Subsea marine robotics company Ocean Infinity said it has been awarded a contract with ExxonMobil, for high-resolution autonomous underwater vehicle (AUV) geophysical and geotechnical data acquisition within the promising Stabroek block offshore Guyana. Ocean Infinity will simultaneously deploy a fleet of AUVs in water depths of between 70 meters and 2,150 meters over an area... Continue Reading →
PETROBRÁS ENTERED APPLICATION FOR AN INSTALLATION LICENSE FOR THE BÚZIOS 5 PLATFORM
FEB 27, 2020 Petrobrás announced this week that it has applied to the Brazilian Institute of the Environment (Ibama) to receive the Installation License for the Búzios 5 platform, which will be implemented in the Santos Basin pre-salt. Currently, according to Petrobrás' annual balance sheet, the FPSO has reached 10% of physical progress completed. The... Continue Reading →
INVESTIGATION ON CORRUPTION MAY FORCE PETROBRÁS TO TAKE OUT TECHINT-TENARIS FROM THE FAVORED VENDOR REGISTRATION
FEB 27, 2020 The ghost of Lava Jato and an unburied corpse return to frighten one of the largest economic groups operating in the country, especially in the oil and gas sector: Techint-Tenaris. Targets of the Italian Justice, the brothers Gianfelice and Paolo Rocca, in addition to Roberto Bonatti, partners of San Faustin, holding of... Continue Reading →
Project Delays are Not the Worst Effect of Coronavirus on Upstream O&G
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions. Manufacturing shutdowns and shipping bottlenecks are causing project delays. Vessels and other large components being constructed in affected shipyards have the most... Continue Reading →
Operators Could Soon Pay More for FPSOs
Amid a raft of February orders and near-orders for floating production storage and offloading vessels, or FPSOs, comes a new report suggesting those shipyards and engineers able to piece them together may soon be feeling the strain. "The strong pace of recent orders has a downside," says Jim McCaul, a leading authority on the FPSO... Continue Reading →
Polarcus still in red, but riding the wave of strongest backlog since 2014
Seismic services player Polarcus posted a loss of $19 million for the fourth quarter of 2019, but the company expects to benefit from an improving backlog. According to its financial statement on Thursday, Polarcus recorded revenues of $55.3 million in the fourth quarter of 2019, compared to $58.4 million in Q4 2018. Polarcus posted a... Continue Reading →
Seadrill expects continued offshore drilling market recovery over rest of the year
Offshore drilling contractor Seadrill has seen an improvement in the offshore drilling market throughout 2019. Although the pace of the recovery has slowed down at the beginning of 2020, Seadrill expects continued market recovery over the remainder of the year. According to its report on Thursday, Seadrill’s revenues in the fourth quarter of 2019 were... Continue Reading →
TechnipFMC sees ‘unprecedented level’ of inbound orders in 2019, books $2.4 billion loss in 4Q
Oilfield services provider TechnipFMC saw an “unprecedented level” of inbound orders in 2019, which pushed its backlog to over $24 billion. TechnipFMC booked a loss of $2.4 billion due to after-tax charges and credits. TechnipFMC on Thursday posted revenues of $3.7 billion for 4Q 2019, a 12.2% increase compared to the same period in 2018... Continue Reading →
Keppel Breaks FPSO Conversion Record
Singapore's offshore facilities builder Keppel has said it has delivered "the world’s fastest brownfield Floating Production Storage and Offloading vessel (FPSO) modification and upgrading project." Named FPSO Abigail-Joseph, the vessel was delivered to Malaysia's Yinson Holdings. According to Keppel, it took it seven months to complete the project. Continue reading
Saipem Raises Outlook After Beating Targets
Italian oil services group Saipem said on Wednesday it expected higher sales this year after it beat its 2019 targets and introduced a dividend for the first time in seven years. But it warned that concerns over the impact of the coronavirus and political uncertainty in certain parts of the world could weigh on weak... Continue Reading →
Brazil Energy Insight 