October 16, 2019 SBM Offshore is pleased to announce that it completed the project financing of FPSO Liza Unity for a total of US$1.14 billion. The project financing was secured by a consortium of nine international banks. The Company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will... Continue Reading →
OSV Owners Waiting for Better Days in Brazil
With the resumption of oil and gas block tenders in Brazil, including highly valued pre-salt tenders, offshore support vessel (OSV) owners are expecting to get any vessels that are lying by without a contract to soon rejoin the market. However, the owners of the large number of Brazil flagged vessels that were built but did... Continue Reading →
BNDES WANTS TO ATTRACT INVESTORS FOR PIPELINES FOR THE PRE-SALT GAS
Oct 15, 2019 The National Bank for Economic and Social Development (BNDES) intends to lead the structuring of a model that enables the construction of gas pipelines to drain future gas production from pre-salt fields, which in addition to financing the works will include the search for investors for the ventures, a bank superintendent told... Continue Reading →
PETROBRAS AND PPSA SIGN AGREEMENT THAT WILL RENDER R $ 210 MILLION TO THE UNION
Oct 15, 2019 Petrobras and Pre-sal Petróleo SA (PPSA) signed a document of expenses and volumes equalization for the Tartaruga shared oil field in the Campos Basin. As a result of the contract, the Union will receive about R $ 210 million from Petrobras. The funds will go into the National Treasury single account by... Continue Reading →
KAROON OBTAINS FINANCING FOR BAUNA ACQUISITION
Oct 15, 2019 Financing obtained by Australian oil company from ING Bank will have a maturity of four years Karoon has signed a US $ 275 million line of credit for the acquisition of the Baúna field in the southern Santos Basin. With a four-year maturity, funding from ING Bank N.V's Singapore branch provides for... Continue Reading →
BW Energy IPO Awaits ‘Right Window’
Norway's BW Offshore will wait for markets to stabilize before launching a planned initial public offering of its oil production arm, BW Energy, an executive said on Thursday. "We are generally ready to go to the market for a listing... however, looking at the market right now, with everything going on in the macro environment... Continue Reading →
Offshore investments on the rise in 2019, Rystad says
As investments in tight oil increased from 2016 to 2018 and offshore investments decreased, according to Norwegian energy intelligence group Rystad Energy. Tight oil investments almost reached the same level as offshore in 2018, Rystad added. However, in 2019 the table has turned. Now, offshore investments are on the rise again, while tight oil has... Continue Reading →
BP to take up to $3 billion charge as result of divestment program
Oil major BP now expects to deliver divestment proceeds and announced transactions totalling around $10 billion by the end of 2019, comprising the majority of its two-year divestment program planned to complete by the end of 2020. Following the $10.25 billion all-cash acquisition of US onshore assets from BHP in 2018, BP announced a $10... Continue Reading →
Bassoe: Welcome to the real world, where offshore drilling rig values are an enigma
Due to several factors including lack of liquidity (transaction activity), less willingness by investors and banks to finance rig acquisitions, expectations of a prolonged low-dayrate environment, and additional distressed or available supply in the market, offshore rig values have decreased across all segments in Bassoe Analytics. It should be noted that the sale and purchase market... Continue Reading →
Crisis forces Enseada shipyard to seek judicial recovery, recognizing debt of R$ 2.3 billion
OCT 8, 2019 Facing a difficult moment, Enseada Shipyard, in Bahia, has just filed its request for judicial recovery, covering R$ 2.3 billion in competition claims *. The decision was taken to implement a definitive financial restructuring of the company, which has been facing severe financial problems in recent years. Despite the request for recovery,... Continue Reading →
Brazil Energy Insight 