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June 2, 2020 The BNDES believes that the construction of natural gas hubs in shallow waters could be a solution to promote the exploitation of gas fields on the Brazilian coast, stimulating competition and increasing production. The proposal is part of the study “Gas for Development”. André Pompeo, responsible for the study at the BNDES,... Continue Reading →
Offshore accommodation rig provider Prosafe has been given some breathing room by its creditors. The company earlier this month said it had agreed on an extension to the forbearance from the non-payments and defaults with a majority of its lenders across its $1.3 billion, and $288 million facilities until May 31, 2020. Continue reading
Seadrill announced a writedown of $1.2 billion on the value of its oil drilling rigs on Tuesday and warned it may have to convert part of its $7.4 billion in debt into equity to survive. "Until such time that an agreement is reached to restructure our borrowing commitments, substantial doubt remains over (the) ability to... Continue Reading →
Oil major Chevron is planning to reduce its nearly 45,000-strong workforce by 10 to 15 per cent this year due to negative impacts of the coronavirus pandemic coupled with a sharp decline in oil and gas prices. Chevron has already revealed how it plans to mitigate the effects of the current market environment. Continue reading
Norwegian shipping company Siem Offshore has found a way to improve its cash flow and liquidity to be able to operate in a challenging offshore market by entering into a standstill agreement with its lenders. Siem Offshore on 26 May 2020 entered into an agreement with the group’s secured lenders in Europe and Norway for... Continue Reading →
(Reuters) - Brazil’s Central Bank monetary policy director Bruno Serra said on Thursday that external funding to the country is beginning to normalize, one day after state-controlled oil company Petroleo Brasileiro SA (PETR4.SA) sold $3.25 billion in bonds. Serra, in a presentation released on Thursday, said central bank intervention on forex worked well and said... Continue Reading →
DOF Subsea has reported loss in Q1 2020 of NOK 1.5 billion, against NOK 25 million in Q1 2019. Earnings hit was due to depreciation and impairment of NOK 976 million. This was because of the weakening market for vessel services and the low demand visibility for services going forward. Continue reading
MAY 27, 2020 Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE:PBR) announces the pricing of two series of global notes denominated in U.S. Dollars (the “Notes”) to be issued by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”). The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras. Closing... Continue Reading →
Norwegian offshore vessel owner Solstad Offshore on Thursday posted a higher 1Q revenue but expects its full-year revenue in 2020 to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price. Solstad’s revenue for the first quarter of 2020 was MNOK 1,203 vs MNOK 1,146 in 2019, while EBITDA (adjusted) for... Continue Reading →
Offshore installation and construction specialist Subsea 7 will cut 3000 jobs by 2021, and reduce its active vessel fleet, it said in a statement on Thursday. Subsea 7 a month ago said that with the deterioration in the outlook for new oil and gas awards, it would "resize" the business to save $400 million in... Continue Reading →
Brazil Energy Insight 