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Norwegian offshore engineering and construction company Kvaerner expects 2020 revenue and EBITDA to be lower compared to 2019, citing an effect of the market cycle with few new orders in 2018 and 2019. Kvaerner on Wednesday released results for the fourth quarter and full year of 2019, saying the results ended at “planned levels.” Continue... Continue Reading →
Offshore accommodation specialists Prosafe and Floatel have decided to abandon their merger plans amid financial uncertainty and regulatory objections. The merger would have created the world’s largest offshore accommodation company. Prosafe and Floatel International said on Thursday they had mutually decided to discontinue the merger process due to financial uncertainty and process risk. “The regrettable... Continue Reading →
Total Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation. Total is a partner in all growth markets for Tullow Oil whose market capitalization shrank to around 633... Continue Reading →
Brazil’s real slumped to a new low against the dollar on Tuesday for the third day in a row, with the lack of overseas demand for Brazilian assets against a backdrop of historically low interest rates showing no sign of reversing. The real traded below 4.34 per dollar for the first time ever BRBY, intensifying... Continue Reading →
February 11, 2020 Petróleo Brasileiro S.A. – Petrobras informs about a favorable arbitration award to the company, which rejected a claim made by an investor in Sete Brasil Participações S.A. (in reorganization), in arbitration proceedings seeking compensation from Petrobras for alleged damages related to their investment in the Sondas Project. Due to the favorable outcome... Continue Reading →
Oilfield services provider TechnipFMC expects $2.4 billion of non-cash asset impairment charges to impact its results in the fourth quarter of 2019. The company said on Monday that it anticipates for the full year 2019 revenues to approach the guidance mid-point of $13.5 billion. The company expects adjusted EBITDA margin for all segments to meet... Continue Reading →
February 10th, 2019 After several years of stagnation, we have delivered an excellent operating performance. Reaching daily, quarterly and annual oil and gas production records. In 4Q19, oil and gas production reached 3.025 million barrels of oil equivalent per day (MMboed), which represents a new landmark in Petrobras history, as we break through the 3.0... Continue Reading →
Offshore Drilling company Diamond Offshore posted a net loss of $74 million for the fourth quarter of 2019. The result is an improvement compared to a loss of $79 million in the fourth quarter of 2018, and also compared to the third quarter 2019 loss of $95 million. Diamond Offshore's revenue grew to $276 million... Continue Reading →
February 7, 2020 Brazil will receive 10% of the Norwegian oil company's investments in the next two years Equinor plans to drill five high-impact exploratory wells in Brazil over the next two years, the company's vice president and chief financial officer, Lars Christian Bacher, said on Thursday during a conference call with analysts. High-impact wells... Continue Reading →
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 →
Brazil Energy Insight 