McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

McDermott CEO sees Saudi contract as step in turnaround

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Offshore engineering company McDermott International has landed a $1.5 billion-plus lump sum contract with Saudi Aramco.
A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Hercules Offshore no longer listed on Nasdaq

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Nasdaq staff determined Hercules no longer met the requirements to continue being listed on the exchange and the Houston-based company did not appeal the decision. Its last trading day will be Sept. 7.
(Simon Dawson/Bloomberg)

Transocean will cancel dividend

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The most severe oil-industry collapse since the 1980s has prompted explorers to curtail drilling budgets, cancel rig contracts and shelve plans to search for untapped crude fields from the Indian Ocean to the Gulf of Mexico.
Student Paul Denetdeale practices at a pipe welding school operated by Fluor, a major construction contractor, Feb. 13, 2014 in Houston. Flour is leading training classes for some workers who will eventually learn the skills they need to do pipe welding. The training classes are critical to shore up the construction labor pool.

(Eric Kayne/For the Chronicle)

Fluor forms joint venture with China offshore giant

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The energy construction and engineering company is teaming up with the state-owned China National Offshore Oil Corp., or CNOOC, and its subsidiary, the Offshore Oil Engineering Co., to form the new COOEC Flour Heavy Industries Co.
An aerial view of the Ensco 8502 drilling rig in the Gulf of Mexico. (Jennifer Dlouhy/Houston Chronicle)

Low oil prices drive down bidding for Gulf of Mexico drilling rights

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With just five companies participating and only 33 leases sold, the turnout was the lowest western Gulf auction since area-wide leasing began in 1983, according to the Bureau of Ocean Energy Management.
An aerial view of the Centenario exploration oil rig in the Gulf of Mexico. (AFP Photo/Omar Torres)

Offshore oil auction draws low interest

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Just five oil and gas companies submitted sealed bids for western Gulf of Mexico acreage, ahead of Wednesday’s auction in New Orleans.
Foundation jackets and a deck are seen on a barge near a construction crane before their installation on Deepwater Wind, the nation's first offshore wind farm, Monday, July 27, 2015, on the waters of the Atlantic Ocean Off Block Island, R.I. Deepwater Wind will consist of five turbines producing a total of 30 megawatts of electricity. (AP Photo/Stephan Savoia)

U.S. lags Europe on offshore wind efforts

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Rhode Island-based Deepwater Wind reached its first “steel in the water” milestone in the early construction phase of its Block Island Wind Farm at the end of July, and the company has some other projects planned offshore of the Atlantic coast.
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Conservationists push White House to postpone next week’s Gulf drilling auction

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Environmentalists are campaigning for the White House to call off Wednesday’s Gulf lease sale until Congress reauthorizes a longstanding conservation program funded by offshore oil development.
A jackup rig works on an Energy XXI project in the Main Pass complex of the Gulf of Mexico, located in about 100 feet of water near the mouth of the Mississippi River. (Martin L Vargas / Energy XXI)

Energy XXI slashes spending but maintains production estimates

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The Houston-based offshore oil company set its annual capital expenditure budget around $140 million, down from the $640 to $670 million Energy XXI projects it spent during their 2015 fiscal year, which ended on June 30. That budget is based on $50-per-barrel oil, but Energy XXI said it would consider expanding development drilling if prices rebounded.
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Noble Energy hunts for oil offshore Israel in the Tamar field. The Houston-based oil company has stalled its Israel investments after a dispute with the country's anti-trust regulators. (Noble Energy)

Noble reaches deal with Israel over natural gas development

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The deal sets a price ceiling for future sales to Israeli companies and commits the gas firms to complete the development of the country’s largest gas field, known as Leviathan, by 2020.