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Oilfield services provider Baker Hughes Co (BKR.N) missed analysts’ estimates for quarterly profit on Wednesday, hit by lower orders in its business that supplies turbines and compressors to liquefied natural gas (LNG) producers. Orders in the unit fell 10% year-over-year, with equipment orders dropping 16% and service orders decreasing 4%, amid concerns that demand for... Continue Reading →
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 →
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
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 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 →
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 →
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 →
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 →
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 →
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 →
