Bosses at Hurricane Energy have conceded that the troubled UK oil firm is likely to be wound down within the next few years.
The CEO of NHV hopes the restoration of oil prices can help the beleaguered helicopter market “to a more sustainable situation”.
Keppel Offshore & Marine (O&M) is to stop building rigs as it looks to make a move into the renewables market.
Ørsted has announced plans to alter its organisational structure as part of efforts to strengthen its ability to tap into new markets and better serve customers.
Whether dealing with failure of a major project, reacting to crises at counterparties or weighed down by oil price weakness, many companies in the oil sector will have to undertake financial restructuring in 2021.
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.