Offshore Energy

Det Norske hit by Revenue Drop

Det Norske Oljeselskap ASA slumped to an operating loss in the first quarter on significantly lower revenue. The company reported a revenues of $ 205 (Q1 2015: USD 329) million in the first quarter.

Oil Rig Helicopter Crashes off Norway, 13 Presumed Dead

A helicopter ferrying passengers from a Norwegian oil platform crashed in the North Sea on Friday, killing at least 11 of the 13 people on board, rescue officials said.

Golar and Schlumberger Reaffirm Partnership

Schlumberger's withdrawal from the Fortuna/Ophir development will not influence its framework agreement with Golar LNG to develop integrated solutions for stranded gas assets,

SPS Signs on as Malaysian Agent for OFG

Ocean Floor Geophysics (OFG) has appointed Salcon Petroleum Services (SPS) as its agent in Malaysia.      Under the agreement, SPS, whose personnel possess technical

Brent Crude Defies Glut with Big Monthly Gain

Weakening dollar, falling U.S. output lift market. Brent crude was heading for its biggest monthly rise in seven years on Friday, touching fresh 2016 highs as a weak dollar and falling U.

Commodity Rally Fades and Investors Look to Oil

Commodity market fundamentals have not improved yet. The rapid speculative rally in commodity markets is already petering out as focus returns to oversupplied markets,

Exxon Mobil Q1 Profit Dips 63 pct

Exxon Mobil Corp, the world's largest publicly traded oil producer, reported a 63 percent drop in first-quarter profit on Friday, citing plunging crude prices and weak refining margins.

Norway: No Survivors Found after Helicopter Crash

No survivors have so far been found following the helicopter crash off the coast of Norway on Friday, police told Reuters. Some 13 people were on board the helicopter,

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Pemex Posts Narrower First Quarter Loss

Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, less than last year as a lower tax burden helped offset a slump in crude prices.

Semco to Deliver Firefighting Systems for Culzean Field

Singapore based yard Sembcorp Marine has awarded Semco Maritime a contract to deliver firefighting systems for the production platforms at the new Maersk Oil operated

ABS Approves First Subsea's Large Scale Steel Forgings

Subsea mooring specialist, First Subsea, has achieved American Bureau of Shipping ABS 2009 Approval for its larger R4 steel forgings up to 562mm diameter. These

Subsea UK Establishes Business Hub in Milton Keynes

Companies specializing in underwater oil and gas operations based in Milton Keynes will come together to discuss and seek solutions to overcoming the challenges

Angola to Restructure State oil firm Sonangol

Angola, Africa's second largest oil exporter, will restructure state firm Sonangol, the oil ministry announced on Wednesday, aiming to "increase efficiency and profitability".

Tullow Oil Trims CapEx, Gains Bank Extension

Banks agree to loan facility extension; Q1 West Africa output below expectations. Oil and gas producer Tullow Oil has cut its annual capital expenditure plans

Marathon Ekes out Profit Despite Weak Crack Spread

Refiner Marathon Petroleum Corp barely eked out a profit in the first quarter, hurt by weak crack spreads - the difference between the prices of crude oil and refined products.

Crude Prices Ease after Hitting 2016 Highs

Traders take profits after steep April Brent, WTI rallies; falling U.S. production, weak dollar seen as supports. Oil futures slid after setting a 2016 high

ConocoPhillips Posts Q1 Loss, Cuts 2016 CapEx

ConocoPhillips, the largest U.S. independent oil company, posted a first-quarter loss, compared with a year-earlier profit, and cut its spending budget for the

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

MHI Retains 50% Stake in MVOW

Mitsubishi Heavy Industries, Ltd. (MHI) said it will maintain 50 percent ownership of MHI Vestas Offshore Wind A/S (MVOW). MHI had announced a call option on September 27,

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