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November 5, 2020updated 28 Jul 2022 12:00pm

Coronavirus company news summary – Modec reports loss despite revenue growth – Weatherford reduces losses in September quarter

By Jessica Paige

5 November

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Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
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Japanese offshore floating systems supplier Modec recorded a loss of $47.6m in the January-September period owing to the adverse effect of Covid-19 pandemic during Q1. The revenue for the period, however, increased to $2.19bn compared to $2.09bn in 2019 as construction progressed on six floating, production storage and offloading vessels. Modec projected the revenue guidance for 2020 at $2.67bn, even as it decreased its operating profit estimate to $162.4m.

Indonesian government’s upstream regulator SKK Migas launched a slew of economic packages for the oil and gas sector to maintain investment flow to counter the slump in activity and market disruption caused by the pandemic. SKK Migas reduced the oil output target for 2020 to 725,000bpd, while gas production target is pegged at 5.72 billion cubic feet per day.

US-based oil and gas firm Weatherford registered a loss of $174m for Q3, a substantial decrease from the $581m loss it posted in the second quarter. The company’s Q3 revenue dropped marginally to $807m, from $821m in the previous quarter as the oil and gas sector started to recover from the slump triggered by the coronavirus pandemic.

The profits of refinery operators in Asia who are producing very low sulphur fuel oil (VLSFO) hit a six-month high as decrease in outputs kept supply low. Demand for shipping fuel reached pre-Coivd-19 volumes, as majority of ports returned to normal operations. While refined fuels such as gasoline, jet fuel and gasoil bore the brunt of the pandemic induced lockdown restrictions, residue fuels used in electricity generation and shipping have continued to maintain their demand levels.

Related Companies

Free Report
img

Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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