Dutch geotechnical services provider Fugro expects to earn around $40 million from the sale of HC2 Holdings’ subsidiary Global Marine Group (GMG). Fugro said on Thursday that it would monetize the remainder of its non-core 23.6% interest in GMG, which was expected to result in proceeds for Fugro of close to $40 million. According to... Continue Reading →
Orsted Exceeds Own 2019 Core Profit Expectations
Orsted, the world's largest offshore wind farm developer, exceeded its own full-year core profit expectations on Thursday on the back of strong generation from its wind farms but said it expected this year's result to be slightly lower. Its 2019 earnings before interest, taxation, depreciation, and amortization (EBITDA) excluding new partnerships increased by 17% to... Continue Reading →
Modec Recording of Extraordinary Loss and Revision of Financial Forecast for the Year Ended December 31, 2019
MODEC, INC. announced today the revision of the consolidated forecast for the full-year ended December 31, 2019, which was announced on February 5, 2019 and revised on November 1, 2019. The revision is mainly due to the recording of extraordinary loss and the company’s recent business performance. Continue reading
Shell’s Q4 Profits Halve to $2.9B
Royal Dutch Shell is cutting the pace of its vast $25 billion share buyback program after lower oil and natural gas prices halved its profit in the last three months of 2019, sending its shares to their lowest since July 2017. While the Anglo-Dutch energy company warned again that a slowing global economy could affect... Continue Reading →
BW Offshore Shaves Off BW Energy IPO Valuation
BW Offshore has slightly reduced the valuation of its planned oil and gas spin-off, the Oslo-listed company said as it presented details for the initial public offering on Wednesday. The valuation of BW Energy was shaved to a range of between $700 million and $750 million, from the $700 million to $800 million proposed in... Continue Reading →
Hess sinks deeper into the red despite higher output
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
Oil producer Hess boosts 2020 spending on Guyana, Bakken ramp-up
U.S. oil and gas producer Hess Corp said it would spend 11% more in 2020 compared with last year, betting heavily on its assets in offshore Guyana and the Bakken shale play. The company said its 2020 exploration and production capital and exploratory budget will be $3 billion, higher than the estimated $2.7 billion allocated... Continue Reading →
Grupo R’s newbuild jack-up rig reaches Mexico
Mexico’s energy services provider Grupo R has informed that its newbuild jack-up rig Cantarell III has arrived from Singapore to Mexico ahead of a new contract, which is set to start in March 2020. The Cantarell III jack-up rig was built by offshore rig builder Keppel in Singapore. Keppel completed and delivered the rig to the... Continue Reading →
Bristow to merge with Era to create offshore helicopter giant
Offshore helicopter operator Bristow and its peer Era Group have made a deal to merge in an effort to create a more diverse and financially stronger player. Bristow and Era Group announced on Friday that they had entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger... Continue Reading →
Keppel O&M Turns Profitable in 2019
Singapore's Keppel Corp. Offshore & Marine division posted a profit for the full year 2019 citing cost cuts and lower impairment costs. For the full year, Keppel O&M posted a net profit of S$10 million, a significant increase compared to a loss of S$109 in 2018. The management attributed profitability to increased topline, cost management,... Continue Reading →
