Norway's seismic surveyor PGS plans to raise up to 850 million Norwegian crowns ($95 million) in new equity via a private placement to partly refinance its debts maturing in the next 18 months, the company said on Tuesday. The Oslo-listed company said it would use the proceeds from the private placement to partly redeem its... Continue Reading →
EMGS Nets More Acquisition Work with Pemex
Norwegian marine data acquisition firm EMGS has been awarded more work with the Mexican oil company Pemex in Mexico. As previously reported, EMGS had in June 2019 signed a two-year acquisition contract with Pemex with a valued at around $73.3 million, with the firm work secured for a minimum of $29.3 million. Continue reading
McDermott files for Chapter 11 bankruptcy to eliminate $4.6 billion of debt
U.S. engineering and construction services company McDermott has informed that it has the support of more than two-thirds of all its funded debt creditors for a restructuring transaction that will equitize nearly all the company’s funded debt, eliminating over $4.6 billion of debt. Offshore Energy Today reported on Monday that McDermott could be filing for bankruptcy over... Continue Reading →
Halliburton swings to $1.7 billion loss in 4Q
Halliburton on Tuesday posted a net loss of $1.7 billion for the fourth quarter of 2019. This compares to net income for the third quarter of 2019 of $295 million and net income of $664 million in the fourth quarter of 2018. Halliburton’s adjusted net income for the fourth quarter of 2019, excluding impairments and... Continue Reading →
Telxius BRUSA Cable Achieves 160 Tbps with Ciena’s WaveLogic 5
BRUSA is a high capacity submarine cable connecting Brazil and the Americas. It was opened for business in August 2018 and stretches approximately 10,200 kilometers between Rio de Janeiro, Brazil, and Virginia Beach, USA. WaveLogic 5 Extreme was used on the BRUSA cable to provide greater scale and increased economic efficiencies and deliver 50 percent... Continue Reading →
Oil, Gas Players Optimistic on Profits
Companies in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL. While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies... Continue Reading →
BRASCO/APM Terminals to Support Premier Oil’s Drilling in Brazil
Offshore support terminal operator Brasco, a Wilson Sons Group company, has partnered with APM Terminals Pecém to set up a temporary logistics base at the Pecém Industrial and Port Complex. It will be the first offshore port support operation to take place in Ceará, Brazil, APM Terminals said Monday. Scheduled to start in the first... Continue Reading →
Raising the Pipeline Inspection Game
There’s a shake-up happening in the pipeline inspections business. More evolved remotely operated vehicles (ROV), digital aspirations and unmanned surface vessels (USV) are driving a new era of data acquisition and deliverables. It’s offering something of a revolution in the amount of new insights that operators can acquire on their pipelines, while reducing offshore campaign... Continue Reading →
Report: McDermott might file for bankruptcy as soon as next week
U.S. engineering and construction services company McDermott International could be filing for bankruptcy over the course of this week. Citing people close to the matter, Bloomberg stated the company was looking into a restructuring plan to convert its more than $4 billion debt into equity. According to the news agency, the majority of the shares... Continue Reading →
InterMoor Kicks Off FPSO Chain Inspection Works Off Brazil
InterMoor has started working on a chain inspection job offshore Brazil, in partnership with 3 other Acteon Group sister companies. The team will inspect the mooring lines of six FPSOs. The project consists in performing full inspection on all mooring lines, an equivalent of 28km of chain/polyester. Continue reading
Brazil Energy Insight 