Jul 26, 2018

Shell announces 30% rise in profit, plans $25bn buyback

Oil
Oil & Gas
Olivia Minnock
2 min
Oil and gas giant Royal Dutch Shell has announced its quarterly profits for Q2 2018, exhibiting a 30% rise in net profit, year on y...

Oil and gas giant Royal Dutch Shell has announced its quarterly profits for Q2 2018, exhibiting a 30% rise in net profit, year on year.

According to CNBC, the Netherlands-based company which has subsidiaries across the globe calculated its net profit attributable to shareholders on a CCS (current cost of supplies) basis and found the figure to reach $4.69bn, with the same quarter a year ago having reported a profit of $3.6bn.

While this was a significant rise it was also noted that according to Reuters, analysts predicted an even bigger rise to a figure closer to $6bn for the quarter.

See also:

Shell joins the Carbon Trust programme

Shell supports UK government’s 2040 petrol and diesel ban

Read the latest issue of Energy Digital

Shell has attributed the rise in profit primarily to its Integrated Gas and Upstream segments. It has also announced a $25bn share buyback programme, an offer to buy shares from investors which usually happens if accompany feels its shares are undervalued and wishes to reduce the number of outstanding shares.

Ben van Beurden, CEO of Shell, reportedly said of the buyback: “This move complements the progress we have made since the completion of the BG (British Gas) acquisition in 2016, to reshape our portfolio through a $30bn divestment program and new projects, to reduce net debt and to turn off the scrip dividend.”

Shell acquired BG Group (owner of British Gas) for $62bn (£47bn) in a 2015 deal following the plummet of oil prices. The scrip dividend programme enables ordinary and ADS (American Depository Share) shareholders to receive new fully paid shares instead of a cash dividend. It was brought in as part of the acquisition and Shell recently announced it would seek to end the initiative ‘soon’.

Share article

May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

Share article