Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea.
Ithaca Energy's profit drops due to lower natgas costs and impairment charges
Ithaca Energy, a North Sea oil-and-gas company, reported on Thursday a lower net income for the first six months of the year, due to impairment charges, lower output and a drop in natural gas prices. Ithaca has lowered its production forecast for the full year to between…
Ithaca Buys Chevron's UK North Sea Fields
Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas…
Delek Nearing Deal for Chevron's North Sea Fields
Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S.
M2 Subsea Completes North Sea Project
ROV services provider M2 Subsea has completed a contract with Ithaca Energy UK Limited to conduct a subsea system survey of a North Sea field.The company deployed the Go Electra multi-service vessel equipped with a Triton XLX work class ROV to the Stella field, located…
Stella First Hydrocarbons
Ithaca Energy Inc. announced the successful start-up of production from the Stella field. Production has been started from the field and oil export to the adjacent shuttle tanker has commenced. The production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete.
Ithaca Updates on Stella Field Commissioning
Ithaca Energy Inc. provides an update on the status of the on-going Stella field commissioning programme and the expected schedule for start-up of production. Activities on the offshore commissioning programme for the FPF-1 floating production facility are well advanced and preparation for start-up of the Stella field is on-going.
DOF Subsea Wins Athena Decommissioning Work
Subsea services provider DOF Subsea said it has been awarded a contract by Ithaca Energy for phase 1 of the decommissioning of the Ithaca operated Athena Field in the U.K. North Sea. Athena is located in U.K. Continental Shelf block 14/18B in the central North Sea (Outer Moray Firth area) at a water depth of 130 meters.
Ithaca’s FPF-1 platform to be moved to Stella field
Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland. The vessel has been moved to a deep water location offshore Gdansk to undertake final marine system trials over the course of next week.
Ithaca Energy's FPF - 1 Nears Completion
Providing an update on the status of the on-going Greater Stella Area (“GSA”) development programme Ithaca Energy informed that the floating production facility (FPF-1) modifications programme undertaken by Petrofac in the Remontowa shipyard in Poland is in the final stages of completion…
Ithaca Energy Completes RBL Redetermination
Ithaca Energy Inc. announced having successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $100 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area in the third quarter of 2016.
Costain Saves Operator Millions in N. Sea Exploration Project
UK engineering solutions provider Costain has been instrumental in helping Ithaca Energy save several millions of pounds, thanks to its sound management of subsea contracts in the operator’s Greater Stella Area (GSA) Development in the central North Sea. Costain has been working on the project…
Ithaca Energy Logs Robust Performance
Ithaca Energy Inc. announces its quarterly financial results for the three months ended 30 September 2015 (“Q3-2015” or the “Quarter”) and for the nine months ended 30 September 2015. Les Thomas, Chief Executive Officer, stated, “We are very pleased to report a strong set of results thanks to consistent production levels…
Ithaca Completes RBL Redetermination
Ithaca Energy Inc. announced that it has successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $125 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area at the end of the second quarter of 2016.
Delek Buys $66 mln Stake in Ithaca Energy
The investment arm of Israeli gas firm Delek Group has acquired a near 20 percent stake in North-Sea focused oil producer Ithaca Energy for $66 million, the companies said on Friday. The deal underlines investors still see value in North Sea related businesses, despite…
Mid-sized European Oil Firms Face Tough Choices
Small and medium-sized oil companies, squeezed by the oil price slump, may have to raise expensive new finance, sell assets or seek new investors to plug any funding gaps as banks tighten up on lending. Many of these companies have already cut spending and axed thousands…
BW Offshore Posts Rise in Profits
Operating revenues for Q2 2015 amounted to USD 243.7 million, an increase of USD 6.9 million from last quarter. EBITDA for the second quarter amounted to USD 105.0 million, an increase of USD 11.8 million from USD 93.2 million in Q1 2015. Depreciation amounted to USD 72.0 million, an increase of USD 14.7 million.
Ithaca Energy: Extended Bank Debt Facilities
Ithaca Energy Inc. announces that it has executed extended and simplified bank debt financing facilities totaling $650 million, providing the Company with significant funding headroom ahead of first hydrocarbons from the Greater Stella Area in the second quarter of 2016.
Norway Sale - Ithaca Energy
Ithaca Energy Inc. has entered into an agreement to sell its wholly owned subsidiary, Ithaca Petroleum Norge AS (“Ithaca Norge”), for an initial consideration of US$60 million. The Company also has the ability to earn additional bonus payments of up to US$30 million dependent…
Petrofac Expects Further Loss on Shetland Project
Shares fall as much as 14 pct. Petrofac Ltd said its loss on the Laggan-Tormore project in the Shetland Islands would now be larger than it expected, highlighting the hostile operating conditions and high costs faced by oil and gas developers in the North Sea. The oilfield…
