Auditor slams oil safety regulator

Environmental activists were alarmed this week, after Norway’s state auditor general’s office all but blasted Norway’s Petroleum Safety Authority (Petroleumstilsynet, PTIL) for not doing a better job. The highly critical report of the regulatory agency, which was even worse than environmental activists had expected, comes just as Norway’s Oil Ministry has granted a record number […]

‘Goliat’ platform in trouble again

The huge Goliat oil platform, Norway’s first in the Barents Sea, is still plagued by so many technical problems that safety regulators are warning they’ll issue an injunction to halt operations if the problems aren’t solved. The order comes just after Goliat came under new management and altered ownership this week, and as Norway must […]

Supply ships busy in Russian waters

Norwegian supply ships that offer various services to the offshore oil industry have been busy in Russia’s Arctic waters this summer. It’s welcome business for supply ship owners that lost lots of business when the oil price collapse in 2014 dried up activity on the Norwegian Continental Shelf. Several supply ship owners faced bankruptcy, and […]

Giant Statoil deals help secure jobs

Norway’s three largest offshore companies won contracts worth nearly NOK 12 billion from state oil company Statoil on Thursday that can create as many as 3,000 jobs over the next three years. The contracts are all tied to work on the next phase of development of Statoil’s huge Johan Sverdrup oil field in the North […]

Offshore giant aims to refloat fortunes

Seadrill, controlled since its founding by Norwegian shipping magnate John Fredriksen, aimed to be the world’s largest offshore offshore drilling contractor. It was already burdened with heavy debt, though, when oil prices collapsed in 2014, prompting it to ultimately file for bankruptcy protection last week in a move now aimed at reviving its fortunes. The company has stressed that […]

Fredriksen scrambles to save Seadrill

Norwegian shipowner and industrial tycoon John Fredriksen, long listed as one of the wealthiest men in the world, says he’s working 18 hours a day to save his large offshore rig company Seadrill from bankruptcy. The 72-year-old Fredriksen has faced crises before, and is prepared to “work day and night” for the next several weeks […]

Statoil invests in oil field upgrades

Norway’s state oil company Statoil announced this week that it will be investing nearly NOK 20 billion (USD 2.35 billion) to extend the lifetimes of its Njord and Hyme oil fields, and hook up the new Bauge field in the Norwegian Sea. The investments will double the longevity of Njord, which started production in 1997, […]

Exxon the latest to sell off oil fields

ExxonMobil has become the latest international oil major to cut back on its Norwegian operations, after announcing an agreement Wednesday to sell the Balder and Ringhorne oil fields that it owned and operated alone. Exxon has been part of Norway’s oil age since it began, but Norwegian Oil Minister Terje Søviknes wasn’t shedding any tears. […]

Statoil makes more big investments in Sverdrup

Norwegian oil company Statoil was busy handing out more large contracts this week, and raising spirits in the still-sluggish oil and offshore industry. This time the main beneficiaries were, once again, Aker Solutions and Kværner plus Siemens. Aker Solutions will deliver process platforms in the second phase of development on the Johan Sverdrup oil field, Kværner […]

Kværner wins huge Statoil contract

A contract for upgrading Statoil’s Njord A platform was being formally awarded to the Kværner Stord yard on Norway’s West Coast on Friday. The contract is said to be worth around NOK 5 billion (USD 588 million) and expected to generate as many as 3,000 jobs. “This is one of the most important contracts in the market this […]