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Brazil federal prosecutors on Wednesday said shipping companies Maersk, Tide Maritime and Ferchem were targets in the latest phase of a wide-ranging corruption probe for alleged graft involving shipping contracts with state-run oil firm Petrobras. Prosecutors said in a statement that at least $3.4 million in bribes were allegedly paid in relation to 11 contracts... Continue Reading →
Industrial automation giant ABB has signed a new frame agreement to deliver safety and automation systems across Equinor’s installed base and greenfield projects worldwide, helping minimize cost, schedule and risk. The frame agreement continues more than three decades of collaboration, with ABB supporting Equinor to consider innovative opportunities in an era of greener, cleaner energy... Continue Reading →
Dec 16, 2019 The Brazilian Institute of Oil, Gas and Biofuels (IBP) has sent a letter to the Ministries of Economy and Infrastructure asking the government to evaluate the inclusion of tankers in the BR do Mar project, the Bolsonaro government's promise to encourage cabotage navigation. in Brazil. The IBP, which represents oil companies installed... Continue Reading →
Dec 16, 2019, Odebrecht shifts command at a crucial time for the company. Current group president Luciano Guidolin will be replaced by Ruy Sampaio, currently chairman of the board. The company has a meeting of creditors about the judicial recovery scheduled for Thursday, the 19th. Guidolin is expected to remain a member of the board of directors of... Continue Reading →
McDermott said on Friday it was formally notified by the NYSE that the average closing price of the company’s shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE. McDermott’s stock last closed above... Continue Reading →
Dec 13, 2019 MODEC, the Japanese-based multinational global leader in the construction and operation of floating systems for oil and gas production, plans to open about 800 jobs in the country by 2020. Hiring is a direct response to the company's fleet expansion. , which currently has six vessels under construction - four for the... Continue Reading →
Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over... Continue Reading →
Brazil “trigger” Most all, it’s drill bit “luck” and reserves that bankroll Equinor, and the company’s long struggle to stay in Brazil — through rising costs, political turmoil and deepwater doubt — might now produce Equinor’s new El Dorado. In a letter to Norwegian DN, CEO Saetre sounded off on Brazil, suggesting current production of... Continue Reading →
Announcing the delivery on Friday, Keppel said that, as part of the deal, Grupo R had entered into a sale and leaseback arrangement for the rig with a wholly-owned subsidiary of Keppel O&M. Keppel O&M will purchase the rig from Grupo R for about $190m which is the balance contract value of the rig. Keppel... Continue Reading →
December 13, 2019 Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest... Continue Reading →
Brazil Energy Insight 