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Rystad: Demand for Offshore Trunklines to Drop 26%. Middle East to Drive Recovery

Sep 29, 2020

Norwegian energy intelligence company Rystad expects that the market demand for large-diameter offshore pipelines, known as trunklines, will see an annual drop of 26% this year.According to Rystad, the length of total installations this year is forecasted to reach 2,150 kilometers, down from last year’s 2,913 kilometers.While the demand is expected to drop, Rystad says that this downturn’s impact on trunkline demand is…

'Marine Seismic Survey Disruptor' Gets Industry Funding

Oct 14, 2020

Blue Ocean Seismic Services, a company that describes itself as 'the marine seismic survey disruptor,' has secured a total of £10 million of Series A investment from bp Ventures, Woodside Energy, and Blue Ocean Monitoring.The company will use…

Seafox Pushes to Oust GMS Directors

Sep 21, 2020

Gulf Marine Services, a provider of jack-up service vessels for the offshore energy industry, has received a letter from Seafox, a rival, and a holder of 29.9% of shares in GMS, seeking removal of four of GMS' directors from the board.To remind…

BP: Fossil Fuel Demand to Take Historic Hit Amid COVID-19 Scars

Sep 14, 2020

Fossil fuel consumption is set to shrink for the first time in modern history as climate policies boost renewable energy while the coronavirus epidemic leaves a lasting effect on global energy demand, BP said in a forecast.BP's 2020 benchmark…

Dana Petroleum Names New CEO

Aug 31, 2020

Dana Petroleum, a North Sea-focused subsidiary of South Korea's KNOC, has appointed Jongwoo Kim as its new CEO.Kim joins Dana Petroleum from its parent company Korea National Oil Corporation.Jongwoo succeeds the previous CEO Yongwoo Kang who…

Lundin Energy Appoints New CEO

Aug 18, 2020

Lundin Energy, a Swedish energy company with offshore oil and gas operations in Norway, on Tuesday said it had appointed Nick Walker as President and Chief Executive Officer (CEO).The appointment of Walker, which will become effective on January 1…

Orsted Looking to Farm Down Stake in Borssele 1 & 2 Offshore Wind Project

Aug 12, 2020

Danish wind farm developer Orsted is exploring opportunities to sell parts of its Borssele 1 and Borssele 2 offshore wind farms in the Netherlands, CEO Henrik Poulsen said in a call with investors on Wednesday.'We are exploring the potential…

Oil Prices Hit 5-Month High

Aug 05, 2020

Oil prices rose to their highest since early March on Wednesday on data showing a big drop in U.S. crude inventories, and a weak dollar, but mounting coronavirus infections weighed on the demand outlook.Brent crude was up $1.63, or 3.67%, at $46…

OHT Enters Offshore Wind Turbine Installation Business

Jul 30, 2020

Offshore Heavy Transport (OHT), a company specializing in, well, offshore heavy transport, has decided to diversify its offering and dive into the offshore wind turbine generator installation business.OHT said Thursday it had entered into a…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

Aker Solutions Sees Outlook Improving in H2 2020

Jul 15, 2020

Norwegian oil services firm Aker Solutions said on Wednesday the outlook has improved for the second half of the year with oil prices partly recovered from the lows in April and Norway offering tax incentives for the oil industry.Its full-year 2020 revenue…

McDermott Names Senior VP for EMEA Region

Jul 15, 2020

Engineering and construction company McDermott International Ltd. has appointed Tareq Kawash as Senior Vice President for its Europe, Middle East and Africa (EMEA) region.Kawash was formerly the Senior Vice President for the Europe, Africa, Russia and Caspian (EARC) region…

OPEC Expects Record Rise in Oil Demand in 2021

Jul 14, 2020

Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report.It was the first report in which OPEC assessed oil markets next year…

Oil Producers Will Fight for Market Share as Consumption Growth Slows

Jul 07, 2020

Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries.Slower growth will intensify…

Fred. Olsen Windcarrier Picks Jack-Up for 1600t Huisman Crane

Jul 03, 2020

Offshore wind turbine installation company Fred. Olsen Windcarrier back in March said it had struck a deal to equip one of its jack-up installation vessels with a 1600t crane for next-gen offshore wind turbines. While the company at the time…

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