Oil Service Sector News

Engineering firm, a major supplier to the oil industry, has decided to pay a regular dividend and buy back stock as it swung to a full-year profit in 2021 and its outlook improved, the company said on Thursday.Subsea 7 said it "firmly" believed that the market recovery was underway based on increased interest from its customers and it now expects its 2022 earnings to be "in line or better" than last year.Its Oslo-listed shares rose 6.5% by 1019 GMT, on track for their biggest daily gains in some 18 months, following the release of its October-December and full-year earnings.Analysts said the s

Norwegian offshore vessel owner DOF Rederi AS, a subsidiary of DOF, has sold the platform supply vessel Skandi Texel.DOF said Wednesday that the vessel had been sold to a Norwegian company. It did not say who the buyer was exactly, but it did say that the vessel would leave the oil services sector."The vessel will be delivered to the new owner with immediate effect and will depart from the oil service sector after the sale. The gain from the sale is approximately NOK 12 million."Skandi Texel is a 69.5 meters long vessel of the MT 6009S design which joined the DOF fleet in 2006 and has been working on long-term contracts mainly in the North Sea.

Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions. Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership, announced in May that they were considering an opportunity for the company to apply for a listing on Oslo Stock Exchange. The shareholders have now decided to shelve these plans, instead opting to wait for market conditions to improve. “Since the review started, the general market sentiment for the oil service sector has been volatile, and oil price as well as pricing of oil services stocks has dropped significantly,” the company said in a press release.

Harkand has signed a new joint venture agreement with ESOPEG Lda in Angola, its first strategic partnership in the country and third in the region as the global inspection, repair and maintenance (IRM) company continues to strengthen its capabilities across West Africa. The newly formed company Harkand Angola Lda, based in Luanda, will focus on the development of local IRM capabilities and services in country, providing support and local content on both large major capital development projects and maintenance to existing ageing operations.

As Tote pioneers the use of natural gas as a marine fuel with two groundbreaking projects, Anthony Chiarello combines the strength and diversity of the Saltchuk group of companies with a forward-thinking, environmentally correct Tote business plan. As TOTE prepares to bring the world’s first natural gas-powered containerships to the maritime industry, the firm will also be the first to convert its existing fleet to run on natural gas. Two Orca Class vessels, operated by Totem Ocean Trailer Express (Totem Ocean) in the Alaska trade, will be converted with minimal time out of service and return as the most environmentally advanced ships in the nation.

North Sea drilling activity eased during the third quarter of 2013 following an encouraging second quarter, according to the latest report into offshore activity from Deloitte, the business advisory firm.The report, compiled by Deloitte’s petroleum services group (PSG), found that although the number of new wells drilled on the UK Continental Shelf (UKCS) fell by around one third in comparison to Q2, the outlook for the North Sea remained positive. A total of 11 exploration and appraisal wells were drilled in the UK during the third quarter of 2013 – five fewer than during Q2 and six fewer than the same period last year. Despite the fall in figures for the UKCS, the Norwegian Continental Shelf (NCS) has produced eight more wells during Q3 2013 than the same period last year.

Shares in Norwegian offshore services and seismic firm Petroleum Geo-Services (PGS) slid on Wednesday on concerns that the sector could be hit by a U.S.-led slowdown, analysts said. The company's shares were down 5.2 percent on the Oslo bourse at 91.0 Norwegian crowns ($10.01), falling in line with other companies in the international sector. The Philadelphia Oil Service Index, which is comprised of the biggest companies in the U.S. offshore oil service sector, was down 4.20 percent on Tuesday; at the same time the Oslo all-share index was up 0.14 percent. PGS, with core businesses in geophysical services and production services, was hit on the back by a sharp profit warning on Tuesday from Veritas, a PGS peer company based in Houston, Texas.