NOV Warns Virus Fallout Could Hit Supply Chain
U.S. oilfield equipment supplier National Oilwell Varco on Friday called the coronavirus a "wildcard" in the oil industry's outlook, with an extended outbreak potentially hurting access to Chinese-make materials and foreign sales.The Houston-based company said further shutdowns at its Chinese suppliers could limit its production of certain products such as fiberglass resins and drilling pipe.For now…
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General…
Hardide Coatings Invests in North America
Surface coating technology company Hardide Coatings has appointed Mark Hanania as Business Development Engineer based in Houston to help drive growth in the oil, gas and energy sectors throughout North America.Strong growth in demand from oil and gas customers in North America and recent entry into the aerospace market is underpinning…
Aggreko Pulls New Executive Pay Plan Ahead of Investor Meeting
Aggreko Plc, the world's largest temporary power provider, said on Thursday it had withdrawn a proposed executive pay policy after some investors disapproved of a new restricted share plan (RSP). The company has been looking to switch its remuneration policy to more "fairly align" shareholder and management interests as it contends with challenging market conditions.
Dryships to Expand into VLGC sector
DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas Carriers (“VLGC(s)”) capable of carrying liquefied petroleum…
NOV, GE to Provide Integrated Solutions for FPSOs
National Oilwell Varco, Inc. (NOV) and GE Oil & Gas has agreed to collaborate on delivering integrated solutions for Floating Production Storage and Offloading (FPSO) vessels. The agreement brings together the product offerings and engineering capabilities from the two companies to optimize engineering design and supply comprehensive topside solutions for FPSO projects.
Amec Foster Wheeler Appoints Halliburton's Lewis as CEO
Jonathan Lewis to take up CEO role from June 1. British oil and gas services company Amec Foster Wheeler said it has appointed Halliburton executive Jonathan Lewis as chief executive on Wednesday, replacing long-serving CEO Samir Brikho who left unexpectedly in January. Lewis will take up his role on June 1 and interim chief executive Ian McHoul will return to his role as chief financial officer full time…
Schlumberger, IBM Team Up to Boost Upstream Production
Schlumberger and IBM today announced that they have teamed up to provide integrated services to upstream oil and gas customers that will improve the business impact of production operations projects. The offering combines Schlumberger’s production optimization services, upstream expertise, and industry-leading Avocet* production…
Schlumberger to Buy Cameron in $14.8 Bln Deal
Schlumberger Ltd will buy oilfield equipment maker Cameron International Corp in a deal valued at $14.8 billion to streamline supply chains and offer cost-effective services to oil and gas customers who have slashed budgets. The deal is the latest in a line of mergers in the energy industry as companies struggle to cope with a 60 percent plunge in global crude oil prices since June last year.
Vallourec Warns of Further Deterioration in Second Half
French steel pipe-maker Vallourec said its net loss deepened in the second quarter and warned of further deterioration in margins in the second half of the year in the face of falling demand from its oil and gas customers. Vallourec now expects earnings before interests, taxes, depreciation and amortisation (EBITDA) to be negative over the full year.
Smith Joins Executive Team of Voith Turbo
Elliott Smith has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Business Development and Strategy. Smith will be based at the recently-opened office in Houston’s energy corridor. “Elliott’s leadership and experience in business development will be valuable assets as we look to expand our footprint in the oil and gas market…
Voith Opens HQ in Houston
Voith Turbo opened a new Houston, Texas headquarters for the Power, Oil & Gas Division for the region Americas. Located in the heart of Houston’s Energy Corridor, the new office furthers Voith Turbo’s commitment to expanding its presence in North America and supporting its oil and gas customers. “Opening a beautiful new location…
Low Oil Prices Spark Caution for Diverse US Manufacturers
The shaky global economy already has pressured shares of diversified U.S. manufacturers, and many of these industrial companies face another worry: the drop in oil prices. The concern for these manufacturers is that oil and gas customers will reduce their capital spending because of fears of a lack of return with energy prices low.
Schlumberger: Higher Oil Demand in 2015 to Prompt Oil and Gas Spend
Schlumberger Ltd, the world's largest oilfield services company, said oil and gas spending would increase in 2015 as global oil demand is poised to rise, downplaying fears of an investment slowdown due to weak crude prices. Schlumberger shares were up 7 percent at $97.10 in early morning trading. The company reported a better-than-expected quarterly profit after markets closed on Thursday…
iXBlue Expands Operations in Brazil
Oil and gas industry values product performance, availability, and timely service. iXBlue has significantly increased support and product availability in Brazil. This is in line with the company's strategic plans to accelerate sustainable long-term growth in this important and expanding market. iXBlue navigation and positioning products are extensively used by survey…
CEVA launches City of Energy in Middle East
CEVA Logistics, one of the world’s leading global supply chain management companies, today announced the official opening of the City of Energy in the United Arab Emirates. The hub, which covers an area of 27,000 sqm of warehouse space and 10,000 sqm of yard space, is strategically located in Jebel Ali Free Zone in Dubai and is…
Offshore Rig Operator Shelf Drilling Aims for IPO
Offshore oil rig operator Shelf Drilling said on Thursday it plans to raise $500 million in an initial public offering in the London Stock Exchange. The Dubai-based contractor, which said revenues totalled $1.2 billion and net income reached $232 million in 2013, specialises in shallow water offshore drilling services to oil and gas customers.
Intertek Invests in O&G Lab in Abu Dhabi
Intertek expanded its Exploration and Production services in the Middle East by investing in a new £1.4 million facility in Abu Dhabi. The laboratory will house cutting-edge equipment that will enable the organization to provide high-specification testing for oil and gas customers in the region. Located in Musaffah, the laboratory…
