A dynamic positioning and marine environment simulator used for simulation and training on exhibit in the Jelec booth at the Offshore Technology Conference at the NRG Center Tuesday, May 5, 2015, in Houston, Texas. (Gary Coronado / Houston Chronicle)

Major offshore vessel contractor could be in the market for acquisitions, CEO says

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The CEO of vessel contractor Tidewater says the oil bust could be an opening to scoop up smaller rivals in marine services as corporate consolidations could help offshore firms cope with the downturn.
Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

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As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
The Deepwater Horizon oil rig burns after an explosion in the Gulf of Mexico in 2010. (AP Photo/Gerald Herbert, File)

BP, Macondo contractors resolve oil spill claims against each other

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Halliburton CEO Dave Lesar said the agreement closes out another chapter in the Gulf of Mexico saga for the oil field service company and restores its relationship with BP, one of its customers.
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 sells four rigs as Gulf drilling work disappears

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This month’s rig sales come after the oil slump has taken a big toll on the Houston jackup rig contractor, which has cut 40 percent of its 1,800 employees in recent months.
The J. W. McLean offshore drill rig, operated by Transocean Ltd., stands anchored in the Cromarty Firth beyond the prow of the offshore pipelay vessel Deep Energy, operated by Technip SA, in Invergorgon, U.K., on Wednesday, Aug. 6, 2014. (Photographer: Simon Dawson/Bloomberg)

Transocean idles three more rigs amid crude slump

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Offshore driller Transocean has idled three more deep-water rigs, bringing its number of out-of-work units to 14, it said Monday, as the oil slump continued to hammer the drilling market.
(Spencer Platt/Getty Images)

Nine oil well deaths lead to warning about inhaling chemicals

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All the deaths involved people at crude production tanks. Colorado and North Dakota each had three deaths, and Texas, Oklahoma and Montana each had one death.
T. Boone Pickens speaks at the 2014 LNG Conference Jan. 22, 2014, in Houston.  (Eric Kayne/For the Chronicle)

T. Boone Pickens makes stock picks amid oil slump

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Energy mogul T. Boone Pickens, who has said many times he believes oil prices are headed higher, snapped up shares in a U.S. rig contractor and a pair of oil tanker operators in the first quarter.

Most U.S. energy executives are changing their business models to cut costs

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KPMG found that 56 percent of U.S. energy executives surveyed plan to change their business models in the face of lower-priced oil, although they remain optimistic about the industry.
J. Ray McDermott S.A., a McDermott International subsidiary, completes  the Front Runner Spar hull project in the Gulf of Mexico. (McDermott)

Houston engineering company cuts 1,700 jobs amid first quarter loss

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For the first quarter of 2015, McDermott posted a loss of $14.5 million, or 6 cents a share, including $10.4 million in restructuring charges, which compared to a larger $46.5 million loss, or 20 cents a share, for the same quarter in 2014.
Jack Moore,  CEO of Cameron International, announced that he will resign his position in Fall 2015. (Cameron)

Cameron International announces CEO succession plan

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Cameron Chairman and CEO Jack Moore, who has led the company for more than seven years, plans to retire on Oct. 5 but still remain in the chairman position.