PetroRio reported net income of R $ 4.019 million in the first quarter of this year, reversing a net loss of R $ 65.387 million in the same period of 2016. According to the company, the improvement in net profit was mainly due to the "Brent valuation and reduction of the lifting cost". Ebitda between... Continue Reading →

Tidewater, one of the world’s largest offshore vessel owners, has entered into a debt restructuring support agreement with certain consenting creditors. The U.S.-based vessel company has entered into the deal with lenders under its Fourth Amended and Restated Revolving Credit Agreement, dated as of June 21, 2013, and holders of Tidewater Senior Notes to put... Continue Reading →

Banks are raising the heat on Brazilian conglomerate Odebrecht SA to put its house in order after months of treating the scandal-hit company with kid gloves because of fears its collapse could hurt their balance sheets, sources said. Odebrecht has agreed to accelerate asset sales as part of a deal with creditor banks to let... Continue Reading →

Petroleo Brasileiro SA has room to improve the efficiency of its investments and payroll spending, executives said on Friday, underscoring that a record first-quarter operating profit was just an early sign of what their turnaround plan can accomplish. Preferred shares of the company, known as Petrobras, jumped as much as 5 percent to an 11-week... Continue Reading →

Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives... Continue Reading →

With a focus on small and medium-sized enterprises, the government held the auction of inactive oil and gas fields. The operation was carried out this Thursday (11) and granted eight areas in three sedimentary basins. R $ 7.9 million were collected, and the amount surpassed the forecast for the minimum of the signing bonus, estimated... Continue Reading →

OIAPOQUE, Brazil - Deep beneath the waters of the Atlantic off Brazil's most northern coast, French major Total SA (TOTF.PA) is hunting for what it hopes will be Latin America's next big oil discovery. Metal drill bits, pipes and containers filled with equipment sit in the tropical port of Belém, near the mouth of the... Continue Reading →

Former Brazilian President Luiz Inacio Lula da Silva's combative testimony before a federal judge this week did little to dismantle the graft case against him and improve his chances of securing a new term in office. Lula, a founder of the leftist Workers Party (PT) that controlled Brazil's presidency from 2003 until last year, can... Continue Reading →

Italian company Saipem has been awarded a new EPCI contract for the SURF package of the proposed Liza project operated by Esso Exploration and Production Guyana Limited, an affiliate of ExxonMobil. Located approximately 120 miles offshore Guyana at a water depth of 1,800 meters, the Liza field is a subsea development with a recoverable resource... Continue Reading →