Following its successful emergence from Chapter 11, leading subsea cable systems operator Seaborn, has announced the appointments of board members Pete Hayes and Don Shassian, as Interim CEO and Interim CFO, respectively.

Subsea technology has drastically improved in the last two decades in terms of functionality and reliability, with notable strides made in areas such as subsea processing, subsea storage, subsea-to-shore and power distribution.

Crude Oil:

BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.

Uncertainties surrounding the coronavirus outbreak, the trade war and volatility in oil prices are governing business decisions being made in 2020.

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, is announcing the launch of a new benchmark for US crude oil, Platts American GulfCoast Select (AGS) from June 26.

ADIPEC Webinar told oil and gas operators need to work more closely with suppliers to mitigate financial impact of oil price collapse, stabilize supply chains and build long-term resilience

Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") has announced financial results for its fiscal 2021 first quarter ending April 30, 2020.

Latin America’s oil and gas sector is facing unprecedented challenges caused by a combined collapse in commodity prices and crude oil demand due to the COVID-19 pandemic.

McDermott International Ltd. ("McDermott" or the "Company") has successfully completed its restructuring process. The comprehensive balance sheet restructuring equitizes nearly all of McDermott's $4.6 billion of funded debt. The Company emerges with $2.4 billion in letter of credit capacity and $544 million of funded debt.

Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn, a Rystad Energy analysis shows.

Cables specialist Nexans Norway AS has won a comprehensive design, engineering, production and installation contract to supply high-voltage transmission cables both offshore and on land for the Seagreen offshore wind farm under development off Scotland.

The temporary tax relief proposal announced by the Norwegian Government, and designed to ensure near-term investment in the country, could double industry post-tax cash flow in 2020 and 2021, which would increase company liquidity in the short term, according to leading data and analytics company GlobalData, a leading data and analytics company.

Sustaining production from existing infrastructure remains the key driver for North Sea exploration but five years of drilling has only replaced 15% of production. There is ongoing appetite for high impact drilling, despite a success rate of only 12% for this type of exploration in the period.

The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022.