Maritime Jobs
Monday, July 6, 2020

Oil Price News

A Maersk Drilling rig - Image Credit: Maersk Drilling

New Round of Layoffs at Maersk Drilling

for 2020, citing oil and gas companies' budget cuts and delays and cancellations in offshore drilling tenders.As previously reported, Maersk Drilling in April said it would lay off around 250-300 people in its North Sea crew pool, and mothball several drilling rigs due to the effects of low oil price on offshore drilling activities.The Danish offshore driller on Thursday announced a new round of cuts, this time onshore."...the need for onshore support is expected to be adversely impacted by the reduced offshore activity. Therefore, Maersk Drilling today announces that it intends to reduce

For Illustration; EnQuest Producer FPSO - Image by Christian Schmarje/MarineTraffic

EnQuest to Axe 530 Jobs in UK

an EnQuest spokesperson told Offshore Engineer Wednesday that the company had begun a six-week collective consultation with UK employees "as it takes decisive action to manage the business in the current challenging economic environment."The spokesperson reminded that given the prevailing low oil price and global demand that EnQuest had recently reviewed each of its assets and related spending plans. EnQuest expects economic production at its Alma/Galia offshore fields will cease in the second half of 2020, having been brought online in 2015 via the EnQuest Producer FPSO. The plan is now

Oil workers - Image by Алексей Закиров - AdobeStock

UK Offshore Workers Call for Gov't to Invest in Oil Projects

see any upturn in their sector before 2022."We see it as vital that we get the government to invest in projects, not as operating partners but as equity partners, providing low cost loans to operators," the statement said."The projects that were on the books for 2020/21 were based on an oil price of $x while the oil price is now at $y; therefore the government could bridge the gap with an investment, rather than paying benefits... Keep workers working, keep the economy going and growing."Britain's Department for Business, Energy and Industrial Strategy and the sector regulator

DOF's Skandi Vega vessel - Image by Cavernia/Wikimedia - Shared under CC BY-SA 4.0 license

DOF Chairman to Resign after 18 Years in Position

;gster will still be heavily engaged in the company, and will focus his efforts on his ownership role," DOF said.The Norwegian offshore vessel owner last week warned that several of its vessels might be laid up after the end of their current contracts, citing lack of new work opportunities amid the oil price rout and COVID-19 pandemic effects.There has been a sharp decline in the tender activities, with few new contract opportunities and fewer projects to bid for, the company said.Due to the sharp decline in the oil price, oil companies have reduced their exploration activity substantially and some

For Illustration; Offshore Oil Workers  - Image by Алексей Закиров - AdobeStock

OMV Might Cut Jobs Due to COVID-19, Low Oil Prices

. It is a possibility we cannot rule out," the company's CEO told Handelsblatt.OMV, which has a global workforce of around 20,000, said its output fell to 472,000 barrels of oil equivalent per day in the first quarter from 505,000 boe/d in the fourth quarter.The average realized crude oil price fell to $46.8 in January-March, from $61 in the three months through December, said OMV, which will publish first-quarter results on April 29. ($1 = 0.9203 euros) (Reporting by Kirsti Knolle Editing by Madeline Chambers and Alexander Smith

Illustration - Oil workers - Image by Алексей Закиров - AdobeStock

Report: Petrofac to Let Go 20% of Workforce

Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees."The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium-term," Petrofac

© Art Konovalov / Adobe Stock

Widespread Salary and Job Cuts at Schlumberger

Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. On Tuesday, U.S. oil benchmark futures were trading around $20.69 a barrel.The coronavirus pandemic has sharply cut oil demand, while top producers Russia and Saudi Arabia have pledged to pump full bore from April 1, flooding the market with new supply.Schlumberger said

For Illustration; Polarcus Adira - Image by Thomas Reid - MarineTraffic

Polarcus to Cut Jobs, Salaries

Marine seismic company Polarcus is set to reduce workforce and employees' salaries, and stack survey vessels, as a response to the uncertainty marine seismic industry is facing in the wake of the coronavirus pandemic, and the current low oil prices.Polarcus on Tuesday evening announced cost-cutting measures, which the company expects to save it $15 million in 2020.These include reducing personnel costs onshore and offshore by approximately USD 6.5 million through a combination of redundancies and a reduction in base salary for Polarcus employees for six months effective 1 April 2020. "This

