Offshore subsea engineering specialist, Subsea 7 has announced the cuts of up to 2,500 jobs and 7 vessels from its fleet in planed cost cutting.
Oil Price | Offshore Post
The price of a barrel of Brent Crude oil has fallen below US$55, its lowest price for thee months, in bearish London trading.
Global oil prices have taken a sharp slide after a deal was reached between global leaders and the Iran to lift sanctions in return for Iran limiting its nuclear activity.
The global price of oil will continue to decline well into 2016 according to the International Energy Agency (IEA), as supply continues to increase.
Houston based offshore drilling company Hercules Offshore, has today started along a path that will inevitably lead it towards filing for bankruptcy.
Oil prices face the possibility of further declines, as Saudi Arabian officials indicate the oil nation is ready to further increase both production and oil exports.
PricewaterhouseCoopers warns North Sea oil & gas businesses that hasty decision-making in response to lower oil price risks industry’s future
Ithaca Energy has confirmed that it will slash its investment budget for the current year by up to 60pc, due to the low market value of Brent Crude
BP looks likely to lose significant income and earnings from its ownership stake in Rosneft, believed to be worth ‘hundreds of millions’ of dollars
Brent Crude has dropped yet further, sinking to just $55.9 a barrel last week, as America allowed crude exports and Chinese indicators show pessimism
Oil veteran Sir Ian Wood has hit back at claims the UK North Sea is close to economic failure and forecasts prices to bounce back, along with investment
ConocoPhillips, the US oil giant, has announced that it will be cutting 230 roles from its UK workforce of 1,650, and slashing its global Capex budget by 20pc
The most influential OPEC nations have suggested they will be willing to see oil prices drop to just $40 a barrel before they consider cuts to output.
PWC’s oil and gas desk claim greater efforts to slash the average cost of oil production to £14 from £17 a barrel to maximise efficiency and safeguard jobs.
A combination of falling oil prices, declining levels of production and less exploration has led to market UK confidence dropping to a six-year low.