Italian energy services firm Saipem said its outlook is “good” but the recent deterioration of the oil market sunk the company to a loss in the first quarter of the year.
Shell's finance chief has refused to rule out further job losses in the North Sea as the oil giant announced its earnings had dropped by $4billion dollars in the first quarter of 2016.
Royal Dutch Shell’s first quarter 2016 earnings dropped to $0.8 billion compared with $4.8 billion for the same quarter a year ago.
BP raced ahead as investors cheered better-than-expected results despite the energy giant booking hefty losses caused by stubbornly low oil prices.