Dutch offshore transportation and dredging giant Boskalis has halted crew changes and will slash spending this year due to the COVID-19 virus crisis, it said on Thursday. The company said that, while its workers work from home where possible, this is not an option for staff working on international projects and vessels. Continue reading

Oilfield services company TechnipFMC is taking a set of actions in response to the current market environment, including a 30% reduction in capex.  These actions include a 30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when compared to the company’s previous full-year guidance. Continue reading

UK oilfield services provider Wood has decided to implement salary, headcount, and capex reductions as a response to the volatile market conditions. Wood will also be withdrawing its final dividend recommendation.  Wood said on Thursday it has taken significant steps to enable its workforce to work from home due to the coronavirus pandemic, resulting in... Continue Reading →

Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse. Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling... Continue Reading →

Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday. The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding... Continue Reading →

Marine seismic company Polarcus is set to reduce workforce and employees' salaries, and stack survey vessels, as a response to the uncertainty marine seismic industry is facing in the wake of the coronavirus pandemic, and the current low oil prices. Polarcus on Tuesday evening announced cost-cutting measures, which the company expects to save it $15... Continue Reading →

Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements issued in February 2020. Subsea 7 said on Wednesday that, while the current year’s results are underpinned by a backlog... Continue Reading →

Norwegian oilfield services company Aker Solutions has revealed a package of measures with an aim to mitigate the effects of the coronavirus and sharp oil price decline, including layoffs, reductions in cost and investment levels, and salary freeze for executives as well as general population.  Aker Solutions said on Wednesday it is implementing a number... Continue Reading →