Velesto Energy, the previous UMW Oil & Gas, is seeing renewed steady work, picking up two Petronas contracts with a combined value of $10.8m.
Shell UK has confirmed a $38.3m contract with Awilco Drilling for an 18 well decommissioning programme.
Sapura Energy saw profit for the first quarter ended 30 April plunge to MYR27.5m ($6.4m) from MYR110.3m previously as revenue also slid to MYR1.77bn from MYR1.94bn in the previous corresponding quarter as turnover expectedly fell in the drilling and exploration and production segments (E&P).
KS Energy has informed that its executive chairman/ceo and executive director have been questioned by Singapore’s Commercial Affairs Department (CAD), the white-collar crime investigation agency of the Singapore Police Force.
China Oilfield Services Limited (COSL) saw its first half profit plunged deep into the red as the group accounted for impairment charges of more than RMB7bn ($1.05bn).
Collapsed oil prices are offering the offshore sector an opportunity “to fundamentally reset our industry”, according to Eldar Sætre, president and ceo of Norwegian state energy firm Statoil.