Petrofac reveals fresh cost-cutting plans

first_imgAccording to Petrofac, contract extensions in EPS, on the other hand, have remained strong with $500 million of new orders secured year to date. COVID-19 has caused significant disruption to Petrofac’s Engineering and Construction (E&C) projects. These actions included reducing overhead and project support costs by at least $100 million in 2020 and by up to $200 million in 2021. In order to mitigate the effects of coronavirus crisis and low oil prices, oilfield services provider Petrofac is taking further action to reduce costs and preserve balance sheet. Tender delays In an update on Friday, the company said it is targeting additional savings to those announced on 6 April, and now expects to reduce overhead and project support costs by at least $125 million in 2020 and by up to $200 million in 2021. “Whilst our bidding pipeline remains healthy and we are well-positioned on several opportunities this year, we are now prudently anticipating that the majority of 2020 tenders will be delayed until 2021”, Petrofac said. Looking ahead, Petrofac noted it remains unclear how long COVID-19 and low oil prices will continue to disrupt business activity and impact business performance. center_img However, Petrofac believes that its healthy order book, liquidity of $1.2 billion, and actions to reduce costs will protect it against near-term headwinds. Petrofac has already announced its decision to reduce its capex by 40 per cent, reduce salaries across the company, and reduce its personnel by about 20 per cent. This is evident in delays to current tenders in E&C, as well as the recent termination of the $1.5 billion Dalma contract. Whilst projects are still progressing, this has inevitably resulted in material delays in construction activity, which will not be recovered in 2020. In addition, the collapse in oil prices has been the catalyst for clients to review their future investment plans. In addition, suspension of the final 2019 dividend payment and a 40 per cent reduction in capital investment has conserved an incremental $145 million of cash flow.last_img read more

The Forgotten Ones

first_imgWhen a married man becomes a head coach in any sport, but basketball and football in particular, that leaves his wife a widow for several months. In some cases, it becomes almost a year-round sentence. With the demands in time placed on these coaches today with off-season training and coaching it takes a real loyal person to shoulder the load. If the husband wants to keep his job, he is expected–and really demanded–to do all these things, so it falls on the wife to raise the family. The coach’s day may start as early as 6 a.m. and go until well after midnight on certain days of the week. It takes a long time to chart every play in a game for all 11 players in football. Multiply this by the fact there is offense and defense with over 100 plays per game, and it takes hours. While the husband is doing his duties, his wife has to do her job plus run the household. If you have 2 or 3 active children, you know how many activities this could be. Add to this the season that is not going well, and the wife has a husband coming home in fear of losing his job. Then there are the nights after the game you led until one minute left and one play turned a win into a loss. The next time you see one of these ladies, tell her how good a job she is doing. She certainly deserves it!last_img read more

Staff exodus continues at City

first_img A City statement read: “Manchester City can confirm that Ivan Carminati, Fausto Salsano, Massimo Battara, Angelo Gregucci and Attilio Lombardo have left their respective roles at the football club. “We thank them for their contribution to Manchester City since their arrival and wish them well with their future careers.” Press Association Manchester City have confirmed the departure of five more members of Roberto Mancini’s backroom staff.center_img Mancini was sacked after three-and-a-half years as manager on Monday and his first-team coach David Platt left the following day. Among those also to have departed are defensive specialist Angelo Gregucci and reserve-team boss Attilio Lombardo, the former Sampdoria and Crystal Palace player. last_img read more

