Saudi Arabia warned the UN Security Council on Wednesday of an ‘oil spot’ about 50km west of the FSO Safer, the decrepit tanker at risk of a catastrophic oil spill off Yemen’s Red Sea port of Ras Isa.

The contracts, although with relatively small values, are the first in several months as coronavirus outbreak-related economic and operational issues continue to hit shipyards. The group has also reiterated that both projects are on progressive payment terms amid financial concerns in the industry

Mero 3, which is one in a handful of FPSOs awarded this year, is pegged to a capex of $2bn-$3bn, according to analysts

Premiums in the offshore energy insurance sector are still falling, and expected to shrink further as the line feels a twin squeeze from coronavirus and the low oil prices prevailing in recent years

The US National Hurricane Centre said the centre of Sally will move across southeastern Alabama on Wednesday night, over central Georgia on Thursday, and move over South Carolina on Thursday night

Seadrill announced forbearance agreements on some of its debts due this month. The Oslo-listed offshore driller has hired the same stable of restructuring advisers that led it through Chapter 11 two years ago as it tries to restructure $7.3bn in debt.