Oil Industry News

Seismic streamers - Image by DedMityay / Source: Adobe Stock

TGS Q4 Revenue Misses Forecast

Norway's TGS, a supplier of seismic data to the global oil industry, reported lower-than-expected fourth-quarter revenue on Thursday.So-called net segment revenue hit $230 million for the October-December period, while analysts on average had expected revenue of $257 million, according to forecasts published by Refinitiv.TGS did not provide a year-ago comparison for the fourth quarter, but said full-year revenue was up 16.2% from 2018 and that the sales outlook for the first quarter of 2020 was "promising".(Reporting by Terje Solsvik; Editing by Himani Sarkar)

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

Offshore Energy Outlook for 2020

barrels of oil per day at peak. Simply put, that’s a lot of hydrocarbons. But, leveraging electricity power from shore, the field has record-low CO2 emissions below 1 kilogram per barrel – demonstrating the importance of technological innovation toward the energy transition, and how the oil industry still has work to do and an important role to play

© DedMityay / Adobe Stock

TGS Posts Record Q3 Revenue

Norway's TGS, a supplier of seismic data to the global oil industry, reported record third-quarter revenues on Tuesday, beating both its own and analysts' forecasts, the company said.So-called net segment revenues hit $277 million for the July-September period, while the company had predicted it would be in excess of $250 million."We are now extremely pleased to be able to deliver our best third-quarter sales performance ever, and the second-best quarter in TGS history, with pro-forma net revenues coming in above both our own internal expectations and the average analyst estimate of $263

Image: InterMoor

MTR100: InterMoor

Sea, the Benchamas FSO 2 in Asia, and mooring line replacement on two FPSOs in West Africa, amongst others. It has delivered across the lifecycle of operations, from engineering and installation, through to retrieval and decommissioning of their mooring systems. Throughout the years, and even during oil industry downturns, the company has continuously focused on innovation, responding to deepwater mooring challenges with enhanced technology and industry records such as• The Suction Embedded Plate Anchor, now enjoying a new popularity due to its cost efficiencies,• H-Links (InterMoor holds the

Havila Harmony (Photo: OceanGate)

Vessel Chartered to Support Titanic Dive

and operational objectives of the mission, but it will also play a critical role in our ability to deliver an exceptional experience to our mission specialists, researchers and expedition crew.”Reach Subsea has a long history of providing quality solutions for deep-sea research and the offshore oil industry. The Norwegian company operates a fleet of 13 vessels specializing in providing world-class engineering and state of the art remotely operated underwater vessels.“Reach Subsea is pleased to support the 2019 Titanic Survey Expedition. We believe that our global experience in multi-purpose

TGS CEO Kristian Johansen (Photo: TGS)

TGS Offers Higher-than-expected Dividend

TGS, a provider of seismic data for the oil industry, proposed on Thursday a higher-than-expected dividend despite lower-than-expected profits in the fourth quarter and said demand from oil companies would continue picking up this year.Seismic surveyors are a bellwether of oil companies' appetite for conducting exploration for oil and gas deposits.TGS' earnings before interest and taxes (EBIT) rose to $68 million in the last quarter of 2018, from $51.6 million a year ago, but lagging market expectations of $77.8 million in a Reuters poll."While there continues to be some uncertainty

© Andrey Cherlat / Adobe Stock

Norway Supreme Court Hears Snow Crab Case with Implication for Oil

belonging to the continental shelf of Norway. If the EU can stake a claim over the snow crab, then it could be harder for Oslo to secure its claim over potential oil and gas resources."The question of the snow crab is a proxy for oil. Because what is valid for the snow crab is valid for the oil industry," Oeystein Jensen, a senior research fellow in law at the Fridtjof Nansen Institute in Oslo, told Reuters.The verdict is expected in three to four weeks.The issue arises out of a conviction for illegal fishing of an EU fishing vessel, the Senator, in the waters off the remote Arctic Svalbard

DNV GL's test laboratory in Norway (Photo: DNV GL)

DNV GL to Test Bolt Fatigue for API

achieve quality management and safety goals,” said Debra Phillips, vice president of API Global Industry Services.“Through research and testing such as the work that DNV GL will complete, we contribute to a culture of safety, innovation and continuous improvement in the natural gas and oil industry,” Phillips added.Frank Ketelaars, Regional manager Americas, DNV GL - Oil & Gas, said, “It is encouraging to see API taking a leading role in enhancing industry safety. The type of fasteners tested are used in critical subsea applications and are often exposed to fatigue loads

(Image courtesy of SBGS)

Seismic From Below

;s correspondent in Brazil spoke to Stephan Midenet, CEO of Seabed Geosolutions about OBS technology in general and OBN operations in Brazil.Ocean Bottom Seismic (OBS) TechnologyOBS technology has been around for academic applications since before World War II. The first use of the technology by the oil industry was in the late 1990s when OBS units were deployed to record long offset refraction data for improved velocity mapping west of the Shetland Isles. One of the first commercial reflection OBS survey was undertaken in 2003/4 by Seabird Exploration for Pemex over the Canterel/Sihil field offshore

(Photo: Aker BP)

Aker Bets on Software Engineers for Its Oil Business

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety.Less than two years later, Cognite is selling its software to Aker BP's rivals and one competitor, Sweden's Lundin Petroleum, has even agreed to share its

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