Willian joins Blues amid Eto’o talk

first_imgBrazil midfielder Willian completed his move to Chelsea as speculation intensified he could be joined at Stamford Bridge by his former team-mate Samuel Eto’o. The twice-capped 25-year-old was finally granted a work permit on Wednesday to complete his move from Russian club Anzhi Makhachkala after agreeing a five-year contract with the Blues. And with their attempts to sign Wayne Rooney from Manchester United seemingly floundering, Chelsea were reported to be on the verge of signing another Anzhi player in the form of Cameroon striker Eto’o. On Thursday morning pictures emerged of the 32-year-old, who has been widely linked with a move to Stamford Bridge over the last few days, apparently arriving at London St Pancras station on Wednesday night. Chelsea are keen to increase their attacking options, while Anzhi have been offloading players after owner Suleyman Kerimov decided to reduce his spending at the Dagestan club. Former Barcelona star Eto’o flourished under Chelsea boss Jose Mourinho’s guidance when the pair were at Inter Milan together. And Willian, who was poised to join Tottenham before Chelsea made their move, admitted the lure of working with the Portuguese was a big factor in his decision to join the west London club. “I’m very happy to be here, it’s been a dream of mine to come and play here,” Willian said on Chelsea’s official website. “Chelsea are one of the best clubs in the world and now I’m going to play for one of the best managers in the world. I’m very happy and looking forward to it.” Willian, who will wear the number 22 shirt, looked set to join Spurs last week only for Chelsea to hijack the deal and outbid their Barclays Premier League rivals. He had passed a medical at Spurs before Mourinho swooped to add him to Chelsea’s attacking options. Persistently linked with a move to England, he spent six years at Shakhtar Donetsk where he made his name as a creative midfielder player before joining Anzhi in January. He began his career in his homeland with Corinthians before moving to Europe with Shakhtar Donetsk in 2007. He made over 100 appearances for the Ukrainian club before moving to Anzhi. Friday night’s Super Cup match against Bayern Munich in Prague has arrived too soon for his Chelsea debut, so he must wait until the Premier League showdown with Everton on September 14 for his bow. His arrival has fuelled speculation that unsettled Spaniard Juan Mata could be on his way out of Stamford Bridge with Arsenal a possible destination. Press Associationlast_img read more

Update on the latest in sports:

