News
Eni posts Q4 profit
Italian oil and gas company Eni on Wednesday reported a fourth-quarter profit as oil and gas prices rose. Eni reported an adjusted net profit of 459 million euros ($484 million) for the fourth quarter as compared to an adjusted net loss of 301 million euros in the same period a year ago. This is the
IOG presses ahead with Southern North Sea pipeline buy
Independent Oil and Gas (IOG) expects to sign a sale and purchase agreement for the UK Southern North Sea pipeline by the end of March. The company said on Tuesday that “substantial progress” was made on the agreement and it’s now expected that all the pipeline owners should be in a position to sign
GeoSea to Build Large Offshore Wind Farms with New Next-Gen Vessel
As of 2019, GeoSea will use a next generation vessel – named Orion – for the construction of the large offshore wind farms, after its mother company DEME placed an order for the 216.5m DP3 installation vessel with COSCO shipyard in China.
ECSA: EU Shipping Policy Needs Global Focus
To achieve further growth, the EU shipping policy needs to be globally oriented and aimed at improving the region’s competitiveness as a location for international shipping, a study by Monitor Deloitte says. The study was commissioned by the European Community Shipowners’ Association (ECSA) as an in
Ireland looks to LNG, France supply line in ‘post-Brexit era’ – minister
By Alissa de Carbonnel BRUSSELS (Reuters) – Plans to ease Ireland’s near total dependence on energy imports via Britain have shot to the top of the agenda, the nation’s energy minister said on Monday, as it grapples with the risk of how Brexit could alter ties with its key partner. Two projects long
Knot Offshore adds Tordis Knutsen to shuttle tanker fleet
Knot Offshore Partners has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Tordis Knutsen. In a transaction that involves several companies, Knot Shuttle Tankers AS, a subsidiary of Knot Offshore Partners, has entered into a purchase agre
MSI: Boxship Sector Entering Calmer Waters
The containership sector has started 2017 in a positive mood, with each of the industry’s drivers – demand, supply and earnings – in a healthy shape. Maritime Strategies International (MSI) expects the sector to move into the next quarter with a reinforcement of this encouraging trend. In terms of d
BP geared up for growth, CEO says
The UK-based energy giant and LNG player, BP said the company expects to see the growth of its major operating segments over the next five years.
IHC IQIP Equipping SHL for Beatrice Foundation Installation
IHC IQIP will provide jacket pile grippers, the Hydrohammer S-2500 with two specially designed hammer sleeves, and an internal lifting tool to Seaway Heavy Lifting (SHL), the EPCI contractor in charge of foundations for the Beatrice project.
Golar LNG shrinks loss in Q4
Bermuda-based Golar LNG on Tuesday reported a reduced net loss in the fourth quarter as the LNG shipping market continued to improve. The LNG shipping company posted a net loss of $13.7 million as compared to $67.6 million the year before and $23.9 million in the previous quarter. However, “the obse
Chile’s 3rd LNG import terminal likely to be delayed
The Penco-Lirquén LNG import terminal and the accompanying onshore gas-fired power plant in Chile will likely be delayed due to issues with the project’s environmental approval, Sveinung Støhle, head of Höegh LNG said on Tuesday. The Norwegian LNG company is providing a floating storage and regasifi
Seadrill laid off more than 1700 workers in 2016
Offshore driller Seadrill Limited laid off 1.724 workers in 2016 in a cost cutting move, as offshore drillers have been hurt by low activity levels caused by depressed oil prices. The company on Thursday said that the headcount had been reduced from 6.995 at year end 2015 to 5.271 at year end 2016.
Oil firms on record OPEC output cut compliance
By Naveen Thukral SINGAPORE (Reuters) – Crude oil edged higher on Tuesday, underpinned by high compliance with OPEC’s production cuts even as the market remains anchored by rising U.S. production. The Organization of the Petroleum Exporting Countries (OPEC) has so far surprised the market by showing
Hoegh LNG swings to profit in Q4
Norway-based floating LNG giant Höegh LNG posted a profit of $0.8 million in the fourth quarter of last year after recording a loss of $33 million in the same quarter a year before. Compared to the quarter before, Höegh LNG’s net profit was lower for $2.5 million. In its report issued on Tuesday, Hö