French oil services group CGG said on Friday it expects its 2021 segment revenue to increase by low single digits from the previous year, mainly driven by growth in its equipment business and a gradual recovery in geoscience from the second-half of the year. The group, which provides geophysical services and equipment to oil and... Continue Reading →
(Reuters) - Argentine state-owned oil company YPF on Thursday reported a 2020 fourth quarter net profit that reversed a trend of quarterly losses over the last year as the coronavirus pandemic hit the oil price. The company, which is spearheading development of the South American nation’s huge Vaca Muerta shale fields, reported a net profit... Continue Reading →
(Bloomberg) U.K. regulators kicked off the final countdown for Libor, ordering banks to be ready for the end date of a much maligned benchmark that’s been at the heart of the international financial system for decades. The U.K. Financial Conduct Authority confirmed Friday that the final readings for most rates will take place at end of... Continue Reading →
Offshore drilling contractor Valaris has obtained court approval for its Chapter 11 plan of reorganization and agreed with a South Korean shipyard to delay the delivery of two drillships. To remind, Valaris filed for bankruptcy protection in an attempt to restructure its debt back in August 2020. In late September 2020, the rig owner executed a new term... Continue Reading →
Petro Rio S.A. (the “Company” or “PetroRio”) (B3: PRIO3), following best corporate governance practices and in addition to the Material Fact of November 19, 2020, informs its shareholders and the market in general of the signing of an agreement with Total E&P do Brasil Ltda. for the acquisition of a 28.6% interest in the BM-C-30... Continue Reading →
Offshore drilling rig contractor Seadrill said on Thursday it had taken an additional $2.9 billion non-cash impairment on its assets due to a bleak outlook for the sector, which has reduced demand for its drilling rigs. Seadrill, which in February filed for Chapter 11 bankruptcy protection in the United States for the second time in... Continue Reading →
Oil major ExxonMobil has revealed its capital spending in 2021 will be in the range of $16 billion to $19 billion as well as its plans to focus on developing technologies to reduce emissions, especially carbon capture and storage technology, and eliminate routine flaring by 2030. ExxonMobil’s 2021-2025 capital program has been optimized to the... Continue Reading →
Message from the Management “We thank all our employees for your dedication, resilience and optimism in such a challenging year. We met this trial and remained healthy. You have achieved much in an uncertain scenario, maintaining the highest standards of safety and efficiency, and you deserve our gratitude. The same message is valid for society... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that Transpetro, a wholly owned fuel transportation and logistics subsidiary, implemented an extensive transformational agenda throughout 2020 that lead up to the best result in its history, both from the standpoint of cash generation and net income, and from the standpoint of availability, operational efficiency, and safety. The company's... Continue Reading →
Norwegian shipowner Solstad Offshore has bounced back in black as a result of successful financial restructuring. The company posted quarterly profit of NOK 11.43 billion, compared to NOK 1.19 loss same time last year. Full-year result was positive, with profit of NOK 7.23 billion, against NOK 3 billion loss in 2019. Revenue for the fourth... Continue Reading →
