This follows SBM Offshore being chosen as the successful bidder in the public auction for equity ownership in five FPSOs back in October. Under the acquisition, SBM Offshore bought minority interests held by Constellation in entities related to the Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%), and Capixaba (20%) FPSOs. SBM Offshore was already the... Continue Reading →
Petrobras about fertilizer plants leasing
November 21, 2019 Petróleo Brasileiro S.A. - Petrobras reports that today it has signed with Proquigel Química S.A., a company of Unigel Group, lease agreements of its fertilizer plants in Bahia (Fafen-BA) and Sergipe (Fafen-SE), for the total amount of R$ 177 million for a period of 10 years, renewable for the same term. Leases... Continue Reading →
Siemens CEO Seeks to Shake Up Company With Energy Spinoff
Siemens AG aims to shed about 75% of its struggling power and gas unit in one of the most radical moves to date by Chief Executive Officer Joe Kaeser to untangle the sprawling conglomerate and try to boost its valuation. The Munich-based industrial giant wants to “massively deconsolidate” the division to make the parent company... Continue Reading →
Labour Party manifesto: Windfall tax on oil firms, delisting for those not tackling climate change
UK’s Labour Party plans to impose a reported £11bn windfall tax on oil companies, and to delist from the London Stock Exchange those companies that don’t help with climate change, its general election 2019 manifesto launched Thursday reveals. “We will introduce a windfall tax on oil companies so that the companies that knowingly damaged our... Continue Reading →
Seadrill: Offshore drilling market recovering, but at ‘lower pace’
Offshore drilling company Seadrill has painted a cautiously optimistic picture for the offshore drilling market outlook, with the company seeing an opportunity for high-end floaters as well as for jack-up reactivations in 2020. At the end of the third quarter, Seadrill had 35 offshore rigs in Total, of which, 19 floaters and 16 jack-ups. Of... Continue Reading →
Billionaire Fredriksen steps down as Seadrill Chairman
Billionaire investor John Fredriksen has stepped down as Chairman of offshore drilling contractor Seadrill. He will be replaced by Glen Ole Rødland, who is currently chairman of offshore flotel provider Prosafe, as well as of Aqualis Braemar. John Fredriksen, who is currently at #129 place on Forbes billionaires list with the current net worth of... Continue Reading →
Exxon’s credit rating outlook goes negative on ‘substantial’ cash burn
Exxon Mobil had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth. The oil major’s credit metrics will probably weaken over the next few years as it pursues a rebuild of its upstream portfolio, as well as new chemical facilities... Continue Reading →
Yinson in $800M FPSO refinancing deal
Yinson said Tuesday the agreement was reached with both global and local banks to refinance its FPSO John Ayekum Kufuor. The FPSO is currently operating in OCTP Block, offshore Ghana, chartered by Italy’s Eni. “The refinancing allows Yinson to enjoy lower interest rates whilst freeing up capital to be invested in future projects,” Yinson said.... Continue Reading →
Brazil real dips toward record low, but FX intervention alarm barely rings
Brazil’s real may be sliding toward an all-time low against the U.S. dollar, but the central bank appears in no rush to intervene to slow or even reverse the fall. Despite the real’s historical weakness, the market is functioning smoothly: depreciation, so far, has been fairly orderly, volatility is low, liquidity has not dried up,... Continue Reading →
BW Offshore Completes Bond Issue
BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023. The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled... Continue Reading →
