TechnipFMC’s Subsea division has reported an adjusted EBITDA of $154.1 million in the second quarter of 2021, a 14% increase compared to the first quarter of the year. The division saw a revenue of almost $1.4 billion, a modest improvement, and an operating profit of $72.4 million, a significant increase from $37 million reported in Q1 2021. The... Continue Reading →
Keppel receives request for arbitration in $42.5M dispute
Two of Keppel Offshore and Marine Limited’s wholly-owned subsidiaries have received a request for arbitration from an unnamed company for two FPSO contracts. Singapore’s conglomerate Keppel Corporation said in an SGX filing that the contracts in question were engineering, procurement, and construction contracts relating to floating production, storage, and offloading (FPSO) units. According to the company, the... Continue Reading →
Seadrill hammers out plan to cut debt by $5 billion and raise $350 million
Bankrupt offshore drilling contractor Seadrill Limited has hammered out a reorganisation plan with its consenting lenders, which will allow it to emerge from Chapter 11 bankruptcy. Seadrill expects to get approval for the plan in early November 2021. To remind, Seadrill filed for Chapter 11 in February 2021. Just last week, it was reported that... Continue Reading →
Portuguese oil company Galp swings to profit but COVID still weighs
(Reuters) - Portuguese oil and gas company Galp Energia (GALP.LS) swung to a net profit in the second quarter thanks to higher crude prices and refining margins, but cautioned on the continued impact of the COVID-19 pandemic. In a statement accompanying the figures on Monday Chief Executive Andy Brown said Galp's financial performance in the first half... Continue Reading →
Schlumberger Issues Bullish Forecast as 2Q Profit Beats Estimates
Oilfield services giant Schlumberger NV issued a bullish forecast for 2021 on Friday as second-quarter profit topped estimates due to surging margins, with a rebound in oil prices boosting demand for its software and equipment. Global crude prices rose 18% in the quarter that ended in June and have climbed 42% since the start of... Continue Reading →
Baker Hughes posts 2Q loss despite signs of global economic recovery
Oilfield services provider Baker Hughes has reported a loss in the second quarter of the year regardless of the company posting an increase in orders and revenues. In its second quarter of 2021 report on Wednesday, Baker Hughes said that its orders in the quarter were $5.1 billion, up 12 per cent sequentially and up four per... Continue Reading →
Buyers reportedly line-up for a crack at Seadrill
Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday. Seadrill is trying to emerge from its second U.S. Chapter 11 bankruptcy in four years:... Continue Reading →
Wärtsilä Sees Rise in Order Intake. Expects Growth in 3Q
Finland-based marine and energy equipment maker Wärtsilä expects the third quarter of the year to be better than the corresponding one of 2020 but has warned that prevailing market conditions make the outlook uncertain. The company made the statement Tuesday as part of the release of its second-quarter results. In the second quarter of 2021,... Continue Reading →
Halliburton profit jumps 33% as oilfield activity rebounds
(Reuters) - Halliburton Co (HAL.N) on Tuesday reported a 33.5% jump in second-quarter profit from the previous three months, as a rebound in crude prices from pandemic lows buoyed demand for oilfield services. Global crude prices climbed 18.2% in the quarter ended June 30 and are up about 37% since the start of the year. The bump... Continue Reading →
Norway’s Aker BP operating profit misses as field maintenance hits volumes
(Reuters) - Norway's Aker BP (AKERBP.OL) missed second-quarter operating profit expectations as field maintenance hit output and exploration costs rose, the independent oil and gas firm's results showed on Thursday. Earnings before interest and tax (EBIT) for April-June jumped to $614 million from $178.5 million a year earlier but were below the $668 million expected by analysts... Continue Reading →
Brazil Energy Insight 