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Oilfield engineering and construction company Global E&C has said it has acquired 100% share capital in commissioning specialists Magma. Global E&C was formed in March 2019, following the majority acquisition of Apollo by Global Energy Group (GEG) and the subsequent amalgamation of GEG’s brownfield EPC business with Apollo’s brownfield modifications engineering team. Continue reading
FPSO operator BW Offshore nearly tripled its quarterly profit despite negative impact of a $13 million charge due to termination of an FPSO charter in New Zealand. In the fourth quarter of 2019 BW Offshore recorded operating revenue of $303.4 million, an increase compared to revenues of $255.4 million in 4Q 2018. BW nearly tripled... Continue Reading →
The coronavirus outbreak could cut oil industry investment this year by tens of billions of dollars and delay the delivery of offshore installations currently being built at Asian yards, Oslo-based consultancy Rystad Energy predicted on Friday. "Our current assessment forecasts that COVID-19 could result in global exploration and production (E&P) investments falling by around $30... Continue Reading →
Italian oil and gas company Eni booked a loss in the fourth quarter of 2019 compared to a profit in the same period of 2018 despite record production driven by project ramp-ups and start-ups. According to its quarterly report on Friday, Eni’s adjusted operating profit was €1.8 billion in the fourth quarter, down by 40%... Continue Reading →
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions. Manufacturing shutdowns and shipping bottlenecks are causing project delays. Vessels and other large components being constructed in affected shipyards have the most... Continue Reading →
Seismic services player Polarcus posted a loss of $19 million for the fourth quarter of 2019, but the company expects to benefit from an improving backlog. According to its financial statement on Thursday, Polarcus recorded revenues of $55.3 million in the fourth quarter of 2019, compared to $58.4 million in Q4 2018. Polarcus posted a... Continue Reading →
Offshore drilling contractor Seadrill has seen an improvement in the offshore drilling market throughout 2019. Although the pace of the recovery has slowed down at the beginning of 2020, Seadrill expects continued market recovery over the remainder of the year. According to its report on Thursday, Seadrill’s revenues in the fourth quarter of 2019 were... Continue Reading →
Oilfield services provider TechnipFMC saw an “unprecedented level” of inbound orders in 2019, which pushed its backlog to over $24 billion. TechnipFMC booked a loss of $2.4 billion due to after-tax charges and credits. TechnipFMC on Thursday posted revenues of $3.7 billion for 4Q 2019, a 12.2% increase compared to the same period in 2018... Continue Reading →
Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products. Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968.12 million) from 14.3 billion ringgit in the same period a year earlier. Excluding impairment charges, profit totaled... Continue Reading →
Italian oil services group Saipem said on Wednesday it expected higher sales this year after it beat its 2019 targets and introduced a dividend for the first time in seven years. But it warned that concerns over the impact of the coronavirus and political uncertainty in certain parts of the world could weigh on weak... Continue Reading →
Brazil Energy Insight 