Technip Energies Sets Up Green Hydrogen JV, Beats Quarterly Earnings Expectations
French oil and gas services group Technip Energies on Thursday announced a green hydrogen solutions joint-venture with Belgian group John Cockerill, while reporting stronger-than-expected first-quarter earnings. The need to combat climate change, along with Russia's invasion of Ukraine, have created opportunities for energy service firms, with increased investments in liquefied natural gas (LNG) and low-carbon energy sources as Western countries impose sanctions on Moscow's energy exports.
Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst
Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday."It is widely acknowledged that the oilfield services sector (OFS) is the energy world’s worst-hit market from the Covid-19 pandemic.
Offshore Drillers to Lose $3B Due To COVID-19, Low Oil Prices
Offshore drillings contractors leasing drilling rigs to oil and gas companies are set to lose contracts worth $3 billion in combined revenue in 2020 and 2021, Rystad Energy said Thursday, citing the impact of the coronavirus pandemic and low oil prices.According to Rystad, the estimated contract value in 2020–2021 is $30 billion in total; $20 billion in 2020 and $10 billion in 2021. "So far six rig years of contracts have been canceled…
Oilfield Services Firms Moving Beyond Oil
Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling…
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…
Morrison, iSIMS Introduce iJacket
Chet Morrison Contractors, an energy service company for the oil, gas and renewables industries, has formed a strategic partnership with iSIMS to launch a new optimized method in jacket and foundation design.The patented iJacket is more structurally optimized than the conventional true X-braced jacket design, supporting the same deck load, conductor/riser count, drilling deck, wind turbine or other payload as its conventional counterpart, the developers said.
Oil Teases $70 but U.S. Output Looms
Oil propped up by OPEC/Russia-led production cuts, but rising North American output threatens to undermine cuts. Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of "red flags" due to surging U.S. production. International benchmark Brent crude futures were trading 18 cents lower at $69.69 by 1004 GMT, having risen above $70 earlier in the session. U.S.
Retail Gasoline Prices Surge in Harvey's Choppy Wake
Nearly a quarter of U.S. refining capacity out; Motiva down for two weeks; Corpus Christi starts to reopen. Retail U.S. gasoline prices hit two-year highs and global shipping routes were scrambled as the nation's largest refiners remained shut on Friday, even as Harvey was losing strength. Major fuel pipelines feeding the U.S. Northeast and Midwest have been either closed or severely curtailed, prompting shortages in some areas and dramatic spikes in wholesale prices.
US Drillers Add Oil Rigs for rth Straight Week
U.S. energy companies added oil rigs for a fifth straight week, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 413 active oil rigs.
Seacat Set for Offshore Wind Rush
9th January 2017, Isle of Wight – Class-leading offshore energy service vessel (OESV) operator, Seacat Services, has invested heavily in its operational team and logistical support infrastructure, based on the Isle of Wight. Ahead of the major offshore wind construction phase beginning in April this year, the business has moved into a new purpose-designed headquarters in Cowes and continued to strengthen its support team.
RigNet Communication Network for Offshore Energy Company
RigNet, Inc. today announced that it has been awarded a multi-vessel contract providing RigNet's managed communication network for an international offshore energy service company that performs well intervention, subsea contracting and other services. RigNet also is delivering communication services to a national oil company and the vessel owner through our customer for their operations in Brazil.
Algeria's Sonatrach Awards Well Contracts to Schlumberger, NOV
Algerian state energy company Sonatrach has awarded U.S. oil service firms Schlumberger and National Oilwell Varco contracts for managing well operations, a Sonatrach document seen by Reuters showed. Schlumberger was awarded a $25 million contract for technical assistance and NOV won a $45 million contract after being pre-selected in 2015 by Sonatrach's drilling division, the document said. U.S. service companies Halliburton and Baker Hughes did not get any agreements in this selection…
U.S. Drillers Cut Rigs to Lowest Number in Almost 6 Years
U.S. energy firms this week continued to cut the number of rigs drilling for oil to the lowest in nearly six years, data showed on Friday, suggesting drillers were preserving cash as they evaluate spending plans as crude prices hover near 12-year lows. Drillers removed one oil rig in the week ended Jan. 15, bringing the total rig count down to 515, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report.
Prison Labor Keeps Solar Manufacturing at Home
One of the largest companies to manufacture solar panels in the United States uses a surprising resource to keep costs low and compete against producers from China: prison labor. Suniva Inc, a Georgia-based solar cell and panel maker that is backed by Goldman Sachs Group Inc, farms out a small portion of its manufacturing to federal inmates as part of a longstanding government program intended to prepare them for life after prison.
Speedcast Acquires Hermes Datacommunications
SpeedCast International Limited, a global satellite communications service provider, has signed a definitive agreement for the acquisition of Hermes Datacommunications International Ltd, a global provider of managed network services for the upstream oil and gas industry. The acquisition will create a new global force providing communications and IT services to the energy sector; strengthening SpeedCast’s capabilities to serve and support energy customers worldwide…
Maven Invests $6.65m in MBO of Fathom Systems
Maven Capital Partners (Maven) has led the management buy-out of subsea technology firm, Fathom Systems Limited. The $6.65million investment by Maven in the Aberdeenshire business represents the private equity firm’s 15th portfolio company investment in the energy service sector. In the past twelve months, Maven has invested over $23.5million in RMEC, ISN Solutions, R&M Engineering and achieved an almost four-fold return on investment following the exit from EFC Group.
Wood Group Sees Resilient 2015 Despite Oil Drop
John Wood Group Plc, a British energy services company, said it expected relative resilience in 2015 helped by its largely reimbursable order book and range of longer-term contracts. The company, which provides engineering, production support and turbine services to the oil and gas, and power sectors, said it anticipated full-year 2014 performance to be higher than last year's and in line with expectations.
C&J Energy, Nabors Merger on Hold
A Delaware court has held up the merger of oilfield services provider Nabors Industries Ltd's unit with C&J Energy Services Inc, saying C&J's board did not adequately shop the company, the Wall Street Journal reported, citing people familiar with the decision. A judge, at a hearing Monday in the Delaware Court of Chancery, suspended the deal for 30 days, during which he ordered the C&J board to feel out other potential buyers, the Journal reported.
Proserv Acquired by Riverstone
Energy services company Proserv has reinforced its ambitious growth plans after announcing it has signed a definitive agreement to be acquired by major US private equity investor Riverstone Holdings LLC. Proserv will continue to operate as an independent company under the deal announced today to which Riverstone Global Energy and Power Fund V, L.P., in partnership with Proserv management, has agreed to acquire 100% of the shares of Proserv from Intervale Capital (“Intervale”)…
BP Awards $730m Drilling Contracts for Oman Gas Project
BP said on Thursday it has awarded two drilling contracts worth $730 million for the development of its Oman's Khazzan tight gas project, it said on Thursday. It said it has awarded work worth more than $400 million to KCA Deutag for the construction and operation of five land rigs for Khazzan and a $330 million contract to Oman's Abraj Energy Service for the supply of three drilling rigs for the full field development.
