Norway’s Stacked Offshore Fleet Swells to 100 Vessels

Photo: Shutterstock/HeliHead

By Mikael Holter (Bloomberg) -- The number of Norwegian offshore vessels with nothing to do has gone from zero to 100 in just a year. And the woes are far from over, the industry’s top lobbyist said. “The worst is still to come,” Sturla Henriksen, chief executive officer of the Norwegian Shipowners’ Association, said in an interview in Oslo on Friday. “2016 and 2017 will … [Read more...]

Global Oil Job Cuts Top 250,000


by David Wethe and Saleha Mohsin (Bloomberg) - The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co. "I was surprised it’s gotten this far," John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, said … [Read more...]

Plunge in Norway’s Oil Investments Could Hurt Economy

Photo: Shutterstock/Wisit Tongma

OSLO, Nov 18 (Reuters) - Investments in Norway's oil and gas sector will drop by almost 40 percent from 2014 to 2017, an industry lobby group predicted on Wednesday, a larger-than-expected decline that could hurt the country's economy. Oil companies have curtailed spending as crude prices have more than halved since mid-2014, putting the brakes on Norwegian growth. Oil and … [Read more...]

Investigation Into Petrojarl Knarr Fire Uncovers Defects

Teekay's Petrojarl Knarr FPSO is on charter to BG Group. Photo: BG Group

Norway's Petroleum Safety Authority has uncovered a number of defects and shortcomings in its investigation into the March 2015 fire onboard the Petrojarl Knarr floating production and storage unit (FPSO) at the Knarr field offshore Norway. The fire broke out early on March 24, 2014 - less than a week after the FPSO come online - in a ventilation system located beneath the … [Read more...]

Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

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By Luca Casiraghi and Mikael Holter (Bloomberg) -- Pareto Securities AS is among banks targeting debt funds and private-equity firms to buy oil rigs at firesale prices to hold until demand for offshore-drilling rebounds, according to people familiar with the matter. Norwegian investment banks are sounding out interest in special-purpose investment vehicles that would buy … [Read more...]

Norway Oil Income Heading for Six-Year Low Amid Price Plunge

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  By Mikael Holter (Bloomberg) -- The state’s oil income is on track to dip to the lowest in at least six years. Net income from the Norway’s direct stakes in offshore oil and gas fields for the first nine months is 13 percent behind the same period last year and barring a substantial rally in the last three months could dip below the 97 billion kroner received in … [Read more...]

Oil Jobs Exit Norway as Era of Richest Rewards Peters Out

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  By Saleha Mohsin (Bloomberg) -- When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry. … [Read more...]