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National Oilwell Varco beat estimates for its fourth-quarter profit on Thursday, as the oilfield services provider cut costs to counter an ongoing decline in North American drilling activity. Lower crude prices and investor demand for higher returns have forced U.S. oil and gas companies to hold off on drilling, hurting earnings of companies that provide... Continue Reading →
Aker Solutions will likely see a 14% drop in revenue in 2020, reversing the gains made last year, the company said while reporting a decline in fourth-quarter earnings on Friday. Earnings before interest, tax, depreciation and amortization (EBITDA), excluding one-offs, fell to 434 million Norwegian crowns ($47.04 million) in the final quarter of 2019 from... Continue Reading →
Brazil’s real slumped on Thursday to within sight of its all-time low against the dollar, despite the central bank’s signal a day earlier that its latest interest rate cut could be its last, and a broad rise in market-based interest rates. The real’s decoupling from rates suggested speculative flows were behind the currency’s slide, given... Continue Reading →
Brazilian drilling contractor Sete Brasil and Singapore’s offshore rig builder Sembcorp Marine have fulfilled all conditions precedent for a settlement regarding contracts for the construction of seven drillships to become effective and Sembcorp Marine is now in talks with a buyer for the completion of two drillships. Sembcorp Marine said on Thursday that all conditions... Continue Reading →
Norwegian geophysical services company EMGS has returned to profit as revenues hiked close to 180 percent for the period ended December 31, 2019. The Oslo-listed company reported profit for Q4 2019 of $18 million or 14 cents per share, versus loss of $7 million in Q4 2018. Revenues for the quarter rose at $37.2 million... Continue Reading →
Oilfield services company John Wood Group, recently rebranded to Wood, has sold its industrial services business to Kaefer. London-listed Wood said the sale of the part of the business which provides integrity and fabric maintenance for assets in the marine and offshore oil and gas sectors in the North Sea region was sold for $104 million.... Continue Reading →
Norway's Equinor reported a smaller-than-expected drop in fourth-quarter core operating profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets. The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period... Continue Reading →
Total beat forecasts on Thursday by keeping net adjusted profit for the fourth quarter steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy major's shares. Analysts had forecast net profit of about $2.7 billion. Total's shares rose about 3% before easing off their highs. Continue... Continue Reading →
Danish offshore driller Maersk Drilling recorded a net loss in 2019 and a decrease in revenues due to lower dayrates and higher financial expenses compared to the previous year. For the full year 2019, Maersk Drilling posted revenues of $1.2 billion, a decrease from revenues of $1.4 billion in 2018. The revenues were 14% lower... Continue Reading →
Guyana’s total annual oil revenues could hit $30 billion over the next 10 years with production estimated to reach 1.2 million barrels per day by 2030, according to Rystad Energy. Rystad said on Tuesday that Guyana was poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil... Continue Reading →
Brazil Energy Insight 