Author: omc_admin
JDR Cable Systems (JDR), the global subsea cable supplier and service provider, part of the TFKable Group, has been awarded a significant service contract by Larsen & Toubro (L&T), an Indian multinational engaged in EPC projects, high-tech manufacturing and services. The work will see JDR test 14 umbilical cables for offshore platforms in the Middle East, covering two major work scopes across multiple offshore platforms. This includes the testing and monitoring of critical hydraulic and electrical control systems to support operations across the platforms. JDR’s scope of work will support the safe and efficient operation of the umbilical cables. This…
Copper futures soared as much as 17% on Tuesday, their largest intraday gain in at least three decades, after former President Donald Trump announced a 50% import tariff on the industrial metal. Speaking at a Cabinet meeting, Trump confirmed plans to impose new duties on copper, part of a broader tariff push targeting metals, semiconductors, and pharmaceuticals.“We’re going to make it 50%,” Trump said when asked about the copper rate. The announcement immediately jolted markets, highlighting how sensitive the global copper supply chain is to U.S. trade policy.Commerce Secretary Howard Lutnick later told CNBC that the Commerce Department had completed…
(World Oil)– Valaris Limited has been awarded a 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, the company announced Monday. The contract is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America/Gulf of Mexico. The combined addition to contracted revenue backlog is approximately $760 million. “We’ve secured approximately $1.9 billion in new contract backlog so far this year, reflecting solid execution of our commercial strategy and our ability to deliver safe and efficient operations for our…
Private jets have begun buzzing above the cattle and potato farms of Sun Valley, Idaho, for the annual Allen & Co. Sun Valley Conference.For more than four decades, the Tuesday after July 4 has marked the kickoff of the annual summit, which has become known as billionaire summer camp. What started out as a media-focused conference for a few dozen guests has since expanded to include hundreds from all corners of the business world.Between 160 and 190 aircraft — more than double the number of an average Tuesday — typically arrive at the Sun Valley Friedman Memorial Airport, shuttling CEOs…
Oil prices climbed Tuesday, hovering near two-week highs as markets absorbed the impact of a larger-than-expected OPEC+ production increase and ongoing uncertainty around US trade policy.As of mid-afternoon, Brent crude was up 89 cents at $70.47 per barrel, while US West Texas Intermediate rose 80 cents to $68.73. Both benchmarks are on track for their highest close since June 24.OPEC+ on Saturday approved a 548,000 barrel-per-day (bpd) production hike for August, outpacing the 411,000 bpd monthly increases seen earlier this summer. The move accelerates the rollback of the group’s 2.2 million bpd in voluntary cuts and hints at a similar…
We are selling 500 shares of Coterra Energy at roughly $25.56 each. Following the trade, Jim Cramer’s Charitable Trust will own 2,600 shares, decreasing our weighting to about 1.80% from about 2.17%. We’ve recently made several sales in winners, trimming our positions in Goldman Sachs , Broadcom , Disney , and CrowdStrike , as well as Eaton , following some significant moves to new highs. However, limiting sales to winners is a cardinal sin of managing a portfolio. If you never sell the bad ones in a portfolio, you’ll be stuck waiting for a bunch of underperforming stocks to improve…
Oil prices have inched up, but the EIA says don’t get used to it. The July Short-Term Energy Outlook (STEO) raised its 2025 Brent forecast by $3 to $69/bbl, citing a spike in geopolitical risk from the mid-June Iran nuclear conflict. But that bump is expected to be short-lived. With inventories building, the agency sees Brent falling to $58/bbl in 2026—a dollar lower than last month’s projection.Meanwhile, U.S. crude output is peaking. Production averaged just over 13.4 million bpd in Q2, an all-time high, but is expected to decline slightly through 2026. The EIA expects average U.S. crude production to…
Honeywell shares were on track for a record-high close Tuesday after the industrial conglomerate said it is re-evaluating what to do with two lagging businesses ahead of its planned three-way split. The news Honeywell announced Tuesday it is exploring strategic alternatives for its productivity solutions and services (PSS) unit and its warehouse and workflow solutions (WWS) segment. Getting rid of these businesses would streamline the company’s automation portfolio. Automation will be one of the three publicly traded companies that result from Honeywell’s upcoming breakup. Aerospace and advanced materials will be the other two. Both of these businesses — which serve…
Sosthène Nguema Nguema, Minister of Oil & Gas of Gabon, has joined the African Energy Week (AEW): Invest in African Energies conference. Minister Nguema’s participation reflects the country’s drive to work with global partners to unlock greater value from Gabon’s oil and gas sector and is expected to create new opportunities for collaboration and investment. With over 2 Bbbl of proven oil reserves and significant gas potential, Gabon seeks to increase national oil production to upwards of 220,000 bpd in the short-to-medium term. To achieve this goal, the country is promoting fresh investment across undeveloped acreage, notably deepwater…
The Portuguese Government has approved funding for 17 projects focused on the production of hydrogen and renewable gases, with a total investment of €70 million. The initiative is part of the REPowerEU regulation and is financed through the Recovery and Resilience Plan (PRR), managed by the Environmental Fund under the Ministry of Environment and Energy. The selected projects were chosen through a competitive process based on strict technical criteria, including decarbonisation potential, investment efficiency, territorial impact, technical capacity, and innovation. The call for proposals was open to both public and private companies. Among the beneficiaries are companies such as Mota-Engil…