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 ACQUISITION OF INTEREST IN WAHOO
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 →
Seadrill Writes Down $2.9B on Its Drilling Rigs. Expects Depressed Demand in 2021
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 →
ExxonMobil curbs spending plans, reveals path to lower-carbon future
Oil major ExxonMobil has revealed its capital spending in 2021 will be in the range of $16 billion to $19 billion as well as its plans to focus on developing technologies to reduce emissions, especially carbon capture and storage technology, and eliminate routine flaring by 2030. ExxonMobil’s 2021-2025 capital program has been optimized to the... Continue Reading →
PETRO RIO – 4Q20 & 2020 EARNINGS RELEASE
Message from the Management “We thank all our employees for your dedication, resilience and optimism in such a challenging year. We met this trial and remained healthy. You have achieved much in an uncertain scenario, maintaining the highest standards of safety and efficiency, and you deserve our gratitude. The same message is valid for society... Continue Reading →
Petrobras on Transpetro’s 2020 results
Petróleo Brasileiro S.A. - Petrobras informs that Transpetro, a wholly owned fuel transportation and logistics subsidiary, implemented an extensive transformational agenda throughout 2020 that lead up to the best result in its history, both from the standpoint of cash generation and net income, and from the standpoint of availability, operational efficiency, and safety. The company's... Continue Reading →
Solstad back in black; Eyes more renewables work
Norwegian shipowner Solstad Offshore has bounced back in black as a result of successful financial restructuring. The company posted quarterly profit of NOK 11.43 billion, compared to NOK 1.19 loss same time last year. Full-year result was positive, with profit of NOK 7.23 billion, against NOK 3 billion loss in 2019. Revenue for the fourth... Continue Reading →
Petrobras on Samsung leniency agreement
Petróleo Brasileiro S.A. – Petrobras announces that it has received R$ 360 million (US$ 65 million) last week related to the leniency agreement executed by Samsung Heavy Industries. This cash arises from the first installment of the Samsung agreement of a total amount of R$ 705.9 million that will be applied to the reimbursement for... Continue Reading →
Investors fear Colombia pressured Ecopetrol into a $4 billion bailout
(Bloomberg) --The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility... Continue Reading →
Mexico’s Pemex reports fourth-quarter profit of over $6 billion
(Reuters) - Mexico’s state oil company Petroleos Mexicanos (Pemex) reported on Friday a fourth-quarter 2020 net profit of 124.28 billion pesos ($6.23 billion), helped by currency appreciation, lower imports and tax benefits. It marked a second consecutive quarter of net profit. “It’s a great achievement,” said Octavio Romero Oropeza, chief executive officer, in a call... Continue Reading →
Brazil Energy Insight 