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Fred Olsen Energy terminates its contract with Hyundai Heavy Industries Fred. Olsen Energy has informed that its dispute with Hyundai Heavy Industries (HHI) regarding a contract for the design and construction of a semi-submersible drilling rig Bollsta Dolphin is subject to arbitral proceedings. In October 2015, South Korea’s rig builder Hyundai Heavy asked for more time and money from Fred. Olsen Energy to complete building the rig. Days later, Fred. Olsen Energy terminated the contra …

Shell Sells its Shareholding company to Malaysia Hengyuan International limitedShell has reached a conditional agreement with Malaysian Hengyuan International Limited (MHIL) for the sale of its 51% shareholding in the Shell Refining Company (SRC) in Malaysia for $66.3 million. It is MHIL’s intention for SRC to invest in the upgrades needed to meet the Euro 4M and Euro 5 requirements. The transaction is expected to complete in 2016, subject to obtaining regulatory approval. ShellSubsea Wor …

 BP Plc aims to double  its Natural Gas production in the next fours years in Egypt amidst weak oil prices.Offshore energy today reports that" Britain’s BP Plc aims to double natural gas production in Egypt in the next four years despite weak oil prices as Egypt’s burgeoning energy market offers hope for its battered economy.Egypt is on a drive to ramp up oil and gas production – aggressively signing exploration contracts, renegotiating production prices, and lobbying companies to …

 Wood Group wins  Shell Prelude FLNG contract Wood Group has secured a three year contract with Shell Australia’s Prelude, Floating Liquefied Natural Gas (FLNG) project as reported by offshore energy todayPhoto:Offshore energy todayPerth-based Wood Group Kenny will provide specialist consultancy services for flexible riser integrity management prior to and during operation of Prelude FLNG, which will be located 475km north-north east of Broome in Western Australia.“The f …

Shell shuts down its Abu Dhabi gas reservoirs According to the company statement "Royal Dutch Shell plc announced Monday that it will exit the joint development of the Bab sour gas reservoirs with ADNOC (Abu Dhabi National Oil Company) in the Emirate of Abu Dhabi, after an evaluation of the project’s technical challenges and costs. As a result of Shell’s exit, the energy firm will stop further joint work on the Bab sour development, which “does not fit with the company’s strategy, particula …

BP plans to cut 4,000 jobs as crude-oil slump deepens  Word oil reports that BP will cut 4,000 jobs in its crude-oil production division this year as prices continue to tumble.The company will reduce its worldwide upstream workforce to less than 20,000. The cuts include 600 people working at North Sea projects: they’ll lose their positions over the next two years “with the majority in the first year,” London-based spokesman David Nicholas said by phone.The job losses added[; to the 4,0 …

Bosch GTS 10 Grades- Professional Table saws.Versatile tools with powerful 1800-2100 watts motor with starting current limitation and overload protection for fast work.Tool-free lowering of the riving knife for concealed cuts with heights up to 79 mm and cutting capacities up to 460 mm- 635 mm to the right and 210 mm- 250 mm to the left of the saw blade Dust extraction ports on the protective guard and on the back of the tools.Safe storage of additional saw blade, assembly tools and accessories- …

Industrial Chemical Giants Dow and Dupont Discuss $120Mn MergerIn discussions with the Wall Street Journal, sources have reported that a potential merger is in the works for industrial companies DuPont (NYSE:DD) and Dow Chemical (NYSE:DOW). The merger would be followed by the division of the conglomerate into three parts for a separate spinoff or sale of each. The merger would create a $120 billion industrial conglomerate that would result in numerous synergies for the two companies. DuPont and …

OPEC promises to increase Oil production Despite drop in Oil priceAccording to World Oil OPEC promises to maintain its production at current levels and refrains from setting an official output target, a continuation of the Saudi Arabian-led policy that’s driven prices to a six-year low.The Organisation of Petroleum Exporting Countries decided to retain production at 31.5 MMbopd, group President Emmanuel Ibe Kachikwu told reporters on Friday, after a meeting of OPEC ministers in Vienna. …

Global Offshore Lubricants market Will grow 7.07% Due to Increasing investmentsThe global offshore lubricants market was valued at USD 110.86 million in 2013 and is likely to reach USD 183.50 million by 2020, growing at a CAGR of 7.07% from 2014 to 2020.According to a recent market research report published by Transparency Market Research, the global offshore lubricants market is poised to grow at a remarkable pace due to the increasing oil exploration activities. The report, titled “Offshore Lu …