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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 →
Norway's TGS, a supplier of seismic data to the global oil industry, reported lower-than-expected fourth-quarter revenue on Thursday. So-called net segment revenue hit $230 million for the October-December period, while analysts on average had expected revenue of $257 million, according to forecasts published by Refinitiv. TGS did not provide a year-ago comparison for the fourth... Continue Reading →
January 06, 2020 Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3) announces to its shareholders and to the market in general that as of this day, it has been included as part of IBXX (or IBrX-100 Index), which consists of the 100 most traded companies in Brazil’s main stock exchange. The Company had previously been... Continue Reading →
January 6, 2020 Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on December 13, 2019, reports that it has received new correspondence from the National Bank for Economic and Social Development (BNDES) in which it reports that it has invited Banco de Investimentos Credit Suisse (Brasil) S.A., Bank of America Merrill Lynch... Continue Reading →
