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Seabras 1 Bermuda and Seabras 1 USA filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Filings were made to ensure an orderly process to effectuate a new restructuring plan for Seabras 1 Bermuda, while ensuring that the company’s customers will continue to be served as usual. Continue reading
Dutch geophysical services provider Fugro has entered into an agreement to acquire CGG’s 40 percent shareholding in Seabed Geosolutions. Fugro said on Monday that this would terminate the Seabed Geosolutions’ joint venture agreement effective December 30 in exchange for a cash consideration of $35 million, paid by CGG before year-end 2019. Continue reading
S&P Global Ratings could boost Brazil’s sovereign rating if a cut in its deficit as a percentage of GDP is confirmed, according to an interview published on Thursday with the credit firm’s lead analyst for the country. South America’s largest economy needs to see reduced debt, higher economic growth and continued structural reforms in order... Continue Reading →
French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks. Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from... Continue Reading →
Dec 20, 2019 The Executive Board and Board of Directors of Petrobras have approved the final terms of an agreement with Sete Brasil (the “Agreement”) subject to the fulfillment of precedent conditions. The Agreement preserves the terms previously announced: (i) maintenance of charter and operation contracts regarding four drilling rigs, with 10-year terms and daily... Continue Reading →
Royal Dutch Shell (RDSa.L) said on Friday it expects impairment charges of up to $2.3 billion in the fourth quarter and trimmed its forecast for quarterly oil product sales, as the Anglo-Dutch oil company faces slowing demand for oil and gas. The company warned in October that trade tensions between the United States and China,... Continue Reading →
-Patria Investments, Shell and Mitsubishi Hitachi Power Systems Americas (MHPS) have announced the signing of a contract with Brazil’s State-owned development bank (BNDES) to finance the gas-powered Marlim Azul Energia thermoelectric plant, in Macaé (Rio de Janeiro State). The loan approved by the federal bank for the construction of the plant is R$ 2 billion,... Continue Reading →
December 19, 2019 Royalties are the most traditional form of taxation of mineral resources in the world. It is compensation for the exploitation of a mineral resource designed to ensure that future generations enjoy the benefits that exploitation of the non-renewable natural resource provides to the current generation. In the Brazilian case, according to Law... Continue Reading →
12/19/2019 Petrobras launched the website New Paths (www.petrobras.com.br/novoscaminhos ), a channel created to explain the strategies and business decisions of the company. In addition to the site, an advertising campaign featuring two television films and Internet plays will invite people to learn more about the portfolio management at Petrobras. The main message is to explain... Continue Reading →
Brazil’s Economy Minister Paulo Guedes said on Wednesday he had reached agreement with Congressional leaders on modernizing the country’s complex tax system next year and one option could be taxing on-line transactions. Brazil has brought its snowballing public debt under control with reform of the costly pension system and spending cuts, he said, while interest... Continue Reading →
