McTiernan Appointed Non-Executive Chairman, Hurricane Energy
Steven McTiernan has been appointed as Non-Executive Chairman of the board of directors of Hurricane Energy plc, effective May 1, 2018. Dr. David Jenkins, who has acted as Interim Chairman of the Board since November 2017, will return to his previous role as Senior Independent Director on this date.Steven McTiernan has over 45 years of oil and gas industry and investment banking experience. He was a non-executive director of Tullow Oil plc for eleven years until December 2012, during its period of rapid growth, and served as its Senior Independent Director.
Post-Bankruptcy, Seadrill Eyes Closer Oil Service Ties
Offshore oil driller Seadrill aims to expand relations with Schlumberger, the world's largest oil services firm, and other suppliers to the global oil and gas industry, its chief executive told Reuters on Wednesday. Seadrill plans to emerge from Chapter 11 bankruptcy proceedings in late June or early July, following a U.S. court's approval on Tuesday of its multi-billion dollar debt restructuring plan, CEO Anton Dibowitz said. "The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60-90 days. Obviously, we would like to do it as fast as possible," he added.
STATS Group Post 65% Profit Increase
Pipeline technology company STATS (UK) Ltd increased profits by 65 percent to £4.3 million ($6 million) while maintaining revenues of £30 million, ($41 million) according to its latest annual accounts lodged at Companies House.The accounts to December 31, 2017, show that despite the continued impact of low oil and gas prices, demand for the group’s isolation and intervention services remained solid with an upturn in project awards from new clients in the UK and internationally.The rise in profit (trading EBITDA) from £2.6 million ($3.6 million)…
Semco Maritime Generated Positive Operating Results in 2017
Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers increased in this business area.” Semco Maritime said.Cost adjustments…
Flintstone Sets Its Sights on Floating Wind
Flintstone Technology Ltd said it plans to diversify its mooring operations to help drive down costs for the offshore floating wind industry.The company has developed a set of mooring system solutions to match specific project requirements in oil and gas and marine renewable energy.With decades of experience in the oil and gas industry, this knowledge combined with the mooring solutions, is transferable and provides substantial benefits to offshore floating wind in lowering costs and increasing reliability.According to Scottish Enterprise, Europe is forecast to build around 25GW of offshore wind capacity by the end of the decade…
Partners Aim to Improve Riser Performance and Efficiency
Trelleborg said its offshore operation has signed a supply and license agreement with Reel Power Oil and Gas to collaboratively develop and market a new Vortex Induced Vibration (VIV) suppression system aimed at improving riser performance and efficiency in demanding offshore environments.“We strive to push the limits of the oil and gas industry to improve the performance and competitiveness of our customers. This new solution provides us with the opportunity to work with Reel Power to help them commercialize this technology and allows us to add this superior solution to our portfolio…
Greece Launches Tender to Shed Hellenic Petroleum Stake
Greece on Wednesday launched an international tender to sell a majority stake in Hellenic Petroleum as part of its third international bailout. Greece's privatisation agency said it will sell no less than 50.1 percent in the country's biggest oil refiner and interested investors must submit expressions of interest by May 18. Major shareholders Greece and Paneuropean Oil and Industrial Holding agreed this month to divest at least 50.1 percent of the company. Hellenic is Europe's third biggest oil refiner based on its market value of 2.6 billion euros. Paneuropean Oil owns 45.5 percent of Hellenic and Athens holds a 35.5 percent stake.
Subsea 7 Awarded Contract Offshore Nigeria
Subsea 7 S.A. announced it was awarded a contract by Mobil Producing Nigeria Unlimited (MPN) for the Production Uplift Pipeline Projects (PUPP) in shallow water, offshore Nigeria. The contract scope includes engineering, construction, transportation, installation and pre-commissioning of 20 kilometres of 24" Corrosion Resistant Alloy (CRA) pipeline between the Idoho Platform and the terminal onshore and of 2 kilometres of 24" CRA pipeline between the Edop and Idoho Platforms, as well as associated topside modifications and tie-ins at both ends.
UAE's Stanford Marine in Talks to Restructure $325 mln in Debt
Stanford Marine Group <IPO-SFMG.L>, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said. The Dubai-based oil and gas services firm, which has struggled as a result of a downturn in the hydrocarbons market, has asked banks to consider extending the maturity of its debt and restructuring repayments, the sources said. Although the company, which operates a fleet of offshore supply vessels that service the oil and gas industry, has not missed any repayments, one of the sources said it had breached certain covenants, without elaborating.
Kremlin Oil Boss: US Elections Creating Energy Market Uncertainty
The head of Kremlin oil major Rosneft Igor Sechin said on Thursday the development of the U.S. oil industry was at a crossroads due to the country's upcoming presidential election, thus creating risks for the global economy. Sechin, a close ally of president Vladimir Putin, told a panel packed with top executives from oil majors such as BP and Total, that the U.S oil and gas industry - one of Russia's main rivals - was poised to change significantly depending on who won the U.S. election in November. "Given the role that U.S. economy is playing globally, uncertainty over the development of the U.S.
