Italian oil company Eni returned to profit during the first quarter of 2017, versus a loss in the year-before quarter, owing to the upward trend in crude oil prices.  The oil company on Wednesday posted a net profit of €965 million, versus a loss of €383 million. According to Eni, this performance was driven by a recovery... Continue Reading →

SBM Offshore has yet to resolve its status in Brazil following an alleged corruption scandal. To remind, the world’s largest FPSO vessel provider had in July 2016 signed a settlement agreement with the Brazilian authorities, and Petrobras, closing corruption probe over improper payments to Petrobras’ executives. SBM Offshore has been accused of bribing its way... Continue Reading →

Embattled former Brazilian president Luiz Inacio Lula da Silva appeared in a federal court on Wednesday to give his first direct testimony before a crusading, anti-corruption judge on graft charges he dismisses as a political witch hunt. Lula is accused of receiving a beach apartment in return for helping the OAS construction firm win government... Continue Reading →

Norwegian oil services company Aker Solutions saw a decrease in profit as well as revenues for the first quarter of this year due to market slowdown. However, looking ahead, the company sees some signs of recovery.  According to its quarterly report on Tuesday, the company won NOK 4.6 billion in new orders in the quarter. The... Continue Reading →

Transocean, world’s largest offshore drilling contractor, has closed a private offering $410 million in senior secured notes with an annual rate of 5.52% and maturing in 2022. Transocean last week posted a net income of $95 million for the first quarter of the year, which is a drop when compared to $242 million in the corresponding... Continue Reading →

When Brazil's former President Luiz Inacio Lula da Silva and Judge Sergio Moro meet for the first time in a courtroom on Wednesday, the contrasts - and the stakes - could hardly be greater. One is the country's most popular president ever and the front-runner in next year's election - a former union leader who... Continue Reading →

While the Odebrecht Group is trying to avoid a way out of the liquidity crisis it faces, especially in its main construction arm, the oil and gas subsidiary works on an out-of-court settlement to settle the accounts with bondholders. The agreement is expected to be signed in two weeks. Negotiations with these creditors has been... Continue Reading →

Brazil's annual inflation rate in April likely eased to its lowest level in nearly 10 years, which could help prod the central bank to make another steep interest rate cut this month, a Reuters poll showed on Monday. The IPCA benchmark consumer price index was seen rising 4.10 percent in the 12 months through the... Continue Reading →

Brazil may revise public port regulations to lengthen operators' contracts and encourage improvements, officials told Reuters, in an effort to attract more private investment in infrastructure that is crucial to the country's powerhouse farm sector. Building on the success of recent airport and power line auctions , President Michel Temer's government is hoping to add... Continue Reading →