Struggling seismic player Polarcus, which last week saw creditors take over its vessels following a debt payment default, on Tuesday said a Cayman Islands court has appointed joint provisional liquidators, after the company's application. "The Board remains focused on pursuing a restructuring of its indebtedness and maintaining the underlying business as a going concern. Discussions between... Continue Reading →
Sapura Energy Says Brazilian JV Unaffected by Seadrill’s Chapter 11 Filings
Malaysian offshore energy services firm Sapura Energy said that its Brazilian joint venture with Seadrill is not affected by Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia. Sapura Energy said it was responding to media reports linking its Brazilian JV Sapura Navegacao Maritima to Chapter 11 cases unrelated to that particular joint venture. "[Sapura... Continue Reading →
Total rebrands in pivot away from oil after better quarter
(Reuters) - France’s Total posted better than expected earnings in the fourth quarter as oil prices stabilised, and said it would change its name as part of a push to diversify and grow renewable power and electricity production. The French oil and gas major, which like rivals suffered in 2020 as fuel consumption tumbled during... Continue Reading →
Valaris one step closer to emerging from Chapter 11
Offshore drilling contractor Valaris has reached an agreement with lenders related to its restructuring support agreement and backstop commitment agreement, bringing the company one step closer to emerging from the Chapter 11 process. To remind, Valaris filed for bankruptcy protection in an attempt to restructure its debt back in August 2020. In late September 2020, Valaris executed... Continue Reading →
Petrobras on the sale of RLAM and REPAR refineries
Petróleo Brasileiro S.A. – Petrobras informs that it has concluded the final round of the binding phase of the sale process of the Landulpho Alves Refinery (RLAM) and its associated logistics assets, in Bahia, in which Mubadala Capital presented the best final offer in an amount of US$ 1.65 billion. The signing of the purchase and... Continue Reading →
Petrobras concludes the sale of the Frade field
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on November 28, 2019, informs that it has concluded today the sale of its 30% participation in the Frade field, located in the Campos Basin, north coast of the state of Rio de Janeiro, to PetroRio Jaguar Petróleo Ltda., a subsidiary of Petro Rio... Continue Reading →
PGS cautiously optimistic despite red numbers
PGS remains carefully positive even with red numbers in the fourth quarter of 2020 as revenues fell some 37 per cent. The Oslo-listed seismic player reported quarterly loss of $60 million, or 16 cents per share on revenues of $208 million. This result compares against profit of $10 million on around $333 million revenues in the prior-year... Continue Reading →
Shell’s 2020 Profit Slumps 71%
Royal Dutch Shell's profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company's retail network and trading business helped cushion the blow. The Anglo-Dutch oil major's annual profit slumped 71% to $4.8 billion as its oil and gas production and profits from... Continue Reading →
Offshore EPC awards set for rebound in 2021
Outlook for the offshore engineering, procurement and construction (EPC) market in 2021 looks promising, boosted by projects deferred from 2020, according to market research provider Westwood. With a forecast of $29 billion firm or already awarded contracts and a further $16 billion of probable and possible awards, 2021 could, reportedly, match 2019’s $40 billion total.... Continue Reading →
Vallourec Reaches Financial Restructuring Deal with Creditors
French steel pipemaker Vallourec said on Wednesday it has reached an agreement in principle on financial restructuring with its main creditors. It has filed a request with the commercial court of Nanterre, in greater Paris, for the opening of safeguard proceedings, the company said in a statement. The deal, which reduces its debt by 1.8 billion euros... Continue Reading →
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