Inmarsat has launched a new set of plans for its FleetXpress tailored for the OSV sector.

As AP Moller - Maersk seeks to exit energy related business offshore rig owning company Maersk Drilling reported a $1.67bn loss for Q3, hit by impairments of $1.75bn.

OSV operator and owner Pacific Radiance has commenced discussions with potential investors to raise fresh funds as part of its debt restructuring, and has received expressions of interests from potential investors.

Beleaguered ASL Marine has updated shareholders that its bank creditors have continued to lend their support despite the breach of one covenant, and sought to allay an insolvency concern raised in an auditor’s report.

Exploration and production (E&P) spending by the world’s largest energy firm, Saudi Aramco, increased five-fold between January 2016 and August 2017, according to experts.

The daily grind of fighting for survival in a seriously oversupplied offshore workboat market was clearly evident amongst operators and service providers exhibiting on the floor of Seatrade Offshore Marine & Workboat Middle East, held in Abu Dhabi this week. But for those lucky enough to spend some time in the conference and seminar sessions, there was plenty of positive sentiment.

Synergy Offshore chief executive, Fazel Fazelbhoy, revealed the scale of the downturn facing OSV operators in Middle East waters when he moderated a session of regional updates at Seatrade Offshore Marine & Workboats Middle East yesterday. Generally, the picture was bleak although the Saudi market has shown signs of life recently as Saudi Aramco invites bids for various major offshore projects.

Oil and gas companies that have slashed jobs since the oil price crash could well find it difficult to recruit staff with the right skill sets when exploration and production (E&P) spending picks up again.

Topaz Energy and Marine won a contract in Azerbaijan with Total for one of its anchor handlers.

Malaysia’s Nam Cheong is proceeding to dispose of its corporate office property in Singapore so as to pay off an outstanding amount for the mortgage, in light of the company’s ongoing discussions on a proposed debt restructuring.

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