UK drilling contractor Ensco went from black to red during the first quarter of 2017 as its revenues dropped by 42 percent due to decline in rig utilization and dayrates.  The driller on Wednesday posted a net loss of $25.7 million, compared to $175.3 million profit in the year-before period. Read more

Subsea engineering, construction and services company Subsea 7 increased its revenues during the first quarter 2017 by 20 percent while its net profit remained in line with the prior-year period.  The subsea company on Thursday posted a profit of $146 million for the first quarter 2017, versus a $147 million profit in the corresponding period of... Continue Reading →

Newly-formed oil and gas services firm TechnipFMC reported Thursday a $190.8 million net profit in its first quarter following the merger between the French oilfield services provider Technip and the U.S. company FMC Technologies. Announced last year, the merger between two giants was completed in January. The company reported first quarter 2017 revenues of $3.4 billion, versus $2.4 billion... Continue Reading →

French oil major Total posted a hefty increase in its adjusted net income for the first quarter of 2017, when compared to the first quarter of 2016. Presenting its results on Thursday, Total said its 1Q adjusted net income was $2.6 billion, a 56 percent increase compared to $1.6 billion a year ago. Read more

Brazil's lower house of Congress on Wednesday approved the main text of a bill to relax the country's restrictive labor laws, a main plank of President Michel Temer's efforts to bolster investment and pull the economy out of its worst recession ever. The measure passed by 296-177 in an expected victory to Temer who is... Continue Reading →

Brazil could decide to join the Organisation for Economic Co-operation and Development (OECD) as soon as next month, officials told Reuters, as President Michel Temer seeks its seal of approval for reforms to Latin America's largest economy. Temer's intention to join the Paris-based think tank is his latest effort to strengthen ties with Western developed... Continue Reading →

Brazil’s Supreme Court recently gave its approval to prosecutors to investigate scores of senior political figures for alleged corruption, but the court itself will have to overcome some unusual challenges to put them on trial. Not least is its backlog—as of Tuesday—of 54,951 cases. Just last week, the court ruled on the long-running dispute about... Continue Reading →

The company on Tuesday posted earnings attributable to McDermott stockholders of $21.9 million for the first quarter of 2017, compared to a $2.2 million net loss in the corresponding period of 2016. There were no adjustments from GAAP for the $21.9 million net income in 1Q 2017, compared to an adjusted net income of $36.3 million,... Continue Reading →

Oilfield services provider Baker Hughes narrowed its net loss for the first quarter of 2017 compared to the prior-year period while its revenues declined by 15 percent.  Baker Hughes on Tuesday posted a net loss for the first quarter of 2017 of $129 million, compared to $417 million in the fourth quarter of 2016, and... Continue Reading →