Offshore - Oil & Gas

  • Al Suwaidi Marine succeeds with consistent...

    Since its establishment in Dubai in 2003, Al Suwaidi Marine has achieved a remarkable position in the boating industry. ASM is expanding to new markets and is presenting a new line of passenger boats, especially for Oil & Gas petroleum companies and touristic projects that require marine transportation.

  • Iran's South Pars Oil Output Surpasses 1m...

    Production from the oil layer of South Pars, the giant gas field shared between Iran and Qatar in the Persian Gulf, has exceeded 1 million barrels in less than two months, managing director of Petroiran Development Company (PEDCO) said.

  • Reichert urges Trump administration to keep...

    U.S. Rep. Dave Reichert, R-Auburn, this week led a bipartisan group of more than 100 members of the House of Representatives in urging Department of Interior Secretary Ryan Zinke to reject proposals to open the Atlantic and Pacific Outer Continental Shelf Regions to new offshore drilling and oil exploration.

  • Gulf Drilling International signs US$ 925 million...

    Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the requirements.

  • China Deleveraging Pain Puts Investors on...

    What may be shaping up as China’s most concerted effort yet to bring its credit boom under control is spurring investors to gauge any contagion to broader financial markets, a-la 2015, when Chinese turmoil caused global ructions.

  • “MPGC” discusses the challenges of reaching...

    The 25th annual Middle East petroleum and gas conference “MPGC” provided the framework of opportunities for the oil and gas markets despite the turbulence as well as the new and ongoing strategies for the global oil and gas industry

  • Norwegian DNO oil and gas reports Q1 net profit,...

    DNO ASA, the Norwegian oil and gas operator, today announced expanded investments, including a doubling of its planned 2017 wells at the Tawke field in the Kurdistan region of Iraq, on the back of strong first quarter results. The company reported quarterly net profit of US$15 million, reversing a net loss of US$31 million in the previous quarter. Revenues were up 83 percent to US$77 million on operated production averaging 115,900 barrels of oil equivalent per day.

  • Middle East offshore activity bucks global...

    2016 witnessed a decline in Offshore Supply Vessel (OSV) activity in all regions of the world except the Middle East. Stronger results expected in 2017, as oil prices head towards $60 per barrel. The Middle East was the only global market to witness an increase in demand in Offshore Supply Vessel (OSV) activity in 2016 of 2.6%, indicating that regional government investment continues to support the sector’s performance since the fall of oil prices in 2014.

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Aramco pushes for more Saudi localisation by signing world’s largest shipment yard

Saudi Aramco signed a shareholder agreement with Lamprell plc (“Lamprell”), the National Shipping Company of Saudi Arabia (“Bahri”), and Hyundai Heavy Industries Co. Ltd (“HHI”) to enter into a joint venture (“JV”) partnership with respect to the establishment, development and operation of a world-class maritime yard, which is the anchor project within the King Salman International Complex for Maritime Industries and Services located in Ras Al-Khair, near the Jubail Industrial City on the Kingdom’s east coast.

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