Vestas, Maersk Tackle wind turbine Transport, Installation Costs
Project has secured $7.3 mln in public funding; sector races to build ever bigger turbines. Danish wind turbine maker Vestas and offshore services firm Maersk Supply Service are teaming up to tackle the cost of transporting and installing ever larger wind turbines. Seeking to remain profitable as European countries phase out subsidies, the industry is turning to ever bigger turbines to harness power more efficiently and respond to pricing pressure for new equipment around the globe. Vestas and fellow Danish company Maersk Supply Service, part of A.P.
Aker to explore options for Aker Energy after Ghana plan filing
Norwegian investment firm Aker will consider options for its stake in oil startup Aker Energy after the unit has appraised its offshore field in Ghana and submitted a development plan for the site to the Ghanaian government.Aker Energy bought a 50-percent stake in Ghana's ultra deepwater Tano Cape Three Points block from Hess for $100 million in February.Options for the stake include listing Aker Energy separately, offering it for sale to oil companies in the area or those seeking to enter Ghana, or a combination of both, Aker's CEO Oeyvind Eriksen told Reuters.Aker Energy is 50 percent owned by Aker…
Oil Industry Suppliers See Light at the End of the Tunnel
European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with the fallout from a 60 percent drop in the oil price since 2014. The tide may be turning now the oil price has stabilised but any recovery…
EMGS 3Q Performance Sturdy
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 16.3 million in the second quarter 2015, up from 12.1 million in the previous quarter and down from USD 41.7 million in the corresponding quarter in 2014. Contract sales ended at USD 9.1 million, while sales from the multi-client library ended at USD 7.2 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 10.0 million after multi-client investments of USD 8.4 million in the quarter.
Wintermar Offshore Profits Dip
Wintermar Offshore Marine eports 9M/2015 revenue was down 42% YOY to US$76.4 million, as oil and gas activity continued to decline during the quarter. Lower activity levels in the upstream oil industry impacted utilization and charter rates, and as the previous quarter with few tenders for projects. This led to lower utilization across the board. As a result of this, there was more competition from other vessels in available tenders and charter rates were lower for the new jobs secured in the quarter. Our owned vessel segment saw a 39% drop in revenue to US$50.5 million for 9M/2015 compared to the previous year.
EMGS Makes further Cuts
Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry. The Company has identified and implemented comprehensive cost reductions on terms and conditions for sub-contractors and in staff levels. The key elements of the program are a reduction of the vessel capacity by one vessel, from three to two vessels, and a corresponding reduction in the global employee expenses. EMGS initiated cost reduction measures in the beginning of the first quarter this year and further measures were announced in June.
Fjords Processing Bags Johan Sverdrup Contracts
Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea. The contracts were signed with Statoil on behalf of the Johan Sverdrup license. The contracts were awarded in tough competition with several larger international companies. Rune Fantoft, CEO of Fjords Processing comments: "The contracts are strategically important for Fjords Processing, being a recently established, Norwegian supplier ."(independent company since the separation from Aker Solutions in September 2014).
EMGS Implements Further Cost Reductions
Electromagnetic Geoservices ASA (EMGS) announce that the Company implements further cost reductions reflecting the challenging market conditions in the oil service industry. As communicated in the first quarter report, the Company initiated cost reduction measures in the beginning of the first quarter. These measures have proven successful. However, due to further delays in contract negotiations and lower than expected demand for EM data, EMGS Management has decided to implement an additional cost reduction program. The key elements…
EMGS Posts 4Q 2014 Results
Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 52.5 million in the fourth quarter 2014, up from USD 41.7 million in the third quarter and from USD 44.9 million in the corresponding quarter in 2013. Contract sales totaled USD 25.5 million, while multi-client sales were at USD 27.0 million this quarter. The Company had an EBITDA of USD 18.6 million and a net income of USD 15.1 million. The Company had record-high multi-client sales in the quarter, mostly from the library in the Barents Sea. In addition, the Company signed contracts for its vessel BOA Thalassa in Asia and a 3.5 months contract for the EM Leader in Uruguay.
Oilfield Firm's Stumble May be Symptom of Greater Pain
A nasty profit warning and deep job cuts. A gutted capital budget, a suspended dividend and shares tumbling by more than half on a single day. The retrenchment at Civeo Corp, which provides temporary housing for oilfield workers and miners, is the most-severe symptom of pain inflicted on the oil service industry by the slide in crude prices, and may presage similar steps by peers. It also exposes the transient nature of the "man camp" business of dormitory-style temporary housing the company helped pioneer. Drilling, a barometer of oilfield activity, has been slowing for weeks as producers slashed spending plans by 20 to 40 percent.
Odd Arne Slettebø new CFO of “Noreco”
Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company. Slettebø joined Noreco in August 2012 and was until now Group Finance Manager of Noreco. “I am very pleased to announce that Odd Arne Slettebø will be my successor as CFO. He is highly skilled and knows the Company very well, which will secure continuity in the team,” says Tommy Sundt, CEO of Noreco. Slettebø is a state authorised public accountant and holds a master degree in Accounting and Auditing from Norwegian School of Economics and Business administration (NHH)…
