McDermott, CB&I Shareholders Approve Merger
Deal volume was up 19 percent in the first quarter of 2018; however, total value of the deals completed fell 44 percent, according to data from consultancy PwC.Subsea 7 had said it could revise its offer if McDermott would work with the company to help it see additional benefits of the deal.Analysts at Bernstein in April said they believed Subsea 7 had to increase its offer to at least $10 per McDermott share to derail the deal with CB&I."If they do not, we believe the bid will founder, and the bungled escapade will damage Subsea 7’s credibility," according to a note from Bernstein
Wind Power's Big Bet: Colossal Turbines
its strategy, citing commercial sensitivity. Even with megaturbines in place, the operators would also need other things to go their way to turn a profit without state subsidies - crucially, electricity prices must rise to a level where profitability outstrips investment costs. Bernstein researchers calculated that, at their current power price forecast, operators would need to reduce their capital expenditure (capex) by around 60 percent for zero-subsidy projects to break even. Increasing turbine sizes from 7 MW to 14 MW would reduce capex by around 40 percent, they added.
DONG Energy to Exit O&G Business
;Today we probably have one of the lowest break even businesses in the entire North Sea area," Poulsen said. A more than two-year-old oil price slump means many oil and gas assets are already up for sale in the North Sea, where costs are relatively high due to the basin's maturity. Analysts at Bernstein said the divestment was driven by a recent rise in the oil price and DONG Energy's better cost position in its oil and gas business, but said they were "surprised with shift in strategy so soon after the IPO". DONG's shares were trading 1 percent higher at 256.5 crowns each by 1433
Technip, FMC Target Oil Services 'Big League' with Merger Deal
CAC 40 index of blue chips, while FMC fell 2.75 percent in New York. Analysts said the new group could one day rank alongside the likes of oil services companies Schlumberger and Halliburton. "The sector slowdown is so bad companies must act to achieve further cost cutting," Bernstein analyst Nicholas Green said in a note to investors. "M&A of this nature points to Technip's vaulting ambition to step into the 'big league' of global oil services," he wrote. However, the new entity will have a complex structure, with three main headquarters, in
Shell Withdraws from Arctic Exploration
Sea. Shell's London-listed shares reacted positively in early trading on Monday to the Arctic withdrawal, gaining up to 0.6 percent. The shares fell later in line with the oil and gas index. "Alaska been a bone of contention for many investors thus today's update is a positive," said Bernstein analysts, who rate Shell's stock as outperform. Shell said its Alaskan project was valued at about $3 billion on its balance sheet and that it had a $1.1 billion in future contractual commitments. It said it would give an update on the cost of writedowns with third-quarter results. ( By
Schottel Hydro Equipment for Tidal Energy Project
diameter of 2.4 meters and a weight of approximately 35 tons. The active pitch mechanism inside adjusts the rotor blades to the flow and thus adds to the optimum alignment of the full yaw turbine. “Taking part in this project is a great honor for us and our work,” says Jens-Henning Bernstein, project manager at SCHOTTEL HYDRO. “For this project we especially build on the success of the turbine shaft, hub and pitch mechanism including hydraulics and controls we provided to the first Hammerfest HS1000 turbine in 2011.” SCHOTTEL HYDRO will deliver the hub in early 2016
Mexico OKs 5 Shallow Water Areas in Round One Oil Tender
historic overhaul of the domestic energy sector was finalized last year, ending its long monopoly. Mexico is the world's 10th largest crude producer and oil revenue makes up about a third of its budget. (With reporting by David Alire Garcia, Ana Isabel Martinez, Christine Murray and Joanna Zuckerman Bernstein; Editing by Simon Gardner)
February 2024
