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Activity in the deepwater sector took a huge hit in the second half of last decade as a result of a global oil demand/supply imbalance, downturn in oil prices, hiatus in Petrobras production floater orders and large industry cutbacks in upstream spending. The downturn was the worst to ever hit the offshore sector. Orders for... Continue Reading →
Aquaterra Energy, a provider of offshore engineering solutions, has secured a “significant” agreement from Chevron to design and support the installation of the Sea Swift offshore platform solution off the coast of Angola. Aquaterra said on Tuesday that the deal from Chevron was awarded through the oil major’s wholly-owned subsidiary in Angola – Cabinda Gulf... Continue Reading →
Houston-based subsea engineering company Oceaneering has been awarded a contract for comprehensive riserless light well intervention (RLWI) services offshore Angola in Blocks 18 and 31 by oil major BP. Oceaneering said on Monday that the value of this award was reflected in the company’s December 31, 2019, subsea products backlog. In connection with this contract,... Continue Reading →
Oilfield services provider TechnipFMC expects $2.4 billion of non-cash asset impairment charges to impact its results in the fourth quarter of 2019. The company said on Monday that it anticipates for the full year 2019 revenues to approach the guidance mid-point of $13.5 billion. The company expects adjusted EBITDA margin for all segments to meet... Continue Reading →
February 10, 2020 Total plans to drill in block CM-541, in the Campos Basin pre-salt, between the end of this year and the beginning of 2021, informed the company's E&P director, Arnaud Breuillac, during a conference call with analysts last Thursday (6/2). According to the company, there are two “giant world-class” prospects in the asset,... Continue Reading →
Constellation said last week it had secured a three-year drilling contract for the Atlantic Star rig. The Atlantic Star is a midwater semi-submersible drilling rig which was originally constructed in 1976 and was acquired by Constellation in 1997. Continue reading
Offshore Drilling company Diamond Offshore posted a net loss of $74 million for the fourth quarter of 2019. The result is an improvement compared to a loss of $79 million in the fourth quarter of 2018, and also compared to the third quarter 2019 loss of $95 million. Diamond Offshore's revenue grew to $276 million... Continue Reading →
The worldwide offshore rig count in January 2020 has dropped by 14 units sequentially, but rose by two units year-over-year, according to a rig count report by Baker Hughes Company. BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. The international rig count for January 2020 was... Continue Reading →
National Oilwell Varco beat estimates for its fourth-quarter profit on Thursday, as the oilfield services provider cut costs to counter an ongoing decline in North American drilling activity. Lower crude prices and investor demand for higher returns have forced U.S. oil and gas companies to hold off on drilling, hurting earnings of companies that provide... Continue Reading →
Aker Solutions will likely see a 14% drop in revenue in 2020, reversing the gains made last year, the company said while reporting a decline in fourth-quarter earnings on Friday. Earnings before interest, tax, depreciation and amortization (EBITDA), excluding one-offs, fell to 434 million Norwegian crowns ($47.04 million) in the final quarter of 2019 from... Continue Reading →
Brazil Energy Insight 