Marathon Oil

Oil & Gas

Asco ties up £50m deal with Marathon for North Sea support services


North-east oilfield support services firm Asco has struck a deal worth more than £50million with Marathon Oil UK for work in the North Sea. The five-year contract will see Asco provide a range of integrated oilfield services to support Marathon’s Brae field operations. Commenting on the award, Craig Lennox, Asco’s chief executive for Europe, said: “Asco has supported Marathon Oil for many years and we are delighted to secure a new long term contract with them.

Oil & Gas

Marathon Oil to reduce headcount by around 10%


Marathon Oil is expected to reduce its headcount by around 10% as it looks to lower costs. The company said it between 350-400 jobs would be affected by the decision. It is expected staff affected will be based in the US.

Market info

Marathon Oil: Investment and exploration budget to be 20% lower


Marathon Oil has estimated its investment and exploration budget will be 20% lower for 2015. The company said the capital program of around $4.5billion for next year will reflect a significant weighting to the company’s high return investment opportunities in the US as well as lower exploration spending. Marathon said the “continuing dynamic change” in crude oil markets, together with the expected impact to oilfield service cost, mean it will need additional time before the budget is finalised.