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 […]

Aker Solutions sale report downplayed

Stock in Norwegian oil services company Aker Solutions soared on Tuesday after a local newspaper reported that it was about to be sold to US-based Halliburton. At one point, Aker Solutions’ shares were up nearly 18 percent, but they closed at less than half that after reports of any imminent sale or merger were downplayed. Newspaper Finansavisen arguably […]

Offshore crisis led to major merger

Norway will soon be able to claim a giant in the offshore shipping industry, after Norwegian tycoons Kjell Inge Røkke and John Fredriksen announced a merger this week based on casualties of the crisis that hit the offshore industry after oil prices collapsed.  The deal stems from Røkke’s Aker concern and Fredriksen’s Hemen Holding investment firm jointly […]

Rolls-Royce cutting staff again

Rolls-Royce’s marine division in Norway has offered all 1,650 of its employees severance pay packages if they volunteer to give up their jobs. It’s the first step in efforts to cut staffing because of poor market prospects. “We don’t see any immediate improvement in the market now,” Rolls-Royce’s resturcturing director, Jan Petter Hagen, told newspaper […]

Aker Solutions cuts more jobs

Oslo-based Aker Solutions, hit hard by the slowdown in the oil and offshore industry, has announced a need to cut as many as 650 more jobs, 270 of them in Norway. Employees were informed of the looming cuts this week following a lack of new orders. Aker confirmed to newspaper Dagens Næringsliv (DN) that the cuts […]

Offshore crisis due to worsen

One of Norway’s deeply troubled offshore firms, Havila Shipping, managed to avoid being put into bankruptcy on Monday, but the crisis in the offshore service sector is far from over. “We have to roll up our sleeves and keep on working,” Havila chief Njål Sævik told Dagens Næringliv (DN). The dive in oil prices has […]