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Oil And Gas Unit News

20 Apr 2018

GE Profit Tops Estimates

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.

04 May 2017

DONG Energy Settles Platform Dispute

DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to divest its oil and gas unit to focus on its growing business of developing offshore wind farms. DONG said in a statement that the agreement will reduce the 2.5 billion Danish crowns ($367 million) of provisions it made in relation to the Hejre field ahead of its listing, which was one of the largest in the world last year. It will also have a positive impact of around 900 million crowns on operating profit in DONG's Discontinued Operations…

16 Nov 2016

Subsidy-Reliant Offshore Wind Takes Cue from Big Oil

From a helicopter, it looks like just another North Sea oil rig, a grey cube supported by massive yellow pillars, 90 kilometres (56 miles) off western Denmark. But the DanTysk facility is the world's first accommodation platform for offshore wind, which is borrowing techniques and labour from the crisis-hit oil sector as it tries to cut costs and end an addiction to state subsidies. The wind industry is moving further offshore and into the deeper waters tamed long ago by oil companies to increase scale and capture stronger and more constant winds. "There's a lot of new-generation technology in the offshore wind industry, but when I'm out there…

29 Mar 2016

DONG Postpones Major Oil Project Offshore Denmark

DONG Energy <IPO-DONG.CO> has terminated a contract to build an oil and gas platform for its Hejre field, postponing indefinitely the major development offshore Denmark, the Danish majority state-owned utility said on Tuesday. DONG said the supplier consortium, Technip France and Daewoo Shipbuilding & Marine Engineering, had not been able to meet its commitments under the contract. DONG, which operates the field and holds a 60 percent stake, and Germany's Bayerngas, which has the remaining 40 percent, will assess alternatives to develop the field and will work closely with the Danish authorities, DONG said. The project, originally planned to start in late 2015…

15 Jun 2014

Germany Could Stop RWE Unit Sale

Germany's Economy Ministry is investigating whether to block the sale of RWE's oil and gas unit DEA to a group of investors led by Russian tycoon Mikhail Fridman, a spokeswoman said. The German government has never previously made use of a clause in its foreign trade law, under which it could stop the deal announced earlier this year if there were concrete signs it threatened "public safety and order". "An investigation has been started. It is an open-ended investigation (to find out) whether there are conditions for prohibiting the deal under the foreign trade accord," a spokeswoman for the Economy Ministry told Reuters. Spiegel magazine on Sunday reported the ministry had started to look into the deal following fresh information but did not give further details.

27 Nov 2001

Aker Maritime Wants to Strengthen Kværner

Aker Maritime wants to contribute to a solution for Kværner, and is presenting a proposal today which could form the basis for constructive new discussions. This proposal builds on the plan launched earlier by Yukos. Aker Maritime suggests some modifications which make that plan more attractive in financial terms for the company's shareholders. The modified plan will strengthen Kværner financially and make a positive contribution to its lenders. In addition, Aker Maritime is once again willing to offer Kværner the opportunity to secure a good and long-term industrial future. It is proposing to merge its operational activities with Kværner in exchange for Kværner shares. This will create a strong new player in the oil and gas industry, with a substantial potential for international growth.