WATCH: DolWin Beta Platform Departs Norway for German North Sea

Screen Shot 2015-08-04 at 9.07.21 AM

The DolWin beta high voltage AC/DC power converter platform seen sailing out from Haugesund, Norway on August 1, 2015 on its way to the German sector of the North Sea, where it will house the converter station for a large wind farm cluster. Once in position, the semi-submersible platform will be placed on the seabed and receive alternating current from wind farms, converting … [Read more...]

Exxon, Chevron Brace for Tough Times Ahead

Chevron's Jack/St. Malo platform in the U.S. Gulf of Mexico. Photo: Crowley

  By Joe Carroll and Dan Murtaugh (Bloomberg) -- Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by … [Read more...]

Shell to Cut 6,500 Jobs as Prolonged Market Downturn Looms

olympus tensioned leg platform shell

By Rakteem Katakey (Bloomberg) -- Royal Dutch Shell Plc said it’s preparing for a “prolonged downturn” by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in almost six months. The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said … [Read more...]

Offshore Contractor Saipem to Cut 8,800 Staff After Unexpected Loss

Saipem's Scareboro 5

By Marco Bertacche and Dan Liefgreen (Bloomberg) -- Saipem SpA, Italy’s biggest oil and gas contractor, will cut jobs and exit businesses as writedowns led to an unexpected loss and an earnings target reduction. The company, controlled by Italian oil producer Eni SpA, posted a second-quarter net loss of 997 million euros ($1.1 billion), after total writedowns of assets … [Read more...]

Sembcorp Marine: Sete Brasil Stiffing Us on Drillship Projects

core-rigs-floaters

SINGAPORE, July 29 (Reuters) - Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday. "Basically what has been ongoing, based on the delay, I think there may be some slow down," Tan Cheng Tat, Chief Financial Officer, said at an … [Read more...]