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Petróleo Brasileiro S.A. –Petrobras following up on the release disclosed on December 23, 2020, informs that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBio) completed today the sale of all its shares (50% of the company's capital) issued by BSBios Indústria e Comércio de Biodiesel Sul Brasil S/A (BSBios) to the company RP Participações em Biocombustíveis... Continue Reading →
SBM Offshore is pleased to announce the successful pricing of an US$850 million non-recourse senior secured notes transaction in a 144A/Reg S offering by a subsidiary company. The issuer of the notes is Guara Norte S.à r.l. (Guara Norte), which owns the FPSO Cidade de Ilhabela. SBM Offshore owns 75% of the equity in Guara... Continue Reading →
Struggling seismic player Polarcus, which last week saw creditors take over its vessels following a debt payment default, on Tuesday said a Cayman Islands court has appointed joint provisional liquidators, after the company's application. "The Board remains focused on pursuing a restructuring of its indebtedness and maintaining the underlying business as a going concern. Discussions between... Continue Reading →
Malaysian offshore energy services firm Sapura Energy said that its Brazilian joint venture with Seadrill is not affected by Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia. Sapura Energy said it was responding to media reports linking its Brazilian JV Sapura Navegacao Maritima to Chapter 11 cases unrelated to that particular joint venture. "[Sapura... Continue Reading →
- 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 →
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 →
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 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 →
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 →
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 →
