Brought to you by Quest Offshore & Southern Cone Consultants
Oilfield services company TechnipFMC is taking a set of actions in response to the current market environment, including a 30% reduction in capex. These actions include a 30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when compared to the company’s previous full-year guidance. Continue reading
UK oilfield services provider Wood has decided to implement salary, headcount, and capex reductions as a response to the volatile market conditions. Wood will also be withdrawing its final dividend recommendation. Wood said on Thursday it has taken significant steps to enable its workforce to work from home due to the coronavirus pandemic, resulting in... Continue Reading →
Offshore accommodation services provider Prosafe is still working with its lenders to come up with a financial solution to ensure the company’s long-term stability. Prosafe previously reported it had received consent for temporary payment deferrals and waivers of certain identified defaults under the company’s $1.3 billion and $288 million facilities. These deferrals and waivers have now... Continue Reading →
Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse. Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling... Continue Reading →
April 1, 2020 Petrobras then concludes the contracting of 90% of the TOR surplus in Búzios, alongside that of the Chinese state-owned companies CNODC and CNOOC, with 5% each. In addition to 100% of Itapu. - Búzios is the largest field under development in the country, with four Petrobras own units in operation, Búzios 5... Continue Reading →
April 1, 2020 OneSubsea presented the lowest price in Petrobras' bid for the acquisition of a PLEM (Production Line End Manifold) and an UTA (Umbilical Termination Assembly) for the Marlim and Voador Revitalization Project (Modules 1 and 2). In the reverse auction conducted by Petronect, the company offered a value about 12% lower than the... Continue Reading →
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday. The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding... Continue Reading →
April 1, 2020 Total Brasil will not extend the charter contract for the Valaris-DS9 drillship, owned by Valaris (ex-Ensco), which, since last year, has carried out a drilling campaign in the Lapa field, in the Santos Basin pre-salt. The French oil company reviewed the operating strategy it had defined for the asset, opting to suspend... Continue Reading →
Marine seismic company Polarcus is set to reduce workforce and employees' salaries, and stack survey vessels, as a response to the uncertainty marine seismic industry is facing in the wake of the coronavirus pandemic, and the current low oil prices. Polarcus on Tuesday evening announced cost-cutting measures, which the company expects to save it $15... Continue Reading →
Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and outlook statements issued in February 2020. Subsea 7 said on Wednesday that, while the current year’s results are underpinned by a backlog... Continue Reading →
Brazil Energy Insight 