Baker Hughes trimmed its losses in the second quarter as drilling activity continued to rebound from the pandemic-driven oil bust.
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 vice president for oilfield services (OFS) has made decarbonising operations one of her key priorities.
Oilfield services firm Expro has formed an exclusive partnership with FTAI Ocean for the supply of its well intervention vessel.
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 Group has bagged a five-year contract worth more than £1 million for work in the US.
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 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’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 provider McDermott International has secured more than half a billion dollars in new capital.
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 has completed its plan to cut 21,000 jobs in response to the oil downturn, according to its latest accounts.
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.
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.
The coronavirus pandemic stung oilfield service company Halliburton with a $1.7 billion (£1.3bn) loss in the second quarter.
An Aberdeen North Sea rentals firm has been ordered to axe around 20 staff despite the firm showing increased profits during the coronavirus pandemic.
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
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, 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.
Oilfield services giant Halliburton will “significantly reduce” its workforce in the coming weeks, according to chief executive Jeff Miller.
The first quarter of 2020 was a salutary lesson in how quickly long-term trends can be disrupted by current events.
‘Disgust’ as Bilfinger Salamis terminates workers without option for government’s coronavirus support scheme
Workers have said they have been “hung out to dry” and “abandoned” by Bilfinger Salamis after their jobs were cut without the option to use the government’s coronavirus support scheme.
French oilfield services firm TechnipFMC has announced a multi-million pound deal with BP in Angola.
Saipem has said it has “beat all targets” for 2019 after swinging back to a profit, slashing debt and achieving a record order backlog.