Edition:
United States

Oil Related Services and Equipment

Page 1

MRC Global committs to a plan to restructure and significantly downsize its Australian operations

Tuesday, 23 Aug 2016 05:06pm EDT

MRC Global Inc : On August 19, committed to a plan to restructure and significantly downsize its Australian operations . Plan includes consolidation of facilities and locations, involuntary employee terminations and asset impairment charges . MRC Global Inc says to downsize its australian operations in response to continued downturn in oil and gas and mining industries in region . Restructuring plan, which will begin immediately and is expected to be completed by Q1 of 2017 . Majority of costs are expected to be incurred in Q3 and Q4 and include, on a pre-tax basis, $7-$10 million of inventory-related charges . Pre-Tax charges associated with restructuring plan expected to total $18 million to $24 million, including cash expenditures of $11 million to $14 million . Due to current pre-tax loss position in Australia, co does not expect to recognize a tax benefit on any restructuring charges - sec filing .Costs include $6-$7 million of lease termination costs, $3-$4 million for facilities relocations and $2-$3 million of employee termination costs.

GI Technologies Beijing to dissolve software development unit

Monday, 15 Aug 2016 11:50pm EDT

GI Technologies Beijing <300309.SZ>:Says it will dissolve a Beijing-based software development wholly owned subsidiary.

Pacific Radiance updates on business

Wednesday, 10 Aug 2016 06:00am EDT

Pacific Radiance Ltd : Provision is expected to negatively impact earnings per share of the company for the financial year ending 31 December 2016, . Company will continue to pursue all legal avenues of recovery of the doubtful receivables . It is a non-cash accounting provision which is not expected to significantly affect the company's cash flow position" . Says to pursue all legal avenues of recovery of the doubtful receivables . Clarify that it operates on a different business model and in a different business segment from Swiber . Says group wishes to clarify that it operates on a different business model and in a different business segment from Swiber . Refers to the announcements released on 29 July 2016 and 1 August 2016 .

Pacific Radiance updates on business

Wednesday, 10 Aug 2016 06:00am EDT

Pacific Radiance Ltd : Provision is expected to negatively impact earnings per share of the company for the financial year ending 31 December 2016, . Company will continue to pursue all legal avenues of recovery of the doubtful receivables . It is a non-cash accounting provision which is not expected to significantly affect the company's cash flow position" . Says to pursue all legal avenues of recovery of the doubtful receivables . Clarify that it operates on a different business model and in a different business segment from Swiber . Says group wishes to clarify that it operates on a different business model and in a different business segment from Swiber . Refers to the announcements released on 29 July 2016 and 1 August 2016 .

Beijing Etrol Technologies to dissolve Fuyang branch

Wednesday, 3 Aug 2016 03:05am EDT

Beijing Etrol Technologies <300370.SZ>:Says it will dissolve its Fuyang-based branch.

Mcdermott International says Q2 GAAP earnings per share $0.07

Tuesday, 26 Jul 2016 04:16pm EDT

Mcdermott International Inc : As of june 30, 2016, company's backlog was $4.4 billion, compared to $3.8 billion at march 31, 2016 . Restructuring costs are now expected to be approximately $12 million for full-year 2016 . Says company's potential revenue pipeline, including backlog, was $21.1 billion as of june 30, 2016 . Sees 2016 adjusted earnings per share $0.12 . Sees 2016 capital expenditures $250 million . Sees 2016 loss per share about $0.03 . Mcdermott reports second quarter 2016 financial and operational results . Q2 gaap earnings per share $0.07 . Q2 revenue $706.6 million versus i/b/e/s view $753.4 million . Q2 earnings per share view $0.02 -- Thomson Reuters I/B/E/S . Q2 adjusted earnings per share $0.08 excluding items . Says at june 30, 2016, company had bids outstanding and target projects of approximately $16.7 billion in its pipeline . Sees 2016 revenues about $2.7 billion .Fy2016 earnings per share view $0.06, revenue view $2.71 billion -- Thomson Reuters I/B/E/S.

Halliburton Q2 adjusted loss per share $0.14

Wednesday, 20 Jul 2016 06:50am EDT

Halliburton Co : Halliburton announces second quarter 2016 results . Completion and production (C&P) revenue in Q2 of 2016 was $2.1 billion, a decrease of $210 million, or 9%, from Q1 of 2016 . Qtrly revenue $3.84 billion, down 9 percent . In eastern hemisphere, still seeing modest headwinds around pricing and activity . Expect to see a modest uptick in rig count during second half of year in North America market . "we believe North America market has turned" . Recorded company-wide impairments and other charges in Q2 of 2016 of approximately $423 million, pre-tax . During coming recovery, "plan to scale up our integrated delivery platform by addressing our product line building blocks one at a time" . Halliburton announces second quarter 2016 results . Q2 adjusted loss per share $0.14 from continuing operations excluding items . Q2 loss per share $3.73 from continuing operations . Q2 earnings per share view $-0.19 -- Thomson Reuters I/B/E/S . "our activity outlook has not changed and our strategy is working." . Q2 revenue view $3.75 billion -- Thomson Reuters I/B/E/S . Drilling and evaluation (D&E) revenue in Q2 of 2016 was $1.7 billion, a decrease of $153 million, or 8%, from Q1 of 2016 . "have been successful in winning market share during downturn" in the eastern hemisphere . Aggregate impact of Q2 items is $3.1 billion, after-tax, or $3.59 per diluted share.

Farstad and a majority of lenders enter into a standstill and deferral agreement

Monday, 4 Jul 2016 02:56am EDT

Farstad Shipping ASA : Farstad and a majority of its secured lenders have on June 30 2016 entered into a standstill and deferral agreement . Says in parallel continues to optimize its operating model, fleet composition and fleet utilization, as well as operating cost improvements . Relevant lenders agreed to defeasance of all financial covenants during same period of time .Relevant lenders have agreed to postponement of all amortisations of Farstad Group falling due to them in period from and including July 1 2016 until Oct. 1 2016.

Markets

  • Sectors
  • U.S.
  • Europe
  • Asia

Sector Summary