first_imgThe team’s strength coach, Chris Doyle, has been placed on administrative leave and coach Kirk Ferentz’s leadership was called into question.About two dozen current players took to social media to voice messages of unity. None complained directly about his treatment.SPORTS-VIRUS OUTBREAKBrighton to have cardboard cutouts of fansUNDATED (AP) — English soccer club Brighton is offering fans the chance to have cardboard cutouts of themselves in the stadium when the Premier League resumes. Associated Press SAN ANTONIO, Texas (AP) — LaMarcus Aldridge will miss the remainder of San Antonio’s season while he recovers from surgery on his right shoulder. It’s a blow to the Spurs’ hopes of extending their streak of playoff appearances.Aldridge had surgery on April 24, stemming from an injury the Spurs said the seven-time All-Star suffered in a game at Utah on Feb. 21. He played in two more games after getting hurt, including one in which he scored 24 points in San Antonio’s win over Dallas.The Spurs have been to the playoffs in 22 consecutive seasons, matching the longest streak in NBA history.SOCCER-US WOMEN’S NATIONAL TEAM-ANTHEM POLICYUSWNT wants soccer federation to repeal anthem policy Games in the league will be closed to spectators for the remainder of the season because of the coronavirus pandemic.Five of Brighton’s nine remaining games are at home.The first is on June 20 against Arsenal. Fans need to send in a photo wearing a Brighton jersey and pay $25.In other coronavirus-related news— Brazil has withdrawn its bid to host the 2023 Women’s World Cup, arguing it cannot offer FIFA the financial assurances it needs because of the impact of the coronavirus pandemic. The Brazilian Football Confederation also says it will support Colombia’s bid against Japan and the joint candidacy of Australia and New Zealand. South America has never hosted the tournament. A final decision is expected on June 25. CHICAGO (AP) — The U.S. women’s national team wants the U.S. Soccer Federation to repeal the anthem policy it instituted after Megan Rapinoe started kneeling during “The Star-Spangled Banner.”The U.S. women’s team also wants the federation to state publicly that the policy was wrong and issue an apology to the team’s black players and supporters.Rapinoe took a knee during the anthem at a pair of national team matches in 2016. She said she wanted to express solidarity with San Francisco 49ers quarterback Colin Kaepernick, who silently took a knee during the national anthem before NFL games to raise awareness of police brutality and racial injustice.The U.S. Soccer Federation then approved a policy in February 2017 that stated players “shall stand respectfully” during national anthems. The policy remains in place, though the unions for the men’s and women’s teams believe it doesn’t apply to their players because of their collective bargaining agreements.MLB-CUBS DIVERSITY UNDATED (AP) — The NFL and the players’ union have sent a planner to the 32 teams outlining procedures for the full reopening of their practice facilities.A memo written by Commissioner Roger Goodell and approved by the NFL Players Association describes protocols focusing on screening, testing, and infection prevention and treatment for COVID-19, including response for new infections.Also included are instructions on proper facility access, cleaning and disinfecting; physical distancing; hygiene, health education and medical services. There are instructions on food preparation; supplies; and team travel.No timetable has been set for the return of most players to team complexes. Only players rehabilitating injuries have been allowed to enter the buildings.COLLEGE FOOTBALL NCAA considering 6-week plan for football prepUNDATED (AP) — The NCAA is considering a six-week plan for football teams to prepare for the start of their seasons that includes two weeks when teams can hold walk-throughs before full practices start.A copy of the Football Oversight Committee’s plan, which still needs to be approved by the Division I Council, was obtained by The Associated Press. Sports Illustrated first reported on the one-page document.The oversight committee has been working on a six-week model to lead into the season for weeks. It calls for two weeks preceding the start of a typical preseason practice schedule during which time teams can do up 20 hours per week or weight training, conditioning, film study, meetings and walk-throughs with coaches. Players would not be permitted to wear helmets and pads during walk-throughs, but a ball could be used for instruction.NCAA rules state teams can begin preseason practice 29 days before the date of their first game. The walk-through period would begin 14 days before preseason practice, according to the proposal. The plan has not been finalized but could be approved within two weeks.COLLEGE FOOTBALL-IOWA STRENGTH COACHIowa players voice unity amid racism allegations in programUNDATED (AP) — Iowa football players returned to campus to prepare for voluntary workouts amid an uproar.Former players over the past several days alleged systemic racism and other mistreatment in the program. Gutierrez’s hiring was announced by Alex Meruelo (mayr-WAY’-loh), who became the NHL’s first Latino controlling owner when he bought a majority stake in the Coyotes last year.Gutierrez previously served as managing director at Clearlake Capital Group and was chief investment officer of Meruelo Group, which is owned by Alex Meruelo. The recent deaths of George Floyd, Breonna Taylor and Ahmaud Arbery have sparked protests across the country. Floyd, a black man, died May 25 after a white Minneapolis police officer pressed his knee into Floyd’s neck while Floyd was handcuffed, pleading that he couldn’t breathe.NHL AMERICA PROTESTS-HOCKEY ALLIANCECurrent, former NHL players form Hockey Diversity AllianceUNDATED (AP) — Seven current or former black NHL players have formed the Hockey Diversity Alliance to fight racism and intolerance in the sport.Akim Aliu and San Jose’s Evander Kane will lead the group, which also includes Trevor Daley, Matt Dumba, Wayne Simmonds, Chris Stewart and recently retired Joel Ward. Update on the latest in sports: The alliance will be independent of the NHL but hopes to work in tandem with the league to promote diversity and inclusion.One goal of the group is to inspire future players to be able to “express their culture, identity, values and personality without fear of retribution.”NHL-COYOTES-GUTIERREZ HIREDGutierrez is NHL’s first Latino team presidentGLENDALE, Ariz. (AP) — The Arizona Coyotes have made Xavier Gutierrez the first Latino team president and CEO in NHL history. — Iowa announced that one person tested positive for COVID-19 out of 237 tests performed on athletes, coaches and athletic department staffers to prepare for the beginning of voluntary individual workouts. The school did not reveal who tested positive or whether it was a player. Iowa says the school began testing May 29. Football players were cleared to begin voluntary workouts on Monday, mostly weight training and conditioning, in team facilities.— Wisconsin is permitting the voluntary return of football and volleyball players for initial health assessments and COVID-19 testing this week to clear the way for them to begin voluntary strength and conditioning activities June 15. The men’s and women’s basketball teams will return later this month, followed by the men’s and women’s hockey teams.— The group that runs the U.S. Open tennis tournament is eliminating 110 national positions and reducing travel costs over the next few years to deal with the financial effects of the coronavirus pandemic. The U.S. Tennis Association also announced Monday that it will close its headquarters in White Plains, New York, and shift remaining staff to anNBA-SPURS-ALDRIDGEAldridge won’t return this season Epstein says Cubs planning to create diversity committeeCHICAGO (AP) — The Chicago Cubs are creating a diversity committee to help improve the organization’s standards and practices.President of Baseball Operations Theo Epstein says team owner Tom Ricketts and President of Business Operations Crane Kenney are leading the plans.On a conference call ahead of baseball’s amateur draft, Epstein said the team stands “in support of the Black Lives Matter movement and the protesters who are doing their best to make this a real inflection point in our history.”Epstein said the committee “set better standards” for the club and holds it accountable. Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-BASEBALLNew MLB plan calls for 76-game seasonNEW YORK (AP) — Major League Baseball is making another try to start the coronavirus-delayed season in early July. The proposal calls for a 76-game regular season, expanding the playoffs from 10 teams to as many as 16 and allowing players to earn about 75% of their prorated salaries.Players have refused cuts beyond what they agreed to in March shortly after the pandemic began, part of baseball’s again acrimonious labor relations. The arduous negotiations have jeopardized plans to hold opening day around the Fourth of July in ballparks without fans and provide entertainment to a public still emerging from months of quarantine.MLB says it can’t afford to play in ballparks without fans, and in May the owners proposed an 82-game schedule. The union countered with a 114-game schedule at prorated pay that would extend the regular season by a month through October.NFL-FACILITIES-RETURN PLANNFL sends plan to teams for return to facilities June 9, 2020last_img read more

