Noble Corporation saw its quarterly net loss deepen after being negatively affected by rig impairment charges amid lower demand as a result of the coronavirus pandemic and low oil prices.
Aker BP sank to a net loss in the first quarter of the year after being hit by impairments due to a significant decline in oil and gas prices.
Although the first quarter of this year was characterised by weak spot rates in dry cargo and strong spot rates in tankers, Danish shipping company Dampskibsselskabet Norden A/S delivered an adjusted result of $29 million, compared to $7 million seen in Q1 2019.
The European Sea Ports Organisation (ESPO) has proposed a two-step approach to the new EU Transport Strategy amid the coronavirus pandemic.
ExxonMobil booked a quarterly loss due to asset impairments amid lower oil prices while its production was up by 2 per cent.
Chevron booked a larger profit in the first quarter of 2020 compared to the same period last year.
Dutch subsea and survey specialist Fugro said it will reduce its workforce by up to 10 per cent due to challenging market situation. The company posted loss before interest and taxes of €26 million for the first quarter 2020, against loss of €19 million in Q1 2019. Fugro recently announced a program
The Norwegian Government has decided to make oil production cuts in an attempt to more rapidly stabilise the oil market.
Valaris booked $3 billion loss in the first quarter of the year affected by impairments and fleet utilization decline.
Shell has decided to slash its dividend after seeing its quarterly profit nearly halved when compared to the last year’s quarter amid a dramatic decline in oil price.
UK’s offshore unions have launched a campaign to protect the jobs in the oil and gas sector and secure its future, calling for a halt to the “carnage” of jobs.
The International Monetary Fund (IMF) and the Government of Gabon have reached an agreement for a $147 million facility to help the country address the challenges that have arisen due to the global COVID-19 pandemic and oil price crash.
BP reported a significant decline in its quarterly profit due to lower prices and the destruction of oil demand by the coronavirus crisis.
Affected by coronavirus costs and provisions, Kvaerner sank to a loss in the first quarter of the year compared to a profit in the year-before quarter.
