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Offshore accommodation provider Prosafe has forecast a tougher year ahead, compared to 2019, expecting a drop in flotel rig fleet utilization and day rates falling. The company on Thursday reported a quarterly net loss of $13.3 million (compared to a loss of 35.7 million in Q4 2018). The flotel provider said it would work on... Continue Reading →
Brazil’s real slumped on Thursday to within sight of its all-time low against the dollar, despite the central bank’s signal a day earlier that its latest interest rate cut could be its last, and a broad rise in market-based interest rates. The real’s decoupling from rates suggested speculative flows were behind the currency’s slide, given... Continue Reading →
Brazilian drilling contractor Sete Brasil and Singapore’s offshore rig builder Sembcorp Marine have fulfilled all conditions precedent for a settlement regarding contracts for the construction of seven drillships to become effective and Sembcorp Marine is now in talks with a buyer for the completion of two drillships. Sembcorp Marine said on Thursday that all conditions... Continue Reading →
Norwegian oil major Equinor has launched a new climate roadmap for the upcoming period of energy transition, in line with the Paris Agreement. Equinor said on Thursday that it would reduce the net carbon intensity, from initial production to final consumption, of energy produced by at least 50 percent by 2050. Also, it would grow... Continue Reading →
Norwegian geophysical services company EMGS has returned to profit as revenues hiked close to 180 percent for the period ended December 31, 2019. The Oslo-listed company reported profit for Q4 2019 of $18 million or 14 cents per share, versus loss of $7 million in Q4 2018. Revenues for the quarter rose at $37.2 million... Continue Reading →
Guyana vigorously defended its oil contract with ExxonMobil after the deal was criticized by human-rights group Global Witness just a month before the country holds a general election. The report faulted “inexperienced” government officials for failing to press for better terms when the contract came up for renegotiation in 2016, the year after Exxon made... Continue Reading →
Schlumberger announced today an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive technology and services portfolio. Continue reading
Oilfield services company John Wood Group, recently rebranded to Wood, has sold its industrial services business to Kaefer. London-listed Wood said the sale of the part of the business which provides integrity and fabric maintenance for assets in the marine and offshore oil and gas sectors in the North Sea region was sold for $104 million.... Continue Reading →
Norway's Equinor reported a smaller-than-expected drop in fourth-quarter core operating profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets. The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period... Continue Reading →
Total beat forecasts on Thursday by keeping net adjusted profit for the fourth quarter steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy major's shares. Analysts had forecast net profit of about $2.7 billion. Total's shares rose about 3% before easing off their highs. Continue... Continue Reading →
Brazil Energy Insight 