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Malaysian FPSO supplier Yinson saw its revenue and profit decline in the second quarter of 2019, but it is optimistic about near-term FPSO contract opportunities. The company’s revenue for the quarter was 213 million Malaysian Ringgit, down from 246,5 million Malaysian Ringgit, a drop of around 13 percent. Profit for the period fell more than... Continue Reading →
McDermott International is seeking a bridge loan to help it cover a working-capital deficit of about $1.7 billion until it can sell an asset such as its Lummus Technology unit, according to a person with knowledge of the matter. The Houston-based company, which provides construction services to oil and gas firms, is working with advisers... Continue Reading →
Seven months into the presidency of Roberto Campos Neto, Brazil’s central bank has implemented a quiet revolution in its monetary policy, with the former trader showing a willingness to tolerate a weaker currency. In selling international reserves for the first time in 10 years to meet demand for dollars, while slashing interest rates to new... Continue Reading →
An improvement in Brazil’s sovereign credit rating hinges more on stronger economic growth than lower interest rates, ratings agency Moody’s said on Tuesday, urging economic reform and the shoring up of public finances. Brazil’s central bank has slashed interest rates by 100 basis points to a new low of 5.50% and seems set to cut... Continue Reading →
September 20, 2019 Petróleo Brasileiro S.A. - Petrobras reports that today it entered into a Cession Agreement of Credit Rights, allowing the advance of about R$ 8.4 billion of receivables from Eletrobras, recognized in the Debt Assumption Agreements (IADs) referring to the totality of the debts confessed in 2014 by the Eletrobras Group, with original... Continue Reading →
McDermott International hired restructuring firm AlixPartners for strategic and operational advice as the company seeks to shore up its balance sheet, according to a person with knowledge of the matter. The Houston-based company’s stock plunged as much as 76% Wednesday -- trading was halted for volatility at least five times -- while its bonds dropped... Continue Reading →
McDermott International has received offers to sell its Lummus Technology business. The oilfield services company said the valuation of the tech business exceeded $2.5 billion. “Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC)... Continue Reading →
September 18, 2019 Petróleo Brasileiro S.A. - Petrobras informs that today the Administrative Board of Tax Appeals (CARF) issued a favorable decision on a tax administrative process regarding the moment of the deduction of expenses incurred by Petrobras with oil and gas production development, for purposes of Corporate Income Tax (IRPJ) and the Social Contribution... Continue Reading →
The UK Competition and Markets Authority will refer the proposed merger between Prosafe and Floatel to Phase 2, after the first phase raised competition concerns. The proposed combination would create the world’s largest owner of semi-submersible accommodation rigs. The UK CMA said that – after completing its initial Phase 1 investigation – it was concerned... Continue Reading →
Baker Hughes, a GE company announced today the closing of a secondary offering of 132.25 million shares of BHGE Class A common stock, par value $0.0001 per share at a price to the public of $21.50 per share. This closing includes the underwriters’ exercise of their option in full, purchasing an additional 17.25 million shares... Continue Reading →
