Oil And Gas Production Installations News

Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies. In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn.

ACE Winches announced profits of £4.8 million (after tax) based on a 30 per cent year-on-year increase in turnover. The Aberdeenshire-based company reported that turnover for the year-end October 31 2011 increased to £21.9 million from £16.8 million the previous year. Profit increased from £4.2 million in 2010. ACE Winches continued strong showing in the export market, realising 74% of turnover from international activities and sales. ACE Winches has also continued to invest in…