OSLO, July 16 (Reuters) – Norwegian fertiliser maker Yara
International ASA (YAR.OL: Quote, Profile, Research, Stock Buzz) is aiming to triple its market share
to about 20 percent through consolidation in the global
industry, which it says has turned a corner after a bad year.
Cash-rich after its $4.1 billion bid for U.S. rival Terra
Industries was trumped in February by CF Industries (CF.N: Quote, Profile, Research, Stock Buzz), Yara
says the fragmented sector must consolidate to smooth the
cyclical fertiliser market and maintain decent margins.
OSLO, July 16 (Reuters) – Fertiliser maker Yara
International ASA (YAR.OL: Quote, Profile, Research) posted above forecast second quarter
core earnings on Friday and said the 2010/2011 growing season
was promising with strong demand for agricultural products.
Norway’s Yara, the world’s sixth largest fertiliser group by
market value, said urea prices increased “significantly” since
late in the second quarter but warned that further price hikes
may be capped if gained unlocked a wave of Chinese exports.
OSLO, July 14 (Reuters) – Intense price competition for
contracting work from oil and gas producers will weigh on
margins in 2011, Oslo-listed oilfield services company Acergy SA
(ACY.OL: Quote, Profile, Research) said on Wednesday, hitting its shares.
Acergy, which agreed to buy peer Subsea 7 (SUB.OL: Quote, Profile, Research) last
month to create a new leader in undersea engineering services
for oil and gas exploration, posted above-forecast operating
profit for the second quarter amidst more stable energy prices.
OSLO, July 13 (Reuters) – Shares in Norway’s DNO
International (DNO.OL: Quote, Profile, Research), which produces oil in northern Iraq,
leapt to their highest level in 14 months on Tuesday after a
report that its strategic owner may bid for the rest of the
Trade in DNO was suspended by the Oslo bourse to investigate
movements in the shares after the stock jumped 7.3 percent to
8.945 crowns — its highest level in 14 months.
OSLO (Reuters) – Oslo-listed oilfield services provider Acergy(ACY.OL: Quote, Profile, Research) agreed to buy rival Subsea 7(SUB.OL: Quote, Profile, Research) on Monday in an all-share deal set to create a leader in the undersea engineering segment hit by the Mexico Gulf oil spill.
Based on Friday’s closing prices, the offer represents a 3.1 percent premium and values Subsea 7 at more than $2.4 billion, according to Reuters calculations.
OSLO/LONDON, June 8 (Reuters) – Oil and gas producers Norway
and Britain on Tuesday moved to reduce the risks of their
offshore drilling in the wake of BP’s (BP.L: Quote, Profile, Research) well blowout and
oil spill in the Gulf of Mexico.
Norway, the world’s No. 5 oil exporter, said it was “not
appropriate” to open new deep-water areas for drilling until an
investigation sheds light on BP’s leak, while Britain said it
was increasing inspections on North Sea platforms.
OSLO, June 8 (Reuters) – Norway will not open new deep-water
areas for drilling until an investigation sheds light on BP’s
(BP.L: Quote, Profile, Research) well blowout and large oil spill in the Gulf of Mexico,
Oil and Energy Minister Terje Riis-Johansen said on Tuesday.
The freeze does not impact current production off Norway,
the world’s No. 5 exporter of oil and No. 3 in natural gas, but
signals a push to slow expansion of exploration to new offshore
areas, especially in the Norwegian Sea and the Barents Sea.
OSLO, June 7 (Reuters) – Norwegian companies EDB Business
Partner ASA (EDBASA.OL: Quote, Profile, Research) and unlisted ErgoGroup AS, owned by
postal services provider Posten Norge, agreed to merge to create
one of the Nordic region’s biggest IT vendors.
Both groups have struggled with margins, said analysts, and
would benefit from scaling up activities, especially as both
Norwegian firms are eager to grab a bigger chunk of the Nordic
IT market and challenge regional leader Tieto Oyj (TIE1V.HE: Quote, Profile, Research).
OSLO, June 1 (Reuters) – Norwegian seismic surveyor
TGS-Nopec (TGS.OL: Quote, Profile, Research) said demand for its seabed scans would
probably rise as tougher drilling rules are implemented in the
wake of BP’s (BP.L: Quote, Profile, Research) oil spill in the Gulf of Mexico.
Seismic scans help oil producers have a better understanding
of risks by mapping out the best locations to drill for oil and
gas as well as monitoring reservoirs during production.
OSLO (Reuters) – Nineteen-year-old German Lena won the 55th Eurovision song contest with the British-styled pop number “Satellite” on Saturday, beating 24 other contestants in one of Europe’s most watched TV programmes.
Lena, the second German winner of Eurovision, was an unknown before she won Germany’s qualifiers for the contest and delighted the crowd in the Norwegian capital Oslo with her youthful and energetic personality.