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May 15, 2020

Coronavirus company news summary – Record low Iranian oil extraction – Prosafe fleet usage halved

By Matt Farmer

15 May

SBM Offshore has said it has implemented several measures to reduce the impact of the Covid-19 pandemic on its operations. These include cutting its aggregate staff and contractor workforce by nearly 300. It has also stopped hiring, and suspended or postponed several internal programmes.

Prosafe, an operator of offshore accommodation vessels, has announced only 32.7% of its total fleet working time was used in the first quarter of 2020. This figure is a sharp decline from the 62.5% registered in the same three-month period last year. The company also its is significantly uncertain of the materialisation of its 2020 order backlog.

Iran’s oil exports have dropped to a record low, hit by Covid-19 and US sanctions. Last month, oil exports averaged 70,000 barrels per day, falling from 287,000 bpd in March, reported Reuters citing a Kpler report. This drop comes as a result of a drop in Chinese purchases.

UK-based oil and gas company TechnipFMC has joined Covid-19 relief efforts in India. Its local teams have started working with communities to provide essential supplies. The company’s corporate social responsibility team joined multiple initiatives to distribute face masks, soap and food kits.

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