"I would probably estimate that we have in 2016 between 25% to one-third of the fleet suffering from idle times," CEO Claus Hemmingsen told Reuters.

Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.

Bureau of Safety and Environmental Enforcement recommended that drilling operators verify that components meet manufacturers’ specified metallurgical properties, and urged them to follow installation and maintenance procedures, Reuters reported. 

Both orders are part of PetroChina's furnace procurement program that BHD bid on. Aggregate order value under the program now totals about US$0.8 million, or more than 5.3 million renminbi.

Restructuring includes closing two rolling mills in France, one threading line in Germany and a heat treatment line in Scotland, leading to about 1,000 additional job losses, Reuters reported.

Aquatec Group provides subsea leak detection sensors including long-range fluorometers, directional acoustic sensor and differential temperature detectors. These will be available at Forum’s global locations.

Lundin Petroleum AB has entered an agreement to sell the FPSO Bertam to M3nergy Investment Ltd., a subsidiary of M3nergy Berhad of Malaysia, in a $265 million deal with a Jan. 1 effective date, a news release said.

Contract is in scope of Jereh Oilfield Services Group, the Chinese licensing partner. Ben Van Bilderbeek, CEO, said POS-GRIP’s safety and time savings were evaluated against traditional slip and seal systems.

The 340-m long production vessel, named after late Ghanaian president Prof John Evans Atta Mills, was converted in Singapore from a very large crude carrier (VLCC) super-tanker and is expected to set sail this weekend to Ghana, where it is scheduled to gradually ramp up production from the TEN deepwater oilfield from July/August this year, the company’s COO Paul McDade said on Jan. 21.

Despite the ongoing effects of the global downturn in upstream activity, workers still need to be based offshore to get new projects onstream and to keep existing ones running.

Barclays, global, E&P, spending, outlook, offshore

Well spend could fall to an estimated $72.3 billion in 2016, compared to an estimated $92.9 billion in 2015, according to a global spending forecast.

By deferring these capex commitments to 2018 and 2019 with no further payments to the yard until that time, Seadrill was able to improve its near-term liquidity position, the company said.

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