, was extend
By Henning Gloystein SINGAPORE (Reuters) – Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia an
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Offshore drilling contractor Noble Corporation has received a two-year contract extension for a jack-up drilling rig, stacked two semi-subs, and reduced dayrates for two drillships. In its latest fleet status report, Noble said that the contract for the jack-up drilling rig Noble Hans Deul was exten
Growth in global oil demand will ease to around 1.2 million barrels per day (mb/d) in 2016, below the 1.8 mb/d expansion of last year as notable decelerations take hold across China, the United States and much of Europe, the newly released IEA Oil Market Report (OMR) for April has informed. Accordin
By Alex Lawler LONDON (Reuters) – Oil rose above $43 (30 pounds) a barrel to its highest level so far in 2016 on Tuesday, supported by hopes that a meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China. […]
