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Tokyo, April 21, 2020 MODEC, Inc. ("MODEC") is pleased to announce that a US$ 1.1 billion project bond, issued by an affiliate of MODEC in August 2019, has been awarded "Marine Money Offshore Deal of the Year 2019" in the Innovation category. This issuance by MV24 Capital B.V., an affiliate of MODEC, was for the... Continue Reading →
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the acquisition... Continue Reading →
U.S. oilfield services giant Halliburton (HAL.N) on Monday reported a $1 billion first-quarter loss on charges and warned that bleak conditions in the U.S. shale patch would depress its results for the rest of the year. Oil prices have collapsed 80% since January to levels well below many shale drillers’ cost of production, resulting in... Continue Reading →
Apr 20, 2020 Petrobras has adopted emergency and temporary measures that have as a priority to preserve jobs and the company's sustainability in what is the worst crisis in the oil industry in a hundred years. There have not been and will not be dismissals of Petrobras employees. The measures to temporarily reduce personnel expenses... Continue Reading →
Apr 17, 2020 Times of crisis in the industry are forcing Petrobras to reassess contracts with its suppliers. But the president of the state-owned company, Roberto Castello Branco, guaranteed on Friday (17) that he will not make renegotiations with small companies, to maintain the integrity of the national supply chain. In the executive's assessment, this... Continue Reading →
April 17, 2020 Petróleo Brasileiro S.A. – Petrobras announces that the rating agency S&P Global Ratings (S&P) affirmed the ”BB-“ global scale rating for Petrobras, with a stable outlook. The stand-alone credit profile remained at "bb", one notch above the sovereign. S&P highlighted that the company's liquidity position remains strong despite forecasted lower operating cash... Continue Reading →
Seabed Geosolutions is feeling the impact of the COVID-19 pandemic on its activity. A significant ongoing project in the Middle East has been cancelled and another project that was scheduled to start imminently in Brazil has been postponed. Continue reading
Oilfield services provider Schlumberger took an $8.5 billion charge in the first quarter of the year rocked by the low oil price environment and the coronavirus pandemic. Schlumberger said in its report on Friday that its worldwide revenue in 1Q 2020 was $7.5 billion, a 9 per cent decrease sequentially and 5 per cent decrease... Continue Reading →
This report is aimed at providing detailed information on collection of taxes and participations made by Petrobras S.A. in 2019, on a cash basis. Read Report - PBR 2019 Tax Report
Italian oilfield contractor Saipem has decided to withdraw its 2020 guidance, reserving the right to issue a new one should the market conditions improve. After a meeting of the Saipem board of directors, chaired by Francesco Caio, the company on Wednesday opted to withdraw its previously announced guidance for the year. Continue reading