Statoil Appoints Hutton
Peter Hutton has been appointed senior vice president CFO investor relations and will report to chief financial officer Torgrim Reitan. Hutton is currently director of oil and gas research in RBC Capital Markets London, and has broad international experience from the oil and gas industry. He has spent 12 years in the oil and gas industry and 16 years within the financial industry. Hutton holds a master of arts degree in modern history from the University of Oxford, UK and a diploma in international politics and the Middle East from Birkbeck College, UK. He will take on the role from 1 January 2015.
Sea Trucks Shuffles Board of Directors
On Tuesday, December 6, 2016, the Sea Trucks Group board was reconstituted into three members. The company's board of directors now consists of the following independent directors: Tom Ehret; experienced executive and director in the oil and gas industry. Donald Featherstone; partner in EY’s restructuring group, based in London. Henk Vastenholt; extensive oil and gas industry experience, including 14 years with the Sea Trucks, and involved in development of the fleet.
DNV GL Opens New Vietnam Office
DNV GL announced that it has moved into a new office that was officially opened by His Royal Highness Crown Prince Haakon of Norway and Henrik O. Madsen, Group President & CEO, DNV GL. The official ceremony was part of the program of the Norwegian trade delegation visiting Vietnam this week. Besides the Crown Prince, the Norwegian Minister of Trade and Fisheries, Monica Mæland also attended the inauguration ceremony. DNV GL has had a presence in Vietnam since 1995. Starting out as a Representative Office, the new office which is located in the heart of the business district in HCMC will consolidate the operations of its three business areas - Maritime…
Trade Groups Seek Information on New US Decommissioning Rules
Seeking information related to the recent changes to the financial assurances and bonding required of offshore oil and gas producers, four oil and gas industry trade groups today submitted Freedom of Information Act (FOIA) requests to both the Bureau of Ocean Energy Management (BOEM) and the Department of the Interior (DOI). The four industry trade groups, the National Ocean Industries Association (NOIA), the Independent Petroleum Association of America (IPAA), the Louisiana Mid-Continent Oil and Gas Association (LMOGA), and the Gulf Economic…
MOL Group to Discuss Entry into North Sea Market
Newcomer to the UKCS, Hungary-based MOL Group is set to discuss its entry into the North Sea market at a Society of Petroleum Engineers (SPE) Aberdeen event on May 6, 2015. MOL Group completed a deal in March 2014 to acquire 14 North Sea licenses which resulted in the creation of MOL Energy UK. Managing Director of MOL Energy UK, Chris Bird, will speak at the next SPE Aberdeen Simplified Series event, organized by the Young Professionals Committee but aimed at oil and gas industry professionals of all ages. Bird said, “The future rate of production in the UK Continental Shelf (UKCS) depends on a number of factors…
Seagull Oil & Gas Acquires ExTek AS
Seagull Oil & Gas has acquired all the shares in the EX training provider, ExTek AS, Norway’s only center approved to validate core competency of oil and gas industry employees and contract staff under the globally recognized CompEx Scheme. With the acquisition of ExTek, Seagull will have one of the most comprehensive and complete packages of El-Safety and Ex training in the market. “ExTek has been developed by some of the leading experts on electricity in explosive atmospheres, and is the only Norwegian approved CompEx center,” said Morten Aasen, Managing Director, Seagull Oil & Gas.
Hovem Named CEO of DNV GL Oil & Gas
Liv Hovem will step in as CEO of DNV GL’s Oil & Gas business area from January 1, 2018. She will be based at the DNV GL – Oil & Gas headquarters in Høvik, Norway as a member of the DNV GL Group's Executive Committee reporting to Group President and CEO Remi Eriksen. Hovem succeeds Elisabeth Tørstad, who has been appointed CEO of DNV GL’s new Digital Solutions business area. Hovem has been with DNV GL since 1988, most recently as Regional Manager for Continental Europe, the Middle East and India in DNV GL’s Oil & Gas business. She has more than 25 years of experience in international management…
O&G Research to Show Collaborative Way Forward
A new piece of research could help the oil and gas industry understand and implement greater collaboration in the North Sea, as the sector continues to manage lower oil prices. Business advisory firm Deloitte yesterday (Tuesday 30 June) launched its inaugural oil and gas collaboration survey, with support from Oil & Gas UK. The research will assess the level and quality of collaboration currently taking place on the United Kingdom Continental Shelf (UKCS), as well as how companies across the supply chain could work together in new ways. How companies view themselves and each other as collaborators.
Sir Frank Chapman Appointed Golar's Chairman
Golar LNG Limited announced that with effect from September 19, 2014, Sir Frank Joseph Chapman has been appointed to the Board of Directors of the Company and will act as the Company's Chairman. Sir Frank Chapman has worked 40 years in the oil and gas industry culminating in a twelve-year period as Chief Executive of BG Group plc. Under Sir Frank's leadership, BG Group grew from the modest UK-based Exploration and Production interests of the old British Gas into an international integrated oil and gas major. Operating profits grew from some $50 million in 1996 to more than $8 billion in 2012.
Phillips to Address SPE ICoTA Conference
Ian Phillips, chief executive of the Oil & Gas Innovation Centre (OGIC), will highlight how the pace of innovation in the oil and gas industry is significantly lower than in comparable industries at the 20th SPE ICoTA Well Intervention Conference in Aberdeen this week. Mr. Phillips will give the keynote address on Wednesday, 12 November, where he will highlight the contributing factors including the slow pace of technological uptake in the industry and comparatively low spend on research and development activity. The government backed OGIC has been established to address these issues…