. Military Space News .
OIL AND GAS
Maersk Oil to close Houston office
by Daniel J. Graeber
Copenhagen, Denmark (UPI) Apr 1, 2016


disclaimer: image is for illustration purposes only

Danish oil company Maersk said it would manage its U.S. assets in the Gulf of Mexico from Copenhagen as it moves to shut down its offices in Houston.

Directly employing about 60 people in Houston, Maersk said it was closing its offices in Houston in an effort to streamline corporate operations. Its holdings in the Gulf of Mexico would be managed from an office at the company's headquarters in Copenhagen.

"We recognize that this is an unsettling time for our people, to whom we offer full support throughout this process," Chief Operating Officer Gretchen Watkins said in a statement.

Many energy companies working in the United States have their headquarters in Texas. Oil field services company Halliburton, which is based in Houston, in February said it was cutting its workforce by about 5,000 because of "ongoing market conditions."

The economy in Texas is diversified by a strong manufacturing sector, though a report from the Dallas Federal Reserve said the state is facing headwinds because of pressure from lower crude oil prices.

Labor markets, the Dallas Fed said, continued to face pressure as 12 percent of the firms surveyed said they were hiring, against 22 percent reporting net layoffs.

Maersk suffered a blow in early 2016 when Norwegian energy company Statoil canceled a contract with the Danish company's drilling unit. The cancellation from Statoil came at a time when businesses servicing the exploration and production side of the energy sector face pressures from lowered industry spending that's developed since crude oil prices started collapsing in mid-2014.

Maersk Drilling said it landed a dozen new contracts last year, though the industry pressures were apparent. Day rates were revised sharply lower given the weak oil economy.

Elsewhere, Maersk Oil said it was trimming operations in Angola, leaving only a handful of employees behind to manage its Chissonga oil project in the West African country. Like many other deepwater projects, Watkins said restructuring options were necessary during the downturn.

"This difficult decision does not diminish our keenness to pursue the Chissonga project sanction in due course, provided we can achieve an attractive return on our investment," she said.


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Statoil steaming ahead with Johan Sverdrup
Stavanger, Norway (UPI) Mar 31, 2016
Norwegian energy company Statoil said Thursday construction on parts of the drilling infrastructure necessary to tap into the giant Johan Sverdrup are underway. Statoil said construction started on an island north of Stavanger on the utility and living-quarters platform designated for Johan Sverdrup, one of the largest fields ever discovered. Kjetel Digre, the project director fo ... read more


OIL AND GAS
S. Korea, US open missile shield talks

Israeli Air Force deploying 'David's Sling' missile defense system

US Missile Defense Outdated

China Interfering in THAAD Deployment Decision Process Preposterous

OIL AND GAS
BAE completes ground-rig tests on Brimstone missile system

Russia offering new missile system to international market

Missile counter-measure systems ordered by Dutch military

Raytheon refurbishing electronic warfare missile payload

OIL AND GAS
Filling the gap at Air Force Reserve

Drones promise to improve ecological monitoring

Pentagon, Other Federal Agencies Use Drones for Domestic Surveillance

Researchers develop miniaturized fuel cell that makes drones fly more than 1 hour

OIL AND GAS
In-orbit delivery of Laos' 1st satellite launched

Upgrade set for Britain's tactical communications system

Airbus continues operating German military satellites

BAE Systems supports Navy communications and electronics

OIL AND GAS
Defense contractors pay $8M to settle defective flares allegations

U.S. Army issues initial order for Humvee replacement vehicles

Oshkosh recapitalizing Army's tactical trucks

GenDyn NASSCO wins U.S. Navy support support contract

OIL AND GAS
Airbus to sell defence electronics arm to KKR for $1.2 billion

Lockheed Martin plans voluntary layoffs for 1,000

Defense Industry center opens in South Australia

China defence spending to rise '7 to 8%' in 2016: official

OIL AND GAS
S. Korea, Japan guarded over Trump's foreign policy plans

Japan's PM defends new security laws as protesters denounce them

Protests as China's Xi arrives in Prague

Six wounded in gun attack on Chinese bus in Laos

OIL AND GAS
Nanolight at the edge

Nano-enhanced textiles clean themselves with light

Nature-inspired nanotubes that assemble themselves, with precision

CWRU researchers make biosensor 1 million times more sensitive









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.