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
PETROBRAS ANNOUNCES THE PRICING OF GLOBAL NOTES
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 →
Solstad: COVID-19, Low Prices to Hit 2020 Revenue
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 →
Subsea 7 to Cut 3000 Jobs, Reduce Vessel Fleet
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 real extends rally, seals longest winning streak this year
Brazil’s real rose for the fifth day in a row on Tuesday, sealing its longest winning streak against the dollar this year as buoyant global markets and ebbing of domestic political tensions added fuel to the rally. The real’s near 2% jump brought its gains since the start of last week to around 10%, and... Continue Reading →
Prosafe dives deeper into the red over impairment charges
Prosafe, a provider of offshore accommodation rigs, sank deeper into the red in the first quarter of 2020 due to impairment charges resulting from the oil price collapse and the coronavirus pandemic. According to its report on Tuesday, Prosafe’s operating revenues in 1Q 2020 were $25 million compared to $67.3 million in the same period... Continue Reading →
Guyana Received $4.9M in Oil Royalties in 1Q
Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports. The crude produced by an Exxon Mobil Corp-led consortium at the Stabroek's Liza field was priced for the purposes... Continue Reading →
Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%
Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic. Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from... Continue Reading →
Halliburton cuts dividend due to market conditions
Oilfield services provider Halliburton has decided to cut its dividend amid uncertainties related to the duration of the market downturn. Halliburton said on Wednesday that its board of directors had declared a 2020 second-quarter dividend of four and one-half cents ($0.045) a share on the company’s common stock payable on 24 June 2020, to shareholders... Continue Reading →
National Oilwell Varco Suspends Dividend as Capital Becomes Scarce
Oilfield services and equipment provider National Oilwell Varco said Wednesday that its Board of Directors elected to suspend the quarterly dividend until further notice. Clay Williams, Chairman, President, and CEO said: "With the view that capital is becoming increasingly scarce and valuable within our industry, we believe that it is in the best long-term interest... Continue Reading →
