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Offshore drilling company Transocean expects its two ultra-deepwater drillships under construction in Singapore to cost it $2,25 billion in total, more than a double on the original order price. Transocean first ordered the drillships - now named the Deepwater Titan and the Deepwater Atlas - on speculation from Sembcorp Marine's Jurong Shipyard in 2014 for... Continue Reading →
Offshore accommodation provider Floatel International will book impairments of nearly $400 million for the second quarter of the year due to impairments of its vessels made amid challenging market situation. In an update on Thursday, Floatel said it continues to engage in constructive discussions with its key stakeholders on terms for a financial restructuring. Continue... Continue Reading →
Dear Shareholders, I am glad to be able to tell you that we are running the ship safely through uncharted waters. We are very proud of our team whose talent and professional dedication allowed us to overcome, so far, the enormous challenges faced by our company. The outbreak of a major global health crisis caused... Continue Reading →
Italian oil and gas giant Eni went from a profit in the second quarter of 2019 to a loss in the same period this year hit by the combined effects of the coronavirus pandemic and the oil price crisis. Eni has also cut its capex guidance for 2020 by 35 per cent. Eni booked a... Continue Reading →
Exxon Mobil Corp (XOM.N) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year’s budget by 30% in April,... Continue Reading →
Deepwater drilling company Transocean reported a second-quarter net loss of $487 million, mostly on impairment of assets. The adjusted net loss was $1 million, an improvement from an adjusted loss of $187 million in the previous quarter. Total contract drilling revenues were $930 million, compared with $759 million in the first quarter of 2020. Continue... Continue Reading →
Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices. Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million... Continue Reading →
TechnipFMC has reported second-quarter 2020 profit of $12 million or 3 cents per diluted share against $97 million profit same time last year. Adjusted diluted earnings per share, excluding charges and credits, was 9 cents. Revenues for the quarter were down 8 per cent at $3.16 billion, form $3.43 billion in the prior-year comparable period.... Continue Reading →
Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects. The company reported an adjusted net income of $126 million, down from $2.9 billion reported in the corresponding quarter last year. Total noted it will take an $8.1 billion impairment on its... Continue Reading →
Oil major Shell booked a loss of $18.1 billion in the second quarter of 2020 due to huge impairments as it cut its price outlook in response to the coronavirus pandemic and the oil price crisis. Shell said on Thursday that it had booked a loss of $18.1 billion for the second quarter of 2020... Continue Reading →
