Roberto Abraham Scaruffi

17 December 2014

	Wood Group PSN to cut contractor rates by 10% and freeze salaries Offshore and onshore contract workers employed by Wood Group PSN (WGPSN)  will have their rates cut by 10% on the back of lower oil prices. The company said the move will be effective from January 2015

	Subsea 7 wins Gulf of Mexico contract Subsea 7 has been awarded a contract by the Hess Corporation for installation work on the Stampede Project in the Gulf Of Mexico. The deal includes work on flowlines, steel catenary risers, umbilicals, jumpers and associated subsea architecture which will tie-back two drill centres to a tension leg platform

	Oil services firm admits making corruption payments An oil services firm has admitted making corrupt payments to secure contracts in Kazakhstan. Aberdeen-based International Tubular Services (ITS) benefited from bribes made by a former employee to procure work from a customer in the oil-rich central Asian country, prosecutors said

	SeaBird Exploration signs deal worth $4million for vessel SeaBird Exploration has received an LOA (Letter of Agreement) for one of its vessels in the South East Asia region worth up to $4million. The deal will see the vessel chartered for around 35 days starting in early April next year

	Oil price drop 'positive' for the UK Bank of England governor Mark Carney said the fall in the oil price was a “net positive development” for the UK. Presenting the Bank’s financial stability report in London, he said: “We should be clear that the 40%-plus drop will flow quickly through to consumers and increase real disposable income and is a net positive for the UK economy

	Atlantic Petroleum cuts exploration expenditure by 75% Atlantic Petroleum said it has reduced its capital expenditure for exploration next year by 75% on the back of lower oil prices. The company has budgeted up to DKK 30million for its near-term exploration activities

	Technip wins €100million terminal contract in India Technip has won a €100million contract to build an onshore terminal in India as part of the intergrated development of the Vashishta and S1 fields. The award, from the ONGC (Oil and Natural Gas Corporation Limited), is one of the critical componenets in the development of the fields

	Oil price steadies at $60 a barrel Volatility for world markets continued today as the FTSE 100 Index put back a large chunk of the 2.5% rise seen in its previous session. Oil prices steadied at 60 US dollars for a barrel of Brent crude but this was not enough to prevent another weak session in Europe as confidence was hit by the continued financial crisis in Russia

	Plunging oil price could see petrol price fall below £1 Supermarkets have begun another round of fuel-price reductions as world oil prices plunge. First Asda announced it was cutting its petrol by 2p a litre and its diesel by 1p a litre from tomorrow

	Nigeria oil unions set for government talks amid strike Nigeria’s two oil unions are set to meet with government officials for talks today as an indefinite strike aimed at curbing local fuel supply and exports entered a third day in Africa’s biggest crude producer