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China Merchants Heavy Industry (CMHI) and DNV GL have signed a letter of intent (LOI) for the classification of two multi-activity jack-up units at the Offshore Technology Conference (OTC) in Houston. DNV GL said that the LOI for the two rigs, ordered by OOS Energy, was signed on Wednesday. The two 96-meter-long rigs ordered by... Continue Reading →
McDermott and CB&I have both received the necessary stockholder approvals to complete the proposed merger, McDermott said on Wednesday. Upon completion of the transaction, McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent of the combined company. Read more
Petrobras postponed for the eighth time the deadline for submitting bids for the FPSO charter of Búzios V, a production unit scheduled to start operating in 2021. The new date has been rescheduled for May 15. The change in schedule, according to Petrobras, was again caused by requests from some participating companies. The proposals were... Continue Reading →
Subsea 7 is open to closing new lump sum contracts with Petrobras, according to the company's director of operations, John Evans. "We noticed an improvement in terms and conditions with Petrobras, and we are comfortable with them. Today we see things are headed in the right direction to start discussions with the company," the executive... Continue Reading →
Lloyd’s Register (LR), WorleyParsons, and Ardent have partnered up to create what they call a collaborative supply chain approach to global decommissioning. The partnership promises to offer an end-to-end solution “to reduce the decommissioning burden, risk and cost for operators.” “This consortium offers a new, collaborative approach to decommissioning for operators,” highlights Steve Gilbert, Director... Continue Reading →
8 RIO DE JANEIRO, BRAZIL – May 2, 2018 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) has delivered notices to holders in connection with its redemption of the outstanding 4.875% Global Notes due 2020 (“4.875% Notes”) and 5.75% Global Notes due 2020 (“5.75%... Continue Reading →
Dutch oil major Shell and compatriot FPSO provider SBM Offshore have been awarded the OTC 2018 Distinguished Achievement Award in Houston this week. SBM Offshore said on Tuesday that the companies received the award in recognition of the successful development of the world’s deepest oil and gas project, the Stones field, using the FPSO Turritella... Continue Reading →
U.S. offshore rig owner Rowan sees the market conditions improving in the shallow water drilling segment, especially in the Middle East and the North Sea. The driller on Tuesday posted a net loss of $112.3 million in the first quarter of 2018, compared to a net profit of $10.3 million in the first quarter of 2017.... Continue Reading →
Exxon Mobil Corp. defended its contract with tiny Guyana as the oil major pushes to speed up production from the world’s biggest deep-water find in a decade. There’s no need to renegotiate the deal because it was agreed only two years ago with several concessions to the government, Erik Oswald, Exxon’s vice president for exploration in... Continue Reading →
The Big Oil playbook has been straightforward for decades: Higher prices mean offshore projects that are further, deeper, more complex than ever before. It’s different this time, according to Royal Dutch Shell Plc. Deepwater projects need to break even at $40 a barrel, or preferably lower, said Harry Brekelmans, Shell’s project and technology director, in an... Continue Reading →
Brazil Energy Insight 