Wood Mackenzie dispels talk that the oil and gas business is a ‘sunset industry’ in a report titled ‘The changing face of upstream value’. This documents strong, prospective value growth in the upstream industry, with a 23% increase on Wood Mackenzie’s 2010 forecast. The sector is valued at approxim
Wood Group PLC today announced 2011 first half results. Financial Highlights Total revenue6 of $2,828.8m (2010: $2,409.7) up 17% Total EBITA2,6 of $192.0m (2010: $153.3m) up 25% Revenue from continuing operations, including PSN since acquisition and excluding Well Support, of $2,481.8m (2010: $1,95
Eidesvik today announced second quarter results for 2011. Operating result before depreciation (EBITDA) for Q2 2011 is MNOK 114,7 compared to MNOK 137,6 for the same period last year. Operating income is MNOK 252,0 compared to MNOK 271,8 for the same period last year. Operating result before depreci
Discovery Offshore S.A. announced yesterday an agreement with Keppel FELS to extend the exercise date on the first rig construction option to late October 2011. If the Company elects to exercise the first option, rig delivery will be scheduled for the third quarter of 2014, an extension of two month
Songa Offshore SE announced that the Company has finalized a new bank facility in the amount of USD 420 million. The new facility has a repayment profile of 8.5 years and will be used to finance the delivery of the ultra-deepwater semisubmersible Songa Eclipse, currently ready for delivery from Juro
Norwegian Energy Company ASA (Noreco) today held an extraordinary general meeting. The Nomination Committee’s proposal for new board members was unanimously approved. After this, Noreco’s board of directors consists of the following members elected by the shareholders: Ståle Kyllingstad, chairperson
Turkey and northern Cyprus are planning to sign an agreement to draw an exclusive economic zone in the Mediterranean Sea and invite … Source: Hurriyet Daily News [mappress] Source: Hurriyet Daily News, August 22, 2011;
Petrofac today announced results for the first six months ended 30 June 2011. FINANCIAL HIGHLIGHTS Revenue up 25.2% to US$2,711.1 million (2010 restated: US$2,165.8 million) Net profit up 6.6% to US$246.3 million (2010 restated: US$231.0 million) Earnings per share (diluted) up 6.7% to 71.84 cents (
Norwegian Energy Company has entered an agreement to sell its share of the Flyndre Paleocene discovery to Maersk Oil for a consideration of NOK 19 million. Flyndre Paleocene is a cross border discovery operated by Maersk Oil, of which the Norwegian part is located in license PL018C where Noreco hold
Royal Dutch Shell said it had moved closer to stemming Britain’s biggest oil spill for over a decade by closing a valve from which crude … [mappress] Source: reuters, August 21, 2011;
The so-called “Golden Weld” – the final weld connecting its offshore and onshore parts – was completed on the first of Nord Stream’s twin pipelines today. The “Golden Weld” thus links the Russian landfall in Portovaya Bay with the pipeline across the Baltic Sea. In the coming days, Line 1 will be re
The Ministry of Petroleum and Energy has prequalified Lukoil Oil Company as an operator on the Norwegian Continental Shelf. Lukoil Oil Company is a major independent oil and gas company headquartered in Moscow, Russia. The company has more than 150 000 employees and extensive reserves, production an
International oil services company Aker Solutions aims to create 500 new UK jobs over the next year. In a bid to grow its business substantially, Norway-listed Aker Solutions is set to recruit 300 staff to its Aberdeen operation and create 200 positions at the company’s newly established west-London
Dockwise Ltd. today published results for the three month and Half Year periods ended June 30, 2011. Financial Highlights Q2 2011 Revenues of USD 109 million (USD 89 million in Q1 2011); EBITDA of USD 35 million (USD 29 million in Q1 2011); Operating margin of 32% (32% in Q1 2011); Net profit of USD
