Shares in Singapore’s Keppel Corp (KPLM.SI) fell 13% on Tuesday after Temasek Holdings abandoned its $3 billion offer for the conglomerate by invoking a material adverse change clause following the company’s poor financial results. Keppel’s large second-quarter loss that breached a threshold in the state investor’s offer to buy majority control had boosted the risk... Continue Reading →
Petrobras on arbitration involving Sete Brasil
August 10, 2020 Petróleo Brasileiro S.A. – Petrobras, following up on the release dated July 29, 2020, informs that today it paid Fundação Petrobras de Seguridade Social (Petros) R$ 950 million, regarding the full amount of the agreement with Petros on the arbitral dispute related to the investment in Sete Brasil. The agreement extinguished the dispute... Continue Reading →
Oceana Offshore files for IPO registration
Aug 10, 2020 Oceana Offshore last Friday requested registration for an initial public offering (IPO). Part of the proceeds from the operation are earmarked to purchase vessels and update the fleet, in addition to acquiring companies to increase market share. . According to the preliminary prospectus, the offering provides for primary (new shares, whose proceeds... Continue Reading →
ODEBRECHT ANNOUNCES THAT IT WILL SELL ITS SHARE IN BRASKEM
Aug 10, 2020 Odebrecht, the parent company of petrochemical Braskem, began the process of selling all of its shareholding in the company. The information was released this weekend, in a document sent to the Securities and Exchange Commission (CVM). “ODB [Odebrecht] started preparatory steps to structure a private sale process of up to the totality... Continue Reading →
TGS Makes Surprise $600 Mln Offer for Part of Rival PGS
Seismic surveyor TGS, a supplier of geological data to the global oil industry, on Thursday said it had made an unsolicited cash offer of $600 million for a key part of rival PGS. If successful, the offer to buy PGS's so-called multi-client library would significantly broaden TGS's worldwide geophysical data offering, the company said. Continue... Continue Reading →
Petrobras undeterred by tumbling profits
Hefty financial losses and a depressed oil market fail to sway Brazilian NOC from pursuing ambitious upstream strategy The first half of the year was dire for Brazilian state oil firm Petrobras. The producer posted a combined $10.1bn loss, driven mainly by the oil price shock of Covid-19, currency devaluation and $13bn in impairment charges.... Continue Reading →
Vantage Posts 2Q Loss. Cuts Workforce, Salaries
Offshore drilling contractor Vantage Drilling reported a net loss attributable to controlling interest of approximately $31.9 million for the second quarter of 2020. For comparison, Vantage Drilling's 2Q income last year was $590 million, however, this result was mainly due to Vantage receiving around $700 million from Petrobras as part of an arbitration award over... Continue Reading →
Bahamas Petroleum, Columbus Energy Merger Gets Court Approval
The proposed all-stock merger between Bahamas Petroleum Company and Columbus Energy Resources was sanctioned by the court on Wednesday, paving way for the merger execution. Bahamas Petroleum Company, an oil firm with exploration assets in the Bahamas, and as of recently offshore Uruguay, and Trinidad-focused oil and gas production Columbus Energy Resources first announced intention to merge in... Continue Reading →
GeoPark Reports Second Quarter 2020 Results
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador reports its consolidated financial results for the three-month period ended June 30, 2020 (“Second Quarter” or “2Q2020”). A conference call to discuss... Continue Reading →
SBM Offshore Half Year 2020 Earnings
On target despite global disruption August 6, 2020 Highlights Effective response to COVID-19 and oil price crises Successfully maintaining focus on health and safety of staff and business continuity Adapting the organization to ensure flexibility, performance and competitiveness Financial results in line with expectation 2020 Directional1 EBITDA guidance increased from “around” to “above” US$900 million... Continue Reading →
