- Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), following best practices in corporate governance and transparency, informs its preliminary and non-audited Operational Data for the month of January. Obs.: (1) Frade figures account for a 70% interest in the Frade Field. On February 5, 2021, the Company announced the closing of the acquisition... Continue Reading →
Valaris one step closer to emerging from Chapter 11
Offshore drilling contractor Valaris has reached an agreement with lenders related to its restructuring support agreement and backstop commitment agreement, bringing the company one step closer to emerging from the Chapter 11 process. To remind, Valaris filed for bankruptcy protection in an attempt to restructure its debt back in August 2020. In late September 2020, Valaris executed... Continue Reading →
Vallourec Reaches Financial Restructuring Deal with Creditors
French steel pipemaker Vallourec said on Wednesday it has reached an agreement in principle on financial restructuring with its main creditors. It has filed a request with the commercial court of Nanterre, in greater Paris, for the opening of safeguard proceedings, the company said in a statement. The deal, which reduces its debt by 1.8 billion euros... Continue Reading →
Lenders to Sell Polarcus’ Vessels. All Employees to Be Laid Off
Lenders of the troubled marine seismic contractor Polarcus, which last week took control of the company's vessel after a debt payment default, will sell Polarcus' vessels and all the employees will be let go. Banks last week tool control of Polarcus' subsidiaries that own seismic vessels, with the subsidiaries in question being Polarcus Asima AS,... Continue Reading →
PDVSA Eyeing Export Options for Crude Oil from Nabarima FSO
Venezuela's state-run oil company PDVSA has begun marketing about 570,000 barrels of Corocoro medium crude recently offloaded from a floating facility that was listing last year, two sources with knowledge of the offer said on Friday. Crude onboard the Floating Storage and Offloading facility (FSO) Nabarima, operated by a joint venture between PDVSA and Italy's Eni,... Continue Reading →
Lenders take over Polarcus assets
Following loan default, Polarcus’ lenders have taken control of its vessels and shipholding unit. On Tuesday this week, Marine seismic player said it had defaulted on debt payments and that it will halt all interest and installment payments to finance providers. That same day, the company’s shares fell over 30 percent before the Oslo Stock Exchange stopped its... Continue Reading →
Lenders Take Control of Polarcus’ Ships After Default on Debt
Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices. The company's Oslo-listed shares plunged as much as 47% after they resumed trading following an earlier suspension. Polarcus said lenders... Continue Reading →
After devastating 2020, Rystad expects bankruptcy numbers to normalize in 2021
After the costliest Chapter 11 year in history, 2021 bankruptcy numbers will normalize if WTI keeps up, an analysis by Norwegian energy intelligence firm Rystad Energy has shown. The combined debt of North American E&P and oilfield service companies that filed for Chapter 11 bankruptcy protection last year jumped to $102 billion, surpassing the $100... Continue Reading →
Petrobras on approval of Petros Plan 3
Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on January 18, 2021, informs that the Secretariat for Coordination and Governance of State-Owned Companies (SEST) and the National Private Pension Superintendence (PREVIC) approved the Petros Plan 3 (PP-3). PP-3 will be a private pension option exclusively aimed to voluntary and timely migration of... Continue Reading →
Petrobras on agreement with Sete Brasil
Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on November 12, 2020, informs that it has received a notification from the Sete Brasil in which: (a) it indicates that will not comply with certain conditions set forth in the agreement that should be fully met by January 31, 2021; and (b) requests... Continue Reading →
Brazil Energy Insight 