Oil Related Services and Equipment

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ElectroMagnetic GeoServices to cut costs by a further $35 mln per year

Tuesday, 29 Sep 2015 07:01am EDT

ElectroMagnetic GeoServices ASA:Based on development in revenues so far in 2015, as well as outlook for rest of 2015 and 2016, company has decided to implement further cost reductions.Cost reduction measures reflecting the challenging market conditions in the oil service industry.Additional cost reductions will reduce annual operational cost level by about $35 million.Results from total reductions implemented in 2015 are expected to amount to $70 million, reducing annual operational cost level to below $100 million.Will have restructuring charges of about $2.8 million, whereas $1.5 million will be booked in Q3 and $1.3 million will be booked in Q4 2015.Also, a provision related to loss on charter agreements of $4.4 million will be booked in Q3 2015.Initiatives will be implemented immediately and yield effects gradually.Although market conditions currently are challenging, EMGS believes that company's technology and flexible business model leaves company well positioned for an upturn in market.

Pacific Radiance Ltd announces de-registration of indirect subsidiary

Monday, 14 Sep 2015 09:12am EDT

Pacific Radiance Ltd:Says a dormant and indirect wholly-owned subsidiary, Radiance Offshore Australia Pty Ltd, a company incorporated in Australia, had been deregistered on Sept. 14.

Cathedral Energy Services says it has undertaken number of organizational and operational changes to enhance U.S., Canadian business operations

Thursday, 10 Sep 2015 02:24pm EDT

Cathedral Energy Services Ltd:Has undertaken a number of organizational and operational changes to enhance its U.S. and Canadian business operations.Neil Schappert will be assuming the role of vice president U.S. directional drilling.Effective September 1, 2015, Cathedral has opened an operating facility in Eunice, New Mexico.In October, Cathedral to be moving Saskatchewan and Manitoba operations base from Estevan, Saskatchewan to Emerald Parknhancements.

Norway's Dolphin presents "drastic" survival plan

Thursday, 3 Sep 2015 02:00am EDT

Dolphin Group ASA:Further “drastic” initiatives to prepare for extended low oil price scenario.Sees potential further cost savings of $65 million and financing of $50 million for the coming 12 months period.Plan follows previous savings of $20-25 million for 2015 Cold-stack of Polar Duke until redelivery in May 2016.Vessel Time-Charter reductions for a 9-12 months period, starting Sept. 15, compensated by similar extension of original firm period. Targeting 25-35% T/C cost reduction.Multi-Client drawing facility of USD 50 million, alternatively divest part of MCS library.Further Improved loan amortization profile for all Term Loans (DD initiated with investors).Further headcount reductions, continued cost and CAPEX reductions.

Petroleum Geo Services to preserve cash as demand from oil firms plunges - Reuters

Wednesday, 2 Sep 2015 02:10am EDT

Petroleum Geo Services ASA:Says will cold-stack another seismic ship, taking the total to three, and concentrate on preserving cash as demand from energy firms continues to plunge - Reuters.Says in-sea equipment from the Ramform Viking will be used on vessels in operation and reduces the company's capital expenditures related to maintenance in 2016 by about $50 million.Says cold-stacking of the three Ramform vessels will reduce quarterly cash costs by about $25-30 million with full effect from Q1 2016.Using seismic equipment, PGS' vessels scan the seabed for potential oil reserves, while energy companies buy the data to help them decide where to drill.

Lanzhou LS Heavy Equipment subsidiary dissolves subsidiary

Tuesday, 1 Sep 2015 08:00pm EDT

Lanzhou LS Heavy Equipment Co Ltd:Lanzhou-based subsidiary dissolved its wholly owned precision petrochemical equipment subsidiary.

CGG announces a new organization

Tuesday, 1 Sep 2015 03:29am EDT

CGG SA:As from 1(st) September, the Corporate Committee (C-Com) is chaired by the CEO, Jean-Georges Malcor, and formed by the CFO, Stephane-Paul Frydman, the two COO's, Pascal Rouiller and Sophie Zurquiyah, and the EVP, Human Resources, David Dragone.The C-Com will share global management of the Group and responsibility for the various Business Lines, Group Functions and Group Departments.

Ezra Holdings Ltd announces striking off of Emas Offshore Services (NZ)

Tuesday, 4 Aug 2015 05:26am EDT

Ezra Holdings Ltd:Says a direct subsidiary, Emas Offshore Services (NZ) Pty Ltd (EONZ), has been struck off from the New Zealand Companies register under Section 318 of the Companies Act 1993.

RigNet Inc announces restructuring plan involving reduction across organization of 47 employees

Monday, 13 Jul 2015 04:01pm EDT

RigNet Inc:Announces cost restructuring plan.Says cost restructuring plan that reduces costs in line with activity levels in the upstream energy market.Says plan involves a reduction across the organization of 47 employees, which is just under 8% of the employee base.Further addressing its cost structure with specific measures including targeted supply chain initiatives and certain delayed hiring plans.Addressing its cost structure with specific measures including targeted supply chain initiatives and certain delayed hiring plans.Expects to achieve annualized savings from personnel reductions of $4.5 million after taking a restructuring charge of about $1.0 million in Q3.


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