Offshore vessel owner Tidewater has emerged from bankruptcy after completing its reorganization.  Through its reorganization plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73 million annually. “The company believes that its... Continue Reading →

 The top prosecutors of Brazil and Argentina are accusing their governments of interfering in the creation of a joint anti-corruption task force to investigate bribes by the Odebrecht engineering group so that politicians, many of whom are under investigation, can themselves control the exchange of evidence. Brazil's Prosecutor General Rodrigo Janot said on Tuesday the... Continue Reading →

U.S. deepwater drilling contractor Diamond Offshore returned to profit in the second quarter of the year from a loss in the prior-year period.  For the second quarter of 2017, the driller on Monday posted a profit of $15.9 million, which compares to a net loss of $589.9 million in the prior-year quarter. The driller’s revenues... Continue Reading →

Italy’s Eni posted a net profit of EUR 18 million in the second quarter of 2017, an improvement from a loss of EUR 446 million reported in the second quarter of 2016. The company’s oil and gas production grew to 1.77 million barrels of oil equivalent a day, a three percent rise versus the corresponding... Continue Reading →

In the Friday report, the company posted revenues for the second quarter 2017 of $350 million, up 21% year-on-year and revenues of $290.2 million and up 40% sequentially. The company’s multi-client sales were boosted by Mexican and Brazilian licensing rounds. On the other hand, the company’s net loss for the 2Q 2017 deepened to $170... Continue Reading →

U.S. oilfield equipment provider National Oilwell Varco (NOV) narrowed its net loss for the second quarter 2017 as revenues grew by 2 percent year-over-year.  The company on Thursday reported a second quarter 2017 net loss of $75 million compared to $217 million net loss in 2Q 2016. Excluding other items, net loss for the quarter... Continue Reading →

Oilfield services provider Baker Hughes reduced its loss for the 2Q 2017 while recording a small decrease in revenues.  Baker Hughes, which is now a GE company, noted that these results did not include GE Oil and Gas’ operations as the merger between the two was closed in early July, creating the world’s only fullstream company. Baker... Continue Reading →

Houston-based oil and gas services company Weatherford tightened its net loss for the year’s 2Q while expecting medium-for-longer oil price level to remain for some time.  The company on Friday reported a net loss of $171 million, compared to $565 million loss in the second quarter of the prior year. On a non-GAAP basis, net loss was... Continue Reading →