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Norwegian offshore support and subsea service vessel owners DOF and DOF Subsea have reached stand-still agreements with lenders representing to 93% secured debt of DOF companies. The agreement means all payments of principal and interest to the secured lenders are suspended until 30 June 2020 on certain customary terms and conditions. Continue reading
Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday. "It is widely acknowledged that the oilfield services sector (OFS) is the... Continue Reading →
May 15, 2020 PetroRio recorded positive indicators in the first quarter, such as the increase in production and reserves and an Adjusted EBITDA of R $ 238.9 million - almost 12x above the R $ 20.2 million obtained in the same period of 2019. Net profit in the period was R $ 44.5 million, despite... Continue Reading →
May 14, 2020 The crisis in the oil industry forced Enauta to change its plans for the Atlanta field, in the Santos basin. The company announced that it has decided to postpone the taking of prices for chartering the definitive FPSO for the field. In addition, the oil company will also reevaluate the design of... Continue Reading →
Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to book a first-quarter net loss of 48.5 billion... Continue Reading →
Petrobras released their 1st quarter, 2020 Financial Results. Please read full report here: PBR 1Q2020 Performance
MESSAGE FROM THE CEO We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out as true heroes in the war against the COVID-19 disease. The global pandemic threatens our lives and our livelihood. The main public... Continue Reading →
SBM Offshore, one of the world's largest FPSO solutions providers, on Wednesday slightly reduced 2020 guidance due to uncertainty caused by the COVID-19 pandemic and the low oil price environment, but the CEO is optimistic the company will not just weather the storm, but come out stronger at the end. The company said it expected... Continue Reading →
TGS saw profits slashed in the first quarter due to impairments and lower revenue amid challenging seismic market conditions. Norwegian seismic player reported net loss for the first quarter 2020 of $56 million, against $4 million profit same time last year. Continue reading
May 11, 2020 The domino effect triggered by the coronavirus pandemic is affecting the players in the oil and gas sector, piece by piece. This time, who suffered the fall - and severe, by the way - was the multidisciplinary platform maintenance segment. Petrobras decided to demobilize the maintenance activities of these units and suspend... Continue Reading →
Brazil Energy Insight 