Wednesday, April 8, 2020

Finance News

Seajacks Clinches Japanese Offshore Wind Farm Gig

Seajacks Zaratan - Image by Marc Wirges - MarineTraffic

UK-based firm Seajacks, an offshore wind power installation specialist, has signed a foundation installation contract with Kajima Corporation for an offshore wind farm project at Akita Port and Noshiro Port in Akita Prefecture, northern Japan.The project is expected to be the first bottom…

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

© Stephen Finn/AdobeStock

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus…

DEME Installs Second SeaMade Offshore Wind Farm Substation

DEME vessel installing SeaMade substation - Credit: Deme

Offshore installation company DEME has installed the second offshore substation at the SeaMade offshore wind farm in Belgium.In a social media post on Wednesday,  Deme said: "The two substations for the SeaMade offshore wind farm have been successfully installed in the Belgian North Sea with heavy lift vessel ‘Gulliver’.

Quality Companies Appoints Nunnally as CEO

John Clay Nunnally  (Photo: Quality Companies)

Quality Companies has announced John Clay Nunnally will move from his role as chief financial officer (CFO) to chief executive officer (CEO).Nunnally was previously CFO for Quality Companies and co-owner, president and CFO of Quality Companies’ Zadok Technologies, the international leader in electrical and instrumentation services.

Archer Names New CEO, CFO

(Photo: Archer)

Oilfield services firm Archer announced Tuesday that Dag Skindlo will take over as the company's new Chief Executive Officer and that Espen Joranger will succeed Skindlo as Chief Financial Officer.Skindlo joined Archer as Chief Financial Officer and EVP Strategy in May 2016. A 28-year oil ad gas industry veteran…

US to Warn Shipping Industry Against Storing Iranian Oil

© Vladimir / Adobe Stock

The Trump administration will soon issue an advisory warning ports, tankers and shipping industry players against storing Iranian oil in violation of U.S. sanctions, a State Department official said on Monday.David Peyman, the deputy assistant secretary of state for counter threat finance and sanctions…

Oil Falls, OPEC Backs Deeper Supply Cuts

Illustration by m.mphoto

Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S.

NOV Warns Virus Fallout Could Hit Supply Chain

© Kalyakan / Adobe Stock

U.S. oilfield equipment supplier National Oilwell Varco on Friday called the coronavirus a "wildcard" in the oil industry's outlook, with an extended outbreak potentially hurting access to Chinese-make materials and foreign sales.The Houston-based company said further shutdowns at its Chinese…

Cheniere Drops Lawsuit Against Tellurian Board Members

Tellurian Inc on Thursday said Cheniere Energy Inc has dismissed all claims against its Chairman Charif Souki and Vice Chairman Martin Houston.Cheniere Energy, the largest U.S.

PGNiG Open to Mergers with State-run Firms

(Photo: PGNiG)

Polish gas company PGNiG is open to consolidation with other energy companies, its newly appointed chief executive said on Friday, as the government tries to merge state-run firms to strengthen their market position.The Polish state is a major shareholder in the energy sector, which is undergoing unprecedented consolidation, with PKN Orlen planning to take o

Indonesia Plans New Gas Pricing for Industrial Users

© anekoho / Adobe Stock

Indonesia plans to unveil a new gas pricing policy for industrial customers in March in a bid to lower energy costs for manufacturers, Energy and Mineral Resources Minister Arifin Tasrif said on Thursday.Indonesia's President Joko Widodo earlier this week asked his cabinet to come up with…

KN Bags $148Mn Loan for its LNG Terminal

Image: Klaipedos Nafta

The Nordic Investment Bank (NIB) and Lithuanian liquefied natural gas (LNG) and oil terminal operator AB 'Klaipedos Nafta' (KN) have signed a EUR 134.1 million (USD 148 million) loan agreement to optimize costs of LNG terminal.The 25-year maturity loan will be directed to finance the rent…

K2 Advices Creyke Beck A & B OWFs

Photo Credit: Formosa, K2 Management

Renewable energy consultancy K2 Management announced it is working as Lender’s Technical Advisor (LTA) on the Doggerbank Creyke Beck A and B Wind Farms, two of the three projects which make up the Doggerbank development.In September, all three wind farms were selected in the Contracts for…

SGRE Raises $1.6Bln in ‘Green’ Credit

Image: Siemens Gamesa Renewable Energy

Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.The turbine maker has just completed a deal with Societe Generale to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year…

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist…

Timeline: Saudi Aramco's Winding Road to IPO

(Photo: Saudi Aramco)

State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5…

Orsted Raises $660m Green Finance

Image: Ørsted

Denmark-based energy giant successfully issued green hybrid capital securities for €600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by…

Cheap LNG from Qatar Imperils N.American Projects

Cheniere's Sabine Pass LNG Terminal (CREDIT: Cheniere)

Proposed projects to export liquefied natural gas (LNG) from North America face an uphill battle against Qatar, which announced plans to further ramp up production to hold onto its position as the world's leading LNG exporter.The United States is on track to overtake Qatar and Australia as the top LNG exporter by 2024…

Total Criticizes EIB's Decision Not to Finance Gas

With a plateau production of 100,000 barrels of oil equivalent per day (boe/d), Culzean will account for around 5% of the UK’s gas consumption (Photo: Total)

Total criticized on Thursday the European Investment Bank's decision to stop financing all fossil fuel projects including gas, saying companies that might switch to gas-fired power plants from heavy-polluting coal could now reconsider."I think it is a poor decision by the European Investment Bank (EIB) not to finance any new gas project.

Jan De Nul orders Offshore Installation Vessel

Photo: Jan De Nul Group

Six months after the offshore installation vessel Voltaire, Jan De Nul Group orders Les Alizés, a floating installation crane vessel from the CMHI Haimen shipyard in China.Together with the Voltaire, this new vessel will be in a super-size class of its own, capable of building the newest generation of offshore wind farms.