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.
oilfield services
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.
‘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.
TechnipFMC inks multi-million deal with BP in Angola
French oilfield services firm TechnipFMC has announced a multi-million pound deal with BP in Angola.
Saipem ‘beats all targets’ for 2019 as it swings back to profit
Saipem has said it has “beat all targets” for 2019 after swinging back to a profit, slashing debt and achieving a record order backlog.
Exclusive: Halliburton-TechnipFMC merger could spell ‘inevitable’ North Sea job losses
North-east job losses are thought to be “inevitable” if a potential merger involving two offshore giants takes place, a union boss warned last night.
Oilfield service sector margins ‘stubbornly depressed’, EY report says
A report out today from EY says “green shoots” of recovery in the UK oilfield services (OFS) sector are struggling to flourish.
Exclusive: Centrifuges Un-Limited bought by family behind Ferguson Group
Aberdonian entrepreneur Jim Shiach has sold oilfield services company Centrifuges Un-Limited to the family that previously owned supply chain giant Ferguson Group.
Oil majors to abandon the North Sea? 30/1 – take a punt on the 2020 energy market
Everyone agrees that 2020 will be a critical year for energy transition, but how will things really play out? In the run-up to Christmas, Calash and Candour put their heads together over a glass or two of crude and have come up with 12 ‘golden’ moments for the energy market in 2020, some of which are extremely long shots.
Schlumberger chief financial officer steps down after £9.3bn loss
Schlumbergers chief financial officer has announced plans to step down following the company's £9.3billion pre-tax loss in October.
Dealmakers look ahead to ‘big year’ for M&A in UK North Sea
As some of the North Sea’s private equity-backed players prepare themselves for public listings, 2020 is expected to be a “big year” for gauging the size of investors’ appetites.
Schlumberger posts £9.3billion loss as it takes heavy impairment charges
Heavy impairment charges led Schlumberger to a loss of £9.3billion before tax in its third quarter results.
Jump in oil price could send service company margins higher – Rystad
The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.
Global service market will sink into recession next year – Rystad
Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Rystad Energy.
Updated: Plexus teams up with valve maker for Dyce-based venture
Dyce-based oil-well technology firm Plexus and a Newcastle valve maker have formed a joint venture to supply equipment North Sea operators are “crying out for”.
Hope for Weatherford in face of Chapter 11 bankruptcy
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
Expro sees good growth amid recovery in core markets
Expro has cash in the bank and is in good shape for “conservative growth” amid a recovery in its core markets, one of the oilfield service company’s bosses said yesterday.
Innovative models for a tricky market
In eras of high oil prices, operators have focused on bringing oil to market, with less consideration for the costs and risks they incurred.
Clueless frontline staff hurt suppliers’ chances of winning orders
Oilfield service firms’ failure to properly train front desk staff is damaging their chances of securing contracts, a new report said.
OPINION: A time of opportunity for oilfield services sector
As companies have continued to consolidate during the oil and gas market downturn, Céline Delacroix, Associate Partner, EMEIA Oilfield Services at EY, explains how this activity is creating investment and growth opportunities in the oilfield services sector.
Oilfield services leaders told they cannot remain in “survival mode”
Oilfield services leaders in the UK have been told they have “done well to survive” but need to get over risks around innovation.