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A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore reaches creditor deal for bankruptcy filing

Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
Chevron's massive deep water offshore platform heads to the Gulf of Mexico. The project was slated to start production this year, but that's been delayed after several subsea installation tendons sustained damage. (Chevron)

Qatar acquires stake in Chevron oil project off Morocco

Under the terms of the deal announced Monday, Chevron will hold onto a 45-percent interest in the offshore leases, while Morocco will retain a 25 percent stake.
(General Electric)

GE oil deal offers new model to prevent BP-like crude spills

The agreement represents a new business model for the industry, providing a steady income stream for GE, and decreased risk for the driller, the companies said in a joint statement Monday.
(Kristian Helgesen/Bloomberg)

Rystad: $230 billion in oil projects mothballed because of cheap crude

That’s 38 percent higher than Rystad’s previous estimate last July, and the number of projects that have been delayed since then has risen from 40 to 63.
In an undated photo from a 2015 investor presentation, a Cameron International worker examines oil field separation and processing equipment produced by the Houston-based manufacturer. Schlumberger said on Aug. 26, 2015, that it would acquire Cameron in a $12.8 billion deal. (Cameron International photo)

Cameron profits tumble 43 percent

Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.
A rig worker looks out across the North Sea aboard the Troll A natural gas platform, operated by Statoil ASA, in the North Sea, Norway, on Wednesday, Oct. 21, 2015. Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll's capacity. Photographer: Krister Soerboe/Bloomberg

Offshore driller Atwood warns of possible revenue declines, impairment charge

Atwood Oceanics expects quarterly revenues to decline from the same time last year, and it may take a multi-million dollar impairment charge on another rig, as the lingering oil slump continues to batter offshore contractors.
An oil tanker navigates the Houston Ship Channel in Houston, Texas. (Carter Smith/ Bloomberg News file photo)

Some offshore supply vessel companies teetering on bankruptcy

Even before crude prices collapsed and triggered a retreat from expensive deepwater projects, the offshore supply vessel industry was struggling with rising debt and too much competition jockeying for the same work.
Image of Hurricane Joaquin  over the Caribbean, from NOAA's GOES West satellite. (NOAA)

Quiet Gulf hurricane season leaves oil drowned in oversupply

Barely an oil worker was evacuated from the Gulf of Mexico and the biggest storm this year — the strongest hurricane ever in the Western Hemisphere, actually — tore through the Pacific.
Brian Salerno, director of the federal Bureau of Safety and Environmental Enforcement   at the Offshore Technology Conference at the NRG Center Thursday, May 7, 2015. (Gary Coronado / Houston Chronicle )

Commentary: Proposed well standards bring accountability to offshore safety

Industry standards alone won’t ensure improved offshore safety because they lack the force of law, says the head of the federal agency that regulates the offshore industry.
(Kristian Helgesen/Bloomberg)

Norway faces 20 percent drop in oil investment after prices slump

Norway’s oil companies reduced their exploration-spending forecast for next year by 35 percent from the previous quarter’s estimate, and foresee a “sharp decline” in the number of offshore wells, Statistics Norway said.