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July 29, 2020 Petróleo Brasileiro S.A. – Petrobras informs that the Board of Directors approved, in a meeting held today, an agreement with Fundação Petrobras de Seguridade Social (Petros), which aims to end the arbitral dispute proposed by Petros in order to obtain compensation from Petrobras for alleged material damages related to the investment in... Continue Reading →
Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received significant orders for its Tube Turns® branded Ultra-High Pressure and Double Bolt closure product lines. Production will begin immediately and is expected to be completed prior to year end. Terms of the purchases were not disclosed. The... Continue Reading →
Temasek Holding's $3 billion bid to acquire a controlling stake in Keppel Corp will be under scrutiny on Thursday as a big quarterly profit drop at the conglomerate could raise the risk of the state investor dropping its proposal, analysts said. Keppel last week warned that material impairments relating to its offshore and marine segment... Continue Reading →
Danish offshore drilling contractor Maersk Drilling has entered an agreement to invest $1 million in the California-based company Clean Energy Systems to help develop a new technology called Carbon-Negative Energy. The concept builds on proven technology originally developed for the aerospace industry, which is now being deployed in a process that is expected to result... Continue Reading →
Subsea 7 has booked a major loss in Q2 2020 on restructuring and impairment charges as well as activity drop in the SURF and Conventional business units The engineering and construction specialist recognised quarterly net loss of $922 million, against profit of $24 million in Q2 2019. Diluted loss per share was $3.06 in Q2 2020... Continue Reading →
Italian energy services group Saipem painted a gloomy outlook for the year after reporting a net loss of 616 million euros ($723 million) in the second quarter following writedowns. The company said the industry faced uncertain demand for oil and gas. In April the group pulled its 2020 outlook, saying the pandemic might trigger a... Continue Reading →
July 28, 2020 Petrobras will forward a letter of intent (LOI) to Misc for the construction, chartering and operation of the Mero 3 FPSO in the Libra area. The two companies have completed all the internal approval and negotiation processes for contracting the production unit and the most recent projection is that the document to... Continue Reading →
Giant oilfield services provider Schlumberger is cutting around 21,000 jobs as a response to one of the most challenging quarters in over a decade affected by the coronavirus pandemic and the oil price crisis. In its quarterly report released last Friday, Schlumberger said it would pay over $1 billion in severance to the 21,000 employees... Continue Reading →
The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from the depths. This model, which developed over many decades of exploration and production activity carried huge costs, particularly as the focus of this activity moved... Continue Reading →
Industrial cable provider Prysmian Group has announced new organizational structure and management appointments for the Projects Business Unit - responsible for High Voltage submarine and underground cable systems for power transmission. Prysmian, based in Italy, said the changes are part of the ambition to grasping the energy transition opportunities and to ensure "the perfect execution... Continue Reading →
Brazil Energy Insight 