Dubai-based Lamprell's shares have dropped 15% after warnings it faced "a challenging 2015". The firm said that falling price of crude had placed annual revenue at 10% below expectation. Jim Moffat, chef executive, said: "With the recent slump in the oil price, winning work in 2015 is going to be a challenge as the industry adjusts to the new realities.
A defiant session for oil stocks helped calm investor nerves in the wake of the worst week of trading for London’s FTSE 100 Index since August 2011. There was some buying interest in a number of heavyweight oil companies as the price of Brent crude stabilised at around 63 US dollars a barrel. More big losses for Asian markets had fuelled expectations for fresh falls in London but the FTSE 100 Index held firm at 19.3 points higher at 6320.1.
Norwegian Energy Company ASA (Noreco) has put forward a restructuring proposal to stakeholders following a temporary suspension of its shares on the Oslo Stock Exchange. The chief executive, Tommy Sundt, said its financial situation has continued to deteriorate on the back of falling oil prices and increasing costs. Noreco has also announced production from the Huntington field will be delayed further.
Shares and bonds in Norwegian Energy Company (Noreco) have been suspended after a request by the company. Company stocks had plunged to a near record low last month after writedowns on two of its oil fields exceeded earlier estimates.
Triodos Renewables has extended its crowd funding share issue until the end of January after receiving only £2million of the £5million that it aimed to raise to fund wind farms. The Dutch bank had been due to close its share issue on 30 November but extended the deadline after only 600 investors chose to pump cash into the offer. The lender’s renewable energy arm already owns and operates 11 projects in the UK, which together produce 53MW of power.
BP shares were down 2% as investors reacted to the company's failure to win a US Supreme Court battle over oil spill compensation claims. The price of Brent crude fell to $66 a barrel due to oversupply fears.
The FTSE 100 bounced back yesterday as stronger commodity stocks helped it more than recover the ground lost in a 1% decline over the previous session. The rebound came as the price of Brent crude rose to $71 a barrel, having slumped to a five-year low close to $67 on Monday after Opec ministers failed to cut production.
BG Group has revised the salary package for its new chief executive Helge Lund following a backlash from shareholders. Mr Lund, who has been likened to Real Madrid and Portuguese footballer Cristiano Ronaldo because of his superstar status in the global oil and gas industry, was set to get a £12million “golden hello” in shares and the chance to earn £13.5million a year if he hits performance targets. Mr Lund’s share award has been cut from £10million to £4.7million.