- UPDATE 1-DryShips posts another loss, expects rates to remain weak
- EMERGING MARKETS-Mexico stocks sink to 8-month low on Fed fears
- UPDATE 1-UK, France to join resource transparency initiative
- UPDATE 9-Oil drops on gasoline glut, falls more on Fed minutes
- U.S. Midwest gasoline prices expected to cool after spike
- CANADA STOCKS-TSX edges up as Fed talk buoys golds, drags banks
- COMMODITIES-Oil down on high gasoline stocks, gold slips on Fed
- GLOBAL MARKETS-Stocks, oil fall after Bernanke; dollar gains
- RPT-U.S. Congress moves to tighten sanctions on Iran
- Chile Copec 1st-qtr net profit up 55.1 pct on forestry, fuel units
Cosalt still in funding talks
Engineering firm Cosalt suspended its shares yesterday after failing to publish its annual accounts.
The company said it was not yet in a position to file its report for 2011 because it was still in talks to secure long-term funding with major shareholder and chairman David Ross, its pension trustees and its banks.
Cosalt, which employs 250 people at its Aberdeen-based offshore division, said Mr Ross had agreed to extend a short-term £1million credit facility until the end of this month while the company finds a solution to make sure it has enough working capital to sustain the business.
The company said it was not yet in a position to file its report for 2011 because it was still in talks to secure long-term funding with major shareholder and chairman David Ross, its pension trustees and its banks.
Cosalt, which employs 250 people at its Aberdeen-based offshore division, said Mr Ross had agreed to extend a short-term £1million credit facility until the end of this month while the company finds a solution to make sure it has enough working capital to sustain the business.
02/05/2012
North Sea disappoints again for Talisman
Oil and gas operator Talisman announced a 29% slump in its North Sea production in first quarter results today.
Output from its North Sea operations dropped to 96,000 barrels of oil equivalent (boe) per day, from 136,000 in the first quarter of 2011.
The region fell to just 20% of the firm’s total production of 462,000 boe per day, compared with 30% a year ago, as North American and south-east Asian production rose.
Output from its North Sea operations dropped to 96,000 barrels of oil equivalent (boe) per day, from 136,000 in the first quarter of 2011.
The region fell to just 20% of the firm’s total production of 462,000 boe per day, compared with 30% a year ago, as North American and south-east Asian production rose.
01/05/2012
BP shares among biggest fallers after profits drop
Banks led a rally on London’s leading shares index today after Lloyds Banking Group’s first quarter trading update cheered investors.
Lloyds shares surged 8% after a robust underlying performance boosted its recovery hopes and gave a lift to the rest of the heavily weighted banking sector.
The FTSE 100 Index rose more than 1%, or 74.5 points to 5,812.2, after stronger-than-expected US manufacturing data buoyed hopes for the world’s biggest economy.
Lloyds shares surged 8% after a robust underlying performance boosted its recovery hopes and gave a lift to the rest of the heavily weighted banking sector.
The FTSE 100 Index rose more than 1%, or 74.5 points to 5,812.2, after stronger-than-expected US manufacturing data buoyed hopes for the world’s biggest economy.
01/05/2012
Wood Group unit wins £61million Australia deal
Aberdeen-based energy service firm Wood Group said today one of its units had signed a £61million deal for work on the world’s largest semisubmersible production facility.
Wood Group said US subsidiary Mustang would provide detailed engineering and procurement support for the topsides on the Ichthys development in Australia.
Mustang agreed the contract with Samsung Heavy Industries, which is carrying out the engineering, procurement and construction work on the liquefied natural gas processing site 124 miles off Australia’s north-west coast.
Wood Group said US subsidiary Mustang would provide detailed engineering and procurement support for the topsides on the Ichthys development in Australia.
Mustang agreed the contract with Samsung Heavy Industries, which is carrying out the engineering, procurement and construction work on the liquefied natural gas processing site 124 miles off Australia’s north-west coast.
30/04/2012
Faroe bosses’ pay boost
Faroe Petroleum chief executive Graham Stewart earned pay, bonus and other benefits worth £628,000 in 2011, up from £571,000 the year before, the Aberdeen oil company’s latest annual report shows.
Fellow executive directors Helge Hammer and Iain Lanaghan earned packages worth £497,000 and £440,000 last year respectively, up from £448,000 and £426,000 previously.
Faroe recently reported pre-tax profits of £14.3million for 2011, compared with losses of £26million in 2010.
Fellow executive directors Helge Hammer and Iain Lanaghan earned packages worth £497,000 and £440,000 last year respectively, up from £448,000 and £426,000 previously.
Faroe recently reported pre-tax profits of £14.3million for 2011, compared with losses of £26million in 2010.
28/04/2012
Cairn Energy and Wood Group shares among risers, Premier falls
Weaker than expected US GDP figures and a downgrade for Spain failed to stop world markets finishing the week on a high today.
The FTSE 100 Index was up 28.4 points at 5,777.1, meaning it has recouped all of the losses it suffered on Monday when political uncertainty in Europe triggered a rout.
More strong results, this time from Samsung and Amazon, helped buoy traders’ spirits.
The FTSE 100 Index was up 28.4 points at 5,777.1, meaning it has recouped all of the losses it suffered on Monday when political uncertainty in Europe triggered a rout.
More strong results, this time from Samsung and Amazon, helped buoy traders’ spirits.
27/04/2012
Strong order book at Technip
French oil services group Technip said today it had record orders during the first quarter of 2012 and there was still more to come.
It said its order backlog reached £10.1billion in the first quarter, of which £4.5billion was in the group’s subsea unit.
Among the subsea orders was a £491million subsea contract in the UK North Sea from BP, its largest contract to date.
It said its order backlog reached £10.1billion in the first quarter, of which £4.5billion was in the group’s subsea unit.
Among the subsea orders was a £491million subsea contract in the UK North Sea from BP, its largest contract to date.
27/04/2012
Shell and Weir among biggest Footsie risers
Impressive results from a number of big name companies today helped London’s leading shares index continue its bounce-back from Monday’s sell-off.
The FTSE 100 Index rose 29.8 points to 5,748.7, with Royal Dutch Shell, Whitbread and Unilever shares pushing higher after strong results.
London’s blue chip shares index has now recouped nearly all of the losses it sustained on Monday when political uncertainty in the eurozone triggered a rout.
The FTSE 100 Index rose 29.8 points to 5,748.7, with Royal Dutch Shell, Whitbread and Unilever shares pushing higher after strong results.
London’s blue chip shares index has now recouped nearly all of the losses it sustained on Monday when political uncertainty in the eurozone triggered a rout.
26/04/2012
Enquest to up stake in Kraken
Independent oil and gas firm EnQuest said today it is to fast-track its Kraken development after agreeing a deal to boost its stake in the North Sea field.
The firm plans to increase its 45% stake in Kraken to 60% through a deal to acquire a 15% interest off Aberdeen firm First Oil, halving the latter’s stake to 15%.
Kraken, a large heavy-oil accumulation in the east Shetland basin, is estimated to have recoverable reserves of 160million barrels of oil.
The firm plans to increase its 45% stake in Kraken to 60% through a deal to acquire a 15% interest off Aberdeen firm First Oil, halving the latter’s stake to 15%.
Kraken, a large heavy-oil accumulation in the east Shetland basin, is estimated to have recoverable reserves of 160million barrels of oil.
26/04/2012
