Oilfield Services Giant to Cut Spending by 30%
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs in operation could fall to levels last seen during the 2016 downturn.Oil prices have fallen by more than half this year…
DEME Unveils First SOV for Offshore Wind
Belgium-based offshore wind installation specialist Dredging, Environmental and Marine Engineering NV (DEME) has started building its first service operation vessel (SOV), which will be chartered by Siemens Gamesa Renewable Energy (SGRE) for work at three Belgian offshore wind farms (OWF).Concepted by DEME and further designed in close cooperation with Vuyk Engineering Rotterdam and Marin , this innovative vessel significantly improves safety, comfort and workability for wind farm technicians even in the roughest sea conditions.
Seafast Marine Names New RSV
Seafast Marine has named its renewables service vessel (RSV) Isle of Jura at Damen Shipyards Hardinxveld in The Netherlands.Isle of Jura is a newbuild vessel, constructed at Damen Shipyards Hardinxveld, and is the second vessel built to a new Damen Renewables Service Vessel design.The RSV, according to Seafast Marine, is for use in the offshore and onshore wind industries. As a business based in Ross-shire in Scotland, Seafast Marine was happy to see it painted in the colors of the country’s Saint Andrew's flag.The Damen RSV 3315…
OFS Sector Expected to Take a Hit
Lower oil prices will push the global oilfield services (OFS) sector into a recession in 2020 after three successive years of growth, according to Rystad Energy.In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year.“Lower oil prices call for negative growth in the service market in 2020,” says Martinsen. “For suppliers…
Oilfield Services Pricing Rises
Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground, thanks first and foremost to industry consolidation among players that has concentrated the market over the past couple of years…
Edda Accommodation CEO Retires
Edda Accommodation, a specialized provider of offshore accommodation service vessels, has announced that Johan Rokstad retired as CEO.The managing director role of Edda Accommodation is now transferred to Kenneth Walland, CEO of Østensjø Rederi.Rokstad started his career in Østensjø Rederi as captain of Østensjø’s supply vessels and has been with Østensjø for 40 years, of which 18 of them as CEO (from 1998-2016). In recent years, Rokstad has worked closely…
Offshore Outlook Appears 'Strong', Say Analysts
The outlook for offshore oilfield service contractors is strong as more than 100 new projects are aiming for 2019 sanctions, according to Rystad Energy, a Norway-based energy research and consulting firm.An expected $210 billion will be spent on offshore oilfield services globally next year, said Rystad Energy’s latest project sanctioning report.Offshore contractors have experienced four consecutive years of declining revenues, but those still standing…
