Gulf Marine Services (GMS) has made progress in shoring up its future but much rests on its negotiations with lenders.
A decade on since a fatal crash in the North Sea, helicopter transport remains the “biggest concern” for the offshore workforce.
Engineering giant Babcock International has denied a report from a major news outlet that the firm will take a £100million impairment charge on its North Sea helicopter business.
Stocks just chalked up their longest rally since 2014, default risk is tumbling and the cash squeeze in the nation’s banking system is suddenly dissipating.
Shares in Tullow Oil slumped over 12% yesterday after it revealed plans to raise $300million (£232million) in fresh bond debt.
Seadrill has confirmed the issuance of new shares of its common stock.
Helicopter operator Bond has won a three year North Sea contract with Premier Oil to transport workers to its offshore platforms.
In 2013, the oil & gas market segment was forecast to account for nearly 30% of the new helicopters market over the five years to 2018.
Offshore workers who are too sick or injured to wear a survival suit can now be helicoptered back to shore on normal commercial flights.
Vattenfall has place a hybrid bond issue of $400million which will be used for general corporate purposes. The company said the move will be its first ever hybrid bond denominated in US dollars.
Saudi Arabia could soon tap into international bond markets for the first time, according to reports. The Financial Times said the move was a growing signal of the challenges the country faces as lower oil prices impact its public finances. Officials in the country said Saudi Arabia could increase its debt levels by up to 50% of GDP (Gross Domestic Product) within five years.
Bond Offshore Helicopters said yesterday it had completed the construction of a new aircraft hangar at Aberdeen International Airport. Located between Bond’s two passenger terminals on the east side of the airport, the 21,000sq ft hangar will be used as both a maintenance and storage facility. The company said it would help to keep its mixed fleet of 25 helicopters in top condition for safe crew-change and search and rescue operations.
North Sea oil and gas operators have committed to fund a new £60million search and rescue (SAR) helicopter service to help maintain safety standards. It will supplement national SAR cover for parts of the Central North Sea. Oil & Gas UK said Bond Offshore helicopters will operate the service, which was made possible by contributions from around 20 different companies involved in the sector. It coincides with the launch of a new UK-wide search and rescue service by the Department for Transport next month at the same time as decommissioning plans for BP Miller platform, where the Jigsaw helicopter has been based.
The outgoing boss of Bond Offshore Helicopters, Luke Farajallah, is trading rotor blades for fixed wings, it emerged yesterday.
Bond Offshore Helicopters boss Luke Farajallah will leave his role next month, it was revealed yesterday. A replacement has been recruited. Michelle Handforth, currently general manager of Sydney Ferries in Australia, will take over the role at the North Sea helicopter firm in April.
An offshore helicopter was forced to return back to shore after a passenger became unwell. The Bond S-92 was heading to the Balmoral Platform when an emergency call was issue around 9am. A spokeswoman for Bond confirmed the helicopter was diverted.
The falling oil price has caught-out investors in a retail bond linked to a leading North Sea producer. EnQuest issued the bond two years ago, offering an attractive 5.5% interest rate until 2022. The company used it to raise £155million to help develop the Kraken field off the Shetland Islands.
Norwegian Energy Company (Noreco) will request a deferral of bond instalments and bond interest due in December, the company has said. The bond instalment, worth NOK 560.8million, and the bond interest NOK 84.6million, will be delayed while the company explores available alternatives. The company said the deferral will allow it time to pursue any solutions which could create more values for its stakeholders.