Leading offshore owners, part of the previously booming market in the North Sea, are falling victim to overzealous valuations of the past. Due to the current offshore market conditions, where asset values have suffered as in no other previous downturn, vessel financiers are knocking at the doors of owners due to concerns about the prospects of recouping money lent to finance now inactive offshore fleets.

VesselsValue has laid down the offshore layup stats. VesselsValue's Head of Offshore, Robert Day, is sharing his analysis of the offshore industry from a global perspective.

Global Oil Markets

VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.

In the first Westwood Insight of 2019, Dr. Keith Myers looks at the key elements driving oil market volatility, how deepwater exploration is back and the early signs of an OFS recovery on the back of increasing E&P capex spending with an increasing volume of FIDs expected.

This is in advance of the Group’s Full Year Results, which are scheduled for release on Wednesday 13 February 2019. The information contained herein has not been audited and may be subject to further review and amendment.

Global Oil Markets

CAPE Investment Partners announces the acquisition of the majority shareholding in CAPE Holland and FoundOcean from the sustainability focused private equity investor Ambienta who held its participation since 2012.

New research has revealed that companies’ resilience to volatile market conditions will be put to the test in 2019, as business leaders expect the industry to commit to greater investment to meet hydrocarbon demand.

Petrobras reports that in 2018, its total production of oil and gas, including natural gas liquids (NGL), was 2.63 million barrels of oil equivalent per day (boed), of which 2.53 million boed produced in Brazil and 101,000 boed abroad. Petrobras’ own production of oil in Brazil was 2.03 million barrels per day (bpd).

Equinor and Chevron have completed their transaction announced in October 2018, whereby Equinor has acquired Chevron’s 40% operated interest in the Rosebank project in the West of Shetland region of the UK Continental Shelf.

Global Oil Markets

January 17^th, 2019 marked the launch of a world-first technology platform which aims to transform the oil trading industry through the application of artificial intelligence – OilX. Established in 2018, OilX is a new cargo and flow tracking platform which provides users with a real-time view of the supply-demand balance globally.

Talos Energy Inc. ("Talos) has announced full year 2019 operating and financial guidance ("2019 Plan") and provided an update on recent events and well results.

2019 shaping up to be a good one in the US Gulf of Mexico, with the first increase in drilling in four years, first-ever production from a Jurassic play, key new project sanctions and an uptick in M&A all in the cards, global natural resources consultancy Wood Mackenzie said.

EnerMech has confirmed the conclusion of its sale to The Carlyle Group and announced the formation of the group’s Board of Directors.