Italy’s Saipem, a company which was supposed to carry out a giant part of the South Stream pipeline work in the Black Sea, has sounded out again regarding the cancellation of the project.

Norwegian oil company Statoil has extended the suspension times for three offshore drilling rigs.

Statoil plans to pump an additional NOK20 billion (nearly US$2.

Swedish owner of offshore support vessels Viking Supply Ships (VSS) has cancelled a contract for aerial reconnaissance services with Blom ASA.

Norway’s Siem Offshore has received notices of contract termination for two of its AHTS vessels and one PSV in Russia.

Cluff Natural Resources Plc has announced that further to the provisional award of promote licences in the UK’s 28th Offshore Licencing Round on November 7, 2014, it has now been formally awarded the five promote licences covering a total of eleven blocks by the Department of Energy and Climate Change (DECC).

Baker Hughes Incorporated has posted an international rig count report for November 2014 on its Investor Relations website according to which the international offshore rigs are up from last month.

Brazil’s national oil company Petrobras has made a gas discovery at the Orca-1 well, located 40 kilometers north of the coast of Guajira province, offshore Colombia.

Malaysian oilfield services provider SapuraKencana has today announced several new contracts and contracts extensions.

Last week OPEC held a conference to review the outlook on the bleak oil market.