Eni Terminates Contract for Ultra Deepwater Drillship ‘Ocean Rig Olympia

Italian oil company Eni has terminated its contract for the ultra deepwater drillship Ocean Rig Olympia due to collapsing oil prices.  The early termination was announced Thursday by offshore drilling contractor and owner of the drillship, Ocean Rig. Ocean Rig said that the decision was made "due to the dramatic fall of the crude oil price and the volatile market … [Read more...]

Rolls-Royce Cuts 400 Marine Jobs as Oil Hits Offshore-Ship Sales

  By Christopher Jasper (Bloomberg) -- Rolls-Royce Holdings Plc said it will cut another 400 jobs at its marine-engines arm as the oil-price decline continues to weigh on demand for the specialist offshore vessels that the business helps power. The cutbacks will save 40 million pounds ($61 million) a year, with incremental benefits from 2016 onwards, the London- … [Read more...]

Hard-Hit Transocean Looks to Scrap Dividend

  By Joe Carroll (Bloomberg) -- Transocean Ltd., the offshore oil-rig operator that lost two-thirds of its value in the past year, plans to cancel its dividend and record 2 billion Swiss francs ($2.1 billion) in asset impairments as free-falling crude prices slash demand for drilling vessels. Transocean said it will host an extraordinary general meeting of … [Read more...]

CNOOC Profit Falls as Oil Collapse Outweighs Cuts

  By Aibing Guo (Bloomberg) -- Cnooc Ltd., China’s biggest offshore oil and gas explorer, said first-half profit slumped as higher output and lower costs were overwhelmed by a collapse in crude prices. Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0.75 yuan, a year earlier, the Beijing-based explorer … [Read more...]