Oil prices running at their hottest level in 14 years are poised to cut post-COVID pandemic fuel demand as consumers react to surging pump and power prices by pulling back on spending and travel, top energy executives warned on Monday.Global oil futures hit as much as $139 a barrel this week as gasoline, diesel and power prices to multi-year highs. The surges come as oil buyers shun cargoes from the world's No…
Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major's refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters…
Britain froze the assets of Russia's Gazprombank and Alfa Bank, and the state-run shipping firm Sovcomflot FLOT.MM, in its latest round of sanctions announced on Thursday.They were among 59 individuals and entities added to the sanctions list…
Marine seismic contactor PXGEO has signed a deal to provide 12 months of towed-streamer seismic acquisition services to the Norwegian seismic data firm TGS.TGS has committed to using the PXGEO 2 vessel or any other capable vessel which PXGEO…
Lenders of the troubled marine seismic contractor Polarcus, which last week took control of the company's vessels after a debt payment default, will sell Polarcus' vessels and all the employees will be let go.Banks last week tool control of Polarcus' subsidiaries that own seismic vessels…
Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.The company's Oslo…
Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash…
Oslo-listed marine seismic company Polarcus has signed a memorandum of agreement with Sovcomflot for the use of one of its survey vessels on a project in the Far East.The company said Friday the contract was signed with SCF GEO, a Sovcomflot Group firm…
Russian firm Sovcomflot has returned the offshore seismic vessel Ivan Gubkin to its owner Polarcus.The 14-streamer 3D seismic vessel - originally named Polarcus Amani - had been on a charter with Sovcomflot since 2017 and should've stayed with Sovcomflot for five and a half years…
Russian company Sovmcomflot has decided to extend the charter of Polarcus' Vyacheslav Tikhonov seismic vessel for three years, but might redeliver the Ivan Gubkin vessel back to the Oslo-listed owner.The Vyacheslav Tikhonov, owned by Polarcus…
Marine seismic contractor Polarcus saw its second-quarter revenue fall due to contract cancellations and lower dayrates caused by the slump in oil prices and the oil companies' exploration budget cuts that followed. During the quarter, the company saw its vessel utilization drop to 50%…
Russian shipping company Sovcomflot will not redeliver the Vyacheslav Tikhonov seismic vessel to Polarcus early, as previously planned.The vessel is owned by the seismic acquisition specialist Polarcus, but has since 2011 been with Sovcomflot…
Gazprom Neft, the oil branch of Russian gas giant Gazprom, has shipped the 200th consignment of ARCO crude from its Prirazlomnaya offshore platform in the Russian arctic.This milestone shipment was carried out by the Mikhail Ulyanov tanker…
Russian offshore vessel owner Sovcomflot will keep Polarcus’ Vyacheslav Tikhonov seismic vessel contracted for longer than previously agreed.The marine seismic vessel owner Polarcus had in December 2019 said that Sovcomflot would redeliver it the vessel on January 15…
Russian shipping giant Sovcomflot (SCF) will not be returning the Vyacheslav Tikhonov seismic vessel to Polarcus as previously agreed.Polarcus Limited, the UAE-based offshore geophysical company operating a fleet of seismic research vessels worldwide…
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