Aker Solutions Raises 2022 Revenue Outlook
by more than 20% to at least 35 billion Norwegian crowns ($3.97 billion), up from earlier guidance of a 15% increase, as the oil industry is expected to step up spending amid supply tightness.Its Oslo-traded shares had risen 7.5% by 0856 GMT to a three-year high, outperforming the wider European oil and gas index which was up 0.75%.The company will pay a dividend of 0.20 crowns per share for 2021, the first such payout to owners since 2014."A tight supply-and-demand balance in the oil and gas market is expected to result in an attractive investment environment for the company's customers, supported
PGS Calls off Debt Refinancing, Shares Fall
market recovery.PGS has previously said it targeted a debt level of below $500-600 million, while its interest bearing net debt stood at $1.3 billion at the end of the first quarter.PGS shares initially fell by 24% following the announcement and traded down 17% by 0929 GMT, while the European oil and gas index was broadly flat.(Editing by Terje Solsvik. Editing by Jane Merriman
Schlumberger, Subsea 7 Mull Oil Services JV
; he wrote in a note to clients, adding that the joint venture "improves their competitive position and creates a unique platform to capture market share in a recovering subsea market." Shares in Subsea 7 were up 5.3 percent at 1053 GMT. It was the top performer in the European oil and gas index and the second-best performer of the pan-European index. "Speculative appeal, next move could be M&A between the two groups," said Natixis analyst Baptiste Lebacq. Subsea 7 top owner, Norwegian billionaire Kristian Siem, has long called for consolidation, saying
Shell Withdraws from Arctic Exploration
and in 2012 Russia's Gazprom, together with Total and Statoil, scrapped the Shtokman gas project in the Arctic Barents 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
Statoil Reports Robust Q1
a squeeze in margins and in February said it would slash spending by $5 billion in 2014-2016, an 8 percent reduction from earlier expenditure plans, so it could pay more to shareholders. Shares in Statoil were up 3.86 percent at 0755 GMT, outperforming a 0.79 percent gain in the European oil and gas index. The stock was among the best performers on the Oslo bourse, outstripping a 1.2 percent rise in the benchmark index. Chief Executive Helge Lund said healthy prices and good results from its U.S. gas assets were behind the strong numbers. Statoil is present in all the major U.S. shale
February 2024
