Boskalis Profits Fall, Fleet Cut on Weak Oil
Marine construction company Boskalis expects a drop in net profit this year as depressed commodity prices hit demand for oil-related infrastructure, it said on Wednesday. Its shares fell 10 percent to 32.42 euros in early trading. "Volumes and prices are under pressure, which is also translating into our order book," Chief Executive Peter Berdowski said in a statement. Boskalis's order book fell to 2.49 billion euros ($2.7 billion) at the end of 2015 from 3.29 billion in December 2014. "In addition, we are taking a critical look at reducing the cost of the global office network," it said.
Rosneft Cancels Rig Contract
Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said. Western sanctions against Russia, and Rosneft in particular, have led the Russian oil group to cancel a North Atlantic Drilling vessel earlier this month and raised concerns whether a larger agreement would go through.. The contract, worth about $150 million, was for Northern Offshore's jack-up rig…
PetroVietNam Gas's Q1 gross profit falls 27.5%
PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported. PetroVietNam, Vietnam's largest listed company, would seek strategic shareholders in the gas exploration sector, while state oil and gas group Petrovietnam, now owning 97 percent of PetroVietNam Gas, plans to reduce its stake to 75 percent, the report said. NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Hanoi Newsroom; Editing by Anand Basu) ($1 = 21,070 dong)
Asia Fuel Oil: 380-cst cash premium rises 76 percent
The cash premium of the benchmark 380-cst fuel oil grade firmed for the fourth straight session on Wednesday, underpinned by lower supply in the region in early April. The 380-cst cash premium rose 76 percent or close to $1 a tonne to a two-week high of $2.22 a tonne, Reuters data showed. this period has provided some support for the 380-cst market. Around 4.17 million tonnes of fuel oil will arrive in April from the West, of which only an estimated 950,000 tonnes or just 20 percent of the total, will make a landfall in the first 10 days of the month, Reuters reported earlier. On the other hand, demand from southeast Asia is also set to increase…
