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May 7, 2020

Coronavirus company news summary – Noble makes $1.1bn loss – Occidental looking to raise cash

By Matthew Farmer

7 May

Maersk Supply Service has decided to make layoffs in its onshore workforce as reduces costs to counter the impact of the Covid-19 pandemic. The decision will affect 55 employees, most of whom are located in the company headquarters in Denmark. Overall, Maersk aims to reduce onshore costs by 30%.

Offshore drilling contractor Noble has reported a net loss of $1.1bn in the first quarter of this year, after including impairment charges. The company’s 12 floating rigs registered utilisation of 58% over the three-month period, compared to 60% in 2019 Q4. Contract drilling revenues dropped from $441m in Q4 2019 to $267m in the three months to March.

According to Oil & Gas UK (OGUK) and Step Change in Safety, suspected coronavirus cases across the UK’s offshore oil and gas industry have declined. The entities reported by assessing passenger movement figure data which shows that individuals displaying suspected Covid-19 symptoms have dropped from 56 to 20 in a month.

US-based Occidental Petroleum is planning to raise new capital, a day after it reported anet loss of more than $2bn, attributable to common stockholders. According to a Reuters report, the company is mulling several options to strengthen its balance sheet which includes raising cash and refinancing debt.

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