Traffic in middle for UW volleyball

first_imgWith just four matches remaining in the 2010 regular season and the Wisconsin volleyball team’s playoff chances on life support, the time to look forward to next season begins.Fortunately for the Badgers, no position looks brighter for the future of the team than the middle blockers.Sophomore Alexis Mitchell has made a splash in her second year as a starter and has cemented herself as a staple in the starting lineup, but the other middle position could be up for grabs.Freshman Dominique Thompson seems to be the logical choice to step up, but head coach Pete Waite is excited by the possibility of not just Thompson, but also of the prospect of junior Elle Ohlander, junior Kristy Bourquin and redshirt sophomore Kelsey Maloney all competing for playing time.“That’s the great part, they will battle to improve their games to be the one on the court and to be the most reliable one out there,” Waite said.Thompson has started 17 of the team’s 24 matches and ranks fifth on the team in kills. She has also worked hard to improve her blocking, an apparent weakness entering college.“I think that my blocking has gotten a lot better this year. We work on it a lot [in practice] and I’ve made that one of main goals, to work on my blocking,” Thompson said. “Working on reaching in and pushing over.”Another thing in her favor to win the starting nod is her innate similarities to the incumbent starter Mitchell, who made obvious her choice to become the second middle blocker next season.“I think Dom has a really good chance to be the second middle as long as she focuses on what she needs to improve,” Thompson said. “She’s done some great things on the court and I think if she just builds on that in the offseason she’ll definitely be that next middle because she has so much speed and athleticism.”Thompson, who stands at roughly the same height as Mitchell, projects to have eerily similar stats to Mitchell in her 2009 freshman campaign.“I see a lot of myself in her when I was a freshman,” Mitchell said.If Thompson makes the same strides as Mitchell has in the last year, Waite will have two very talented middles on his hands.Mitchell, who had a career-high 21 kills in a match last weekend at Ohio State, has established herself as not only the go-to middle, but one of the go-to hitters and vocal leaders as well.“It’s really been great to see the progress she made from freshman year to sophomore year. She was just a raw athlete as a freshman and was pretty erratic offensively, but now she’s really finding her game and really becoming a big force in the Big Ten,” Waite said. “It’s becoming a great connection between Nellie and Alexis, and she’s really driving hard and seeing the block.”The main things to improve upon for Mitchell over the next year are to stay healthy – something she was not always able to do this season – enhance her leadership skills and, in typical middle blocker fashion, increase her blocking prowess.“I really wanna work on my blocking stats up a lot more and become more of a dominant blocker on the team and in the conference,” Mitchell said. “I think with a lot of the great middle blockers that are gonna be leaving, I have a big opportunity to make an impact in the blocking stats and then just working on it all offseason so I can improve a lot.”Despite their height, the two use their quickness and leaping ability to compete with generally taller opponents.“Both have long arms and a big jump, so you can make up for it in different ways,” Waite said.Mitchell, Thompson and the three others hoping to force their way into the starting rotation all look to give problems to the coaching staff over who will play – a great problem to have for Waite and the Badgers.last_img read more

