Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign... Continue Reading →
Valaris gets $200 million payment in Samsung Heavy arbitration, secures more rig work
Offshore drilling contractor Valaris has received a $200 million payment following the conclusion of arbitration proceedings with Samsung Heavy and has secured new contracts for its rig fleet, adding $100 million to its contract backlog. Valaris said earlier this week that it had received a $200 million cash payment upon the conclusion of previously disclosed... Continue Reading →
Prosafe and Floatel agree extension of share purchase agreement amid competition concerns
Offshore accommodation giants Prosafe and Floatel International have agreed an extension of a share purchase agreement related to a proposed merger of the two companies amid concerns raised by competition authorities in the UK and Norway. According to Prosafe’s statement on Thursday, Prosafe and Floatel International have agreed to extend the long stop date in... Continue Reading →
Hess dodges shale decline, leads S&P 500 via ‘fairy tale’ Guyana find
Hess rose above the carnage in shale stocks with a more traditional approach to oil exploration – partnering in a massive offshore discovery in a frontier nation. Investors flocked to New York-based Hess in 2019 to participate in Exxon Mobil Corp.’s gigantic Guyana oil find, and avoid cash-burning shale specialists. Hess, which holds a 30%... Continue Reading →
McDermott in talks with lenders to file bankruptcy
McDermott International shares fell for a second day after reports that the company is negotiating with lenders ahead of a bankruptcy filing that could come within weeks. The Houston-based company, which builds oil platforms and gas-export plants for energy companies, is in discussions with lenders including Baupost Group LLC and HPS Investment Partners LLC about... Continue Reading →
Brazil hikes minimum wage more than expected, eyes extra fiscal discipline as a result
Brazil’s minimum wage will be increased to 1,039 reais ($258) a month in 2020, the government said on Tuesday, a higher level than it had previously forecast that will require even tighter controls on spending to ensure its fiscal rules are not broken. The new minimum wage, provisionally signed into law by President Jair Bolsonaro... Continue Reading →
Petrobras reports on new ADR depositary bank- JP Morgan Chase
December 30, 2019 Petróleo Brasileiro S.A. – Petrobras reports that JP Morgan Chase will be the new representative of the American Depositary Receipt (ADR) program for its shares traded in the New York Stock Exchange (NYSE) from January 1, 2020 to December 31, 2024. ADR holders may call the new depositary bank at 1-800-990-1135 (or... Continue Reading →
Petrobras – about the sale of 50% of Tartaruga Verde and Module III of Espadarte
December 30, 2019 -Petróleo Brasileiro S.A. – Petrobras following up on the press release disclosed on 12/27/2019, reaffirms that the total value of the sale of 50% of exploration and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas Petróleo Brasil Ltda ("Petronas") was US$ 1,293.5... Continue Reading →
ExxonMobil keeps Guyana in dark over massive gas finds
From 2015 to now, ExxonMobil has made 15 discoveries of oil wells offshore Guyana. It has always been keen to divulge details to the citizenry about the significance of its oil finds. But the same cannot be said for its gas discoveries. Up to three months ago, the oil operator told the media that it... Continue Reading →
DOF Moves Forward with Refinancing Negotiations
DOF Group has made progress is negotiating with its banks and bondholders with a view to finding sustainable long-term financing structure that is aligned with the current market environment. The bondholders in each of DOFSUB07, DOFSUB08 and DOFSUB09 bond loans resolved to continue and extend the engagements on certain terms and conditions which are deemed... Continue Reading →
