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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 →
Offshore accommodation services provider Prosafe is still working with its lenders to come up with a financial solution to ensure the company’s long-term stability. Prosafe previously reported it had received consent for temporary payment deferrals and waivers of certain identified defaults under the company’s $1.3 billion and $288 million facilities. These deferrals and waivers have now... 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 →
Oil major BP has set out actions it is taking in response to the COVID-19 pandemic and ongoing market disruption, including a 25 percent reduction in capex. BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting. In addition to revealing its action plan to deal... Continue Reading →
Mar 31, 2020 Royal Dutch Shell said today that it has been facing "significant uncertainties" linked to the coronavirus pandemic and the recent volatility in oil prices, but that it has strong liquidity to overcome crises. The Anglo-Dutch oil company expects a write-off of $ 400 million to $ 800 million in the first quarter... Continue Reading →
March 30, 2020 Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors has decided to join the initiative of the company's Executive Board and approved the postponement of 30% of the remuneration of its members in April, May and June, for payment in September. Petrobras has already announced on 03/26/2020 the payment postponement... Continue Reading →
