Sembcorp Industries is providing Singapore’s offshore rig builder Sembcorp Marine with a five-year subordinated loan facility of S$2 billion ($1.5 billion). The loan will strengthen Sembcorp Marine’s financial position amidst the current downturn in the global offshore and marine industry, the company has said. According to its statement on Friday, Sembcorp Marine will be using... Continue Reading →
Solstad needs more time to find sustainable solution to financial situation
Norwegian offshore vessel owner Solstad Offshore needs more time to work out a sustainable solution for the company’s current financial position as restructuring talks continue. Late last year Solstad started discussions with its financial creditors and other stakeholders to improve the overall liquidity situation of the group and to create a robust long-term platform for... Continue Reading →
Brazil central bank holds rates, warns of reform risks
Brazil’s central bank held its benchmark interest rate at a record-low 6.50% on Wednesday, as expected, holding back from signaling looser policy because of doubts on economic reforms. Otherwise, the scenario outlined by policymakers was one of anemic economic growth and high levels of economic slack putting downward pressure on inflation at home, plus the... Continue Reading →
Petrobras announces beginning of binding phase regarding the sale of Liquigás
Rio de Janeiro, June 20, 2019 – Petróleo Brasileiro S.A. – Petrobras, following up on the release dated 05/10/2019, announces the beginning of the binding phase related to the sale of Liquigás Distribuidora S.A. At this stage of the project, process letters are issued to qualified interested parties with detailed instructions about the divestment process,... Continue Reading →
MODEC Awarded Letter of Intent by Petrobras Related to Búzios 5 FPSO
Tokyo, June 20, 2019 MODEC, Inc. ("MODEC") is pleased to announce that it has received a Letter of Intent (LOI) for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for Petróleo Brasileiro S.A. ("Petrobras") for Búzios 5. The firm time charter period of the contract is 21 years. This will... Continue Reading →
Before decommissioning
June 19, 2019 Operators assess how to raise mature field productivity. 42% of platforms in Brazil are over 25 years old The average recovery factor of the oil production fields in Brazil is 21%. In the Campos Basin, this percentage is even lower: 14%. The world average is 35%, which represents a gap of the... Continue Reading →
Petrobras helicopter bid result
June 19, 2019 Petrobras has announced the result of the tender to hire large, medium and super-sized helicopters for four years, starting operations between this and next year. Instead of 20 aircraft, as originally planned, 19 units were selected, as the oil company canceled the hiring of a helicopter that would start operations in 2021.... Continue Reading →
Petrobras promises to increase investments after applied resources return to the level of 2006
June 19, 2019 Petrobras closed the year 2018 with a negative record in terms of its nominal investment volume. The company said it had disbursed $ 13.4 billion in the period. This is the lowest volume since 2006, when the state-owned company invested about $ 15.4 billion. The market, of course, felt the impact. Petrobras... Continue Reading →
Seadrill Partners names new CEO and CFO
Offshore drilling contractor Seadrill Partners has made several additions to its management team, including a new chief executive officer (CEO) and a chief financial officer (CFO). Seadrill said on Wednesday that John T. Roche would be appointed as the CEO and join the board of directors. Continue reading
Equinor closes Carcara deal in Brazil
Norwegian oil and gas company Equinor and its partners have fully aligned their interests in the Carcará oil discovery, which is located offshore Brazil. Equinor and Barra Energia have completed their transaction announced on July 4, 2018, whereby Equinor has acquired Barra’s 10% interest in the BM-S-8 block in Brazil’s Santos basin for a total... Continue Reading →
Brazil Energy Insight 