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Oil ends March with biggest monthly and quarterly losses ever

March 31, 2020
| Archives

Crude oil benchmarks ended a volatile quarter with their biggest losses in history, as both U.S. and Brent futures were hammered throughout March on the global economic freeze due to the coronavirus pandemic and the eruption of a price war between Russia and Saudi Arabia. Both benchmarks lost roughly two-thirds of their value in the quarter, with March’s

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PV Drilling CEO issues letter to all employees

March 31, 2020
| Archives

  During the first 3 months of 2020, the Covid-19 pandemic broke out and quickly spread throughout the world with over 240,000 infected cases and 10,000 deaths, resulting in a sharp global recession. The whole world is struggling to deal with direct consequences in all aspects of business operation when value chains have been badly affected by disruptions

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Lebanese oil and gas sector feeling the strain

March 31, 2020
| Archives

Major oil and gas companies such as BP, Chevron, Eni, Exxon and Total have announced major cuts and other austerity measures this week, and the outlook for high-cost producers is grim. But what impact could the coronavirus outbreak potentially have on the nascent sector in Lebanon over the coming months? The first deadline looming ahead is the closing date

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Aker Solutions grab brownfield contract in Brunei

March 31, 2020
| Archives

  Scope of work covers maintenance and upgrades to maintain production levels for more than 200 offshore assets. The name of the new entity is PTAS Aker Solutions Sdn Bhd. The joint venture will ensure continuity of delivery to BSP and has a strong local execution capability, combined with the full value of Aker Solutions’ international expertise. The work

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Schlumberger CEO: “It’s not an easy rideâ€

March 27, 2020
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Schlumberger , the world’s largest oilfield services company said it would cut spending by 30% this year from last year’s levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs in operation could fall

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KCA Deutag issue Q4 results

March 27, 2020
| Archives

KCA Deutag, one of the world’s leading drilling and engineering contractors, is pleased to announce its results for the three months ended 31 December 2019, reporting EBITDA of $82.6m. Summary: Full year revenues of $1,359.9m (2018: $1,262.6m)Group 2019 EBITDA of $299.2m (2018: $272.9m)Contract backlog of $5.7bn across a blue chip customer base A number of contract awards and extensions in Land drilling and the

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Valaris receives two contract terminations and provides operational updates

March 27, 2020
| Archives

Valaris plc announced that the Company continues actively working to recover or replace the blowout preventer (BOP) stack on VALARIS DS-8 following a non-drilling incident earlier this month. On March 19, 2020, the Company received a termination notice for the drilling contract for VALARIS DS-8. The Company is in discussions with the customer regarding the notice. The drilling

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Prosafe SE: Market update on ongoing operations / contracts

March 26, 2020
| Archives

Prosafe hereby provides the following update on ongoing operations / contracts in light of COVID-19 and the oil price crash; Safe Concordia: On location and dayrate, although client personnel are demobilizedSafe Notos: Disconnected and client personnel demobilized. On 95% stand-by dayrateSafe Eurus: Disconnected and client personnel demobilized. On 95% stand-by dayrateSafe Zephyrus: Vessel was ready to mobilize from

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