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A Brazil-based wholly-owned subsidiary of Singapore’s offshore rig builder Sembcorp Marine (SembMarine) has entered into a revolving facility agreement for up to $500 million with Standard Chartered Bank. SembMarine said on Friday that the subsidiary in question was Estaleiro Jurong Aracruz (EJA). According to the company, the facility agreement will be guaranteed by SembMarine. Continue... Continue Reading →
Jun 4, 2020 Two views on Petrobras' 1Q2020 results and the R $ 65.3 billion impairment that led to the historic loss of R $ 48.5 billion. - "The amplitude of the estimated volume of recoverable value of Petrobras' assets can also be used as a technical / political instrument to reinforce the strategies defined... Continue Reading →
June 03, 2020, Petróleo Brasileiro S.A. - Petrobras announces that today it concluded the offering of two series of Global Notes in the international capital market in the amount of US$ 3.25 billion, with US$ 1.5 billion from the issuance of the 2031 new notes and US$1.75 billion from the issuance of the 2050 new... Continue Reading →
Brazil’s real extended its rally in dramatic fashion on Tuesday, taking advantage of improving global market sentiment and demand for riskier assets to chalk up its biggest rise against the dollar in two years. The real was one of the worst-performing currencies in the world this year as markets tanked and the global economic and... Continue Reading →
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 →
