NV5 Global Acquires CHI Engineering Services
The engineering, procurement and construction management (EPCM) firm serving the liquefied natural gas (LNG), petroleum gas (LPG) and natural gas (NG) industries, CHI Engineering Services is aquired by engineering consulting NV5 Global, Inc.CHI’s client base includes the majority of LNG facility owner/operators in the US. The acquisition will complement NV5’s rapidly growing power group in the West and drive the expansion of energy services nationwide.The…
Big Oil turns to Big Data for Drilling Economies
In today's U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth. The sensors are leading Big Oil's mining of so-called big data, with some firms envisioning billions of dollars in savings over time by avoiding outages, managing supplies and identifying safety hazards. The industry has long used sophisticated technologies to find oil and gas.
Trump Picks Rick Perry for Top US Energy Job
President-elect Donald Trump on Wednesday named former Texas Governor Rick Perry to head the U.S. Department of Energy, handing the job to a climate change skeptic with close ties to the oil industry who once proposed abolishing the department. The choice adds to a list of drilling proponents who have been tapped for top jobs in Trump's administration, pleasing an industry eager for expansion but worrying environmental groups concerned by the U.S. role in global climate change. Trump, who takes office on Jan.
U.S. Regional Banks Brace for Energy Loan Losses
The five U.S. regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad loans to the struggling oil industry. Overall, provisions for bad loans at Comerica Inc, Regions Financial Corp, KeyCorp, SunTrust Banks Inc and Fifth Third Bancorp more than doubled to $570 million in the period from $222 million a year earlier. "The low oil price environment continues to pressure our energy clients…
Energy's Next Problem: Credit Lines
U.S. banks are finally putting tougher lending constraints on cash-strapped energy firms and, on average, such companies could see a 15 percent to 20 percent cut in their credit lines, the head of JP Morgan's commercial bank told investors on Tuesday. Until now, banks have been lenient with their energy clients despite a prolonged slump in the price of oil, but Doug Petno, the head of JP Morgan's commercial bank, said that was changing. Moves by oil…
U.S. Airlines Rethink Hedging Strategy
The lowest fuel prices for more than a decade are proving to be a double-edged sword for U.S. airlines. While carriers saved hundreds of millions of dollars from oil prices halving since June, they forfeited a large chunk of that gain because of the fuel hedges they bought as protection against oil rising. The bulk of those hedges - which effectively lock in fuel costs in advance - are set at levels that force airlines to pay more for fuel than current market prices, turning them into a hindrance rather than a help.
Ricardo MultiLife Installed at Barnesmore Wind Farm
Ricardo MultiLife innovation has been installed and commissioned on a 600 kW turbine at the Barnesmore wind farm operated by ScottishPower Renewables in County Donegal, Ireland. Forensic investigation undertaken by Ricardo on behalf of wind energy clients has identified an important similarity in bearing failure mechanisms commonly arising in wind turbine drivetrains. Wear on the inner race of bearings in the inaccessible planetary stages of the gearbox tends to be concentrated over a small arc of some 40 degrees and can lead to premature failure…
Wells Fargo Examines Its Energy Loans After Oil Price Drop
Wells Fargo & Co, one of the biggest lenders to U.S. energy companies, is reviewing each of its loans to the sector in the wake of oil prices tumbling 60 percent since last summer, executives said Wednesday. The bank did not think its energy loan portfolio was at risk enough to justify setting aside any money in the fourth quarter to cover possible defaults, Wells Fargo Chief Financial Officer John Shrewsberry told analysts on a Wednesday conference call, adding that energy represented only 2 percent of the banks outstanding loans.
Standard Chartered Private Equity invests $ 75 mi in Topaz
Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, today announced a US$75 million new equity investment in the business from Standard Chartered Private Equity (“SCPE”), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject US$75 million of equity in return for a 9.8% stake in the business.
Topaz Secures $75m Investment from SCPE
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business.
