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CIMC Raffles-managed offshore accommodation rig OOS Tiradentes will soon resume work for Petrobras in Brazil, after a hiatus due to COVID-19 pandemic. CIMC Raffles asset operation management center which manages the semi-sub accommodation rig, has received the notice from Petrobras to resume operation. Continue reading
Blame Covid-19, the oil price or both in equal measures. Either way, the offshore rig industry will need to adapt. Just last week during Saipem’s quarterly results presentation, CEO, Stefano Cao, was asked an interesting question that appears to be at the forefront of many minds in the oil and gas industry just now. Cao was... Continue Reading →
Pioneer project is another step of the company towards innovation Tuglab, Wilson Sons’ innovation laboratory, in partnership with the IT Management of the company’s Towage division, developed the Closed Circuit TV (CCTV) and Network Cabling project for the fleet. Local internet network and 480 cameras are planned to be installed. The equipment has already been installed... Continue Reading →
August 03, 2020 Petróleo Brasileiro S.A. – Petrobras, in accordance with the commitments made through the Agreement signed with the Administrative Council for Economic Defense (CADE), on July 8, 2019, and following up on the release dated December 9, 2019, informs that it published today the Bidding Process Call for the leasing of the LNG... Continue Reading →
Regardless of the recent loan forbearance agreement extension expiring, Prosafe is still in discussions with lenders to find a long-term financial solution which would stabilize operations. Namely, Prosafe agreed on a forbearance agreement for $1.3 billion and $288 million facilities earlier this year. As part of this, the company was allowed to defer making payments... Continue Reading →
Jul 30, 2020 Petrobrás currently has seven platform ships under construction, scheduled to enter operations between 2021 and 2023. Some of the works have managed to progress well despite the pandemic. Others not so much. This is the case of the FPSO Carioca, which will be installed in the Sépia field, in the Santos Basin.... Continue Reading →
Noble Corp., the offshore drilling contractor, filed for bankruptcy after the crash in crude prices made subsea wells too expensive to compete. The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Bondholders have agreed... Continue Reading →
Offshore drilling company Transocean expects its two ultra-deepwater drillships under construction in Singapore to cost it $2,25 billion in total, more than a double on the original order price. Transocean first ordered the drillships - now named the Deepwater Titan and the Deepwater Atlas - on speculation from Sembcorp Marine's Jurong Shipyard in 2014 for... Continue Reading →
Offshore accommodation provider Floatel International will book impairments of nearly $400 million for the second quarter of the year due to impairments of its vessels made amid challenging market situation. In an update on Thursday, Floatel said it continues to engage in constructive discussions with its key stakeholders on terms for a financial restructuring. Continue... Continue Reading →
Jul 30, 2020 WEG obtained an important contract with Petrobras to supply eight turbogenerators for the FPSOs Buzios V and Mero 2. With the new arrangement, WEG expects to generate revenue of approximately R $ 160 million. Of the total equipment, four of them will be 36 MW 3600 rpm and four of 33 MW... Continue Reading →
Brazil Energy Insight 