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Deepwater drilling company Transocean reported a second-quarter net loss of $487 million, mostly on impairment of assets. The adjusted net loss was $1 million, an improvement from an adjusted loss of $187 million in the previous quarter. Total contract drilling revenues were $930 million, compared with $759 million in the first quarter of 2020. Continue... Continue Reading →
Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices. Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million... Continue Reading →
TechnipFMC has reported second-quarter 2020 profit of $12 million or 3 cents per diluted share against $97 million profit same time last year. Adjusted diluted earnings per share, excluding charges and credits, was 9 cents. Revenues for the quarter were down 8 per cent at $3.16 billion, form $3.43 billion in the prior-year comparable period.... Continue Reading →
Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects. The company reported an adjusted net income of $126 million, down from $2.9 billion reported in the corresponding quarter last year. Total noted it will take an $8.1 billion impairment on its... Continue Reading →
Tubular solutions supplier Vallourec has signed contract extensions with Petrobras for the supply of its products and services. Since 2019, Vallourec has been supplying Petrobras with OCTG products, including seamless steel tubes, connections, and accessories, as well as associated services such as offshore inspection, repair, and supervision. The contracts have now been extended until 2023.... Continue Reading →
South Korean shipbuilder Samsung Heavy Industries (SHI) has delivered Eagle Paulinia to AET Tankers, a petroleum logistics unit of Malaysian energy logistics group MISC Berhad. The dynamic positioning (DP2) shuttle tanker is part of a series of four vessels, purpose-built for long-term charter to Brazilian oil and gas major Petrobras. Continue reading
Wind turbine maker Siemens Gamesa expects the fallout of the COVID-19 pandemic will cut 1 billion euros ($1.2 billion) from its sales revenue in the full year, the German-Spanish manufacturer said on Thursday. The company said the impact will be harsher than previously expected, with fewer sales of turbines in several markets and slower execution... Continue Reading →
Apache Corp and its joint venture partner Total on Wednesday said they had made their third oil discovery offshore Suriname. The "major oil discovery" was made at the Kwaskwasi-1 well drilled by the Noble Sam Croft in Block 58, where Apache is operator and holds 50% working interest and Total holds the other 50%. Continue... Continue Reading →
The world’s three biggest oilfield service companies wrote down the value of their assets to the tune of about $45 billion during the past year as customers engaged in severe spending cutbacks, according to Morgan Stanley. The combined write offs, half of which stem from what were supposed to be blockbuster M&A deals, almost equal... Continue Reading →
Today General Electric announced its plans to completely divest from oil services giant Baker Hughes BHI -0.4% by selling its remaining 377 million shares over three years. At current prices, the 37% stake is worth $5.5 billion — down significantly in the past year as shares in both companies have slumped nearly 40% ytd. With the oil industry... Continue Reading →
Brazil Energy Insight 