The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
That's the problem, they do nothing but spend your cash!
Wood Group wins multiyear contract on Hibernia in Canada HOUSTON, October 24, 2016 ? Wood Group has secured a five-year contract to provide engineering, procurement, construction and maintenance services to the Hibernia platform, offshore Newfoundland, from Hibernia Management and Development Company Ltd. (HMDC). The contract will be executed by Wood Group?s Eastern Canada operations, in St. John?s, Newfoundland & Labrador, and has the potential of two additional five-year contract extensions. Michele McNichol, CEO for Wood Group?s Asset Life Cycle Solutions business in the Western Hemisphere, said: ?Since first oil in 1997, Wood Group has been the incumbent contractor for many of these services on the Hibernia platform. The first producing field of Canada?s East Coast, it has been a cornerstone of our business in the region. ?This new contract demonstrates the confidence this key client has in our team. Wood Group has provided a high level of service, retained specific knowledge to the platform, and executed work safely with local talent ? even in the harshest of environments.? Wood Group is one of the largest brownfield engineering and construction offices in Atlantic Canada with more than 500 people working onshore and offshore. Currently, Wood Group executes EPC contracts on two of the three production platforms located offshore Newfoundland. -ends-
Defence contractor Babcock International has secured an £80m order to make part of the missile launch silos for the next generation of Royal Navy nuclear-armed submarines. The 22 tube assemblies will require 150 workers at Rosyth in Fife and Bristol. The contract is part of the common missile compartment (CMC) project for the UK Successor and US Ohio Class replacement submarine programmes. The work will get under way towards the end of this year. It is expected to complete in the early 2020s.
They have been fracking each other in Lancashire for long enough!
Another 20p would be nice!
Deepwater Horizon’ Film Poses Fresh Woes for BP Lions Gate’s $100 million dramatization of 2010 disaster features unflattering portrayals of energy giant’s executives By ERICH SCHWARTZEL in Los Angeles and SARAH KENT in London Sept. 30, 2016 5:30 a.m. ET Director Peter Berg was prepared for just about any critique of his new movie “Deepwater Horizon.”
On 26 July 2016, the Directors of BP p.l.c. announced that the interim dividend for the second quarter 2016 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 16 September 2016 to shareholders on the share register on 5 August 2016. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative has been made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs. Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the four dealing days from 31 August to 5 September 2016 (£1 = US$1.32313). Accordingly, the amount of sterling dividend payable in cash on 16 September 2016 will be: 7.5578 pence per share. Details of the second quarter 2016 dividend and timetable are available at www.bp.com/dividends and details of the Scrip Dividend Programme are available at www.bp.com/scrip.
Rosneft, BP and Schlumberger today announced agreements for collaboration on seismic research and development. The agreements were signed at the Eastern Economic Forum (EEF) in Vladivostok, Russia, by Rosneft CEO Igor Sechin and President of BP Russia David Campbell. Schlumberger was represented by President for Russia and Central Asia Gokhan Saygi. Under the terms of the agreements, Rosneft will join as an equal partner in BP’s ongoing project with Schlumberger’s seismic business, WesternGeco, to develop innovative cableless onshore seismic acquisition technology. The technology aims to revolutionize the design and acquisition of 2D and 3D seismic surveys, which in turn will improve subsurface imaging and the efficiency of exploration, appraisal and field development. The ability to deliver faster and better quality seismic data acquisition at lower cost compared to conventional seismic surveys will also bring environmental and safety benefits in difficult to access areas and extreme climates. The project envisages an initial two-year period to complete the development of a seismic acquisition system. BP and Rosneft will have preferential access to this technology for an initial period, after which Schlumberger will have the exclusive rights to market the system.
Wood Group has been awarded a new contract by petrochemical manufacturer SABIC, in the UK. Engineering design services will be provided to the SABIC Teesside complex in Wilton, UK under the contract, which is effective immediately. The contract, which will be delivered by Wood Group’s operations in Woking, extends the company’s support of SABIC globally; Wood Group currently supports SABIC operations in Saudi Arabia and USA. Robin Watson, Wood Group’s chief executive said: “This contract, which extends our support of SABIC into the UK, demonstrates the strong relationship we have with this client based on our proven track record of excellence, quality and assurance in our technical service delivery. “Our diverse and robust expertise and capabilities position us strongly to add value for clients in the petrochemical market, which represents a good long-term opportunity for Wood Group. We will leverage our knowledge of working with SABIC globally towards the successful, efficient and effective delivery of this new contract.”
Most analysts recommend “holds” on BP Analysts’ ratings for BP (BP) show that 31% of those covering the stock rate it as a “buy,” and 61% rate it as a “hold.” The highest 12-month price target for BP stands at $40, indicating a 20% rise from its current level. However, 8% of analysts rate BP as a “sell.” The stock’s lowest price target of $33 implies a 1% fall. The stock’s average 12-month price target stands at $38, indicating a 14% rise from its current leve
Mad Dog, BP Plc’s drilling project deep in the Gulf of Mexico, could be Exhibit A in the oil industry’s war on cost. When the British oil giant announced the project’s second phase in 2011, it put the price at $20 billion. Last month, after simplifying plans and benefiting from a sharp drop in everything from steel to drilling services, Chief Executive Officer Bob Dudley said he could do the job for $9 billion.
