Fossil Energy
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.
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.
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.
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.
Wintershall Dea hires Applied Petroleum for geochemical analyses
German oil and gas company Wintershall Dea has awarded a global frame agreement to Applied Petroleum Technology (APT) for the supply of geochemical analyses for the company’s E&P efforts around the world.
Ocean Installer elects new chief financial officer
Norwegian subsea contractor Ocean Installer has appointed a new chief financial officer (CFO) of the company.
Former SeaBird man takes CFO role at Axxis Geo Solutions
Axxis Geo Solutions (AGS), a Norwegian ocean bottom node seismic company, has appointed a new chief financial officer (CFO) and chief commercial officer (CCO).
CNRI files decommissioning plans for two floating units off UK
CNR International (CNRI) has filed its Banff and Kyle fields decommissioning programs for an FPSO and FSO float-off with the UK authorities.
Oil price war and coronavirus to sink global E&P capex to at least 13-year low, Rystad says
Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for exploration & production firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels.
Oil price war and coronavirus to sink global E&P capex to at least 13-year low, Rystad says
Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for E&P firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels.
EnQuest cleared to decommission Alma and Galia FPSO
UK oil and gas company EnQuest has received approval from the UK authorities for its decommissioning plan for the FPSO working on the Alma and Galia fields off the UK as well as associated subsea installations and pipelines.