Brought to you by Quest Offshore & Southern Cone Consultants
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 →
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 →
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 →
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 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 →
