Solstad Maritime (SOMA.OL) committed to chartering Reach Subsea's (REACH.OL) construction support vessel Normand Jarstein for work in the Mediterranean and Black Sea.
Under the letter of intent, the vessel will be chartered for two years, with an option for a one-year extension, according to separate Monday filings from the companies. The parties are expected to finalize the contract next week.
The vessel will begin transit to Solstad within the week.
Abu Dhabi National Oil Co., or Adnoc, gave out contracts totaling 200 billion Emirati dirhams for its projects from 2026 to 2028, as part of its five-year capital expenditure plan.The awarded agreements at the Make it With ADNOC forum aim to boost the state-owned oil group's upstream and downstream operations, as well as its production capacity, according to a Sunday release.Additionally, the contracts also support the group's In-Country Value program and the United Arab Emirates' Make it in the Emirates initiative.
Ades Holding (SASE:2382) signed a two-year agreement for the shelf drilling victory in Nigeria for 347.6 million Saudi riyals, which includes the share of its in-country partner.The deal with oil and gas company Seplat Energy Producing Nigeria includes two unpriced optional extension periods of one year each, according to a Sunday release. The Saudi drilling services company expects rig operations to start in the second half of 2026.
The Organization of the Petroleum Exporting Countries and allies, such as Russia, or OPEC+, will reportedly increase its oil production levels in June, Reuters reported on May 2, citing sources.The sources said that the group plans to raise targets by 188,000 barrels per day at its Sunday meeting, which would include Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. They added that the move is part of its plan to signal a business-as-usual approach amid the conflict in the Middle East.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)