Last week, we looked at Europe’s rush to build floating storage and regasification units (FSRUs) to import liquified natural gas (LNG) into Europe (here). Of course, Europe is not alone and we have highlighted how 2023 will be the year that Europe and China will both be competing for LNG supplies. Indeed, Hong Kong will […]
The Ukraine war rumbles on, with Russian seafarers and oilfield workers now in danger of being drafted into president Putin’s meat-grinder of death and mayhem in Donbas, the oil price tumbled below US$85 per barrel on Friday, and the new UK prime minister seems determined in following policies inspired by the Peronists in Argentina, with […]
Despite the lingering Covid-19 pandemic, the marine projects sector has exhibited continued progress. New port construction and improvement projects as well as coastal works are underway on nearly every continent, and even more projects are in the pipeline, providing numerous opportunities for service providers. Although major players like the United States, China, and many Western […]
Last week we looked at the ongoing restructurings at DOF, Havila, Siem Offshore and Saipem. With judicious bail outs from shareholders and support from lenders, the oil and gas services business is returning to good health. But what else is happening? Windfarm woes, subsea mining developments, Dutch billionaires acting on the down-low, and a UAE […]
Whilst the Malaysian government dithers over how to rescue its domestic oilfield services powerhouse Sapura Energy after it reported a cash crunch and a loss of US$2.1 billion last year (here), the Italian government has acted decisively to muster its state-owned companies to save embattled Milan-headquartered offshore contractor Saipem. Saipem is the biggest value and […]
After looking at the ignominious end of Swire Pacific Offshore, the offshore supply vessel owner sold for a pittance to rival Tidewater (here), we turn our attention this week to another troubled Asia offshore powerhouse: Sapura Energy. Here’s another business that has run out of room to manoeuvre. The biggest but maybe not the best […]
Last week (here) we looked at the impact of the horrific Russian invasion of Ukraine. Brent crude closed on Friday at US$118 per barrel. Russian artillery and missiles pounded Kyiv and Kharkiv, Russian troops occupied the Black Sea city of Kherson and besieged the port city of Mariupol on the Sea of Azov. Commodity markets […]
Last week we looked at the drilling market (here), this week we go back to boats. Finally, some of the biggest names in offshore in Singapore are being consigned to the dustbin of history. The recovery has come too late, it’s game over for Ezra and Ezion. The Pang family’s deal to rescue Pacific Radiance, […]
Hope you had a very Merry Christmas – unless, of course, you are of the Orthodox faith, in which case you have to wait until January 7 for Christmas. This week, we close our Twelve Days of Christmas for 2021. If you missed the first eight days, from Capricorn Energy’s juicy partridge in the pear […]
