A Solstad Offshore subsidiary and REM Offshore have announced a merger to help face the current downturn in the oil and gas industry.
Daewoo Shipbuilding & Marine Engineering (DSME) is cutting 3,000 employees from its workforce by end-2017 amid restructuring plans to raise liquidity.
Despite OPEC’s announced oil output cut to control the supply glut, Iraq could be raising its oil production for the rest of the year and in 2017.
The Maersk Group announced today it has taken the decision to separate the transport and logistics company from the oil and oil-related businesses of the Group.
Although the oil market may be showing signs of recovery, this is happening at a slow pace and it might still take until H1 2017 for oversupply to disappear.
The Organisation of Petroleum Exporting Countries (OPEC) has changed its forecast for crude oil supply in 2017, predicting an increase in oil production rather than the previously foreseen decline, outside the cartel.
UK-based demolition company DSM disclosed plans to create a facility to decommission redundant oil and gas rigs in Orkney.