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Oilfield services provider Schlumberger recorded a 38% drop in its fourth quarter 2019 profit and an increase in revenues when compared to the same period in 2018. According to Schlumberger’s 4Q 2019 report on Friday, the company’s fourth-quarter revenue of $8.23 billion decreased 4% sequentially, but increased 1% year-on-year when the company’s revenues were $8.18... Continue Reading →
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador, today announced that it has closed the previously announced acquisition of Amerisur Resources Plc. (“Amerisur”) (LON: AMER). GeoPark acquired the entire issued... Continue Reading →
Schlumberger, Halliburton Co, and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand. Oilfield service providers are facing reduced spending by oil and gas producers as investors push for higher shareholder... Continue Reading →
Oilfield services provider TechnipFMC has reaffirmed that its planned transaction to separate into two companies, TechnipFMC and Technip Energies, is well on track for completion in the first half of 2020. The board of directors of TechnipFMC unanimously approved the company’s plan to separate into two independent, publicly-traded companies in August 2019. TechnipFMC anticipates completing the transaction... Continue Reading →
Oilfield services provider John Wood Group Plc expects higher core earnings in 2019, with strong performance in its engineering services unit in the Middle East, Asia and the Caspian region offseting slowing U.S. onshore drilling demand. The Aberdeen-headquartered company said on Thursday adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is expected to be... Continue Reading →
Tullow Oil expects to report a $1.5 billion writedown after lowering its long-term oil price assumptions by $10 to $65 a barrel, an announced reduction in reserves in Ghana and disappointing exploration wells, it said on Wednesday. "Tullow expects to report pretax impairments and exploration write-offs of (around) $1.5 billion (c. $1.3 billion post-tax)," it... Continue Reading →
Norwegian FPSO operator BW Offshore is targeting 1Q 2020 for the IPO and listing of its 68.6% owned exploration and production subsidiary, BW Energy. BW said on Wednesday that the IPO and listing were planned through a combination of a distribution of shares from BW Offshore and a contemplated equity raise of about $175 million.... Continue Reading →
A strong 2019 provided telltale signs that the industry was entering a new offshore investment cycle, Espen Erlingsen, head of upstream research at Rystad Energy has said. Erlingsen said on Tuesday that this trend was perhaps illustrated most profoundly by the rising swell of offshore project approval activity by operators in 2019. Globally, the amount... Continue Reading →
Offshore accommodation specialist Prosafe has missed its final payment to China’s Cosco shipyard for the Safe Notos flotel amid talks with lenders meant to secure financial flexibility for the longer term. As part of this, the company’s final payment of approx. $18.5 million owed and due under the sellers credit to Cosco for the Safe... Continue Reading →
Assets of the French offshore vessel owned Bourbon have been sold to SPP, a company owned by a group of French banks, following a court decision announced in December. The Marseilles Commercial Court on December 23 ruled the assets of Bourbon would be sold to Société Phocéenne de Participations (SPP), a company owned by the... Continue Reading →
Brazil Energy Insight 