offshore oil

Provisions geared toward strengthening the Jones Act that were included in legislation authorizing the U.S. Coast Guard could make offshore oil and gas projects more costly. The provisions were part of the Coast Guard Authorization Act of 2019, which the U.S. House Transportation &...

Maersk cancelled plans to sell its offshore oil support fleet, citing poor market conditions for a sale. The reversal underscores the ongoing hurdles facing Maersk as it seeks to winnow its once sprawling ocean shipping business down to one just focused on container shipping and onshore...

Exxon Mobil Corporation (NYSE: XOM) may have struck liquid gold as the company announced a significant oil discovery near the coast of Nigeria. Exxon said that the Owowo field located in offshore Nigeria has a potential recoverable resource of 500 million to 1 billion barrels of oil. How Big Is It...

Commenting upon the energy sector, Stifel said Seacor Holdings, Inc. (NYSE: CKH) is "making the most of a poor energy market," and the company is likely to be a consolidator in certain markets due to its significant cash balance, diversified cash flow and insulated balance sheet. Seacor, an...

The total number of U.S. offshore oil rigs fell to only 17 last week. The U.S. alone had 65 offshore rigs operational as recently as 2014, but the downturn in crude oil prices had led to a steep drop-off in North American rig count. Many offshore rigs have higher break-even prices for the oil...

The merger between FMC Technologies, Inc. (NYSE: FTI) and Technip (Technip SA (ADR) (OTC: TKPPY)) offers little upside, according to a note from Citi, which said the deal "follows similar steps" taken by peers in the space "as offshore fights to lower costs." M&A Talks "We see the move as...

JPMorgan's Sean Meakim initiated three offshore service companies reflecting the firm's top picks in a negative near-term outlook for the offshore oil market. Meakim initiated Oceaneering International (NYSE: OII), Dril-Quip, Inc. (NYSE: DRQ) and Franks International NV (NYSE: FI) at Underweight,...

Four years ago this month, BP's (NYSE: BP) Deepwater Horizon oil rig exploded. The accident killed 11 people, injured 17 more and sent oil gushing into the Gulf of Mexico. For three months, engineers struggled to stop the leak. When they finally succeeded, millions of barrels of oil had poured...

Capitol Hill scorned BP [NYSE: BP] Wednesday against new offshore oil leases due to their poor safety record, according to Financial Times. The oil rig safety bill was amended and was expected to pass through the House natural resources committee yesterday morning, an amendment that threatened BP'...