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Oilfield services provider Baker Hughes Co (BKR.N) missed analysts’ estimates for quarterly profit on Wednesday, hit by lower orders in its business that supplies turbines and compressors to liquefied natural gas (LNG) producers. Orders in the unit fell 10% year-over-year, with equipment orders dropping 16% and service orders decreasing 4%, amid concerns that demand for... Continue Reading →
Norway's seismic surveyor PGS plans to raise up to 850 million Norwegian crowns ($95 million) in new equity via a private placement to partly refinance its debts maturing in the next 18 months, the company said on Tuesday. The Oslo-listed company said it would use the proceeds from the private placement to partly redeem its... Continue Reading →
January 21, 2020 Petróleo Brasileiro S.A. – Petrobras reports that the Higher Chamber of the Administrative Tax Appeals Council (CARF) issued today an unfavorable decision, by a casting vote, on an administrative tax proceeding which deals with the collection of PIS/COFINS - Import tax regarding remittances abroad for the payment of charters contracts in the... Continue Reading →
U.S. engineering and construction services company McDermott has informed that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the company’s funded debt, eliminating over $4.6 billion of debt. Offshore Energy Today reported on Monday that McDermott could be filing for bankruptcy over... Continue Reading →
Halliburton on Tuesday posted a net loss of $1.7 billion for the fourth quarter of 2019. This compares to net income for the third quarter of 2019 of $295 million and net income of $664 million in the fourth quarter of 2018. Halliburton’s adjusted net income for the fourth quarter of 2019, excluding impairments and... Continue Reading →
Companies in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL. While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies... Continue Reading →
U.S. engineering and construction services company McDermott International could be filing for bankruptcy over the course of this week. Citing people close to the matter, Bloomberg stated the company was looking into a restructuring plan to convert its more than $4 billion debt into equity. According to the news agency, the majority of the shares... Continue Reading →
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 →
