Norwegian subsea services provider DOF Subsea has decided to wait with launching the initial public offering (IPO) after all due to volatile market.  The company’s shareholders, DOF ASA with 51% and a fund managed by First Reserve with 49% ownership, started considering the opportunity for the company to apply for a listing on Oslo Stock Exchange in May.... Continue Reading →

Oil giant ExxonMobil on Friday made a final investment decision (FID) to proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. The company also on Friday announced positive results from the Liza-4 well, which encountered more than 197 feet (60... Continue Reading →

Norway has been producing oil and gas for almost half a century, since the first production at the Ekofisk field in 1971. According to the Norwegian Petroleum Directorate, when it comes to oil and gas production, the Scandinavian country is not halfway done yet. Since 1990, total resources, including the estimate for undiscovered resources in... Continue Reading →

Wood Group and Amec Foster Wheeler have approved Wood Group’s recommended all-stock offer for Amec Foster Wheeler. The offer was launched by Wood Group back in March, under which each Amec Foster Wheeler shareholder will receive for each Amec Foster Wheeler share 0.75 new Wood Group shares. Read more

Brazil's securities regulator on Tuesday ordered former billionaire Eike Batista to pay 21 million reais ($6.3 million) for stock trading based on insider information about his shipbuilding company OSX Brasil SA . The regulator, known as the CVM, said Batista had sold OSX shares before public release of information that triggered a sharp selloff on... Continue Reading →

Sevan Marine, a Norwegian designer of offshore oil and gas facilities, has sold its shares in the topside specialist Kanfa to TechnipFMC. Technip, now TechnipFMC, initially acquired a 49 percent stake from Sevan, back in 2014 for an undisclosed amount. Under the agreement Sevan has agreed to sell its remaining 51% shareholding in Kanfa to Technip Norge... Continue Reading →

A judge in Brazil has ordered a corruption investigation against Aldemir Bendine, the former head of state-run oil company Petrobras, according to a court document released Tuesday. Federal judge Sergio Moro also found Sergio Cabral, a former governor of Rio de Janeiro state, guilty on corruption and money laundering charges and sentenced him to over... Continue Reading →

The Atlântico Sul Shipyard (EAS) runs the risk of having to close the doors after mid-2019, when it has finished delivering the ships to its sole client, Transpetro, the Petrobras logistics subsidiary. "This risk [of paralyzing activities from the end of 2019] is high," says Harro Burmann, president of EAS. Controlled by Queiroz Galvão and Camargo... Continue Reading →

The Brazilian Social Democratic Party, the main ally of President Michel Temer, said on Monday it would stay in his coalition for now, despite a move by younger members to break away from the scandal-plagued government. Speaking at an executive meeting of the PSDB, they said a decision to stick with Temer was based on... Continue Reading →

The acquittal of Brazilian President Michel Temer last week on charges of illegal campaign funding in the 2014 election has emboldened the center-right leader to offer no more concessions to Congress that would weaken his austerity package, a senior member of the economic team and an aide told Reuters. Brazil's top electoral court dismissed a... Continue Reading →