Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment
company's share price, the Oslo Bourse halted trade in the stock to give Polarcus time to provide additional information.The company, which owns seven seismic vessels, including two chartered to Russia's Sovcomflot, added it had an order backlog of about $130 million as of Tuesday.A previous oil market downturn from 2014 to 2016 resulted in a consolidation of firms in the seismic industry, with major players either listed or headquartered in Norway.Shearwater GeoServices, headquartered in the city of Bergen, has the largest seismic fleet following the acquisition of CGG's assets in 2020 and
Offshore Drilling: It’s Going to Get Worse Before It Gets Better
the number of contracts finalized during the next few months will be minimal. Note, however, during this writing there was a contract signing for a short semi program in the North Sea, so not all is lost!The world has been transformed in the past month. Many are predicting a prolonged downturn in the oil market but there remains much uncertainty over its duration and depth. COVID-19 is having a catastrophic impact on oil demand and how long the various travel bans and lockdowns continue is anyone’s guess. In the meantime, Saudi Arabia and Russia’s fallout over oil production has released more
U.S. to send envoy to Saudi Arabia to Stabilize Oil Prices
The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50 years.Oil prices have lost more than half their value in the last two weeks as Saudi Arabia and Russia kicked off a price war and the coronavirus pandemic destroyed demand. U.S. oil now trades at less than $23 a barrel.The crash has shocked the oil industry as a pact among OPEC and non-OPEC
Offshore Service Market to Outspace Onshore Shale
10-year low last year, after four years of intense cost focus, and from that level you don’t need much additional activity or inflation to drive up the market,” Rystad Energy head of oilfield services research Audun Martinsen said.Since oil prices fell in the fourth quarter of 2018 and the oil market outlook for 2019 appeared more bearish, shale budgets for this year have been cut drastically to compensate for the anticipated loss of revenues.“We saw the tendency already last month that the shale service market started to hit the brakes. The number of fracked wells per day dropped from
First Oil from TEN Fields off Ghana
Jubilee project, also operated by Tullow, which began in late 2010. The revenue from TEN is significantly less than was first anticipated when the country launched the project in 2013, owing to the slump in world oil prices.. "I believe that current setbacks in the world (oil) market are temporary and we'll see a recovery soon that will give a fair price to producers," Mahama, who is seeking re-election on Dec. 7 this year, said as he opened the valve. "Its been a long journey but a fruitful one." Oil revenue is vital as Ghana battles to meet
Bourbon Feels the Pain of Low Oil
-- French OSV company stands strong until 1H 2016; reports 21 percent revenue decline -- 27 percent of fleet currently stacked The impact of the oil market cycle reaching its bottom was felt in Bourbon in the first half of 2016, as the company announced first half 2016 adjusted revenues of €599.2 million, a 21 percent decline year on year and 11.7 percent reduction compared to 2H 2015. Bourbon believed that its large market share and young fleet were keys to keeping it stronger while others failed, but it appears that the market has caught up to the company too. An evaluation of
Oil Extends Gains, Saudi Minister sees Market Balance
Crude prices extended gains on Monday in Asia, supported by comments from the Saudi energy minister saying the oil market is heading towards balance. London Brent crude for September delivery was up 17 cents at $50.52 a barrel by 2247 GMT on Sunday, after settling up 64 cents at $50.35 on Friday. NYMEX crude for August delivery was up 5 cents at $49.04 a barrel, after closing up 66 cents, or 1.4 percent, on Friday. There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the Independence Day holiday. The energy minister of
Offshore Prospects for 2016: Playing the Waiting Game?
are not sustainable. So when should we expect a recovery? Most industry observers expect that the supply overhang that has suppressed prices through 2015 will linger well into 2016. However, there are signs that the supply / demand gap may start to narrow toward the end of next year. The latest IEA Oil Market Report projects that oil demand will increase by 1.2 mmbbl/d in 2016, while DW’s most recent Drilling & Production analysis highlights net additions of only 250 kbbl/d. There is reason to see the light at the end of the tunnel, DW said, but we should expect that it might take
EMGS 3Q Performance Sturdy
Company therefore prepares for a prolonged negative market sentiment lasting into 2016 and 2017. Although the geophysical market is currently not very receptive in adopting new technology, the Company believes that positive responses will materialise in higher demand for EM services when the oil market returns to equilibrium. To meet the current market conditions, EMGS Board and management continues the work to reduce the Company's cost level, preserve cash and mitigate balance sheet risk
February 2024
