Eldar Sætre, CEO of the Norwegian oil company Statoil, will continue as CEO after he turns 62 in February 2018, and will not use his contractual right to retire at the age of 62. Read more
Aker Solutions to deliver largest umbilical system ever. Client unknown
Norway’s Aker Solutions has won an order valued at more than NOK 1.6 billion to deliver the largest umbilicals system ever. The contract entails delivery of 250 kilometers of steel-tube umbilicals linking a subsea development to an existing offshore platform. “We are honored to have been selected to work on this project, which is groundbreaking... Continue Reading →
Baker Hughes books loss in first report following GE merger
Oilfield services provider Baker Hughes, a GE company (BHGE), posted a loss for the third quarter 2017 despite seeing an increase in orders. This is BHGE’s first quarterly report following the closure of the previously announced combination of Baker Hughes with General Electric’s oil & gas business, GE Oil & Gas, on July 3, 2017. According to... Continue Reading →
Schlumberger records profit and revenues boost in third quarter
Schlumberger, the world’s largest oilfield services provider, saw an increase in profit and revenues during the third quarter of 2017 compared to the prior-year period. The company on Friday posted a profit of $545 million for the third quarter of this year, compared to a $176 million profit recorded in the same period of 2016. Read more
Brazil’s Temer says pension reform might not pass this year
President Michel Temer said on Friday that a bill overhauling Brazil’s costly pension system might not clear Congress this year as planned, the first time that he has indicated that such a delay might happen. Read more
TechnipFMC snaps up Plexus’ wellhead business for jack-up applications
Oil and gas services company TechnipFMC has reached an agreement with Plexus Holdings to acquire Plexus’ Wellhead exploration equipment and services business for jack-up applications. Plexus Holdings is a UK-based oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, TechnipFMC explained on Thursday that the acquisition of Plexus’... Continue Reading →
Repetro approved in committee
October 19, 2017 After two meetings on the 18th , the joint House committee approved Provisional Measure 795 which extends until 2040 the tax benefits granted to industry by Repetro. The Measure will now be voted in the House and Senate plenaries. The expectation is that the new tax regime will be approved in... Continue Reading →
Brazil’s Temer escapes corruption charges in committee vote
A congressional committee voted 39-26 on Wednesday to reject charges against Brazilian President Michel Temer stemming from a corruption case involving the world’s largest meatpacker. Read more
Gulf of Mexico Oil Spill May Be Largest Since 2010 BP Disaster
The Delta House floating production facility about 40 miles (64 kilometers) southeast of Venice, Louisiana, released 7,950 to 9,350 barrels of oil from early Wednesday to Thursday morning, according to closely held operator LLOG Exploration Co. That would make it the largest spill in more than seven years, data from the U.S. Bureau of Safety and Environmental Enforcement... Continue Reading →
Subsea 7 says no to Baker Hughes takeover
According to the Wall Street Journal (WSJ), Baker Hughes, a GE company, has held talks to acquire subsea services contractor Subsea 7. The WSJ cited people close to the matter which claimed that negotiations broke down over valuation. Even though initial negotiations broke off, one of WSJ’s sources stated that Baker Hughes and Subsea 7... Continue Reading →
