Cash strapped offshore accommodation provider Floatel expects a prolonged downturn in the offshore accommodation market, with no significant improvements expected before 2022. The company, which operates five semi-submersible accommodation rigs, said Tuesday that the coronavirus pandemic and low oil prices resulted in oil and gas firms announcing cuts in 2020 capital expenditure, negatively affecting the... Continue Reading →

Offshore drilling rig contractor Seadrill's ongoing attempt to restructure its massive debt could leave current shareholders with minimal or no ownership at all, the Oslo-listed company said on Tuesday. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional... Continue Reading →

Dutch marine services provider Boskalis said on Thursday it expected its 2020 core profit to match last year's result, offering a more optimistic outlook than market forecasts citing well-filled order books. The dredging giant, which counts energy companies among its major clients, reported half-year earnings before interest, tax, depreciation and amortization (EBITDA) at 204.1 million... Continue Reading →