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Singapore-based Sembcorp Marine continues to face COVID-19 supply chain constraints and shortage of skilled workers, the company said announcing its Q1 results. The workforce shortage has been ascribed to the ongoing travel bans caused by the pandemic, as foreign workers, primarily those from India and Bangladesh, are unable to return to Singapore. Specifically, the Ministry... Continue Reading →
Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the first quarter which ended 31 March 2021. First quarter highlights First quarter 2021 revenue up 33% year-on-year to $1.0 billionAdjusted EBITDA up 50% to $102 million after incurring net Covid-19 costs of approximately $9 millionOrder intake of $0.8... Continue Reading →
(Reuters) French energy group Total SE (TOTF.PA) posted first-quarter earnings on Thursday close to levels from before the coronavirus pandemic, as higher oil and gas prices boosted its trading business and it increased electricity production. The company, which is branching into renewable energy and diversifying away from hydrocarbon-centred activities, benefited from this drive as areas like oil... Continue Reading →
Equinor (STOHF) (OSE: EQNR, NYSE: EQNR) reports adjusted earnings of USD 5.47 billion and USD 2.66 billion after tax in the first quarter of 2021. IFRS net operating income was USD 5.22 billion and the IFRS net income was USD 1.85 billion. The first quarter of 2021 was characterised by: Strong results due to price... Continue Reading →
(Reuters) Royal Dutch Shell’s climate change strategy does not go far enough and investors should advise against it at an upcoming meeting, a UK pension funds group said on Wednesday. Shell has asked investors to vote on its energy transition strategy, although the vote is advisory only. read more Its plans call for reaching net zero... Continue Reading →
Portugal's Galp Energia on Monday reported a 13% slump in adjusted first-quarter net profit, hit by a decline in oil production owing to constraints caused by the COVID-19 pandemic and slower refining activity. Galp suspended output at its largest refinery in Sines and its smallest, Matosinhos, in April 2020. It resumed production at both locations... Continue Reading →
Offshore Energy continues with its new In focus weekly feature, spotlighting the latest energy transition developments, after our first edition went online on 16 April. Following last week’s news on the U.S. oil giant Chevron’s entrance into the offshore wind market and note that the company has not yet announced its net-zero agenda, its Norwegian counterpart Equinor – which... Continue Reading →
(OE) Offshore wind (OSW) energy is a new focus for the U.S. under President Biden, who highlighted it in his January 27, 2021 Executive Order on climate. Since then, there have been several new supporting developments: Rulings by the Customs and Border Patrol (CBP);Announcement that workers in Alabama and West Virginia are supplying 10,000 tons... Continue Reading →
(Bloomberg) -- For John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, Houston’s fossil-fuel industry seems finally ready to move on. A year ago, talk in the Texas energy hub was mostly about defending oil and gas and denouncing renewables, Arnold, 47, said Monday on his Twitter account. Now, much of the... Continue Reading →
(Reuters) Italy’s Eni (ENI.MI) is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources. The move is part of a major overhaul the company launched last year as it transitions into... Continue Reading →
Brazil Energy Insight 