After cutting debt, Vallourec pays first dividend after 10 years
French steel tube maker Vallourec announced on Friday that it will pay its first dividend for 10 years, after further reducing its debt and completing its financial restructuring plan. However, the group's shares fell 3% at 0805 GMT after it reported a decline in its third quarter earnings. The group's net debt was 240 million euros (253.42 millions) on Sept. 30. This is down from 1.49 billion euro two years earlier. It confirmed that it would reach zero net by 2025. He said that this will be a regular return for investors. In the last three year, Vallourec has implemented a financial reorganization plan with its principal creditors.
Inside the Red-Hot Offshore Wind Energy Market
As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale, World Energy Reports (WER), in its report “2021 The Year When Offshore Wind Takes Off in the United States,” shows the anticipated growth trajectory. Service Operations Vessels (SOVs), which can commission and/or maintain turbines, are central to the plan, and Philip Lewis, Director of Research, WER’s…
Baker Hughes Plots Low Carbon Future
Baker Hughes is pivoting to customers preparing for the transition to a low-carbon future, bolstering its footprint beyond oil and gas oilfield services, its chief executive said on Tuesday.The company will continue to downsize its oilfield services and equipment portfolio, CEO Lorenzo Simonelli said at the Barclays CEO Energy-Power conference, putting more emphasis on the energy transition and technology needed for renewables. It has already been shedding some oilfield assets, such as its rod lift and specialty polymers businesses.The strategic shift comes as more customers commit to lower carbon operations…
Airswift Eyes APAC Growth
Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, announced two senior hires to build upon recent successes in the Asia Pacific (APAC) region. Fueled by the region’s energy and infrastructure markets, the appointments follow 20% year-on-year growth for the company.Based in Brisbane, Ryan Carroll has been appointed as Regional Director, Australia & New Zealand, where he will be responsible for all in-country operations. Carroll has four years’ recruitment experience in Australia across industries such as civil engineering…
Gazprom Neft Considering Arctic LNG Production
Gazprom Neft, the oil arm of Russian gas giant Gazprom, is studying the possibility of its own liquefied natural gas (LNG) production in the Arctic as it tries to monetize its vast natural gas reserves.The discussions follow the successful launch of the Arctic-based Yamal LNG plant, controlled by Novatek, in December 2017.
Weir launches sale of flow control business
British engineer Weir has launched the sale of its flow control business in a move that could value the supplier of pumps and valves at more than 300 million pounds ($389 million), according to sources with knowledge of the matter.Bankers for the FTSE 250 listed company have sent out confidential information about the division to prospective buyers ahead of an auction of the business, two sources told Reuters.The unit is expected to generate core earnings of 38 million pounds next year and first round bids are due on Nov. 9, according to one of the sources.
Russia's Novak to Meet with U.S. Counterpart Perry
Russia's energy minister Alexander Novak will meet with his U.S. counterpart Rick Perry on Thursday to discuss the situation on global oil and gas markets, Russia's Energy Ministry said in a statement on Monday.Novak and Perry will also discuss the activities of Russian companies in the United States and of U.S. companies in Russia, the statement said. Reporting by Olesya Astakhova; Writing by Andrey Kuzmin
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 significant investment in coating technology and quality accreditation at the company’s U.S. coating facility in Martinsville, Va.A third coating reactor will be installed by fall 2018 to accommodate increased demand from major oil and gas operating and service companies.
HEECO Eyes New Markets for Expansion
The Humber Electrical Engineering Company (HEECO) in the United Kingdom has consolidated its marine presence and developed into new oil and gas markets.The Hull-based electrical manufacturing business is known for the design and build of switchboards, motor control centers (MCCs) and control panels for the marine and energy sectors as well as the programming of Programmable Logic Controllers (PLCs) and the provision of electrical design solutions.Celebrating its 110th anniversary this year, it has undergone reorganization with a six-figure sum invested in improvements such as 33…
Fred. Olsen Windcarrier, Seacor Team Up for US Offshore Wind Market
Falcon Global, a subsidiary of Seacor Marine Holdings and Fred. Olsen Windcarrier a wholly owned subsidiary of Bonheur ASA announced that they have reached a cooperation agreement whereby each party will exclusively contribute vessels and marine/installation crews to the market and operate a full spread of offshore wind installation and feeder vessels for the US offshore wind market. The Falcon Global fleet consists of one of the largest existing US-flag and Jones-Act compliant lift boats in the U.S. With a proven track record of operating in US-waters under harsh environmental conditions…
The EIC Celebrates 75th Anniversary
The Energy Industries Council (EIC), a trade association for companies that supply goods and services to the energy industries worldwide, celebrated its 75th anniversary on March 15, by holding an exclusive members’ afternoon tea at the House of Lords hosted by Lord Popat and with special guest of honor Minister of State for Trade and Export Promotion, Baroness Rona Fairhead. Approximately 100 EIC members, representing companies of all sizes from across the full range of energy sectors, plus EIC staff and friends from industry and government attended the afternoon tea…
Trelleborg Acquires Automated Dynamics
Trelleborg said it has, through its business area Trelleborg Sealing Solutions, signed an agreement to acquire the U.S.-based privately-owned Automated Dynamics, a specialist manufacture of advanced composite components. The transaction, which is subject to the approval of the relevant authorities, is expected to be finalized in the third quarter of 2017. Trelleborg said it sees composites as a strategic, adjacent technology with high potential in multiple industries, and the bolt-on acquisition is part of its strategy to strengthen its positions in attractive market segments.
