Reuters News

Courtesy PGS

PGS Calls off Debt Refinancing, Shares Fall

and reopening of capital markets," Omsted added.PGS said it was not currently contemplating a share issue."We will of course evaluate all possible structures, but at the moment we don't consider conducting a share issue as part of a future refinancing," PGS spokesman Stenberg told Reuters.The company said it intended to refinance the debt facilities this year, and reduce its net debt as it expected to generate positive cash flows helped by an expected market recovery.PGS has previously said it targeted a debt level of below $500-600 million, while its interest bearing net debt stood

© Ian Dyball/AdobeStock

Floating Wind: Norway Seeks to Expand

having with interested parties was at a discussion level at this stage, without any applications submitted.Utsira North could hold a power producing capacity between 0.5-1.5 GW, while North Sea II, a bigger block, could hold turbines with a total capacity of 1-2 GW, the ministry's statement showed.(Reuters

(Photo: Subsea 7)

Subsea 7 Raises Revenue Outlook

2018," Chief Executive Jean Cahuzac said in a statement, adding that demand for equipment such as subsea umbilicals, risers and flowlines (SURF) was increasing."We continue to experience a gradual volume-led recovery in integrated and stand-alone SURF projects," Cahuzac said.Analysts in a Reuters poll had expected Subsea 7's revenue to decline by 6 percent this year to $3.83 billion.Earnings before interest, tax, depreciation and amortization (EBITDA) excluding one-offs rose to $111 million from $103 million a year earlier, but missed the $129 million expected by analysts polled by Reuters

(Photo: Aker Solutions)

Aker Solutions Raises 2019 Forecasts

, with its underlying core profit margin also rising year on year.It had previously expected only a slight revenue gain and flat margins.Order intake for the first three months of the year amounted to 5.5 billion Norwegian crowns ($635.51 million), above an average forecast of 4.9 billion crowns in a Reuters poll of analysts.Earnings before interest, tax, depreciation and amortization (EBITDA) excluding one-offs rose to 636 million crowns from 384 million crowns a year earlier, beating a forecast of 615 million crowns.Shares in Aker Solutions rose 2.8 percent by 0942 GMT.The company is currently bidding

(Photo: Eidesvik Offshore)

Subsea 7 Profit Beats Forecast

profits on Thursday and announced a special dividend payment as well as an extension of its share buybacks.The Oslo-listed offshore services provider's adjusted earnings before interest, tax, depreciation and amortization fell 7.4 percent year-on-year to $163 million, while analysts in a Reuters poll on average predicted a $146 million profit."A new two-year $200 million share repurchase program has been announced, enabled by our strong financial and liquidity position and improving market outlook," Subsea 7 said in a statement.Pending owners' approval, the company will also

© Daniil/AdobeStock

Seized: 3,300 Rare Pig-Nosed Turtles

said. Apart from being sold as live pets, conservationists say the pig-nosed turtle is often hunted for meat consumption and for use in traditional medicines in some Asian countries.Malaysia is considered a major transit point for the illegal trafficking of endangered species to other parts of Asia.(Reuters reporting by Rozanna Latiff; editing by Darren Schuettler

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Regulator: Expand Pipeline, Protect Killer Whales

, which the government bought last year from Kinder Morgan Canada to ensure it gets built.The move came after Canada's Federal Court of Appeal overturned the Liberal government's 2016 approval to expand the pipeline, which runs from Alberta's oil heartland to the British Columbia coast. (Reuters reporting by Rod Nickel in Winnipeg, Manitoba; editing by Jonathan Oatis

(Photo: Flipflopi)

Boat Made of Flip-flops Sails for Cleaner Seas

people have started local businesses, like hotels along the shores, and contributed to a huge mess - as you can see, the place is littered with plastic bottles," he added.The Flipflopi, built from 10 tonnes of plastic waste, was first launched late last year.Co-founder Ben Morison told the Thomson Reuters Foundation he began working on the project in 2016 "to transmit the message about the impact that plastic is having on marine ecosystems, how this affects us, and most important of all, what we can do about it".Global challengeResearchers estimate the world has produced more than 8.3 billion

TGS CEO Kristian Johansen (Photo: TGS)

TGS Offers Higher-than-expected Dividend

.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 related to important factors such as U.S. onshore production, oil price and E&P (exploration and production) budgets, we are confident that the positive trend from 2018 will continue this year," TGS said in a statement.The company

'Frog's Leg' Proves Bountiful for Aker BP

based on estimates of how much oil and gas is located on each side.Aker BP is operator of the license with a 60 percent stake, while Sweden's Lundin Petroleum and Eni's Vaar Energi each hold 20 percent.Aker BP is 40 percent owned by Norway's Aker ASA and 30 percent by BP Plc. (Reuters reporting by Terje Solsvik; Editing by Shreejay Sinha

© Andrey Cherlat / Adobe Stock

Norway Supreme Court Hears Snow Crab Case with Implication for Oil

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 archipelago.Norway, which is not a member of the EU, argued successfully in a lower court that the European Commission

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