London, 08 September, 2023, (Oilandgaspress) :
The amount UK drivers borrowed to pay for cars hit a new record in 2022, rising by over £4billion compared to the previous year.
Despite fewer new and used car sales recorded last year and a decline in the number of finance deals being taken out, analysis of the full-year data published by the Finance and Leasing Association (FLA) shows that borrowing ballooned to £40.7billion.
It has been partly driven by average finance amounts per vehicle reaching never-before-seen levels for both new and second-hand cars.
In 2009 some £11.2billion was locked up in motor finance, therefore there has been a 263 per cent rise between then and last year.
Average weekly earnings rose from £435 in 2009 to £614 in 2022 – just a 41 per cent increase.
New car buyers borrowed £25,325 on average in 2022, up from £23,746 in the previous year – and more than double the amount incurred in 2019, which was around £12,000 13 years prior. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 1 from last week to 632 with oil rigs up 1 to 513, gas rigs down 1 to 113 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 5 from last week to 182, with oil rigs down 2 to 113 gas rigs down 3 to 69.
| Region | Period | Rig Count | Change |
| U.S.A | 8 September 2023 | 632 | +1 |
| Canada | 8 September 2023 | 182 | -5 |
| International | August 2023 | 952 | -9 |
Summer 2023 was hottest on record, scientists say
The summer of 2023 was the hottest on record, according to data from the same EU institute. The three-month period from June through August surpassed previous records by a large margin, with an average temperature of 16.8 degrees Celsius (62.2F) – 0.66 C above average. This comes as Britain recorded its hottest day of the year so far on Thursday. The country’s national weather service said provisional data showed a high of 32.6 C (90.7 F) in south east England. Read More
A helicopter crashed off the coast of the United Arab Emirates, with two pilots now missing, authorities said Friday.
The crash happened offshore, though the UAE’s General Civil Aviation Authorities did not specify where. It identified the aircraft involved as a Bell 212, which can carry 14 passengers and a pilot.
Officials said the two pilots aboard were from Egypt and South Africa and had taken off Thursday night from Al Maktoum International Airport, the second airfield in Dubai.
Aerogulf, the owner of the helicopter, described the flight as “routine training operations between Al Maktoum International Airport and an offshore rig.” The oil-rich UAE has multiple oil rigs off the coast in the Persian Gulf. Read More
DS Automobiles teams launched a design competition focusing on the best French craftspeople, in partnership with the Studio Métiers Rares. Seeking the strength of innovation from crafts through a technical and aesthetic challenge enables a deepening of the creative and innovative bond between DS Automobiles and these established or emerging professionals from the creative crafts scene. The design competition was launched in 2021. The second was announced at the end of last year. This new design competition entitled DS-LUMEN was devoted to light. The creativity and expertise of each had to be communicated around an essential identifying element in the automotive world: the grille. DS 3 E-TENSE serves as a muse. The front of this 100% electric version allows a new surface for expression to be established for craftspeople who were able to express themselves freely on the grille and therefore completely reinterpret the front of the car.
To begin with, the candidates registered. An internal committee nominated nine entrants who had to produce samples within an allotted budget.
Picked by a jury consisting of DS Automobiles teams and influential figures in the brand’s areas of expression (fashion, culture and gastronomy), three finalists were then asked to design a grille for DS 3 E-TENSE, still within a fixed budget, to show as part of the Révélations exhibition, an international biennial of Craft and Design which took place in June 2023. Read More
In response to persistent thefts targeting certain Hyundai vehicles without push-button ignitions and immobilizing anti-theft devices, Hyundai Motor America is collaborating with St. Louis County, St. Louis County Police, the City of Jennings and the Urban League of Metropolitan St. Louis to provide free anti-theft software upgrades to affected Hyundai owners in the parking lot of the Urban League at 8960 Jennings Station Road on Saturday and Sunday, September 9 and 10.
