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BP (BP.L) cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares rose more than 7% on Tuesday after BP unveiled earlier... Continue Reading →
July 31, 2020 Petrobras plans to reach 2030 with at least 12 platform vessels in the Buzios field, its crown jewel in the Campos Basin pre-salt. Currently, the area has four units under production, one under construction, three under contract and another four under study. With these new units, the goal of the state-owned company... Continue Reading →
Regardless of the recent loan forbearance agreement extension expiring, Prosafe is still in discussions with lenders to find a long-term financial solution which would stabilize operations. Namely, Prosafe agreed on a forbearance agreement for $1.3 billion and $288 million facilities earlier this year. As part of this, the company was allowed to defer making payments... Continue Reading →
Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades. ExxonMobil last Friday posted an estimated second-quarter 2020 loss of $1.1 billion compared with earnings of over $3.1 billion in the same quarter last year. Results included a positive non-cash inventory valuation adjustment from rising commodity... Continue Reading →
Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made subsea wells too expensive to compete. The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Bondholders have agreed... Continue Reading →
Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) on Thursday posted a loss of 2.7 billion reais ($524 million) in the second quarter, hurt by tumbling oil prices despite record export volumes to China. The result, down from a record quarterly profit of 18.9 billion reais a year ago, came as the company pursued an... Continue Reading →
Chevron Corp (CVX.N) on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela and expenses tied to thousands of jobs cuts. Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results, as a global oil glut emerged as the COVID-19 pandemic cut fuel demand.... Continue Reading →
Offshore drilling company Transocean expects its two ultra-deepwater drillships under construction in Singapore to cost it $2,25 billion in total, more than a double on the original order price. Transocean first ordered the drillships - now named the Deepwater Titan and the Deepwater Atlas - on speculation from Sembcorp Marine's Jurong Shipyard in 2014 for... Continue Reading →
Offshore accommodation provider Floatel International will book impairments of nearly $400 million for the second quarter of the year due to impairments of its vessels made amid challenging market situation. In an update on Thursday, Floatel said it continues to engage in constructive discussions with its key stakeholders on terms for a financial restructuring. Continue... Continue Reading →
Dear Shareholders, I am glad to be able to tell you that we are running the ship safely through uncharted waters. We are very proud of our team whose talent and professional dedication allowed us to overcome, so far, the enormous challenges faced by our company. The outbreak of a major global health crisis caused... Continue Reading →
Brazil Energy Insight 