RIO DE JANEIRO (Reuters) - Brazilian federal police on Thursday arrested former Petrobras Chief Executive Officer Aldemir Bendine on suspicion he received large bribes from construction conglomerate Odebrecht. [ In a statement, the prosecutor-general's office said police served three arrest warrants and executed 11 search and seizure orders as part of the so-called Car Wash... Continue Reading →

UK-based subsea engineering, construction and services company Subsea 7 saw an increase in its profit and revenues during the second quarter of this year lifted by renewables and heavy lifting business unit.  Subsea 7 on Wednesday posted a profit of of $146 million for the second quarter 2017, up $10 million or 7% compared to... Continue Reading →

Independent energy company Hess Corporation recorded a bigger loss for this year’s second quarter compared to the one in the prior-year quarter.  Hess on Wednesday reported a net loss of $449 million for the second quarter of 2017 compared with a net loss of $392 million in the second quarter of 2016, reflecting a lower effective tax rate... Continue Reading →

Seadrill, a cash-strapped offshore driller, has been given some breathing space in an effort to restructure its reported $14 billion debt. Read more

U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the second quarter 2017 and decided to reduce its spending for the year.  For the 2Q 2017, the oil company on Monday reported a net loss attributable to common stockholders of $415 million compared to $692 million loss in the prior-year period. The... Continue Reading →

Italian oilfield services giant Saipem posted a net loss of 110 million euros for the first half of 2017, a drop compared to a net profit of 53 million euros in the same period a year ago. Revenues fell to €4,59 billion, down from €5,27 billion a year ago. Read more

Houston-based engineering, procurement, construction and installation company McDermott posted higher quarterly profit and revenues boosted by increased activity.  The company in a report on Tuesday posted a net income of $36.4 million for the second quarter of 2017 as opposed to $20.7 million profit for the prior-year second quarter. Further according to the report, the company’s... Continue Reading →

Oil giant ExxonMobil has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. Read more

A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards. This is according to a report by DBS Bank – The Development Bank of Singapore, which believes it is time for Singaporean shipyards to reform, restructure, and reposition themselves to create global... Continue Reading →

Halliburton, one of the world’s largest oilfield services providers, returned to profit in the second quarter 2017 from a significant loss recorded in the last year’s second quarter. In its report on Monday, the oilfield services giant posted a profit of $28 million compared to $3.2 billion loss in the corresponding period of 2016 when... Continue Reading →