Seadrill Partners, an affiliate of offshore drilling firm Seadrill, said Tuesday it had emerged from Chapter 11 bankruptcy for which it had filed in December 2020. The company said it has successfully completed its reorganization, turning around $2.8 billion in funded debt obligations into equity, and leaving the company debt-free on emergence. As part of the reorganization plan, new... Continue Reading →
Shell accepts unsolicited offer from Pemex for Deer Park, TX refinery stake
(WO) Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction will transfer Shell’s interest in... Continue Reading →
Woodmac: Energy Transition Creating Uncertainty for $14 Trillion Worth of Oil and Gas Assets
(OE) Global energy transition is creating uncertainty for an estimated $14 trillion worth of oil and gas assets that have long depended on an indefinite rise in demand to offset risks despite a pandemic boost this year, consultancy Wood Mackenzie said on Thursday. As the world recovers from the COVID-19 pandemic, oil and gas demand... Continue Reading →
Maersk Drilling sees signs of recovery as orders rebound
(Reuters) Offshore drilling rig contractor Maersk Drilling (DRLCO.CO) said on Thursday it saw some signs of market recovery as it reported that orders in the first quarter were at the highest level in more than three years. The company, which had already on Wednesday lifted its 2021 earnings guidance, said it added $730 million in new contracts... Continue Reading →
New Contracts Drive Maersk Drilling to Upgrade Financial Guidance for 2021
Danish offshore drilling company Maersk Drilling on Wednesday upgraded its financial guidance for the year 2021, on the back of improved contracting performance. "Maersk Drilling continues to demonstrate strong commercial and operational performance. Over the past months, Maersk Drilling has secured several new drilling contracts for execution in 2021, and further, Maersk Drilling has successfully - and... Continue Reading →
TGS sees revenue increase in Q1 2021, lower segment numbers
TGS-NOPEC Geophysical Company (TGS) has reported a revenue of $186 million in the first quarter of 2021, an increase of 256% compared to $52 million in Q1 2020. EBITDA was $162 million and the operating result was $69 million, compared to $26 million and $-58 million, respectively, in the first quarter of the prior year.... Continue Reading →
Rosneft Posts $2B Income in 1Q, Boosted by Oil Price Recovery
Russia's largest oil producer Rosneft on Friday reported first-quarter net income of 149 billion roubles ($2 billion), buoyed by a recovery in oil prices, after a $2.1 billion loss a year earlier. Earnings at the group, which is around one-fifth owned by BP, have been boosted by a 20% annual increase in oil prices, supported... Continue Reading →
Kraken Robotics expects 100% revenue growth in 2021
Canadian Kraken Robotics is expecting a revenue of $24 million to $28 million for the year ending on 31 December 2021, which would represent a more than 100% growth compared to $12.3 million in 2020. The growth is due to recent contract wins for KATFISH 180 towed sonars, as well as ALARS for the Danish and... Continue Reading →
Sonadrill Nets 12-well Drillship Contract in Angola
Angolan offshore drilling firm Sonadrill, the 50:50 joint venture between Seadrill and an affiliate of Sonangol, has secured a twelve-well contract in Angola for the Sonangol Quenguela drillship. The contract includes one option for nine wells and eleven one well options, Seadrill said Friday. Total contract value for the firm portion of the contract for... Continue Reading →
Petrobras Financial Performance in 1Q21
Petrobras posted solid financial and operating results in 1Q21. Regarding 1Q21 results, Petrobras’ CEO Joaquim Silva e Luna made the following comments: “The figures show the capacity of our team to deliver sustainable results to our investors and to society, even in a challenging environment. Petrobras will continue down the path of value generation, with... Continue Reading →
Brazil Energy Insight 