Statoil board fired, chief executive offers his resignation Statoil's chief executive Harald Norvik offered his resignation after Norway's government sacked the board of the state oil company.
Pennsylvania officials to meet Kv'rner CEO A group of Pennsylvania and Philadelphia officials meet in London next week with Kv'rner Group CEO Kjell E. Almskog. They will discuss how Kv'rner's plans to exit the shipbuilding business will impact Kv'rner Philadelphia.
Crisis move at Royal Olympic Royal Olympic Cruise Lines' founding shareholders have moved to take a firmer grip on the ailing stocklisted cruise line in the wake of deteriorating results which the company admits may be compounded by the Yugoslavia conflict.
Three North Sea fields to close until August Amerada Hess, operator of the North Sea Fife, Fergus and Flora fields, said yesterday production would be shut-in for over four months while the floating production storage and offloading vessel (FPSO) serving the fields is taken off-site for repairs.
Buoyant shipyards boost General Dynamics result PROPELLED by results at its profitable shipyard holdings, leading US defence contractor General Dynamics has racked up first quarter profits of $265m ($2.07 per share), up 223% on the $82m ($0.65 per share) during the year-earlier quarter.
Georgia on my mind Republic of Georgia president Eduard Shevardnadze (right) discusses oil exploration with executives from Houston-based Frontera Resources Corp during a meeting in Houston when Frontera provided him with an update on operations in the Kakheti region of eastern Georgia.
US Coast Guard rejects oil pollution act phase-out deal THE US Coast Guard has dashed the hopes of shipowners that they could obtain extended US Oil Pollution Act of 1990 phase-out deadlines for their single-hull tankers by retrofitting with double sides or a double-bottom.
Tanker Maersk Pride joins AP Møller's Singapore fleet AP Møller has added another tanker to its growing Singapore registered fleet.
Peru's owners float plans to boost shipping Two rival projects aimed at resurrecting Peru's moribund shipping industry have been presented to the parliamentary commission on transport and infrastructure.
Europeans eye Colombia rail tender Spanish, French and Italian companies are interested in bidding for the concession to operate and maintain Colombia's Atlantic railfreight line, according to the head of the state railway Ferrovias, writes Justin Stares.
EU Rushes Through Yugoslavia Oil Ban The European Union is reportedly rushing through a ban on the shipment of oil to Yugoslavia and the measure could take effect from the middle of next week.
NATO Oil Block Will Flout Maritime Law A NATO plan to stop the shipment of oil products into Yugoslavia with a naval oil blockade of Balkan ports may reportedly escalate the war and would flout international law.
Hyundai Breaking Up Korea's Largest Corporation Hyundai Group will reportedly split into five smaller independent entities by 2003 and slash group debts a staggering $28 billion by this year's end.
Chevron, Smaller Rivals, Sunk By Low Oil Prices Chevron Corp., the third-largest U.S. oil company, reportedly posted sharply lower first quarter profits, setting the pace for a string of dismal earnings reports from energy companies.
COSCO Eyes Container Assets COSCO Pacific Ltd. will reportedly use proceeds from a share placement to fund the acquisition of containers in the second half of the financial year 1999.
SIDANKO Names BP Amoco VP As Chairman Shareholders of Russian oil company SIDANKO reportedly elected Norrie Stanley, Vice President of BP Amoco, as chairman of the board of SIDANKO.
Schlumberger Cuts More Jobs As Earnings Plummet Schlumberger Ltd., the world's number two oilfield services company, reported a 53 percent drop in first-quarter net income. The company will reportedly ax thousands more jobs to lower its costs by $300 million.
Coastal Buck Oil Sector Trend, Reports First Quarter Earnings Up Coastal Corp., bucking the oil sector trend, reported a healthy increase in first quarter earnings, which its chairman and chief executive attributed to good management.
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