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Offshore drilling contractor Seadrill has seen its reorganisation plan overwhelmingly accepted by all classes of voting creditors and shareholders and is on track to exit Chapter 11. Seadrill filed for Chapter 11 back in February 2021 and has been working since then on a plan to emerge from bankruptcy. In late July, the rig owner hammered out the... Continue Reading →
(Bloomberg) --Major energy traders including Gunvor Group Ltd. and Mercuria Energy Group Ltd. have reduced the size of their trading positions and increased borrowing from lenders to cover large margin calls stemming from the unprecedented surge in European gas prices, according to people familiar with the matter. Commodity trading houses have been expanding their natural... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that, in alignment with its ongoing contingency assessment process, it signed an agreement today in the scope of the three public civil actions investigating environmental damage resulting from the leakage of the Santa Catarina - Paraná (OSPAR) oil pipeline, which occurred on July 16, 2000, in the city of... Continue Reading →
(Bloomberg) Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. Crude and natural gas drillers chastened by last year’s unprecedented collapse in demand and prices haven’t responded to the recent market... Continue Reading →
(OE) U.S. based offshore support vessel owner Tidewater plans to start an offering of USD denominated 5-year senior secured bonds, subject to market and other conditions. "The Company intends to use the net proceeds from the bond issue towards refinancing of the Company’s outstanding debt and for general corporate purposes," Tidewater said. The bonds will... Continue Reading →
Offshore driller Seadrill Ltd has requested an additional four months to retain control of its bankruptcy proceeding, saying it is still working to drum up as much support as possible for its proposed reorganization plan. The company, represented by Kirkland & Ellis, made its request in a motion filed on Tuesday, a few weeks before... Continue Reading →
(Reuters) - Royal Dutch Shell (RDSa.L) warned on Thursday of a $400 million hit to third-quarter earnings from the damage caused by August's Hurricane Ida. However, in an update ahead of quarterly results this month, the oil major also flagged a boost to cashflows from soaring natural gas and electricity prices. Gas and power prices have been... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that its Strategic Plan 2022-26 (SP 2022-26) is under preparation. Following the previous years, in SP 2022-26 the Company intends to present its production curve, the plan's financing, as well as the investment projection (CAPEX), including the amount to be spent each year and the main projects to be... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that it has concluded the obligations set forth in its agreement with the U.S. Department of Justice (“DOJ”), previously disclosed in its 09/27/2018 release. The non-prosecution agreement, which related to Petrobras’ internal controls, accounting records, and financial statements during the period from 2003 to 2012, included certain obligations to... Continue Reading →
France-based geophysical services company CGG has completed the sale of its GeoSoftware business to Topicus and Vela Software. The company has closed the sale for a total cash consideration of $95 million with the transaction effective from 1 October 2021. To remind, CGG entered into an agreement with Topicus and Vela Software for the sale of the... Continue Reading →
