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Keppel Offshore & Marine (KOM), a subsidiary of Singapore’s Keppel Corporation, is being sued by the eight funds managed by EIG Management Company, with a claim of almost $820m over the loss of an investment. The civil action by EIG Funds is being heard in the US District Court, Southern District of New York. In... Continue Reading →
Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will... Continue Reading →
(Bloomberg) -- Brazil’s years-long Carwash probe into payoffs to secure business with Petroleo Brasileiro SA in the early 2010s revealed how a unit of commodities-trading giant Glencore Plc allegedly secured maritime fuel supply contracts. (Bloomberg) -- Brazil’s years-long Carwash probe into payoffs to secure business with Petroleo Brasileiro SA in the early 2010s revealed how... Continue Reading →
(Reuters) - Suriname state oil company Staatsolie on Wednesday said it had signed a 30-year production sharing contract with U.S. producer Chevron Corp (CVX.N) for the South American country's offshore Block 5. Chevron Exploration Suriname Ltd and a consortium by TotalEnergies and Qatar Petroleum (QATPE.UL) in June submitted favorable bids for shallow-water exploration in Blocks 5, 6... Continue Reading →
(Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday that well-known foreign companies had engaged in what he described as fuel smuggling and he named global energy trader Trafigura (TRAFGF.UL) as an example of the practice. The comments marked a new development in a web of corruption probes of some of the world's... Continue Reading →
Offshore drilling contractor Seadrill has seen its reorganisation plan overwhelmingly accepted by all classes of voting creditors and shareholders and is on track to exit Chapter 11. Seadrill filed for Chapter 11 back in February 2021 and has been working since then on a plan to emerge from bankruptcy. In late July, the rig owner hammered out the... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that, in alignment with its ongoing contingency assessment process, it signed an agreement today in the scope of the three public civil actions investigating environmental damage resulting from the leakage of the Santa Catarina - Paraná (OSPAR) oil pipeline, which occurred on July 16, 2000, in the city of... Continue Reading →
(OE) U.S. based offshore support vessel owner Tidewater plans to start an offering of USD denominated 5-year senior secured bonds, subject to market and other conditions. "The Company intends to use the net proceeds from the bond issue towards refinancing of the Company’s outstanding debt and for general corporate purposes," Tidewater said. The bonds will... Continue Reading →
Offshore driller Seadrill Ltd has requested an additional four months to retain control of its bankruptcy proceeding, saying it is still working to drum up as much support as possible for its proposed reorganization plan. The company, represented by Kirkland & Ellis, made its request in a motion filed on Tuesday, a few weeks before... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras announces that it has concluded the obligations set forth in its agreement with the U.S. Department of Justice (“DOJ”), previously disclosed in its 09/27/2018 release. The non-prosecution agreement, which related to Petrobras’ internal controls, accounting records, and financial statements during the period from 2003 to 2012, included certain obligations to... Continue Reading →
Brazil Energy Insight 