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BW Offshore has slightly reduced the valuation of its planned oil and gas spin-off, the Oslo-listed company said as it presented details for the initial public offering on Wednesday. The valuation of BW Energy was shaved to a range of between $700 million and $750 million, from the $700 million to $800 million proposed in... Continue Reading →
U.S. oil and gas company Hess Corporation sank deeper into the red in the last quarter of 2019 despite higher production levels when compared to the prior-year quarter. Hess on Wednesday reported a net loss of $222 million in 4Q 2019 compared with the net loss of $4 million in the fourth quarter of 2018.... Continue Reading →
U.S. oil and gas producer Hess Corp said it would spend 11% more in 2020 compared with last year, betting heavily on its assets in offshore Guyana and the Bakken shale play. The company said its 2020 exploration and production capital and exploratory budget will be $3 billion, higher than the estimated $2.7 billion allocated... Continue Reading →
Mexico’s energy services provider Grupo R has informed that its newbuild jack-up rig Cantarell III has arrived from Singapore to Mexico ahead of a new contract, which is set to start in March 2020. The Cantarell III jack-up rig was built by offshore rig builder Keppel in Singapore. Keppel completed and delivered the rig to the... Continue Reading →
Offshore helicopter operator Bristow and its peer Era Group have made a deal to merge in an effort to create a more diverse and financially stronger player. Bristow and Era Group announced on Friday that they had entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger... Continue Reading →
Singapore's Keppel Corp. Offshore & Marine division posted a profit for the full year 2019 citing cost cuts and lower impairment costs. For the full year, Keppel O&M posted a net profit of S$10 million, a significant increase compared to a loss of S$109 in 2018. The management attributed profitability to increased topline, cost management,... Continue Reading →
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 →
