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Anadarko Petroleum Corp. reported a bigger-than-expected quarterly loss this month, as expenses rose about 53%, failing to offset gains from higher crude prices.
Oil services company Subsea 7 reported first-quarter margins that were better than most investors had expected and upgraded its full-year profitability forecast.
Revenues at Norwegian oil service firm Aker Solutions fell 20% in first-quarter 2017 from a year earlier, hit by weak demand and the ending of some projects, the company said May 9.
The global subsea market has undergone one of, if not the, most brutal downturn in recent history.
Aker Solutions agreed to buy oil services provider Reinertsen to build on its position as a maintenance and modifications supplier offshore Norway, the company said March 30.
The subsea area has been essential for Petrobras to achieve competitive gains over the past few years. The use of subsea equipment has helped to reduce presalt exploratory costs, contributing to Petrobras’ impressive output numbers.
ExxonMobil Corp. said March 9 it has reached an agreement to purchase a 25% indirect interest in the natural gas-rich Area 4 Block, offshore Mozambique, from Italian energy company Eni. ExxonMobil agreed to a cash price of about $2.8 billion.
British oilfield services company John Wood Group has agreed to buy Amec Foster Wheeler in a deal valuing its smaller rival at about 2.2 billion pounds (US$2.7 billion) and averting a planned 500 million pound (US$624 million) rights issue.
Cobalt International Energy Inc. continues getting knocked against the ropes by federal investigations, a $1.6 billion impairment, possible delisting from the New York Stock Exchange (NYSE) and its troublesome divestment of its Angola assets.
With many traditional oil and gas contractors now diversifying into offshore renewables, the recent acquisition of Seaway Heavy Lifting will give buyer Subsea 7 a stronger foothold in this market, which it has targeted as a growing sector.
A subsea and offshore contractor affiliate of Ezra Holdings Ltd., a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil and gas industry.
State-run Petrobras’ plan to divest more than $15 billion in assets is reshaping the energy scene in Brazil, creating opportunities for more players to join the pursuit of not only oil, but gas.