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Reuters: Malaysia Probing Aker Solutions over Petronas Dealings

Dec 02, 2020

Malaysia’s anti-graft agency is investigating Norway’s largest oil services provider Aker Solutions on suspicions of making false statements in its dealings with state-owned energy firm Petronas, three sources familiar with the probe said.The Malaysian Anti-Corruption Commission (MACC) is looking into allegations that Aker Solutions made false representations regarding the ownership of one of its Malaysian units in order to win licenses from Petronas…

Sapura Energy Refinances $2.5B in Debt

Mar 30, 2021

Malaysia's largest oil and gas services provider Sapura Energy on Tuesday said it has refinanced 10.3 billion ringgit ($2.48 billion) of its debt for a period of seven years.The company said the refinancing includes an $820 million term loan facility to be offered by banks in U…

Expro, FTAI Ocean Partner Up in Light Well Intervention

Mar 17, 2021

Oilfield services company Expro has entered an exclusive alliance with vessel provider FTAI Ocean for the supply of the DP3 M/V Pride well intervention vessel to provide full light well intervention (“LWI”) services to the subsea oil and gas sector…

Halliburton 4Q Result Beats Estimates, But Profit Drops 43.9%

Jan 19, 2021

Halliburton Co posted a better-than-expected fourth-quarter profit on Tuesday, buoyed by cost cuts and a recovery in demand for oilfield equipment and services after last year's industry slump, Reuters reported Tuesday.The second-biggest services…

Report: Aker Solutions Sued by Ex-employee Amid Malaysia Graft Probe

Dec 30, 2020

A former Malaysian employee of Norway's largest oil services company Aker Solutions has sued the firm, saying it tried to stop her from speaking to authorities about its business practices, an accusation the company denies.Seetha Kumarasamy…

Petrofac CEO Asfari to Retire

Oct 12, 2020

Energy services giant Petrofac said Monday its CEO Ayman Asfari would retire as Group Chief Executive at the end of the year. Petrofac said Asfari would focus on his family, health, and charitable interests.Sami Iskander, former EVP Upstream Joint Ventures at Shell…

Oilfield Services Employment Diving to 10-Year Low

Aug 12, 2020

Oilfield services sector is set to reach the lowest total workforce count in over 10 years, as a consequence of the COVID-19 pandemic, low oil prices, and cuts in spending by the oil companies.'The oil market turmoil brought on by Covid-19 has…

Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand

Jul 22, 2020

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue to rein in costs in preparation for a longer period of volatility in oil prices.Oil producers halted the drilling of new wells and drastically…

Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst

May 15, 2020

Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday…

Petrofac Warns of Project Delays on COVID-19, Lower Oil Prices

May 15, 2020

Petrofac Ltd on Friday warned of delays in new projects until 2021 due to coronavirus-induced supply chain disruptions and travel restrictions as well as lower oil prices and said it was taking steps to conserve cash.The crash in oil prices…

Sapura Energy CEO: Delays are Inevitable

Apr 30, 2020

Malaysia's largest oil and gas services company Sapura Energy said on Thursday it expects a delay in projects due to the historic rout in oil prices and as widespread coronavirus shutdowns hit demand.'Delays are inevitable,' Chief Executive Shahril Shamsuddin said in an earnings conference call…

Current News

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