Petrofac falls deeper into losses as bribery fine and ‘challenging conditions’ prevail
Petrofac fell deeper into pre-tax losses in the first half of 2021 as “challenging market conditions” and a fraud squad fine continued to impact the business.
losses
Former Hurricane Energy CEO Trice banked £650K pay as firm sank to £440m losses
Robert Trice, the co-founder and former CEO of Hurricane Energy, took a total pay package of £649,000 last year as the oil firm plunged to losses of £440million.
Bristow narrows losses in first year since Chapter 11
Bristow has narrowed its losses substantially in the first full year since emerging from Chapter 11 bankruptcy.
‘Upheaval and frustration’ as Hurricane Energy sinks to losses of £440million
Hurricane Energy has sank to losses of £440million, underscoring the troubles of the west of Shetland operator.
Wintershall Dea losses top £1billion as Covid cuts oil and gas prices
Wintershall Dea of Germany saw losses widen to more than £1billion in 2020 as Covid-19 brought down commodity prices.
Baker Hughes rounds off ‘incredibly challenging’ 2020 with $15billion losses
Baker Hughes has closed out its “incredibly challenging” 2020 financial year with pre-tax losses of $15.2billion (£11bn).
Petrofac falls to loss on Covid impact, sets new gender and net zero targets
Petrofac has set new targets to reduce its emissions and increase the percentage of women in its senior roles within the decade.
CNR International crashes to £800m loss in first quarter of 2020
North Sea oil and gas firm Canadian Natural Resources International (CNRI) has reported a swing in fortunes as it crashes to a significant loss in Q1 2020.
Fugro sinks deeper into the red
Losses from an arbitration case in Singapore and impairments from a seismic data business saw Dutch marine firm Fugro sink to a heavy set of losses last year.
Subsea 7 plunges into red with losses of nearly £5.9m
Offshore contracting company Subsea 7 plunged into the red last year, hit by continuing low oil prices and reduced client activity.
Fugro to cut 600 jobs as earnings drop 49%
Fugro said it will make a further 600 job cuts to its business as well as the sale of one of its business units as it looks to cut costs in response to the lower oil price.
Petrobras to make 12,000 voluntary redundancies by 2020
Petrobras said it has approved a voluntary layoff program to reduce its headcount by an estimated 12,000 job losses by 2020.
US oil explorers seen reporting $14billion in 2015 losses
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.
Bibby Offshore launches jobs consultation
Bibby Offshore has launched a jobs consultation with staff over redundancies from its North Sea operations. It is understood around 120 jobs are under consultation with around 40 job losses expected across all departments.
Thousands more steel jobs could be at risk, government warns
Thousands more steel jobs could be lost if action is not taken to tackle the threats facing the industry’s “vulnerable” supply chain, the Government is being warned. The International Steel Trade Association (Ista) said scores of medium sized firms were at risk if the crisis gripping the industry escalates. Thousands of job losses have been announced in recent weeks by Tata Steel and SSI in Redcar, Scunthorpe and Scotland, with cheap imports and high energy costs being blamed.
Tata Steel to cut 1,200 jobs in UK
Fears about fresh job losses in the steel industry have been confirmed after Tata announced plans to cut 1,200 posts. Around 900 jobs will be cut from the firm’s giant plant in Scunthorpe, with 270 in Scotland and a small number in other sites. The firm said the cuts were in response to a shift in market conditions caused by a “flood” of cheap imports, particularly from China, a strong pound and high electricity prices.
CHC confirms 18 job redundancies
CHC has confirmed 18 employees have been made redundant after a consultation took place over roles. The company said it had been able to minimise the loss to its North Sea operations. In August CHC began a consultation with staff estimating 50 positions could be affected at its Aberdeen base.
Ensco in further job losses as onshore jobs hit
Ensco will reduce its onshore support jobs by a further 14% in a bid to streamline costs amid the continued decline in oil price. The offshore driller previously said earlier this year it had halved its onshore workforce by 50%.
Daewoo Shipbuilding feels strain after second quarter losses
Daewoo Shipbuilding & Marine Engineering in South Korea is set to sell non-core assets and will shut down or exit its non-essential units as part of restructuring after a being hit with losses in the second quarter.