Beat writers predict Syracuse to move to 2-0 with win over Iona Tuesday night

first_img Facebook Twitter Google+ Syracuse (1-0) takes on Iona (0-1) Tuesday night in the Carrier Dome at 7 p.m. The Orange is coming off a 77-45 season-opening win over Cornell while the Gaels got nipped by Albany, 69-67. Tyus Battle led all scorers with 18 points against the Big Red, while Geno Thorpe and Oshae Brissett chipped in 12 and 11, respectively. Bourama Sidibe and Matthew Moyer led the way on the glass with 10 rebounds apiece. Our beat writers make picks and discuss Syracuse’s second game of the season.Sam Fortier (1-0)Iona USyracuse 62, Iona 51Syracuse played another traditional Metro Atlantic Athletic Conference team last season in Monmouth and dispatched them 71-50. Granted, this is a more inexperienced Syracuse but the Gaels are weakened too by losses of its top three scorers. If the Gaels shoot well from beyond the arc, then the team could win, but right now that seems too unlikely to pick.Matthew Gutierrez (1-0)Gael forceSyracuse 66, Iona 57Don’t sleep on the Gaels, an up-tempo, 3-point-heavy team that matches up well against the 2-3 zone. Iona is coming off of a MAAC title and NCAA Tournament appearance, but the Gaels lost its top three scorers and top two rebounders from a year ago. The Orange will sneak away with a victory and improve to 2-0 in what’s probably its toughest nonconference game until Maryland visits at the end of the month.AdvertisementThis is placeholder textTomer Langer (1-0)Back-to-backSyracuse 72, Iona 56Iona is a better team than Cornell is, but it’s missing a lot of its pieces from last year’s 22-13 team, namely its top three scorers. Like Sam said, if Iona gets hot behind the arc, because it will put up a lot of shots, then it has a chance. But the Gaels made just 4-of-22 3-pointers against Albany to start off their season. Until I see something different, I imagine Syracuse will start off slowly in the first half but will pull away in the second. Comments Published on November 14, 2017 at 8:51 amlast_img read more

Walters and Westwood sit out Republic training

first_imgHe believes Ireland can trouble the Belgium if they perform as they did for most of the match against Sweden. Walters is recovering from his achillies injury while Westwood has a back problem.The team’s next game in Group E at Euro 2016 is against Belgium on Saturday.Assistant manager Roy Keane has been talking about the system and tactics they may use in the next match.last_img