A growing list of delayed or cancelled projects, seen by some investors as a healthy move by majors to rein in capital spend after a poor history of returns is working its way through corporate earnings; it has already pummelled the share price of some European suppliers seen as financially fragile.

North Atlantic Drilling Ltd. (NADL), the rig company controlled by billionaire John Fredriksen, will extend a deadline to complete deals with Russia’s OAO Rosneft (ROSN) that include $4.25 billion in contracts amid concern over trade sanctions, a person familiar with discussions said.

Saipem has been awarded a new Engineering & Construction contract in Saudi Arabia and new Drilling contracts in the Middle East and in Latin America cumulatively valued approximately $2 billion.

Rosneft Discovered a New Hydrocarbon Field in the Kara Sea

Billionaire investor John Fredriksen is considering buying more shares in oil rig operator Seadrill after the stock's sharp fall this year, Norwegian business daily Finansavisen reported on Monday.

Exxon Said to Halt Arctic Oil Well Drilling on Sanctions

Fitch: Drilling downturn might prompt some consolidation

Seadrill Limited Announces Second Quarter 2014 Results

Rosneft signs deal with NAD for land drilling rigs in Russia

Integrated drilling service agreement to Schlumberger Norway