Illustration Only; Image by corepics - AdobeStock

More than a Million of Oilfield Services Jobs at Stake

More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway's energy intelligence firm Rystad Energy said. Most cuts will come from shale servicesAccording to Rystad, more than 5 million people are employed in the OFS sector globally at present and Rystad Energy’s estimates show that this year alone, contractors will scale down their workforce by at least 21%. Some 13 percentage points are attributed to oil-price-driven cuts and the remaining 8%

Offshore workers - Image by  wanfahmy - AdobeStock

Tens of Thousands of Offshore Jobs at Risk, UK Union Warns

UK-based offshore energy workers' union RMT has called for the government to help preserve the offshore oil and gas industry and jobs amid the coronavirus and the oil price rout.RMT has warned that oil price wars and a public health pandemic could "drive the North Sea oil and gas industry over the cliff edge, putting tens of thousands of offshore workers out of work, increasing the UK's reliance on imported fossil fuels and extinguishing prospects of a just transition for oil and gas workers."RMT General Secretary Mick Cash said: "We are extremely concerned at the potential of

Doug Robertson (Photo: Carlton)

Strategic Appointment for Carlton Resource Solutions

has extensive experience in global oil and gas producing regions such as the former Soviet Union, West Africa, Brazil and India.He worked for 14 years in several senior roles for Orion Group, including the past three years in Calgary where he performed a key turnaround role against the backdrop of the oil price downturn. Whilst group recruitment director, Robertson was also responsible for establishing a dedicated team at the company’s Inverness head office and managed the global recruitment function.In November, it was announced that a new leadership team – including prominent industry figure

Schlumberger CFO Ayat to Retire Soon

firm, three people familiar with the matter told Reuters.Stephane Biguet, currently vice president of finance, is the frontrunner to replace Ayat, according to the people who declined to be named because the matter is not yet public.Schlumberger declined to comment.The CFO change would come as rising oil prices and dwindling producer reserves are helping lift demand for oil services, which were hit hard by the 2014 oil price crash.Schlumberger executives have said oil companies will have to increase spending to overcome declining output from existing fields and meet future demand.Ayat's successor

© bomboman / Adobe Stock

A Flexible Workforce is Crucial Offshore

of marine and ship management companies’ utilization of a more flexible workforce.   As offshore-focused businesses weather the unprecedented industry downturn, many companies servicing the sector are looking for ways to more efficiently manage costs in order to survive. Since the oil price started to contract in June 2014, radical cost reductions across all upstream businesses began in earnest as capital expenditures were slashed by 40 percent in the period up to 2016 (PWC). Almost half a million employees were made redundant or released from contracts around the world. This doesn't

Paddy Hardey (Photo: M² Subsea)

M² Subsea Appoints US GM, SVP Commercial

regions. Prior to this, he was commercial manager for Halliburton’s Pipeline and Precommissioning business in Aberdeen.   Based in Houston and Aberdeen, M² Subsea is the largest independent provider of ROV services, focused on reducing costs and risks to meet the demands of the low oil price environment

John McDonald (Photo: OPITO)

O&G Seeks Clarity on New Skills Tax

, said, “Due to the lack of information from the Scottish government, this is being seen by many as an additional tax on bottom line costs to our industry which could lead to companies looking at cutting costs in areas of their business to find the cash for the levy. At a time when the lower oil price has resulted in thousands of job losses, this could put more jobs at risk, thereby negating the whole objective of the scheme which is to create jobs and opportunities.    “We really need to hold the Scottish government to account on this. They’ve had plenty of time to consider

Kenneth Hvid (Photo: Teekay Corporation)

Hvid to Take Over as Teekay President and CEO

that Kenneth Hvid is the right person to be my successor to lead Teekay into the next phase of its strategy,” Evensen said. “Teekay's success is largely about how we work together as a team not only within the company but also with our customers and business partners. The decline in the oil price has significantly affected our energy customers. Faced with these challenges, the Teekay team has responded with resilience, adapting to the new environment in many ways, including implementing cost reduction programs while maintaining our high safety standards, increasing focus on efficient operations

IBIA: Bunker Market Opportunities in Africa

resulting in the anchorage at Pointe Noire, Congo being dominated by one supplier, while a customs crackdown in Angola has halted sales of competitively priced marine gas oil. The West African market is also suffering from a decline in the offshore and seismic vessel market as a result of the low oil price. Piracy, although in decline is still a serious consideration in the region, and fuel can be expensive, delivery is not always timely and the delivery infrastructure is often underdeveloped. However, one positive aspect was that the offshore European operators who had been active before they

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