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Marine geophysical firm PGS and artificial intelligence (AI) software-as-a-service (SaaS) company Cognite are teaming up in an effort to make seismic survey vessels work better, faster and more efficiently. Venturing into a new area of the energy sector, Cognite has launched a digitalization project with Norway’s PGS, a leader in subsurface seismic imaging, to optimize... Continue Reading →
Offshore drilling contractor Transocean has booked a loss for the last quarter of 2019 as its revenues increased. However, the company has reduced the loss sequentially and year-over-year helped by gain on termination of construction contract, tax items, and disposal of assets, but partially offset by impairments and restructuring costs. Transocean’s contract drilling revenues were... Continue Reading →
Global oil firms are preparing to spend more than $53 billion in Guyana’s coveted Stabroek Block during the coming decade. According to Rystad Energy research, recent discoveries in the Guyana-Suriname basin have proven a wider petroleum system and may cause an upgrade in resource estimates, drawing extra attention to upcoming wells. Continue reading
Offshore drilling contractor Transocean has secured more work for its fleet of offshore drilling rigs and brought its total contract backlog to over $10 billion. Transocean said last Friday that, since its last fleet status report in October 2019, the company had added approximately $366 million in contract backlog, bringing its total backlog to $10.2... Continue Reading →
Brazil’s currency will fall to a new low of 4.50 per dollar this year, Capital Economics forecast on Friday, predicting slower growth, lower interest rates and worse balance of payments dynamics than the current market consensus. One of the most gloomy outlooks to date for the real, it assumes renewed selling pressure will knock away... Continue Reading →
February 13, 2020 Guidance delivered, doubling dividend, share repurchase and backlog up 40% Highlights 2019 guidance delivered: Directional[1] revenue US$2,171 million; reported Directional EBITDA US$921 million Underlying[2] Directional EBITDA US$832 million US$6 billion net increase of pro-forma backlog[3] to US$21 billion 100% increase in dividend to US$150 million Launch of EUR150 million (c. US$165 million) share repurchase Market... Continue Reading →
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 →
