Offshore drilling contractor Valaris, which had filed for bankruptcy in August 2020, said Monday it had on April 30, 2021, successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group's Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3, 2021. ... Continue Reading →
Enauta resolves Atlanta field dispute with Dommo Energia
Brazilian oil and gas company Enauta has come to an agreement with Dommo Energia regarding all of the ongoing legal proceedings pertaining to the Atlanta Field offshore Brazil. This has been a long ongoing dispute dating back to 2017. At the time, Barra Energia exercised the rights to expel Dommo Energia from Block BS-4 which... Continue Reading →
Valaris books first-quarter loss, looks to emerge from Chapter 11
Offshore drilling contractor Valaris booked a $910 million loss in the first quarter of the year but hopes to re-emerge from bankruptcy sooner rather than later. Valaris on Wednesday reported a net loss of $910 million for the first quarter of 2021 compared to a net loss of $71 million in the fourth quarter of... Continue Reading →
Petrobras on adhesion to the PEP- ICMS (VAT tax) program
Petróleo Brasileiro S.A. – Petrobras informs that it has decided to close ICMS (VAT tax) contingencies with the State of Rio de Janeiro, in the total estimated amount of R$ 1.530 billion, through the disbursement of R$ 544 million, with an avoided cost of 64%. The decision is based on the special installment payment program... Continue Reading →
Diamond Offshore emerges from Chapter 11 bankruptcy
Offshore drilling contractor Diamond Offshore Drilling and its debtor-affiliates have emerged from their Chapter 11 process after completing a financial reorganization under their joint plan of reorganization. Diamond said that it emerged from Chapter 11 on 23 April 2021. The restructuring provides substantial liquidity for the company, resulting in the equitization of approximately $2.1 billion... Continue Reading →
Technip Energies buys its own shares from TechnipFMC
Energy transition company Technip Energies has agreed to buy €20 million (approx $24.2 M) equivalent of its own shares from TechnipFMC. In February 2021, TechnipFMC and Technip Energies were separated as two independent, publicly traded companies. Technip Energies deals in LNG, hydrogen, and ethylene as well as blue and green hydrogen, sustainable chemistry, and CO2 management,... Continue Reading →
Diamond Offshore CEO Retires as Drilling Contractor Exits Chapter 11
(Rigzone) Diamond Offshore Drilling, Inc. (OTCMKTS: DOFSQ) reported Monday that it, along with its debtor affiliates, emerged from Chapter 11 bankruptcy on April 23, 2021, after successfully completing a financial reorganization In addition, Marc Edwards has retired as the drilling contractor’s chairman, president, and CEO effectively immediately and that Executive Vice President and Chief Operating... Continue Reading →
Archer to Acquire DeepWell
Oilfield services firm Archer said it has signed an offer letter with Moreld laying out principle terms to purchase 100% of the shares in DeepWell, a Norwegian well intervention company focused on mechanical wireline and cased hole logging services. The contemplated transaction is subject to due diligence, negotiation of the transaction documentation, closing conditions and... Continue Reading →
ENGLISH COMPANY SUES PETROBRAS CLAIMING LOSSES CAUSED BY SERVICES NOT PAID BY SCHAHIN GROUP
(PetroNoticias) The English company Marin Holding International hired the law firm Luzone Legal, specialized in the business area and in the oil and gas sector, to sue Petrobras for possible losses arising from the services provided by the vessel, Vitoria 10,000. As a reminder, the case is one of the most emblematic in the oil... Continue Reading →
Brazil’s Supreme Court confirms decision to annul Lula convictions
(Reuters) A majority of Brazil's Supreme Court confirmed on Thursday a decision to annul criminal convictions against former President Luiz Inacio Lula da Silva, teeing up a presidential run against current President Jair Bolsonaro in 2022. The decision, which was widely expected, came after Supreme Court Justice Edson Fachin determined in early March that the... Continue Reading →
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