Deepwater drilling regulatory shortcuts to an end.

The Obama administration announced Monday that it is no longer fast-tracking offshore drilling projects in deep water by exempting them from detailed environmental review.

There is no need to ban offshore drilling operations in Canada’s coastal regions, said a new report released Wednesday.

Dutch oil services company SBM Offshore NV on Wednesday reiterated its full-year outlook and said the market for new projects is improving, despite a 14% drop in first-half net profit due to cost-overruns and a one-time loss on an interest rate swap.

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