Investors should feel confident about BP’s, Eni’s and Shell’s increased wave of new project approvals during the recent downturn. A Rystad Energy review of the performance of their recent projects against those of other operators shows that the three European oil giants have outperformed their peers.
The United States Bankruptcy Court, Southern District of Texas - Houston Division, has confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years.
Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, just 77 days following Harvey Gulf’s prepackaged filing.
Akastor ASA (OSE: AKA) has entered into a Share Purchase Agreement with MITSUI & CO., LTD, ("Mitsui") and Mitsui O.S.K. Lines, Ltd. ("MOL") for transfer of 50% of its shares in AKOFS Offshore in order to form a joint venture ownership.
Hanseatic Capital Management (HCM) has recently been launched by the Schulte Group, a leading German shipping company, acting as the anchor investor. The investment focus of HCM are maritime real assets, specifically merchant vessels.
The enthusiasm for newbuild orders across most shipping markets has started to wane after over 10 billion dollars were committed in the first quarter of 2018.
Shell announces that its affiliates, Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, have completed the sale of their 22.2222% interest in the Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited (PTTEP) and PTTEP International Limited, a wholly-owned subsidiary of PTTEP, for a transaction value of $750 million.
An analysis of U.S. offshore wind developments by Brattle economists shows that state policymakers in the northeastern U.S. are now committed to procure approximately 8,000 MW of offshore wind generation over the next decade.
Proserv, an energy services company, has announced the completion of a successful financial restructuring, strengthening the long-term plans of the company.
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