(Reuters) Shares of John Wood Group Plc surged over 30% on Thursday after the company said it received three preliminary buyout proposals from private equity firm Apollo Global Management Inc. The British oilfield services and engineering firm said late on Wednesday that its board had rejected all the proposals, saying they "significantly undervalued" the company's... Continue Reading →
SBM Offshore Forecasts Annual Revenue of Over $2.9 Billion in 2023
Dutch oil and gas services firm SBM Offshore forecast on Thursday an annual revenue of above $2.9 billion for 2023, bringing its guidance for earnings before interest, taxes, depreciation, and amortization (EBITDA) to above $1 billion. The group, which supplies and operates floating production, storage and offloading (FPSO) vessels, reported an EBITDA of $1.01 billion... Continue Reading →
Offshore wind shines bright for Fugro yet again
Fugro has reported a revenue of €1.76 billion for the whole year of 2022, representing a 14.8 per cent growth in comparison to 2021, said to be due to a 42 per cent increase in offshore wind. Infrastructure and oil & gas were also up, with 7 per cent and 9 per cent respectively. Marine... Continue Reading →
Italy’s Eni posts record profit
(Reuters) - Italian energy group Eni (ENI.MI) said on Thursday its adjusted net profit rose to 13.3 billion euros ($14.12 billion) in 2022, the largest in over a decade, but its shares fell as markets focused on a weaker exploration and production performance in Q4. The state-controlled group's 2022 performance was boosted by a heightened focus on... Continue Reading →
Wintershall Dea Swings to Loss on Russia Exposure
Oil and gas producer Wintershall Dea swung to a loss last year, hit by significant impairments and losses related to Russia's war in Ukraine, it said on Thursday. Wintershall reported a group net loss of 4.8 billion euros ($5.1 billion), including 7 billion euros in one-off, non-cash losses related to its Russian upstream and associated midstream... Continue Reading →
Transocean Sees Multi-year Upcycle in Offshore Drilling Industry
Offshore drilling is making a comeback after several challenging years, and Transocean, a major deepwater drilling contractor, expects to see a multi-year upcycle in the offshore drilling industry. "Looking back, 2022 will be remembered as a pivotal year in Transocean’s history," said Chief Executive Officer Jeremy Thigpen in an announcement on the company’s financial results on Tuesday.... Continue Reading →
Valaris Reports Fourth Quarter 2022 Results
(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported fourth quarter 2022 results. President and Chief Executive Officer Anton Dibowitz said, "I would like to thank the entire Valaris team for continuing to deliver excellent operational performance, achieving revenue efficiency of 98% during the fourth quarter. This strong operational performance has translated into... Continue Reading →
Iberdrola expects 8-10% net profit rise before windfall tax
(Reuters) - Spain's biggest utility Iberdrola (IBE.MC) expects its net profit to increase by 8% to 10% this year from 2022, it said on Wednesday, discounting the country's windfall tax that would cut the growth rate to the mid-single-digit. Following Russia's invasion of Ukraine a year ago, energy markets in Europe hit record highs, adding to economic... Continue Reading →
Engie’s full-year profit jumps on higher gas prices
(Reuters) - French energy company Engie (ENGIE.PA) reported a sharp increase in its annual profit, helped by higher natural gas and power prices in the wake of Russia's invasion of Ukraine. The company said its net recurring income for 2022 totalled 5.2 billion euros ($5.55 billion), up from 2.9 billion euros in 2021. Full-year earnings before tax... Continue Reading →
TechnipFMC scores another contract with TotalEnergies in Angola
TechnipFMC has secured a “significant” contract with TotalEnergies EP Angola for the supply of flexible pipe and associated hardware for a life extension project. The contract covers the engineering, procurement, and supply of flowlines and connectors for the Girassol Life Extension project (GIRLIFEX) offshore Angola. According to TechnipFMC, the flexible pipes are set to extend the life... Continue Reading →
Brazil Energy Insight 