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SCHIEDAM, Netherlands, Aug. 5, 2015 (GLOBE NEWSWIRE) -- SBM Offshore is happy to report better than expected revenue. The Company continues to see a healthy appetite for its projects, as evidenced by the 45% taken up by joint venture partners in the Turritella project as well as the recently announced US$1.55 billion of project financing... Continue Reading →
Brazil needs to finish its fiscal adjustment before seeking growth, and must reflect on economic risks generated by public spending, Finance Minister Joaquim Levy said as Congress reconvenes following a recess. The country needs fast reforms, and President Dilma Rousseff has assumed the popularity cost of doing what’s necessary to restart growth, Levy said at... Continue Reading →
It is shaping up as a cruel summer for debt investors wagering on a rebound in the oil-and-gas business. Funds managed by Franklin Resources Inc., Blackstone Group LP and Oaktree Capital Group LLC, among others, are facing paper losses on substantial investments this year in exploration-and-production companies. The sector is coming under further pressure as... Continue Reading →
Petroleo Brasileiro SA is looking to sell about 25 percent of its distribution unit in what would be Brazil’s biggest initial public offering in more than two years, said two people with direct knowledge of the matter. The Petrobras Distribuidora SA unit, known as BR, is Latin America’s largest distributor and marketer of petroleum derivatives... Continue Reading →
Brazil’s real led declines among major currencies and fell to a 12-year low as BNP Paribas SA and London Capital Group said it was poised for another 10 percent decline. The real tumbled last month the most since March as Standard & Poor’s said Tuesday it may lower the nation’s credit rating to junk and... Continue Reading →
The world’s biggest oil companies are painting a grim picture of the future and speculators are listening. Hedge funds reduced bullish bets to the lowest level in five years as oil capped the worst month since the financial crisis. The net-long position in West Texas Intermediate contracted 7 percent in the seven days ended July... Continue Reading →
Out in the Atlantic Ocean, 130 miles off the coast of Brazil, an oil ship the length of New York City’s Chrysler building is at the center of an escalating legal war. This battle pits the crude producer founded by Eike Batista, Brazil’s most notorious ex-billionaire, against bondholders who loaned another of his companies $500... Continue Reading →
SAO PAULO, July 31 Brazil's currency sank its most in nearly three months on Friday after worse-than-expected government debt data raised investor fears of a credit downgrade, while Mexico's currency gained following new government efforts to support the struggling peso. Other currencies in the region were little changed, though Colombia's peso posted a modest rebound... Continue Reading →
America's energy rebirth is the gift that keeps on giving for the economy. But this year, it's more about construction than drilling holes in the ground. While the collapse in oil and gas prices since the middle of last year caused energy companies to slash investment in oil wells, Thursday's report on second-quarter GDP showed... Continue Reading →
Technip SA swung to a loss in the second quarter after Europe’s biggest oil-services provider took a writedown amid an industry downturn it expects to last for longer than anticipated. The loss reached 306.9 million euros ($336.7 million) compared with a profit of 158 million euros the previous year, the Paris-based company said Thursday in... Continue Reading →
Brazil Energy Insight 