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The Australian oil company Karoon Energy announced the plans for the acquisition of necessary equipment for the Patola field, in the Santos basin. The agreement was signed with TechnipFMC and provides for long-term items that will be used in the development of the asset. The information was disclosed in the company's financial and operating balance... 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 →
Singapore's Keppel Offshore & Marine, a company famous for its offshore rig construction, is set to undergo a major transformation, look for opportunities as a developer and integrator of offshore energy and infrastructure assets, and exit the offshore rig building business. The company will be restructured into three parts, separating construction and ownership of legacy... Continue Reading →
(Reuters) - Three consortia including Asian shipyards are preparing to compete to build Brazil’s Petrobras’ first two in-house platforms in more than seven years, according to four people familiar with the tender who declined to be named as the information is private. Samsung Heavy Industries Co, Hyundai Heavy Industries Holding Co Ltd and Daewoo Heavy... Continue Reading →
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 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 →
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 →
Pipe producer Tenaris and Subsea 7 have signed an agreement for the supply of pipes and coating services for Bacalhau project offshore Brazil. Equinor is the operator of Bacalhau project, located 185 kilometres off the coast of São Paulo in Brazil. Discovered in 2012, the Bacalhau oilfield sits in the pre-salt area of the Santos Basin at a depth... Continue Reading →
Marine seismic player Polarcus said on Tuesday it has defaulted on debt payments and that it will halt all interest and installment payments to finance providers. As a result, the company’s shares fell over 30 percent before the Oslo Stock Exchange stopped trading on Tuesday morning. During these difficult market conditions, Polarcus has been in detailed discussions... Continue Reading →
Offshore drilling contractor Diamond Offshore has entered into a restructuring agreement to deleverage its balance sheet and is now seeking to emerge from Chapter 11 bankruptcy. Diamond said on Monday it had entered into a plan support agreement with holders of over 70 per cent of each of its senior unsecured notes and revolving credit... Continue Reading →
Brazil Energy Insight 