Brought to you by Quest Offshore & Southern Cone Consultants
U.S. Economic Growth Nearly Stalls Out Businesses slash investment, exports tumble and consumers show caution as GDP expands at 0.2% pace The U.S. economy slowed sharply at the start of the year as businesses slashed investment, exports tumbled and consumers showed signs of caution., Here, a pallet of lumber gets marked at the Allegheny Millwork... Continue Reading →
Wed Apr 29, 2015 1:29am EDT Brazil readies a steep interest rate rise to salvage credibility BRASILIA | BY ALONSO SOTO Brazilian Central bank chief Alexandre Tombini gestures as he attends a meeting with businessmen in Sao Paulo March 18, 2015. REUTERS/PAULO WHITAKER (Reuters) - Brazil is poised to deliver another big interest rate increase on Wednesday as... Continue Reading →
Nine Brazilian Executives Accused of Graft in Petrobras Case to Be Released Supreme Court says executives will wear ankle monitors and will be under house arrest By LUCIANA MAGALHAES/WSJ April 28, 2015 10:11 p.m. ET SÃO PAULO—Brazil’s Supreme Court said Tuesday it has allowed the release from jail of nine executives accused in the alleged graft... Continue Reading →
Three Petrobras Board Members Criticize 2014 Earnings Calculations Last week’s earnings report included write-downs related to a massive graft scandal at the oil company By PAUL KIERNAN/WSJ April 28, 2015 5:09 p.m. ET RIO DE JANEIRO—Three independent members of the board of directors of Brazil’s state-run Petróleo Brasileiro SA strongly criticized the company’s calculations of its 2014 financial results... Continue Reading →
Petrobras CEO: Asset Sales Won’t Reduce Debt Enough Company says it will have to strengthen governance to mitigate corruption risks Petrobras CEO Aldemir Bendine speaks during the presentation of the company’s audited 2014 financial results last week. Mr. Bendine on Tuesday said Petrobras’ asset-sale plan isn’t enough to reduce its debt to a desirable level. PHOTO: ANTONIO... Continue Reading →
Rig Bond Distress Seen Subsiding as Oil Bounce Produces Windfall By Isabella Cota/Bloomberg 10:00 PM BRT April 28, 2015 The rise of Mexico’s rig operators from the depths of distress is turning into a boon for bond investors. Offshore Drilling Holding’s $950 million of notes due 2020 have returned 11 percent this month alone, almost... Continue Reading →
Petrobras Bets on Iron-Ore Boss to Lead Board as Debt Mounts By Juan Pablo Spinetto/Bloomberg 6:55 AM BRT April 29, 2015 If guiding the biggest iron-ore miner through the worst price rout in a decade wasn’t enough, Murilo Ferreira is about to take on a new job. And it’s not just any job. On Wednesday,... Continue Reading →
Offshore Drillers’ Problem: Few Oil Firms Need Their Rigs BP, others try to get out of rig-leasing deals to cut costs amid low oil prices Analysts are likely to be pressing offshore specialists on the state of their contracts as they report first-quarter earnings, beginning with Hercules Offshore on Wednesday. PHOTO: BLOOMBERG NEWS By DAN MOLINSKI/WSJ April... Continue Reading →
Tue Apr 28, 2015 7:14 am EDT Petrobras writedown may give new ammunition to class-action suit WILMINGTON, DELAWARE | BY TOM HALS AND NOELEEN WALDER (Reuters) - Brazilian oil company Petrobras' $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for... Continue Reading →
http://www.ft.com/cms/s/0/3a6ddd04-ed70-11e4-a894-00144feab7de.html#ixzz3YbWnVqUy Last updated: April 28, 2015 8:09 am Total’s refining and chemicals unit limits decline in earnings Michael Stothard in Paris ©AFP A tripling of net income at Total’s refining and chemicals unit helped the oil and gas major beat analysts’ expectations and offset the crippling effect of the 50 per cent fall in oil prices in its first-quarter... Continue Reading →
Brazil Energy Insight 