The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms.
The U.S. shale industry peaked without ever making money. Over the past decade and a half, the shale industry totaled $300 billion in net negative cash flow, wrote down another $450 billion in invested capital, and saw more than 190 bankruptcies since 2010, according to a new report from Deloitte.
Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had signed a $10 billion gas infrastructure deal with a consortium of investors, while its chief executive told Reuters the company would keep a tight lid on costs amid low oil prices.
Woodside Petroleum's Chief Executive Peter Coleman said the Australian firm aims to play a decisive role in Chevron Corp's plan to sell a stake in the North West Shelf (NWS) project, operated and co-owned by Woodside.
The UK-based provider of ROV services to the offshore energy industry has opened a new office and operational base in Edinburgh, Scotland to serve its current portfolio of offshore renewable and energy projects renewable and energy projects.
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