DOF Group has been awarded a contract by MODEC Guyana to deliver mooring pre-lay services for the Hammerhead floating production storage and offloading (FPSO) project in Guyana. The Norwegian offshore supply shipping company did not disclose the contract value but said it is a “large turnkey” award. The project management, engineering, procurement, logistics and installation activities will be managed by DOF's North America subsea team. DOF said that offshore operations pertaining to the contract are s ...

Last year, upstream oil investment was projected to have declined 2.5% Y/Y to $420 billion after low oil prices put pressure on producers and slowed expansion plans. Companies across the industry continued to prioritize profitability, free cash flow, and debt reduction over aggressive production growth, a trend reinforced by macro uncertainty. The decline was also driven by reduced spending by U.S. independent light tight oil and shale producers, even as national oil companies (NOCs) in the Middle East inc ...