Subsea service group DeepOcean said today it intends to wind down its UK cable laying and trenching (CL&T) business.
Shell CEO Ben van Beurden has said the energy giant will “resize as appropriate” as it moves to become a “simpler and leaner” organisation.
A wave of restructuring will wash through the North Sea oil industry as firms battle to make themselves “fit” for the new reality, a top accountant has said.
Gulf Marine Services (GMS) has made progress in shoring up its future but much rests on its negotiations with lenders.
Offshore drilling contractor Seadrill said yesterday that it could file for chapter 11 bankruptcy proceedings if it cannot reach an agreement on its restructuring.
Premier Oil today confirmed all of its restructuring's substantial commercial terms have been agreed.
Trinity Exploration today confirmed its Trinidad creditors gave the green light for its restructuring plans.
Elk Petroleum said the closing of the Grieve CO2 enhanced oil recovery project joint venture restructure as well as a $58million loan facility will occur in the next few weeks.
TAQA today announced the man in charge of the company's restructuring project, Saeed Hamad Al Dhaheri, is to become acting chief operating officer.