Polarcus is taking further actions to streamline its business and adjust operational capacity to align with current market conditions. This follows on the $15 million cost reduction plan implemented due to the COVID-19 pandemic and oil price volatility. The company has additionally streamlined and r
The Covid-19-caused downturn is set to cause a 25 per cent yearly drop in global demand for oilfield services (OFS), a Rystad Energy analysis shows.
In its global energy outlook, Rystad Energy revealed that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.
The massive consolidation drive in the container shipping market that dominated the narrative over the past four years seems to have brought about unexpected benefits during the coronavirus crisis. The driving force behind the phenomenon has been primarily achieving economies of scale, especially co
There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market.
OPEC, Russia, and other oil producers agreed to extend their record oil production cuts of 9.7 million barrels per day by another month.
1,400 GW of offshore wind globally by 2050 is entirely achievable considering the resource potential, technology innovation, and government appetite to position offshore wind at the centre of the global energy transition, the Ocean Renewable Energy Action Coalition (OREAC) said. OREAC estimates that
UAE-based port operator Abu Dhabi Ports has established a new feeder services company, Safeen Feeders, as part of its strategy to facilitate growing trade demands within the Gulf region.
With COVID-19 still a concern and climate change being a major talking point all around the world, drone operators and innovators are trying to test and push the limits of usefulness of drones in the offshore industry both here and now and in the future.
The global liquefied natural gas (LNG) industry is about to face its first seasonal demand contraction since 2012.
Canada has the highest carbon emission intensity per barrel of oil equivalent produced, while Norway has the lowest, a Rystad Energy analysis shows.
Hydrogen has surged up the priority list of many oil and gas organizations, taking a primary position in the sector’s decarbonization efforts, according to a new report by DNV GL.
Over ordering of bulk carriers over the past ten years has set the tone for the upcoming decade as overcapacity hinders shipowners’ battle with low demand further constrained by the COVID-19 pandemic. A total of 413 million DWT has flooded the market since the turn of the decade, bringing the world
Exploration plans are being redrawn and the well count is expected to drop by as much as 35 per cent on 2019 levels due to the “double whammy” of the oil price collapse and COVID-19 pandemic, according to market research provider Westwood Global Energy Group.
