Tidewater Inc., a U.S.-based provider of offshore support vessels will suspend quarterly dividend and common stock repurchase program, aiming to reduce costs during the time of low oil prices and cuts in E&P budgets. “The dividend and share repurchase program suspension is part of a broader plan of
Offshore wind marked a record year of activity in 2015 with over 3.7 GW brought online, Navigant Research said. In its Offshore Wind Market Update report, the company reported that preliminary confirmed project commissioning in all global markets shows that offshore wind reached nearly 12 GW of cumu
Swedish oil company Lundin Petroleum has started drilling the Maligan exploration well in Block SB307/SB308, offshore East Malaysia. The Maligan prospect is in shallow water and lies to the north of a major producing field in offshore East Malaysia. The well will target hydrocarbons in Miocene aged
Exmar of Belgium informed on Thursday its LNG business earned US$34.5 million in 2015, a rise of 43 percent as compared to the year before. The Antwerp-based shipping company said in a statement the operating result (EBIT) for its LNG business for the fourth quarter was $9.7 million. LNG shipping Ex
Brazilian oil giant Petrobras has approved a new organizational model, aiming to cut costs in the low oil price environment. The company said that, as part of the initiative, it will cut at least 30% in management positions in non-operational areas. Petrobras has about 7,500 management positions app
Miami-based Ryder System and energy giant Shell signed an agreement for 15 liquefied natural gas heavy-duty vehicles supporting oil and gas logistics operations in Lafayette and Houston. Ryder currently manages road transportation for Shell’s freight hauling activities across its U.S. exploration an
Australia’s Decmil Group said it has secured a contract from ConocoPhillips to provide accommodation services at the Australia Pacific LNG plant. Homeground Gladstone, a subsidiary of Decmil will provide ConocoPhillips with accommodation for all shutdown workforce requirements, including major plant
Brazilian oil and gas giant said it has approved a new restructuring plan aimed at saving by up to US$450 million (R$1.8 billion) a year. “This reform is taking place as part of the company’s response to the oil and gas sector’s new circumstances, leading Petrobras to prioritize its most profitable
Oslo-based classification society DNV GL said Friday it has approved a liquefied natural gas tank designed by Norway’s Vard. Vard’s new LNG-type B-tank design has been granted General Approval for Ship Application (GASA), DNV GL informed in a statement. The tank is the result of a joint industry pro
Limited supply growth in the Aframax sector of only 3.5% through the end of 2020 in addition to paradigm shifts in demand such as US exports and expanded Panama Canal opening will enable this sector to outperform the larger crude tankers, according to the latest report from McQuilling Services. “Afr
BG Group’s shareholders have voted in support of the proposed multi-billion merger with Shell, bringing to a conclusion the oil and gas deal of the decade, as it has been described. The BG Group shareholders’ meeting was held on Thursday, January 28, 2015, and according to reports, more that 500 peo
BG Group’s shareholders on Thursday approved the multi-billion merger with Hague-based energy giant Shell, creating the world’s largest LNG company. This is Shell’s biggest ever acquisition and the largest oil and gas deal since Exxon bought Mobil in 1999. According to a statement by BG, 99.53 perce
Pilbara Ports Authority has commenced evacuating the inner and outer anchorages at Australia’s largest iron ore export port of Port Hedland as a tropical low continues to track toward the Pilbara coast in a southerly direction. The evacuation of vessels at both anchorages is expected to be complete
Cameron, a provider of flow equipment products, systems and services to oil and gas industry, posted a lower profit for the fourth quarter of 2015 when compared to the same period last year. Cameron is soon to be acquired by the world’s largest oilfield services provider Schlumberger as the merger a
