“According to DNB’s chief executive, the industry is likely to further consolidate, but deals now will be more ‘event-driven’. The most restructuring ahead is expected in the two markets that are still in overcapacity: rigs and offshore supply vessels.”
Oil & Gas
Norway’s Biggest Bank Sees More But Small-Scale Oil Industry Restructuring Ahead (Oilprice)
Premier Oil approves Tolmount gas project in UK North Sea (Reuters)
“The approval of Tolmount is the latest in a series of moves by oil and gas companies showing their commitment to the North Sea, traditionally a high-cost environment which is experiencing a revival as costs have fallen.”
North Sea supply chain needs oil firms to increase activity quickly (The Herald Scotland)
Some investors who were long O&G after the downturn are cautiously enjoying returns as majors report profitable earnings on trimmed operations (e.g. BP, Shell, Total, Equinor, ConocoPhillips). “BP stoked interest in the exploration potential of the North Sea in January when it announced it had made two finds and said it expected to double production […]