Norwegian Businesses See Rise in Wind Industry Orders
Onshore wind companies provided the largest revenue stream for the Norwegian renewables industry from sales of equipment, construction and consultancy services in 2019, overtaking hydropower, according to a report published on Friday.Onshore wind is a new source of energy for the Nordic country which has…
Baker Hughes Predicts Oil Market Growth, Misses on Profit
Baker Hughes, General Electric Co's oilfield services arm, fell just short of estimates for profit in the third quarter while forecasting a rise in North American and foreign markets in 2019 that ran contrary to signals from its peers.The results follow those for bigger rivals Schlumberger and Halliburton Co…
U.S. Oil Service Firms Hit by PDVSA Woes
U.S. oil service companies face hard decisions in the coming weeks on whether to continue working for Venezuela's state-run oil company PDVSA, and the prospect of hundreds of millions of dollars in write-offs for overdue bills. The companies' services are critical for Venezuela, which…
Venezuelan Crude Sales to the US Jump 4% in May
Venezuelan crude oil sales to the United States rose nearly 4 percent in May to 762,000 barrels per day (bpd) after declining since January amid falling output and delays at the country's main oil port, according to Thomson Reuters data on Tuesday. The United States last month received 47 cargoes of Venezuelan crude…
Saipem Faces Falling Margins and New Rivals
Italian oil contractor Saipem faces new challenges after raising 3.5 billion euro ($3.8 bln) to stay afloat, as rising competition in its lucrative pipe-laying business threatens margins and orders. Oil services firms have been among the hardest hit by a two-thirds drop in oil prices…
Oil Services Firms 'Trim Fat'
A slump in oil prices is forcing the oil and gas services industry for the first time in 15 years to trim costs in a way that executives say will create a lasting change away from their usual lavish way of doing business. Navigating a new environment in which oil prices have halved in a year and their customers are slashing investments…
Oil Service Firms Jostle for India Orders Amid Global Spending Cuts
Oilfield services firms are scrambling for contracts from India, which has emerged as a rare bright spot for the sector hardest hit by a slump in global crude oil prices that has driven most countries to slash spending on exploration and production. This fiscal year, state-run Oil and…
UK's Oil Services Firms to Cut Jobs to Ride Out Price Slump
Amec Foster Wheeler Plc and Petrofac Ltd on Tuesday joined a growing list of London-listed oil and gas support services companies planning to cut jobs in response to the tumble in oil prices. Benchmark Brent crude oil prices have nearly halved in the first quarter, prompting large production…
Bouncing Energy Shares Help European Stocks Extend Rally
A rebound in most energy shares drove European equities higher on Monday, while Greece's bourse was also boosted by the country's prime minister offering to bring pro-European independents into the government. Bucking the trend, shares in Italian lender Banca Monte dei Paschi di Siena shed 7.3 percent…
Italian Regulator Fines Saipem for Late Profit Warning
Italian market regulator Consob fined Saipem 80,000 euros ($100,000) for delaying a profit warning in January last year, the latest setback for the oil services firms whose shares fell to a 10-year low on Friday. The decision dates back to June 18, but was released in Consob's bulletin on Friday after a court dismissed a Saipem appeal.
Boskalis Takes a Stake in Fugro
European stocks inched higher on Monday as acquisition hopes fuelled gains for oil services firms after Dutch group Boskalis took a stake in Fugro. Fugro jumped 44 percent after sector peer Boskalis bought about 15 percent of its shares, which have lost more than half of their value since June.
Norway Oil Engineers May Walk off Job next Week
About 100 workers from oil services firms could walk off the job from July 5 if wage talks fail, the head of Norway's biggest oil sector union said on Friday, a move that would not have an immediate impact on oil output. However were such a strike to last for several weeks or longer, or if more workers were to join the action at a later stage…
Baker Hughes, Aker Solutions form Subsea Alliance
Oil services firms Baker Hughes and Aker Solutions agreed on Tuesday to form an alliance to develop subsea production solutions to boost recovery rates at a lower cost in offshore fields. "The non-incorporated alliance will combine Aker Solutions' strengths in subsea production and processing…
