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Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. Keppel Corporation said on Wednesday that its Offshore & Marine (O&M) Division registered a net profit of S$3 million ($2.1 million) for 1Q 2020, compared to a net profit of S$6 million ($4.2 million)... Continue Reading →
April 28, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors has approved the revision of the top debt metrics included in the 2020-2024 Strategic Plan, replacing the net debt/EBITDA indicator to the gross debt indicator. The review of the metric considered the high volatility of the net debt/EBITDA indicator, extremely sensitive... Continue Reading →
BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead. London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement to halt the spread of the virus reached their peak,... Continue Reading →
Angolan state oil company Sonangol said on Friday it has opened a public tender to sell its stakes in some private firms as part of a government bid to privatize key state assets including parts of Sonangol itself by 2022. Describing Sonangol as an "octopus," the country's minister of Mineral Resources and Petroleum, Diamantino Azevedo,... Continue Reading →
-Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has... Continue Reading →
Italian oilfield contractor Saipem sank into the red in the first quarter of the year dragged down by impairments in the Offshore Drilling division. According to its report on Thursday, Saipem’s revenues in the first quarter of 2020 totalled €2.17 billion ($2.34Bn), a 0.7 per cent increase compared to €2.16 billion ($2.22Bn) in the first... Continue Reading →
Italian energy group Eni lowered its forecast for production and investments on Friday as the coronavirus crisis has driven down oil and gas demand and hammered crude prices. In a statement on first-quarter results, it said it would spend about 30% less this year than planned and expected production to be 1.75 million-1.8 million barrels... Continue Reading →
Italian oil services group Saipem said on Thursday it could not offer new guidance for the year because of the highly unstable environment created by the COVID-19 pandemic and falling oil prices. Last week the group pulled its 2020 outlook saying the pandemic might trigger a sharp fall in demand and a delay in projects.... Continue Reading →
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported net loss of $11.9 million, or 9 cents per diluted share, for the first quarter of 2020 compared to $1.3 million profit for the same period in 2019. Sequentially, profit fell from $8.1 million of 5 cents per diluted share. Continue reading
Norwegian oil major Equinor has decided on a cash dividend of $0.09 per share for the first quarter of 2020, a reduction of 67 per cent compared to the fourth quarter of 2019. As stated in Equinor’s dividend policy, when deciding on upcoming dividend payments it takes into consideration expected cash flow, capital expenditure plans,... Continue Reading →
Brazil Energy Insight 