UK-headquartered Premier Oil said today that its debt pile was shrinking faster than expected.
Premier Oil’s chief executive said yesterday the firm was “running hot” as it posted its first set of profitable results since 2013.
Premier Oil said today that it returned to profitability in 2018 as group production reached record levels.
Lerwick Harbour’s strategic location has been the building block for its huge contribution to the development of east Shetland Basin oil fields over the past 50 years.
Premier Oil would be “more than happy” for the infrastructure on its Solan field to play a part in Hurricane Energy’s plans west of Shetland, its boss said yesterday.
Premier Oil’s chief executive said yesterday that he hopes to have the firm’s balance sheet “back in shape” in a year with the help from the “unusual” Catcher area.
Premier Oil boss Tony Durrant said yesterday the North Sea operator was “ahead of plans” to restore its financial health after notching up record first-half production levels.
Premier Oil chief executive Tony Durrant enjoyed a £360,000 boost to his overall pay package in 2016.
North Sea operator Premier Oil today announced that its private lenders had agreed to the terms of its long-awaited debt refinancing.
North Sea operator Premier Oil announced a further deferral of lenders’ covenant tests yesterday as it continues to negotiate a refinancing.
Bosses at Premier Oil said yesterday that lenders were unlikely to block the firm’s plans to invest in new development projects.
Production from Premier Oil's Solan field was reportedly shut down for three days last month amid safety concerns.
Late and over budget, the Solan development west of Shetland gave rise to a lot of “soul searching” at Premier Oil, the firm’s boss has admitted.
Details of a deal between Premier Oil and its lenders over the North Sea explorer's debt pile are expected to come out tomorrow.
North Sea producer Taqa said global oil and gas operations maintained “robust” levels of output during the first quarter despite significant cuts in capital expenditure.
A west of Shetland oilfield that has cost its operator more than £1.2billion to develop has missed another target date for production start-up.
Premier Oil today confirmed first oil from its Solan field had been pushed back until next month.
Premier Oil said its Solan project is on track to produce its first oil by the end of the year off the west coast of Shetland. The company said it was also ready for first oil from the Catcher project in 2017 as it posted its results for the first 10 months of the year. The progress of the Solan field will be “subject to weather” in the UK North Sea.
Premier Oil has cut its operating costs by 30% as a challenging marketplace sees its turnover slide. The firm reported total revenues for the first half of the year topped out at $580million – down from last year’s $885million. The dip triggered Premier to cut its operating costs by 30% - down to $150million. The company credited the sale of the “high cost Scott area in the UK” for the part of the savings.
Integrated subsea services firm Harkand said yesterday it has adapted a support vessel to keep busy against the backdrop of the oil and gas industry downturn. The Spearfish craft has been switched from the Gulf of Mexico to the North Sea and fitted with a hydraulic gangway that provides workers with safe access to platforms. The vessel, which is on long-term charter Norway’s Siem Offshore, normally supports subsea construction projects, but is now supporting Premier Oil’s commissioning work on the £960million Solan project west of Shetland.