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(OE) Offshore drilling company Valaris has secured new contracts and extensions for its drilling rigs, increasing its contract backlog to approximately $4 billion. Since its latest fleet status report, issued on February 15, 2024, Valaris has secured approximately $480 million new contracts and contract extensions, increasing its backlog from $3.9 million. Drillships and Jack-Ups Deals... Continue Reading →
(Offshore-energy.biz) Subsea7 has reported a “robust” backlog of $10.4 billion in its financial results for the first quarter of 2024, with tendering activity high in both the subsea and offshore wind sectors. To remind, in the financial results for the full year of 2023, Subsea7 reported it had secured $7.4 billion of contract awards last year, taking its backlog... Continue Reading →
(OM) Global energy demand continues to ramp up as the world economy emerges from the constraints of the COVID-19 pandemic. According to the US EIA, liquids consumption has grown by 10% over the past three years, averaging 101 MMb/d in 2023. The rebound in oil demand to above pre-pandemic levels continues to spur investments in... Continue Reading →
(OE) Dutch heavy lift shipping and offshore transport and installation contractor Jumbo Offshore has signed a memorandum of understanding (MoU) with Sea Horizon Offshore Marine Services, which will act as its representative in the Middle East region. Sea Horizon Offshore, with its broad network of local partners, will represent Jumbo Offshore to potential clients in... Continue Reading →
(OET) The offshore drilling market has been reaping the benefits of the ongoing upcycle, as rising demand and tightening supply brought higher day rates and fleet utilization in 2023. Will this trend continue in 2024? Westwood Global Energy, an energy market research and consultancy firm, has outlined its top three predictions for the year ahead,... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it has received a communication from Mubadala Capital proposing the formalization of recent discussions on the formation of a potential strategic partnership for the development of downstream in Brazil, in continuity with the memorandum of understanding released on September 4, 2023. The initiative has as its scope businesses... Continue Reading →
Yinson Production officially named its latest addition to the fleet, FPSO Atlanta, during a naming ceremony held at Dubai Drydocks World on December 13, 2023. FPSO Atlanta has a production capacity of 50,000 BOPD and a maximum storage capacity of 1,251,000 bbls. It will feature a carbon management process plant, which uses fuel gas for cargo... Continue Reading →
Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, has hosted dignitaries from Brazil, who came to visit a floating production, storage, and offloading (FPSO) vessel, destined to work at Enauta’s field off the coast of Brazil. At the start of December 2023, several dignitaries – Rui Costa, Chief of Staff at... Continue Reading →
(Bloomberg) -- Brazil’s state-controlled oil explorer is considering opening a Middle East unit as Latin America’s biggest crude producer prepares to join OPEC+’s cooperation charter. Petrobras will begin formal analysis later this month on establishing a subsidiary intended to strengthen commercial ties in the Persian Gulf region, Chief Executive Officer Jean Paul Prates wrote in... Continue Reading →
(Reuters) - Brazil has signed onto an agreement to triple renewable energy globally by 2030 and shift away from using coal, the country's Foreign Ministry said on Friday, joining a prospective deal backed by the European Union, U.S. and United Arab Emirates. South America's largest country is now one of roughly 100 countries that have signed onto... Continue Reading →
Brazil Energy Insight 