Wood Group wins contract at Statoil gas processing plant
13th Mar 2015 08:00
Wood Group has won a contract worth 500m Norwegian krone (£41m) for engineering modifications and upgrades to Statoil's Kollsnes process plant near Bergen. The work includes front-end engineering design, procurement and management assistance to expand plant capacity and engineering, procurement and
Read moreSector movers: Energy stocks hammered as crude falls, risk appetite declines
10th Mar 2015 15:22
Every sector on London's stock market was either flat or trading in the red on Tuesday afternoon, with energy stocks bearing the brunt of the sell-off as risk appetite collapsed. "Rising share prices are few and far between on the FTSE 100 this afternoon, thanks to a heady cocktail of worries that h
Read moreSector movers: Oil stocks track crude prices lower ahead of stockpile data
19th Feb 2015 15:41
Oil producers and energy services stocks were hit on Thursday by a tumble in the price of crude on the back of speculation that US government data will show that oil stockpiles rose to a record high last week. Industry group, The American Petroleum Institute, said on Wednesday that stockpiles of cru
Read moreWednesday tips round-up: Wood Group, HSBC
18th Feb 2015 12:56
Investors should be wary of yesterday's surge in the shares of oil field services group Wood Group. The company reported a strong set of figures despite the recent drop in oil prices. However, one must keep in mind that most of that decline occurred towards the end of the year. That flattered the ou
Read moreLondon open: Grexit fears hit UK stocks, IHG underwhelms
17th Feb 2015 08:26
UK stocks slipped on Tuesday morning on the back of concerns about a 'Grexit' as another Eurogroup meeting about Greece ended with no agreement. London's FTSE 100 was down 0.2% at 6,841 early on with Intercontinental Hotels Group (IHG) leading the decline after its annual results. A meeting of Euro
Read moreWood Group hikes dividend 25% and says opex focus will deliver resilience
17th Feb 2015 07:56
Oil and gas engineer John Wood Group grew sales and profits by double-digit rates last year and said its focus on operational expenditure should allow it to remain resilient and deliver growth despite the lower oil price environment. Revenue from continuing operations spurted 14.3% to $6.57bn as str
Read moreLondon pre-open: Failed Greek talks to hit stocks early on
17th Feb 2015 07:41
UK stocks were expected to fall on Tuesday morning, as heightened concerns about a Greek exit from the Eurozone dampen sentiment. City sources predict the FTSE 100 will open 20 points lower than Monday's close of 6,857.05. A meeting of Eurozone finance ministers on Monday ended early with no agreem
Read more"Tough gets tougher" for oil service stocks, says UBS
4th Feb 2015 09:52
UBS has unsurprisingly predicted a weak fourth quarter for oil services companies in its preview of the sector's earnings season, saying it remains negative about the industry "as tough gets tougher". "We remain cautious on services as oil company capex delays and reductions are likely to impact ear
Read moreFTSE 250 movers: Kaz Minerals surges after hitting annual targets, energy stocks fall
29th Jan 2015 15:20
Kaz Minerals topped the risers after revealing it met its annual production target for 2014 with an output of 83,500 tonnes. Kaz's new gold and copper mine at Bozymchak, Kazakhstan, made its first shipment of concentrate at the end of 2014. Dairy Crest was also trading higher after signing a thre
Read moreFTSE 250 movers: Afren sweating on Seplat deadline, Chinese stocks hit
19th Jan 2015 14:03
Takeover target Afren was weaker as the deadline for suitor Seplat to return to the table with a possible offer was extended. The Nigerian group approached its FTSE 250 peer last month about a potential tie-up and has until 17:00 on Friday 30 January to 'put up or shut up', according to takeover rul
Read moreSunday newspaper round-up: Enquest, Britain's economy, Bank of England
18th Jan 2015 19:00
EnQuest is cutting spending, jobs and pay in an effort to avoid breaking the terms of its bank loans, the Sunday Times reported. The biggest independent UK North Sea oil producer's shares have fallen 80% since last summer as the price of crude oil collapsed. Investors took fright because of the comp
Read moreSector movers: Oil services hit by crude-price fall, analyst comments
9th Jan 2015 15:36
Oil equipment, services and distribution stocks were trading in the red on Friday as crude prices declined and comments from Morgan Stanley weighed on sentiment. The recent collapse in oil has hammered shares across the energy services sector over the last few months as exploration and production fi
Read moreUBS says oil services profits at risk after crude collapse
6th Jan 2015 10:17
The outlook for the European oil and gas sector in 2015 is "not encouraging", according to UBS which cut target prices for a number of energy services stocks on Tuesday. Brent crude prices almost halved over 2014 and are currently trading at around $51-52 a barrel (bbl), a level not seen since May 2
Read moreBroker tips: Energy services sector, IAG, Serco, Aveva
19th Dec 2014 12:11
Shares in the oil and gas services sector were hammered on Friday by comments from US bank Goldman Sachs which repeated its 'cautious' rating on the European sector in light of the recent collapse in crude prices. Goldman said: "Our analysis suggests that the European majors would need to cut capex
Read moreOil collapse to result in "painful" 2015/16 for energy services, says Goldman
19th Dec 2014 10:50
Shares in the oil and gas service industry took a battering on Friday from comments by US investment bank Goldman Sachs which repeated its 'cautious' rating on the sector's European players in light of the collapse in crude prices. On UK-listed energy services stocks, Goldman kept a 'buy' rating on
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