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 →

General Electric Co on Monday named veteran insider John Flannery as its next chief executive, taking over from Jeff Immelt who is stepping aside after 16 years as the head of the conglomerate he helped steer through the financial crisis but is now worth a third less than when he took over. Under Immelt, GE... Continue Reading →

Mexican state-owned oil company Pemex plans to accelerate the establishment of farm-out arrangements and associations in a push to increase crude oil output and bring reserves online. In words of the company, this mechanism will allow it to increase investments, enhance competitiveness and optimize how it spreads financial and technological risks. Read more