Wood Group wins $750m contract from BP
11th Dec 2014 08:53
Energy services firm John Wood Group has been awarded a five-year contract worth an estimated $750m from oil giant BP. Under the deal, which will be effective from January 2015, the firm will deliver engineering, procurement and construction services to six UK continental offshore upstream assets an
Read moreWednesday newspaper round-up: StanChart, G4S/Serco, Oil services firms
10th Dec 2014 07:00
According to The Guardian, Standard Chartered is under fresh scrutiny from US regulators. The bank's two-year deferred prosecution agreement imposed two years ago for US breaching sanctions towards Iran has been extended for three years. US authorities, who have already fined the bank over £400m, ar
Read moreSector movers: Oil stocks under pressure as crude continues to slide
8th Dec 2014 15:27
An on-going slide in the price of oil was weighing on the oil and gas sector again on Monday with crude prices falling to their lowest level in five years. West Texas Intermediate (WTI) futures for January delivery were down 2.4% at $64.27 a barrel by the afternoon in London, while Brent for January
Read moreFTSE 250 movers: Oil stocks slide after OPEC decision
28th Nov 2014 15:25
Oil stocks and those related to the sector tumbled following the decision by the Organization of the Petroleum Exporting Countries to maintain a steady rate of oil output, which sent the price of Brent tumbling on Thursday. Premier Oil, Enquest, Afren, Hunting, Ophir Energy and Wood Group all took a
Read moreSector movers: Oil services bear the brunt of OPEC decision as outlook sours
28th Nov 2014 14:03
Oil-related stocks were continuing to feel the impact from a recent plunge in crude prices on Friday, though companies in the energy-services sector were bearing the brunt of the selling pressure. The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to scale back their pr
Read moreLondon open: FTSE 100 falls as energy stocks extend losses after OPEC meeting
28th Nov 2014 08:41
Despite already having plunged the previous session, stocks in the energy sector were under further selling pressure on Friday in the aftermath of the OPEC meeting, pushing the FTSE 100 firmly into the red. The Organization of Petroleum Exporting Countries decided on Thursday not to scale back their
Read moreSector movers: Oil stocks tank as OPEC reportedly maintains target, crude extends losses
27th Nov 2014 14:36
Concerns about falling oil prices hammered stocks in the energy sector on Thursday, with shares extending losses on reports that the Organization of Petroleum Exporting Countries (OEPC) has held off from scaling back production at its meeting in Vienna. Brent futures for January delivery were down 3
Read moreSector movers: Petrofac profit warning sinks oil services stocks, OPEC meeting eyed
24th Nov 2014 15:11
A profit warning from blue-chip oilfield services group Petrofac rattled the oil services, equipment and distribution sector in London on Monday, with stocks falling by an average 10%. There was nervousness ahead of a pivotal meeting of the Organization of Petroleum Exporting Countries (OPEC) on Thu
Read moreWood Group's shares fall as CFO Semple announces retirement
20th Nov 2014 10:03
John Wood Group's chief financial officer (CFO) Alan Semple said on Thursday he plans to step down at the oil and gas services firm's annual general meeting in May 2015. David Kemp, CFO of Wood Group PSN will succeed Semple, who has been with the company for more than 19 years. Ian Marchant, chairm
Read moreWood Group extends Canadian oil rig deal
19th Nov 2014 07:39
Oil services supplier John Wood Group has extended a deal to provide engineering, buying and construction services to a rig off the coast of Canada. Wood said its PSN division had agreed a new multi-million dollar, five-year contract with Hibernia Management & Development Company to supply the Hiber
Read moreFTSE 250 movers: Oil stocks lead fallers while Man jumps
4th Nov 2014 14:43
Oil stocks were leading the FTSE 250 downwards on Tuesday as US crude prices dropped to their lowest in three years. The slump came as the world's largest exporter, Saudi Arabia, lowered prices for crude exports to US customers in an attempt to support its market share. Producers Ophir Energy, Afren
Read moreSector movers: Oil stocks tank as crude prices drop to three-year low
4th Nov 2014 13:26
Sinking crude prices were pressuring oil producers and oil services stocks lower on Tuesday, with West Texas Intermediate (WTI) dropping to a three-year low. Oil dropped sharply after the world's largest exporter, Saudi Arabia, lowered prices for crude exports to US customers in an attempt to suppor
Read moreMonday broker round-up UPDATE
20th Oct 2014 09:48
African Barrick Gold: Westhouse Securities cuts target price from 285p to 230p maintaining an add rating. Antofagasta: Westhouse Securities reduces target price from 805p to 720p retaining its neutral rating. Centamin: Westhouse Securities shifts target price from 65p to 70p upgrading to buy. DCC:
Read moreSector movers: Petrofac leads oil services higher as crude prices rebound
17th Oct 2014 14:00
A continued rebound in crude prices on Friday saw firms in the oil services sector rise after the price of the commodity collapsed over the past few weeks. Fears about an oversupply of oil saw West Texas Intermediate (WTI) crude drop below $80 a barrel this week, while Brent futures sank to four-yea
Read moreSector movers: Cyclicals slump, defensives rise as risk appetite wanes
10th Oct 2014 14:06
Cyclical sectors such as mining and oil services were bearing the brunt of the market sell-off on Friday as fears about a global economic slowdown prompted investors to scale back risk appetite. Mining heavyweights such as Antofagasta, Glencore, Fresnillo and BHP Billiton were all under pressure as
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