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McDermott International hired restructuring firm AlixPartners for strategic and operational advice as the company seeks to shore up its balance sheet, according to a person with knowledge of the matter. The Houston-based company’s stock plunged as much as 76% Wednesday -- trading was halted for volatility at least five times -- while its bonds dropped... Continue Reading →
McDermott International has received offers to sell its Lummus Technology business. The oilfield services company said the valuation of the tech business exceeded $2.5 billion. “Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC)... Continue Reading →
Sept 18, 2019 Wilson Sons Rebocadores and Wilson Sons Agência participated in the operation of departure of platform P-68 of Jurong Aracruz Shipyard, in Espírito Santo, to the fields of Berbigão and Sururu, in the Santos Basin pre-salt. The FPSO has a processing capacity of 150,000 barrels / day of oil and 6 million... Continue Reading →
Following a drone attack on the world’s largest oil processing facility owned by state-run Saudi Aramco, Rystad Energy, an energy intelligence group, has warned the market not to get too excited and remain cautious about the oil giant’s promise to quickly return to pre-attack production levels. The attack on Saudi Aramco’s Abqaiq and Khurais facilities... Continue Reading →
The oil markets were in turmoil on Monday after the weekend's attack on Saudi facilities, as refiners in top consumer Asia looked for alternative supplies, U.S. crude producers ramped up efforts to export crude and Saudi Arabia tried to secure refined products. Crude prices surged up to nearly 20% on Monday after Saudi Arabia, the... Continue Reading →
As war gives oil a jolt, BW Offshore — which earned revenues of $870 million in 2018 — is readying floating production storage and offloading vessel (FPSO) candidates for Brazil and the North Sea, just as its about-to-be-strengthened other half, BW Energy, prepares to “go public” in home market, Norway. Newly made Brazil operator, BW... Continue Reading →
The value of natural gas lost to flaring across the globe reached $16.4 billion in 2018, as flared natural gas volumes hit record highs, according to a recent report by Brainnwave. The data intelligence firm – which collects the flaring data using night-time satellite imagery from visible infrared radiometer data – reported that the volume... Continue Reading →
September 16, 2019 Brazil has a unique opportunity: combining the development of its oil potential with a long-term strategy for resuming economic growth. To this end, it is essential to establish the guidelines of its petroleum policy, improving rules and regulatory instruments, in order to explore the technological challenges associated with offshore exploration, with the... Continue Reading →
Oil prices on Monday saw the biggest surge since 1991 following a drone attack on the state-owned Saudi Aramco’s oil processing facility in Saudi Arabia, according to Reuters. The attack has shut down about 5% of the world’s crude output, but the impact of the attack on crude oil flows will depend on the duration... Continue Reading →
13 September 2019 The ANP Collegiate Board of Directors examined the request for contractual termination without charge of the concession contracts of blocks REC ‑ T ‑ 194, REC ‑ T ‑ 208, REC ‑ T ‑ 209, REC ‑ T ‑ 225, REC ‑T ‑ 239, REC ‑ T ‑ 240, REC ‑ T... Continue Reading →
Brazil Energy Insight 