Halliburton results show ‘effectiveness’ of strategy as company reports profits of £596m
Halliburton’s chief executive has praised the “effectiveness” of its “strategy and execution” after the company reported a healthy balance sheet.
oilfield services
International demand for its oilfield technology boosts revenue at north-east firm Tendeka
Bosses at oilfield services firm Tendeka are toasting new international contracts worth more than £22 million for work over the next three years.
Oilfield services firm Expro unveils narrower losses ahead of tie-up with Frank’s
UK-based energy services firm Expro has delivered its last set of results before its "merger" with Dutch rival Frank’s International.
Baker Hughes trims losses in second quarter
Baker Hughes trimmed its losses in the second quarter as drilling activity continued to rebound from the pandemic-driven oil bust.
Halliburton strategy ‘working well’ says CEO as company posts healthy H1 profits
Halliburton’s chief executive says the company’s strategy is “working well” after a relatively healthy financial start to the year.
Baker Hughes’ new North Sea OFS boss sets out decarbonisation objectives
Baker Hughes’ new North Sea vice president for oilfield services (OFS) has made decarbonising operations one of her key priorities.
Expro, FTAI Ocean team up to deliver well intervention services to subsea sector
Oilfield services firm Expro has formed an exclusive partnership with FTAI Ocean for the supply of its well intervention vessel.
Expro and Frank’s merger unlikely to lead to ‘significant’ changes in Aberdeen
Expro’s chief executive says he doesn’t anticipate its amalgamation with Frank’s International to lead to any “significant headcount changes” in Aberdeen.
Sparrows lands seven-figure, five-year deal with ‘major’ operator for work in US
Sparrows Group has bagged a five-year contract worth more than £1 million for work in the US.
Bilfinger Salamis offers to work with mediator on trade union recognition
Offshore contractor Bilfinger Salamis has indicated it is open to the possibility of trade union recognition, around five years after it allegedly stopped acknowledging them.
Baker Hughes and Akastor ASA to team up to deliver offshore drilling solutions
Baker Hughes and Akastor ASA have announced plans to form a joint venture company to provide global offshore drilling solutions.
Hunting forms strategic partnership with Well Data Labs, gives firm £1.8m in convertible capital financing
Oilfield technology firm Hunting has formed a strategic partnership with Well Data Labs (WDL) and agreed to provide the firm with $2.5 million (£1.8m) in convertible capital financing.
Schlumberger reflects on ‘exceptional year’ of resilience after suffering losses of $11bn in 2020
Schlumberger’s chief executive has described 2020 as “an exceptional year of operational resilience” with the firm posting pre-tax losses of $11.2 billion (£8.3bn).
Oilfield services firm McDermott International secures £410m of new capital
Oilfield services provider McDermott International has secured more than half a billion dollars in new capital.
Baker Hughes ‘intensely focussed on improving’ as firm stays deep in the red
Baker Hughes has said it remains “intensely focussed" on improving its "margin and return profile" as it stayed deep in the red in the third quarter.
Schlumberger completes plan to axe 21,000 jobs
Schlumberger has completed its plan to cut 21,000 jobs in response to the oil downturn, according to its latest accounts.
Covid-19 pushes oilfield services headcount to lowest level in over a decade – Rystad
The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. A Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level.
Covid-related job losses approaching 100,000 in US oilfield services sector
Job losses related to the coronavirus pandemic are approaching the 100,000 mark for US oilfield services companies as layoffs continued to mount in July.
Halliburton loses £1.3billion in 2nd quarter
The coronavirus pandemic stung oilfield service company Halliburton with a $1.7 billion (£1.3bn) loss in the second quarter.
US owner shows ‘no remorse’ as it shutters profitable HB Rentals in Aberdeen
An Aberdeen North Sea rentals firm has been ordered to axe around 20 staff despite the firm showing increased profits during the coronavirus pandemic.
McDermott International exits Chapter 11 bankruptcy
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
Halliburton falls to $1billion loss and ‘expects further decline’ due to Covid-19
Oilfield services giant Halliburton fell to a $1billion (£804.5m) net loss in the first quarter of the year, warning it “expects a further decline in revenue and profitability” as 2020 goes on.
Schlumberger’s $7.4bn loss sets stage for ‘most uncertain’ future
Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.
Halliburton to ‘significantly reduce workforce’ says CEO
Oilfield services giant Halliburton will “significantly reduce” its workforce in the coming weeks, according to chief executive Jeff Miller.
Is long-term thinking the best way to address our current challenges?
The first quarter of 2020 was a salutary lesson in how quickly long-term trends can be disrupted by current events.