Semco Maritime Revenue Dips 8% in 2016
Semco Maritime said the low oil and gas prices in 2016 did not encourage new industry activity or investments its customers. The low demand entailed a decline in Semco Maritime’s revenue to DKK 1,598 million compared to DKK 1,744 million in 2015. The revenue decline of 8 percent in 2016 was smaller than the decline in 2015, Semco Maritime noted, adding that positive developments within offshore wind and renewables contributed to accommodating the negative impact from the oil and gas markets. Earnings were lower as a consequence of the revenue decline…
Wood Group Sees Modest U.S. Shale Recovery
Oilfield services company John Wood Group Plc's CFO David Kemp said on Wednesday that the company showed modest recovery in some of its oil and gas markets, including U.S. shale and offshore oil exploration and drilling businesses. * U.S. shale is the largest contributor to company's operations and maintenance contracts in its west region, which includes the Americas. John Wood Group said a steady rise in rig count would help its assets in the Permian, Eagle Ford, Marcellus, Utica and Bakken basins as the market recovers in 2017. * The number of oil rigs operating in the United States rose for a fifth straight week to 477…
Russia, Iran to Coordinate on O&G Markets -Kremlin
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani agreed in a telephone call on Monday to coordinate steps on global oil and gas markets, the Kremlin said. The coordination also included a dialogue between Russia and OPEC member countries, the Kremlin said, adding that both men noted the importance of measures taken through OPEC to reduce output as a key factor in stabilising the world oil market. (Reporting by Jack Stubbs; Editing by Jane Merriman)
WFS Appoint IMEC as Agent in Malaysia
WFS Technologies of Livingston, Scotland, has appointed Kuala Lumpur-based Independent Marine & Engineering Consultants Sdn Bhd (IMEC) as exclusive agents for the Malysian market. The two companies will work together to expand the use of subsea automation in this sector. IMEC was founded in 2010 to offer a network of technical expertise in Southeast Asia. It operates across a range of engineering and design disciplines including subsea support and installation. The company has a wide array of contacts and the agreement will give WFS access to this important network and local supply chain. WFS provides automation solutions to subsea oil and gas markets.
FPSOs Sit Unprecedentedly Idle
The 20 year four-fold growth pattern in the world’s FPSO fleet stalls out in 2016 with a record number of FPSOs idle and available for redeployment – or perhaps to be forced into other uses, lay up or scrap. FPSO redeployments typically are far more complex, costly and risky than for (say) drillships and yet the need for redeploying idle FPSOs is now in the forefront of the industry like never before as FPSO owners also have to face the worst ever down market for their equipment and services. In 1995 the Uisge Gorm FPSO, designed and built and operated by Bluewater in the Netherlands…
Stokes & Spiehler Announces Management Promotions
Petroleum engineering and consulting firm Stokes & Spiehler has made several promotions to its management team, the company’s president Bruce Jordan, P.E. announced. Blair LeBlanc, P.E., has been named Vice President – Offshore Operations; Russ Bellard, P.E., has been named Vice President – Onshore Operations; Tony Shell has been named Vice President – Sales & Marketing; and Donnie Busscher has been named Engineering Manager. LeBlanc is a Registered Professional Engineer. He graduated from the University of Southwestern Louisiana with a bachelor’s degree in Petroleum Engineering, and he previously worked with Unocal, Sperry Drilling Services, Transocean and Ocean Energy.
New Jack-up Solution Debuted at OTC
A new total solution jack-up was introduced at OTC Houston. At this year’s OTC in Houston the Damen Shipyards Group and GustoMSC announced the forming of a collaboration to produce a range of self-propelled and non-self-propelled jack-up platforms for the offshore industries – the DG JACK range. The collaboration will be based on GustoMSC’s track record in the design of jack-ups and provision of jacking systems, combined with Damen’s experience in shipbuilding and vessel optimization, financing and worldwide after-sales services. GustoMSC Managing Director Nils van Nood said of the collaboration…
ABB, Aker Solutions Join Forces on Subsea Production
ABB and Aker Solutions have come to an agreement that aims to build on their combined strengths in subsea, power and automation technologies to develop solutions that will improve oil and gas production for the global energy industry. The cooperation strives to integrate ABB's technologies in subsea power and automation and Aker Solutions' subsea capabilities to bring customers more effective, reliable and flexible oil and gas production solutions. The goal is to enhance how production equipment on the seafloor is powered and controlled by applications on shore or platforms, lowering costs and enabling economically viable production at fields far from existing infrastructure.
