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Offshore accommodation provider Prosafe has forecast a tougher year ahead, compared to 2019, expecting a drop in flotel rig fleet utilization and day rates falling. The company on Thursday reported a quarterly net loss of $13.3 million (compared to a loss of 35.7 million in Q4 2018). The flotel provider said it would work on... Continue Reading →
Brazilian drilling contractor Sete Brasil and Singapore’s offshore rig builder Sembcorp Marine have fulfilled all conditions precedent for a settlement regarding contracts for the construction of seven drillships to become effective and Sembcorp Marine is now in talks with a buyer for the completion of two drillships. Sembcorp Marine said on Thursday that all conditions... Continue Reading →
Norwegian geophysical services company EMGS has returned to profit as revenues hiked close to 180 percent for the period ended December 31, 2019. The Oslo-listed company reported profit for Q4 2019 of $18 million or 14 cents per share, versus loss of $7 million in Q4 2018. Revenues for the quarter rose at $37.2 million... Continue Reading →
Schlumberger announced today an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive technology and services portfolio. Continue reading
Oilfield services company John Wood Group, recently rebranded to Wood, has sold its industrial services business to Kaefer. London-listed Wood said the sale of the part of the business which provides integrity and fabric maintenance for assets in the marine and offshore oil and gas sectors in the North Sea region was sold for $104 million.... Continue Reading →
Tanker operator AET has won a long-term deal with the Brazilian oil company Petrobras for the charter of three shuttle tankers that will offload oil from Petrobras' offshore oil platforms and FPSOs. AET said Thursday the long-term charters would be for three Suezmax class Dynamic Positioning Shuttle Tankers (DPSTs). Continue reading
Japan’s MODEC has awarded Norway’s Aibel a letter of intent (LOI) in connection with MODEC’s supply of a newbuilt FPSO to Equinor for the Bacalhau field in Brazil. MODEC has recently signed a sales and purchase agreement with Equinor to supply a floating production storage and offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field offshore... Continue Reading →
Danish offshore driller Maersk Drilling recorded a net loss in 2019 and a decrease in revenues due to lower dayrates and higher financial expenses compared to the previous year. For the full year 2019, Maersk Drilling posted revenues of $1.2 billion, a decrease from revenues of $1.4 billion in 2018. The revenues were 14% lower... Continue Reading →
Spanish oil company Repsol has exercised a one-well option under its contract for the Maersk Drilling-owned drillship Maersk Valiant for operations offshore Mexico. However, Maersk Drilling said on Wednesday that Repsol would not make use of the second one-well option included in the original contract from June 2019 for the 2014-built Maersk Valiant. Repsol has now exercised... Continue Reading →
2020 will be a peak year for floating production, storage and offloading unit (FPSO) demand with up to 14 awards forecast in Wood Mackenzie’s base case scenario, half of which will be located offshore Latin America. Only two of these facilities are expected to be Petrobras units; a result of the increasing number of international... Continue Reading →
Brazil Energy Insight 