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DOF Group has made progress is negotiating with its banks and bondholders with a view to finding sustainable long-term financing structure that is aligned with the current market environment. The bondholders in each of DOFSUB07, DOFSUB08 and DOFSUB09 bond loans resolved to continue and extend the engagements on certain terms and conditions which are deemed... Continue Reading →
Seabras 1 Bermuda and Seabras 1 USA filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Filings were made to ensure an orderly process to effectuate a new restructuring plan for Seabras 1 Bermuda, while ensuring that the company’s customers will continue to be served as usual. Continue reading
December 30, 2019 Petróleo Brasileiro S.A. - Petrobras informs that signed on 12/27/2019 a Transition Agreement under the natural gas supply agreement (GSA) with Yacimientos Petrolíferos Fiscales Bolivianos (YPFB). The Agreement establishes a transition period (from 01/01/2020 to 03/10/2020) in the GSA, in which Petrobras and YPFB will continue the negotiation process with the objective... Continue Reading →
Dutch geophysical services provider Fugro has entered into an agreement to acquire CGG’s 40 percent shareholding in Seabed Geosolutions. Fugro said on Monday that this would terminate the Seabed Geosolutions’ joint venture agreement effective December 30 in exchange for a cash consideration of $35 million, paid by CGG before year-end 2019. Continue reading
As drilling costs keep coming down for land-based wells in unconventional plays, offshore drillers face increased pressure to lower their costs. A key focus area: maintenance budgets for marine drilling risers. Instead of the traditional five-year, calendar-based inspection interval for risers, can drillers use a condition-based monitoring (CBM) methodology to extend the interval to beyond... Continue Reading →
Offshore drilling contractor Noble Corporation has named Stephen M. Butz as Executive Vice President and Chief Financial Officer of the company. The appointment was effective on December 19, 2019. Butz replaced Adam C. Peakes who resigned last September. In connection with his appointment, Butz will act as the principal financial officer of the company, and Julie J.... Continue Reading →
The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial... Continue Reading →
French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks. Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from... Continue Reading →
Norwegian vessel owner Solstad Offshore has signed contracts for several of its vessels for work in the North Sea, New Zealand, Papua New Guinea, and Brazil. Solstad said on Friday that TechnipFMC had extended the present frame agreement with Solstad for ploughing/trenching duties in the North Sea by one year. As part of the extension,... Continue Reading →
Dec 20, 2019 The Executive Board and Board of Directors of Petrobras have approved the final terms of an agreement with Sete Brasil (the “Agreement”) subject to the fulfillment of precedent conditions. The Agreement preserves the terms previously announced: (i) maintenance of charter and operation contracts regarding four drilling rigs, with 10-year terms and daily... Continue Reading →
Brazil Energy Insight 