The mobile clinic is intended to complement Hyundai’s nationwide network of dealerships and drive further installations of Hyundai’s free anti-theft software upgrade for customers who continue to be affected by the thefts popularized on social media. Specially trained mobile service technicians will be on-site to install and complete the software upgrade, which should take less than an hour. Read More
Five new Rivian Adventure Network charging sites are now open along the iconic Blue Ridge Parkway, a scenic 469-mile drive through the central and southern Appalachian Mountains. The Blue Ridge Parkway is the most-visited National Park site in the country, with over 15 million visitors in 2022, according to the National Park Service. These new fast chargers along the route enable Rivian drivers to experience one of America’s seminal road trips with range confidence. Read More
Rivian Automotive (RIVN.O) will benefit late this year and in 2024 from a significant deflation for battery material prices, finance chief Claire McDonough said at a technology conference on Thursday. Prices for raw materials used in batteries surged to record highs in recent years on burgeoning demand for EVs, coupled with tight supplies due to the pandemic that were exacerbated by Russia’s invasion of Ukraine. Read More
General Motors on Thursday offered its largest four-year wage increase in decades as part of a new contract proposal to the United Auto Workers, as the automaker attempts to avoid another costly strike by its unionized workforce. The UAW’s president, however, called the offer “insulting.”
The wage increase for most of GM’s roughly 46,000 UAW-represented workers would be 10%, while newer, or in-progression, employees would be eligible for up to a 56% increase in wages over the four years of the deal, the company announced Thursday after meeting with union leaders and negotiators. Temporary workers, who supplement full-time employees, would also receive 20% wage increases to roughly $20 an hour.
Under the current pay structure, UAW members start at about $18 an hour and have a “grow-in” period of four years to reach a top wage of more than $32 an hour. GM’s proposed contract also includes two additional 3% lump-sum payments resulting in a total wage increase of 16%; $5,500 ratification bonus; $6,000 one-time inflation-recognition payment; and $5,000 in inflation-protection bonuses over the life of the agreement, which in-progression employees are eligible to receive. Read More
McDermott International, Ltd today announced that it has entered into a transaction support agreement with more than 75%, in aggregate, of its secured letter of credit (“LC”) providers, funded debt creditors and equity holders to initiate a financial restructuring process to strengthen its capital structure, enhance its liquidity position, and further position the Company for long-term success. Additionally, the Company has received $250 million in new capital from a group of its existing equity holders, which will support its ability to operate its business, deliver on existing projects and expand backlog with new client projects.
Under the terms of the Agreement, McDermott will amend and extend its term loans and LC facilities for three years, through mid-2027 with no change in pricing, increase the company’s liquidity, and discharge certain legacy legal liabilities. To implement the Agreement, McDermott International Holdings B.V. and Lealand Finance Company B.V. will initiate procedures in the Netherlands under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord or “WHOA”). CB&I UK Limited will initiate a Restructuring Plan under Part 26A of the Companies Act 2006 (UK) in England.
McDermott International Holdings B.V., Lealand Finance Company B.V., and CB&I UK Limited are the only McDermott entities named in these proceedings. Following the completion of the Netherlands and UK processes, McDermott will make a voluntary filing in the United States to secure legal recognition of the international court decisions. The Company expects to continue all current customer agreements, projects, and vendor commitments throughout these processes. McDermott currently expects to complete the processes no later than early 2024.
“Over the past 24 months, our executive leadership has made transformative progress in resetting and implementing our business strategy by leveraging the strength of our operating business and tailoring our approach to our core clients,” said Michael McKelvy, President & CEO of McDermott. “We are pleased to have reached this agreement with our key stakeholders, which demonstrates their confidence in the long-term strength and sustainability of our business. These proactive steps ensure that McDermott is strongly positioned to deliver on our growing number of client projects as we continue our important work of accelerating the energy transition in our industry.”
The Company has also completed actions to strengthen its world-leading storage business, CB&I Storage Solutions. CB&I Storage Solutions will have dedicated working capital and an independent LC facility separate from the McDermott LC facilities. Read More
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