Norway’s DNB: Oil Industry Suppliers Face Years of Restructuring

By Stine Jacobsen STAVANGER, Norway, Aug 30 (Reuters) - Restructuring the debt of struggling offshore oil service vessel (OSV) and drilling rig companies will take years to complete and complex cases must go through multiple stages, an executive at top Norwegian bank DNB told Reuters on Tuesday. Dozens of exploration rigs and more than 100 service vessels have been … [Read more...]

Big Oil Seems to Be Falling Out of Love With Big Projects

By Liam Denning (Bloomberg Gadfly) -- Big Oil just doesn't seem to be as enamored with the 'big' thing as it once was. Another major project, Alaska LNG, has bitten the dust: The Wall Street Journal reported over the weekend that Exxon Mobil wants to sell its stake to the state government. Granted, liquefied natural gas is maxed out on supply right now; only last week, … [Read more...]

Oil Price Risk Forces Maersk to Plan Deeper Cost Cuts

By Christian Wienberg (Bloomberg) -- A.P. Moeller-Maersk A/S is adapting its cost base to prepare for the risk of lower crude prices as the world keeps producing more petroleum than it can consume, according to the chief executive officer of the Danish shipping and oil conglomerate. Oil has risen about 60 percent from a 2016 low. But the risk that prices will again fall … [Read more...]

Cheaper Bunkers Could Both Hinder and Help Container Lines, Says BIMCO

By Mike Wackett (The Loadstar) - Lower bunker costs are “very welcome in an industry struggling to make a profit”, says shipping industry association BIMCO in its latest container market analysis, but added that the potential impact of much cheaper fuel in ratcheting up service speeds of ships “may not be such a blessing”. BIMCO’s concern is that faster sailing speeds … [Read more...]

Seadrill Delays Two Drillships at DSME

Seadrill Ltd. has emerged as the client who agreed to postpone delivery of two ultra-deepwater drillships under construction at the South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME).  The offshore drilling contractor confirmed via a statement Friday that it reached an agreement with DSME to defer the delivery … [Read more...]