UK-based subsea engineering and construction company Subsea 7 sank to a loss during the first quarter of 2018 due to lower activity levels and foreign currency loss as its revenues fell by 10 percent. Subsea 7 on Thursday posted a net loss of $18 million for the first quarter of the year compared to a... Continue Reading →
Ensco books bigger loss on lower utilization, slashed rig rates
UK driller Ensco saw its net loss deepen over the first quarter 2018 with its revenues down on lower rig utilization and dayrate decline. In the first quarter of this year Ensco’s net loss increased to $140.1 million from a $25.7 million loss in the same period last year. Revenues were $417 million in the... Continue Reading →
Petrobras Election of the Director of Governance and Compliance and reelection of the other Executive Officers
Rio de Janeiro, April 26, 2018 - Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held yesterday, elected Mr. Rafael Mendes Gomes for the position of Director of Governance and Compliance. The Board of Directors elected the new Director, based on a triple list of Brazilian professionals pre-selected through... Continue Reading →
Sepia FPSO with up to five Brazilian modules
Modec receives next week proposals from Brazilian shipyards and integrators to build the FPSO it will produce for Petrobras in the Sepia field, in the Santos Basin pre-salt. The scope consists of the fabrication and integration of the flare and steam recovery modules of the platform, scheduled for completion in the second half of 2020.... Continue Reading →
Duo in subsea digitalization pact
i-Tech Services, a Subsea 7 company, and engineering company Leidos have signed a five-year digitalization partnership agreement. i-Tech said on Wednesday that the partnership would increase efficiencies in the company’s life of field capabilities by providing clients with greater insights into operations through the field lifecycle. Read more
Hess grabs new acreage next to Guyana’s Stabroek block
U.S. oil company Hess Corporation has acquired interest in new acreage offshore Guyana, which is close to the ExxonMobil-operated prolific Stabroek block where Hess also holds participating interest. Hess said on Thursday that its subsidiary, Hess Guyana(Block B) Exploration Limited, had reached agreement with Esso Exploration and Production Guyana Limited (ExxonMobil) to acquire a 15 percent participating interest in... Continue Reading →
Former Brazil finance minister Palocci strikes plea deal
BRASILIA (Reuters) - Former Brazilian Finance Minister Antonio Palocci has struck a plea deal with federal police, newspaper O Globo reported on Thursday, raising the stakes in a corruption scandal engulfing high-ranking politicians and prominent businessmen. Representatives for Palocci and the federal police were not immediately available for comment. Palocci served as Finance Minister under... Continue Reading →
Shell Makes Investors Wait for Reward From Surging Oil Prices
Royal Dutch Shell Plc rode the surge in oil prices to even greater heights, posting a profit not seen since the days of $100 a barrel. Investors were displeased that the company didn’t take them along for the ride. While French rival Total SA has started disbursing the rewards of rising energy prices -- with higher dividends and... Continue Reading →
Brazil’s Odebrecht to miss Wednesday bond payment -source
Brazilian engineering company Odebrecht SA will not repay a bond worth 500 million reais ($144 million) due on Wednesday and is counting on bank loans to make the payment during a 30-day grace period, a person with direct knowledge of the matter said on Tuesday. Construction unit Odebrecht Engenharia e Construção (OEC) is waiting for... Continue Reading →
Hess cuts losses
U.S. oil company Hess Corporation managed to significantly narrow its quarterly loss helped by higher crude prices and lower operating costs. The oil company on Wednesday posted a $1.39 billion in revenue for this year’s first quarter compared to $1.26 billion in the prior-year quarter. Read more
