Aker to explore options for Aker Energy after Ghana plan filing
first exploration well is to be drilled this summer, therefore a potential combined development of the two blocks could be possible, Eriksen said."Ultimately the geology will define the development concept," he added.Investment in Aker Energy has formed part of Aker's move from the oil service industry into oil exploration and production. Aker said it had no plans to invest in new oil service segments, such as drilling."Aker has no intention to make an investment in Maersk Drilling or other drillers," Eriksen said, addressing market talk that Roekke's company was looking at
Oil Industry Suppliers See Light at the End of the Tunnel
and production spending by 49 percent or $230 billion relative to 2014 levels. Goldman Sachs said in a research note that the industry's investment cycle was nearing a trough, which was a positive for oil services. Panic Over The more positive outlook has been supported by the oil service industry's second quarter earnings. On Thursday, Subsea 7, specialising in underwater construction, produced second-quarter earnings 46 percent above a mean forecast in a Reuters poll, due to lower-than-expected costs. Likewise, French oil services firm Technip on Thursday raised
EMGS 3Q Performance Sturdy
after multi-client investments of USD 8.4 million in the quarter. The Company has done impairments of USD 3.9 million and USD 1.6 million related to the multi-client library and equipment not in use respectively. "We have had a difficult financial quarter, like the rest of the oil service industry, but we have been able to reduce the underlying cost base to a level which we deem appropriate with the current market outlook. The Company is poised to take advantage of market opportunities with state-of-the-art technology, current cost level and strengthened balance sheet," says CEO
EMGS Makes further Cuts
Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry. The Company has identified and implemented comprehensive cost reductions on terms and conditions for sub-contractors and in staff levels. The key elements of the program are a reduction of the vessel capacity by one vessel, from three to two vessels, and a corresponding reduction in the global employee expenses. EMGS initiated cost reduction measures in the beginning of the first quarter this
February 2024