Oil firm Wood Group's profits have plunged after cuts totalling more than £150m. The Aberdeen-based company's earnings 63% to £34.6m in the first half of the year fell and turnover dropped 16% to £2bn. Wood Group has shed hundreds of jobs over the last two years, resulting in savings of more than £154m since the start of 2015. Chief executive Robin Watson said: "Performance in the first half of 2016 reflects the balance of a challenging oil and gas market, our continued focus on utilisation and cost management, and the benefits of our flexible, asset light model. "Looking further ahead, we see early indications of modest recovery in some areas." Wood Group has recently been at the centre of a series of offshore strikes by workers concerned about further cuts to pay and changes to their contracts. Mr Watson added: "Some of our employees have engaged in industrial action on our Shell contract and we are focused on resolving the dispute consistent with the overarching requirement to have a reduced sustainable cost base moving forward."
UK’s Wood Group has been awarded a contract to provide the main automation contractor (MAC) services to Tengizchevroil for the Tengiz Field in Kazakhstan in a multi-year contract worth US$700 million. The Tengiz Field in Kazakhstan, operated by Chevron affiliate Tengizchevroil, is one of the world’s biggest and already accounts for more than a third of total crude output in Kazakhstan. The MAC services is for the Future Growth Project-Wellhead Pressure Management Project at the Tengiz Field. Wood Group's vendor- independent Automation & Control business will provide optimal integrated process and safety solutions to TCO "The automation scope of the Future Growth Project-Wellhead Pressure Management Project is one of the world's largest industrial automation projects and we are pleased to be providing the solution that will help to enable TCO to meet its vision of a "flawless startup",” stated Robin Watson, chief executive of Wood Group. There are plans to upgrade the Tengiz Field , in which Exxon Mobil and Lukoil also have stakes, will increase output to 39 million tonnes a year (850,000 bpd) by 2022 from 27 million tonnes currently.
I'm 95.75% down on my £10k investment, it would need to be one hell of a reverse to claw that back! I sure ain't holding my breath! Can you beat that?
Leading renewable energy consultancy, SgurrEnergy, supported the acquisition of a stake in the 336MW Galloper offshore wind farm in the UK. The Wood Group business provided independent technical advisory services to Sumitomo Corporation. Sumitomo Corporation, a trading and investment company, indirectly takes 12.5% share of the project - a deal which closes in August. The technical advisory services provided by SgurrEnergy included an assessment of the project’s permitting situation, contracting status and structure, construction timescales, capital and operating cost estimates and energy yield base case. Chris Houston, project manager at SgurrEnergy, said: “Providing technical due diligence services on this transaction and working closely with Sumitomo Corporation on the technical and commercial aspects of this important assignment has been a great experience. “We were able to utilise our strong track record in the offshore wind sector to provide the client with robust advice in an efficient manner and look forward to working with them again on future projects.” Galloper offshore wind farm is located off the south-east coast of England, within the Thames estuary. Offshore construction will commence with cable laying operations this month (August 2016). The project will consist of 56 Siemens SWT-6.0-154 wind turbines and is expected to become operational in early 2018.
BP today reported that profit for the second quarter of 2016 was $720 million on an underlying replacement cost basis1, compared with $532 million for the previous quarter and $1.3 billion for the second quarter of 2015. Underlying operating cash flow2 for the quarter � before pre-tax Gulf of Mexico payments � was $5.5 billion. This strong underlying cash flow resulted from continuing reliable operation of assets. Progress also continued in resetting BP�s capital and cost base. BP�s cash costs3 over the past four quarters were around $5.6 billion lower than in 2014 and BP continues to expect these costs for 2017 to be $7 billion lower than in 2014. Organic capital expenditure for the first half of 2016 was $7.9 billion; full year 2016 capital expenditure is now expected to be below $17 billion. BP today announced an unchanged dividend for the quarter of 10 cents per ordinary share ($0.6 per ADS), expected to be paid in September.
Talks have taken place between union representatives and Wood Group bosses following a decision by more than 300 offshore workers to take strike action. Members of the Unite and RMT unions, employed by Wood Group on seven Shell platforms are expected to take part in a 24-hour strike next Tuesday. It is understood the industrial action was not the focus of Wednesday's talks. The Wood Group has declined to comment. The RMT told BBC Scotland the strike was still expected to go-ahead. The dispute is over pay and next week's strike would be the first industrial action of its kind in the offshore industry in almost 30 years. The RMT and Unite unions said their members who work for Wood Group would stage the stoppage on 26 July over the firm's plans for "swingeing" pay cuts. The oil services firm said it was "extremely disappointed" by the decision to take strike action. The unions said it was likely to "severely disrupt" operations on seven Shell platforms in the North Sea - Shearwater, Gannet, Nelson, Curlew, Brent Alpha, Brent Bravo and Brent Charlie. They said the strike was likely to be followed by several further stoppages. Wood Group provides maintenance and construction services to the installations, having signed a new three-year contract extension with Shell earlier this year.
British oil company BP Plc (BP.L) is selling off a string of fuel storage terminals as well as its stake in an big pipeline as part of a shake-up of its operations in the U.K. that affects around 350 jobs, The Daily Telegraph reported on Wednesday. The company is planning to offload its stake in the onshore United Kingdom Oil Pipeline (UKOP), which it co-owns as part of a consortium with Royal Dutch Shell (RDSa.L), U.S. refiner Valero Energy Corp (VLO.N) and France's Total (TOTF.PA), the report said. As part of the overhaul, BP is also selling its storage terminals at Belfast, Hamble and Northampton, according to the Telegraph.