Maersk Invites Government to North Sea Amid Takeover Speculation

The Maersk Developer drilling rig. Photo: Jonathan Bachman/Statoil

By Christian Wienberg (Bloomberg) -- A.P. Moeller-Maersk has invited a Danish parliament committee to visit one of its North Sea oil fields amid speculation the company wants to buy a state-controlled energy unit operating in the same area. Maersk is offering members of the Business, Growth and Export Committee to participate in a two-day field trip, "because it has been … [Read more...]

BP’s Record Gulf Oil Spill Settlement Tops $20 Billion

fire boat response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon April 21. A Coast Guard MH-65C dolphin rescue helicopter and crew document the fire aboard the mobile offshore drilling unit Deepwater Horizon, while searching for survivors April 21. Multiple Coast Guard helicopters, planes and cutters responded to rescue the Deepwater Horizon’s 126 person crew. U.S. Coast Guard Photo

  By Rakteem Katakey, Del Quentin Wilber and Margaret Cronin Fisk (Bloomberg) -- The value of BP Plc’s settlement with the U.S. government and five Gulf states over the Deepwater Horizon oil spill rose to $20.8 billion in the latest tally of costs from the U.S. Department of Justice. The settlement is the largest in the department’s history and resolves the … [Read more...]

Shell Abandons Arctic Exploration After Spending $7 Billion

Shell's Polar Pioneer drilling rig. Photo: Shell Alaska

  By Karolin Schaps LONDON, Sept 28 (Reuters) - Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude, a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky. The withdrawal came six weeks after the final U.S. clearance and three months after Shell was still … [Read more...]

Transocean Linked to Petrobras Bribery Scandal for First Time

Petrobras 1000 drillship

  By Peter Millard and Yasmine Batista (Bloomberg) -- Transocean Ltd., the world’s largest offshore rig contractor, is being linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving … [Read more...]

Samsung Heavy Industries Launches World’s Largest Semi-Submersible


Samsung Heavy Industries has launched the semi-submersible that will serve as the central processing facility (CPF) for the giant Ichthys LNG project off Western Australia. Located about 139 miles (224km) offshore Western Australia in the Browse Basin, the Itchys field represents the largest discovery of hydrocarbon liquids in Australia in 40 years and is ranked among the … [Read more...]

Skeptic Investors Miss Out on Huge Windfall from Shell’s BG Takeover Deal

Deepsea Metro I, a sixth generation drillship contracted by BG Group to drill offshore Tanzania. Photo: BG Group

  By Inyoung Hwang (Bloomberg) -- A fresh drop in in oil prices and political instability in Brazil is making investors miss out on about $5.5 billion in Royal Dutch Shell Plc’s pending takeover of BG Group Plc. BG closed on Monday at 990.4 pence, about 9.5 percent below Shell’s cash-and-stock offer. The difference in share prices in the deal -- the largest in the … [Read more...]

DryShips Sells 17 Vessels for Huge Loss

File photo (c) Shutterstock/Lukasz Z

  Athens-based dry bulk shipping company DryShips, Inc. announced Monday agreements to sell 17 vessels and says its remaining fleet is now held for sale, which will lead to impairment losses that could reach close to $800 million. The firm sales agreements were entered into with private entities controlled by DryShips' Chairman and CEO George Economou. The 17 … [Read more...]