Houston-based engineering, procurement, construction and installation company McDermott posted higher quarterly profit and revenues boosted by increased activity. The company in a report on Tuesday posted a net income of $36.4 million for the second quarter of 2017 as opposed to $20.7 million profit for the prior-year second quarter. Further according to the report, the company’s... Continue Reading →
ExxonMobil finds more oil in Payara reservoir off Guyana
Oil giant ExxonMobil has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. Read more
OGX NEGOTIATES WITH PARTNERS TO MINIMIZE DELAY IN THE PRODUCTION OF THE OLIVIA AND ATLANTA FIELDS.
July 24, 2017 OGX Petróleo e Gás, which is under judicial reorganization, has published a relevant fact to inform the market the latest information about the Consortium for the exploitation of Campo de Oliva. The company reported that the parties involved decided to renegotiate certain existing terms, conditions and warranties relating to the FPSO charter... Continue Reading →
Singapore: Merger on the cards between largest rig builders?
A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards. This is according to a report by DBS Bank – The Development Bank of Singapore, which believes it is time for Singaporean shipyards to reform, restructure, and reposition themselves to create global... Continue Reading →
Halliburton returns to quarterly profit
Halliburton, one of the world’s largest oilfield services providers, returned to profit in the second quarter 2017 from a significant loss recorded in the last year’s second quarter. In its report on Monday, the oilfield services giant posted a profit of $28 million compared to $3.2 billion loss in the corresponding period of 2016 when... Continue Reading →
HLX: Well Intervention Siems to Be Picking Up as Penalties Fade
Helix reported a 2Q17 miss as EBITDA of $29.7M came in below consensus/RJe of $32.1M/$36.2M. Stronger-than-expected Well Intervention utilization and margins mostly offset the substantial miss in Robotics. Though notably, much of the discussion surrounded the financial implications of the two Siem vessels contracted with Petrobras. The Siem I remains on a reduced dayrate... Continue Reading →
QGEP concludes agreement with Teekay Offshore for delivery of the Atlanta Field FPSO
QGEP Participações SA announced today that it has signed a contractual amendment with Teekay Offshore Partners regarding the chartering of the Floating Production Storage and Offloading FPSO “ Petrojarl I “ for the development of the Atlanta Field . The additive considers the technical issues involved in adapting the FPSO, as well as the consequent... Continue Reading →
Schlumberger Announces Second-Quarter 2017 Results
Schlumberger Announces Second-Quarter 2017 Results Revenue of $7.5 billion increased 8% sequentially Pretax operating income of $950 million increased 25% sequentially GAAP loss per share, including charges of $0.40 per share, was $0.05 EPS, excluding charges, was $0.35 Quarterly cash dividend of $0.50 per share was approved Read more
Subsea 7 awarded contract extensions offshore Brazil
Luxembourg - 21 July 2017 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of contract extensions for three Pipelay Support Vessels (PLSVs) currently on long-term day-rate contracts offshore Brazil. These extensions have a combined value of approximately USD 250 million. The firm contract periods for the Seven Waves, Seven Rio... Continue Reading →
Brazil’s Petrobras has recovered $227 million from Operation Car Wash
JULY 19, 2017 RIO DE JANEIRO (Reuters) - Brazilian state-controlled oil company Petroleo Brasileiro said on Wednesday it has recovered 716 million reais ($227.24 million) through Operation Car Wash, an investigation into the country's largest-ever corruption scheme. The probe uncovered kickbacks from executives to powerful politicians in return for contracts at state-run enterprises, especially Petrobras,... Continue Reading →
Brazil Energy Insight 