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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 →
How teamwork between COSL Drilling and key suppliers Kongsberg and NOV has improved on previously record low emissions to deliver fuel and environmental savings of more than 25%. In 2020, after several years of developing energy-efficient drilling operations, a team at COSL Drilling Europe AS launched a major project to save energy on COSL rigs... Continue Reading →
(Reuters) - Global liquefied natural gas (LNG) demand is expected to almost double to 700 million tonnes by 2040, Royal Dutch Shell said in its annual LNG market outlook. Demand was 360 million tonnes last year, up slightly from 2019’s 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic. Global LNG prices... 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 →
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 →
UK-based TechnipFMC has reported fourth-quarter 2020 loss of $39 million or 9 cent per diluted share against $2.4 billion loss same time last year. Adjusted diluted earnings per share was 5 cents, with analysts projecting some 20 cents. Revenue for the quarter was down from Q4 2019 some eight per cent at $3.32 billion and... Continue Reading →
MESSAGE FROM THE CEO Dear Shareholders,I am very happy to present the report on Petrobras financial performance in 2020, a superb performance in a very challenging environment. Amidst a severe global recession and the effects of a major global shock to the oil industry, we promised to engineer a J-shaped recovery. The goal was to... Continue Reading →
Italian oilfield services company Saipem has developed a new tool for the estimation of the carbon footprint of its offshore projects. Saipem said on Wednesday it has won the Environmental Sustainability Award in International Marine Contractors Association’s (IMCA) 2020 Awards programme, for an innovative CO2 estimation tool in its offshore projects. The tool is named SOCE (Saipem... Continue Reading →
Helix Energy Solutions has seen its fourth-quarter 2020 profit almost cut in half on lower well intervention activity, slightly offset by its robotics unit. The Houston-based company reported net income of $4.2 million, or $0.03 per diluted share, for the fourth quarter 2020 compared to $8.1 million, or $0.05 per diluted share, for the fourth... Continue Reading →
Italian energy group Eni on Friday raised its ambition to cut greenhouse gas emissions, vowing to become net carbon neutral by 2050, as it seeks to keep up pace in an industry under pressure from investors to go green. Like its peers, Eni is stepping up plans to transition to cleaner fuels as governments around... Continue Reading →
Brazil Energy Insight 