Forecasting a “long harsh winter ahead” in terms of work, and preparing to “hunker down,” Keppel Offshore & Marine Ltd. is bracing for tough times for the construction of oil rigs.
According to Bloomberg, the company, which is the world’s largest builder of oil rigs, does not see growth ahead for the industry, due to a surplus of oil and lower profits. The company said that the decline in orders for rigs is due to the number of rigs already in use, and a drop in the fees to lease a rig. Continue reading
Now that Iran appears on the verge of resuming prodigious oil production, it’s becoming clear that it plans to do so by forming ever-closer ties with Russia, one of six world powers that persuaded it to restrict its nuclear program in exchange for the removal of Western sanctions. Relations with the United States, though, remain strained.
The nuclear deal certainly does not mean that Iran is on good terms with the U.S., recently, Iran imprisoned at least three men with ties to the United States. Its supreme leader, Ayatollah Ali Khameini, while approving the agreement that is expected to lift the sanctions, has stressed that the sanctions agreement doesn’t mean his country is ready to strike any big business deals with American companies, which might open the door to more liberal influences in a religiously conservative state. Continue reading
Well, the Nasdaq finally did it. It has climbed all the way back to where it was at the peak of the dotcom bubble. Back in March 2000, the Nasdaq set an all-time record high of 5,048.62. On Thursday, after all these years, that all-time record was finally eclipsed. The Nasdaq closed at 5056.06, and Wall Street greatly rejoiced. So if you invested in the Nasdaq at the peak of the dotcom bubble, you are just finally breaking even 15 years later. Unfortunately, the truth is that stocks have not been soaring because the U.S. economy is fundamentally strong. Just like the last two times, what we are witnessing is an irrational financial bubble. Sometimes these irrational bubbles can last for a surprisingly long time, but in the end they always burst. And even now there are signs of economic trouble bubbling to the surface all around us. The following are 11 signs that we are entering the next phase of the global economic crisis… Continue reading
Russia has been reported to be creating underwater combat robots that are geared to protect its oilrigs and transportation networks as it expands its hold over in the Arctic region.
Vitaly Davydov, deputy general director of the Russian Foundation for Advanced Research Projects, and chairman of the foundation’s Scientific and Technological Board, told Interfax-AVN the underwater gadgets will be designed as capable of protecting Russian infrastructure as well as controlling the waters around the region. It will also be equipped for detecting, tracking and, “if necessary, destroying a potential enemy.” He added the machinery will be deployed on the sea bottom and aboard specialised submersibles. Continue reading