Friday, February 23, 2018

North America News

TransCanada Q4 Profit Beats Street

File Image (CREDIT: AdobeStock / (c) Roger Asbury)

Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines. On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S.

Harkand North America Salvaged by MBO

A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management buyout (MBO) of Harkand’s North American and African business. The new company, to be named ETHOS OFFSHORE LIMITED, will continue to provide subsea engineering and construction services to Harkand’s existing US, Mexican and West African client base to market-leading standards.

TransCanada to Proceed with Gas Line Expansion

File Image (CREDIT: AdobeStock / (c) Berkut 34)

TransCanada Corp, Canada's second largest pipeline operator, said on Thursday that it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its NGTL natural gas system, boosting pipeline access for producers in Western Canada's gas-rich basins. The Calgary-based company also reported a strong fourth quarter profit…

Halliburton Posts First North American Profit in a Year

Halliburton Co, the world's No. 2 oilfield services provider, reported its first quarterly operating profit in North America in a year as oil producers put more rigs back to work in North American shale fields. The company, however, warned of weakness in markets outside North America, echoing comments made by larger rival Schlumberger last week.

Engie to Sell North Ameican Gas Plants

French gas and power group Engie has signed a mandate with Bank of America Merrill Lynch for the sale of its gas plants in North America, French weekly La Lettre de L'Expansion reported on Monday. An Engie spokesman declined to comment on the report. Engie unit GDF Suez North America has an ownership interest in 13.1 gigawatts of electric power and co-generation capacity…

ABS Updates Guidance on LNG Bunkering

Image courtesy of Harvey Gulf

ABS has updated its guidance on LNG Bunkering in North America to support the transport sector's increasingly rapid transition to the use of cleaner fuels. The second edition of ABS' Bunkering of Liquefied Natural Gas-fueled Marine Vessels in North America was released today, offering new market-leading advice to shipowners…

Schlumberger: Weak Oil Prices to Impact N. America Activity Most

Schlumberger Ltd, the world's No.1 oilfield services provider, said the drop in oil prices was likely to have a bigger impact on activity and pricing in North America than in international markets, which is its stronghold. Shares of Schlumberger, which gets only a third of its revenue from North America, were up more than 3.5 percent at $79.40 in morning trade on Friday.

Enel Spends $60 mln, Raises Buffalo Dunes Stake

Italy's biggest green energy company Enel Green Power said on Monday it had agreed to pay $60 million to take its stake in U.S. wind farm Buffalo Dunes to 75 percent. In a statement Enel Green Power, which is controlled by Italy's biggest utility Enel, said its North America unit had signed an agreement with GE Capital to buy a further 26 percent stake in the company that runs the U.S. wind farm.

Halliburton Expects Margins to Rebound in N.America

Photo: Wiki Commons

Halliburton Co, the world's No.2 oilfield services provider, expects margins to improve in North America after being depressed for two years as companies step up spending to drill and complete wells. Halliburton's shares rose as much as 5 percent to a life high after the company forecast a 25 percent jump in earnings in the current quarter, in line with market expectations.

Asia's Soaring Gas Demand Beckons New LNG Projects

File Image: A typical LNG Carrier (CREDIT: GAC)

Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang.

Auto-Maskin Opens Houston Office

Auto-Maskin, the makers of the Marine Pro range of diesel engine controllers, announced the opening of a new regional office in Houston, Texas to support the continued expansion in the marine and oil and gas sectors in North America. The facility in Houston will be staffed by sales, engineering, application, aftermarket and commissioning resources, backed up by the HQ in Norway.

Halliburton Rebounds With North America drilling

Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected 10 percent rise in quarterly revenue, signaling an industry-wide recovery in the region after a two-year slump. Halliburton's shares rose 1.5 percent in trading before the bell, after the company also raised its share repurchase program to $6 billion from $5 billion.

Schlumberger, Baker Hughes Warn of N. America Slowdown

Schlumberger Ltd and Baker Hughes, the world's top two oilfield services firms, warned on Friday of a slowdown in North America and a challenging year ahead as crude oil prices stay volatile. Schlumberger said investments in North America were moderating as energy companies increasingly shied away from chasing higher production at the cost of financial returns.

GAC Names Arrieta O&G Director for S. America

Carlos Arrietta (Photo: GAC)

GAC North America has signaled its strategic focus on the South American oil and gas sector with the appointment of Carlos Arrieta as Regional Commercial Director – Oil and Gas, responsible for developing its network of agents and general cargo throughout the region. Arrieta brings with him more than 40 years of industry experience to his new role.

Kvaerner Come to a Settlement with AFW

Kvaerner has decades of experience as an EPC contractor.

Kvaerner North American Construction Inc. ("Kvaerner NAC"), a subsidiary of Kvaerner, and Amec Foster Wheeler North America Corp. have reached a settlement of all claims related to the Longview Power Project. The final settlement will result in a cash payment to Kvaerner NAC of USD 70 million, and an anticipated positive…

18 O&G Leaders Appointed to NOIA Board

The National Ocean Industries Association (NOIA) appointed 18 industry leaders to its Board of Directors on April 10, 2014 during its Annual Meeting in Washington, DC. Benjamin G. Mark Meunier, Vice President, Business Development, Kiewit Offshore Services, Ltd. Lee Orgeron, President, Montco Offshore, Inc. Rob Saltiel, President and CEO, Atwood Oceanics, Inc.

Allianz Considers Group's Stance on Coal Insurance

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

Coal debate intensifies as Allianz posts 22 pct Q4 profit fall. Germany's Allianz is considering whether to stop insuring new coal power plants but told environmental campaigners it would stay in the business for now. The 22 percent slide in fourth-quarter earnings reported by the insurer on Friday brought into sharp focus…

Baker Hughes' Misses Profit Target

Sharp fall in Gulf of Mexico activity also weighed on margins; expects higher fourth-quarter revenue and margins in N.America. Baker Hughes Inc, the world's No.3 oilfield services provider, reported a lower-than-expected profit as political tensions disrupted activity in Libya and Iraq, and a sharp fall in drilling in the Gulf of Mexico weighed on margins.

DOF Subsea Announces Several Contracts

Bergen, Norway – May 21 – DOF Subsea has been awarded several contracts totaling approximately NOK 475 million, including orders for work in Asia Pacific, North Sea and North America. DOF Subsea reported a range of contracts in what it calls the Atlantic region. Maersk Oil UK contracted DOF Subsea to perform removal and…

Enel Green Power: North America head will be CEO

Italy's biggest renewable energy company Enel Green Power is set to appoint the head of its North America unit Francesco Venturini as its new chief executive, a source close to the matter said on Wednesday. "The candidate is Venturini", the source told Reuters. The company, whose board is due to meet on Friday for the appointment, declined to comment.