Oil & Gas

BWSC held unfair advantage in public tender

Few employees in one division were acting independently of the company's management, states BWSC Chief Executive after the Danish state attorney concluded that a violation of tender regulation took place – and it is highly probable that the case involves bribery.

Glencore sets cap on its coal production

Swiss commodity trader Glencore aims to limit its coal production to "current levels" in a part of its climate change mitigation efforts – a decision that could raise the price of thermal coal, a Wood Mackenzie analyst assesses.

Media: Offshore carriers ditch Equinor contracts

Equinor pays so little to offshore shipping companies that some of them prefer to have their ships berthed rather than working for the partially state-owned oil company, says the industry. The matter will now be addressed politically in Norway.

SBM Offshore anticipates more contracts for 2019

Dutch SBM Offshore is back in plus after a 2018 in which the company also was able to slash half a billion US dollars from its debt. 2019 promises more projects and increasing demand, says the CEO.

Oil price starting to move toward USD 70 again

It is not quite there yet, but after a dive around New Year, the oil price is now moving past USD 65 per barrel and is thus inching closer to the USD 71 per barrel which was the average price last year. Good for offshore investments. Bad news for shipping.

Kvaerner's profit almost halved in 2018

In line with expectations, Kvaerner finished 2018 with a profit of close to NOK 500 million, which marks a setback compared to the year before. CEO Karl-Petter Løken anticipates improved market conditions for the Norwegian oil service and yard company this year.

Aker subsidiary nominates new CEO and chair

Norwegian company NHWirth, which is owned by Aker company Akastor ASA, welcomes new faces to the top level. Eirik Bergsvik will be the new CEO in the drilling company while Merril A. "Peter" Miller Jr has been appointed chair.

Maersk Drilling expects lower operating profit in 2019

Maersk Drilling now presents its first independent results after being spun off from the Maersk Group. The company expects a positive operating result before special items for 2019, though it may well be lower than last year.

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