Investment & finance

European Investment Bank

The European Investment Bank will stop funding fossil fuel energy projects from the end of 2021, under its New Energy Lending Policy. In what it described as a „quantum leap“ in its climate action and environmental sustainability ambitions, the EIB has said it will stop financing fossil fuels and that it will launch “the most …

KCA Deutag

Global drilling and engineering contractor KCA Deutag announced that its land drilling operation has won new contracts worth approximately $460m in the Middle East, Africa and Europe. Following the announcement made in March that a Middle East client had reserved three rigs for an option period, the company confirms that these have subsequently been contracted …

Maersk

COPENHAGEN – Maersk Drilling has entered a contract with BG International Ltd., a subsidiary of Shell, for work offshore Trinidad and Tobago on a two-well development project for the semi-submersible rig Mærsk Developer. The contract has an estimated duration of 171 days and is expected to commence in Q1 2020. The value of the firm …

Azeri-Chirag-Gunashli

Hungarian oil and gas company MOL has signed an agreement with Chevron to acquire its non-operated E&P and midstream interests in Azerbaijan for total consideration of $1.57 billion.   The assets include a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and a 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline, which transports the crude to the …

Heerema Marine Contractors

By switching off the diesel generators, total emissions will be reduced by the equivalent of the annual emissions of approximately 5,000 diesel cars, Heerema said on Friday. Eneco will supply power from the wind farm on Landtong Rozenburg. Heerema’s crane vessels are often moored in the Calandkanaal in Rotterdam. The use of clean energy reduces …

Solstad Offshore

Norwegian offshore vessel owner Solstad Offshore (SOFF) needs more time to complete its restructuring and has therefore agreed an extension of suspension and deferrals of payments under its financing agreements.   Late last year Solstad started discussions with its financial creditors and other stakeholders to improve the overall liquidity situation of the group and to …