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The former Petrobras supply director, Hugo Repsold, will now be part of the 3R Petroleum command. The executive was announced this week as the new corporate and gas & energy director for the independent oil company. Repsold was elected by the company's Board of Directors and his term of office is valid until August 2022,... Continue Reading →
Oil company executives at CERAWeek by IHS Markit were adamant on Monday that crude demand will rise over the coming decade and that the fossil fuel will remain a crucial part of the energy mix even as renewables draw increasing attention. Climate change and renewable fuels are taking center stage at this year's gathering of... Continue Reading →
Oilfield services giant Baker Hughes and Norway's Akastor on Monday said they would create a joint venture that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s subsidiary, MHWirth AS (MHWirth). MHWirth provides advanced drilling solutions and services, and Baker Hughes’ SDS business is a division of the Oilfield Equipment segment of... Continue Reading →
Message from the Management “We thank all our employees for your dedication, resilience and optimism in such a challenging year. We met this trial and remained healthy. You have achieved much in an uncertain scenario, maintaining the highest standards of safety and efficiency, and you deserve our gratitude. The same message is valid for society... Continue Reading →
TechnipFMC's expectations with the Brazilian market are high. The company recently released its 2020 financial results and also presented its outlook for this year. According to the company, Brazil will be the country with the highest number of new subsea project orders in 2021. The company has mapped eight opportunities for new contracts in the... Continue Reading →
Norwegian shipowner Solstad Offshore has bounced back in black as a result of successful financial restructuring. The company posted quarterly profit of NOK 11.43 billion, compared to NOK 1.19 loss same time last year. Full-year result was positive, with profit of NOK 7.23 billion, against NOK 3 billion loss in 2019. Revenue for the fourth... Continue Reading →
Italian energy services group Saipem said it was unable to provide guidance for the year due to the ongoing health pandemic after it missed earnings expectations, sending its shares down around 9%. "2021 is certainly not a back to normal year," Chief Executive Stefano Cao said in a conference call on results. "We don't expect... Continue Reading →
(Bloomberg) -- Neither the incoming nor the outgoing CEO of state-controlled oil giant Petroleo Brasileiro SA is an oil man. Neither in fact had ever worked a day in the industry before being nominated to the job. But that’s where the similarities between Joaquim Silva e Luna and Roberto Castello Branco end. Whereas Branco is... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, in a meeting held today, approved the proposed incorporation of Companhia de Desenvolvimento e Modernização de Plantas Industriais (CDMPI). The incorporation aims at simplifying and optimizing the corporate structure of Petrobras. Since this is an incorporation of a wholly-owned subsidiary, there will be no... Continue Reading →
Subsea 7 has recognised a major loss in 2020, mostly on impairment charges, but increased its backlog by 20 per cent and kept revenue down only five per cent compared to 2019. The engineering and construction specialist recognised 2020 net loss of $1.1 billion, against loss of $82 million in 2019. In the full year... Continue Reading →
