McDermott International, Inc. has announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's industry-leading technology business, with valuation exceeding $2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.

Equinor (OSE: EQNR, NYSE: EQNR) is launching a share buy-back program of up to USD 5 billion over a period until the end of 2022. The first tranche of the program of around USD 1.5 billion is commencing today and will end no later than 25 February 2020.

Well Conveyor AS, a Norwegian downhole technology company, has received equity investment from Chevron Technology Ventures (CTV), a division of Chevron U.S.A. Inc. Combined with additional investments from existing investors ProVenture and Investinor, the company raised 15.7 MNOK ($1.8 M).

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has completed the sale of 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Equinor Gulf of Mexico LLC (Equinor), a subsidiary of Equinor ASA, subject to approval of the lease assignments by the regulator. The total cash consideration was $965 million.

The Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), Brazil’s national agency for petroleum, plans to increase the diversity of upstream oil and gas operators present in Brazil as a result of three licensing rounds organized in fall 2019, continuing a strategy that is expected to boost oil production by 1 million barrels per day (mmbd) by 2025 through recent licensing and the current Pre-Salt area development, says GlobalData, a leading data and analytics company.

BP announces that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion.

Signet Maritime Corporation has announced that it closed a $140 million Senior Secured Term Loan Facility (the “Term Loan”) with Riverstone Credit Partners, L.P., a dedicated energy and power credit fund managed by Riverstone Holdings LLC.

Trade tariffs, Iranian aggression and OPEC deal each having impacts on oil prices.

The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.

The subsea market in 2019 will experience year-on-year growth for the first time since 2014, but the positive outlook is vulnerable to any significant decline in oil prices over the next few years.

The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction announced in May 2019, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of USD 965 million in cash. Equinor’s interest in the field is now 46%. Anadarko Petroleum Corporation is the operator with a 33.75% interest, and Chevron holds 20.25% interest.

In June, Brazil’s oil company Petrobras received guarantees from GIEK, the Norwegian Export Credit Guarantee Agency, for a total amount of USD 500 million. The guarantees, covering loans from a number of international banks, will finance services from Norwegian offshore support vessel companies operating on behalf of Petrobras in Brazil.

A second oil discovery in the Orinduik Block was announced earlier this week. The Joe-1 exploration well was drilled to a final depth of 2175 meters and encountered a high-quality oil-bearing sandstone reservoir of Upper Tertiary age.

Rever Offshore, a leading subsea services provider to the oil and gas industry, continues to be on track for a successful 2019 as it announces a number of project awards and successfully completed campaigns with CNR International, Perenco and Spirit Energy, among other production and exploration majors.

Occidental Petroleum Corporation has successfully completed its acquisition of Anadarko Petroleum Corporation in a transaction valued at $55 billion, including the assumption of Anadarko’s debt.

Newbuilding orders dropped to record lows in Q2 2019. VesselsValue's Head Cargo Analyst, Olivia Watkins, reviews which yards have received orders and which vessel types have been popular purchases.