30 July
Subsea 7 has reported a net loss of $922m in the second quarter of this year as it restructures its business amid Covid-19 crisis. In the same three-month period last year, the company registered an income of $24m. The company booked a $229m impairment related to property, plant and equipment and right-of-use assets, and another $578m in goodwill charges.
Go deeper with GlobalData
French oil and gas company Total is set to take an $8bn write-down after it trimmed oil and gas price outlook in the wake of Covid-19 crisis, reported Reuters. The company primarily reduced the value of its Canadian oil sands projects leading to an impairment of $1.5bn. Total revised its Brent oil price prediction to $35 per barrel this year and $40 in 2021.
US-based Concho Resources has reported a net loss of $435m for the second quarter of 2020. The company also increased its cost reduction target for the year to more than $135m to boost capital flow amid Covid-19 pandemic. In the second quarter, oil production amounted to 200MBopd, marginally dropping from 206MBopd registered in the same period a year ago.
Italian oilfield services company Saipem has announced that its backlog has increased to €26bn with new acquisitions. In the first half of the year, the revenues stood at around €3.7bn reflecting some deferments of activities due to Covid-19. It also took a €669m impairment and write-down of assets, primarily from the offshore drilling division.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
