Many are looking to Offshore as a more beneficial environment to harvest larger volumes of wind energy. Offshore wind farms are developed with ‘bottom fixed’ structures in relatively shallow, near shore waters. As 80% of the best wind resources lie in waters beyond the reach of bottom fixed (~60m), floating wind technology is increasingly accepted... Continue Reading →

Rio de Janeiro, May 30, 2019 - Petróleo Brasileiro S.A. – Petrobras discloses that it has been contacted by the U.S. Commodity Futures Trading Commission (“CFTC”) with an inquiry regarding certain trading activities related to the Car Wash Operation. Petrobras reiterates that it will continue to cooperate with the regulatory authorities regarding any inquiry, reinforcing... Continue Reading →

Rio de Janeiro, May 29, 2019 - Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors, at a meeting held today, elected Mr. Roberto Furian Ardenghy for the position of Chief Institutional Relations Officer. Roberto Ardenghy holds a B.A. in Law from the Federal University of Santa Maria and holds graduate degrees in... Continue Reading →

Brazil aims to make its currency, the real, fully convertible within two to three years, central bank President Roberto Campos Neto said on Wednesday, in an effort to lower the cost of cross-border trade and investment. Speaking to reporters as he unveiled a range of proposals to simplify regulations and make financial markets more flexible... Continue Reading →

5/29/2019 The Administrative Council for Economic Defense (Cade) has unrestrictedly approved the formation of Subsea LLC, a joint venture between Schlumberger and Subsea 7. The creation of the company was announced in February last year but only this month was approved by the German Federal Cartel Office antitrust authority. The Cade document was signed on... Continue Reading →

5/29/2019 In May, Petrobras completed ten years of production in the Santos Basin pre-salt, with indicators of efficiency and productivity above the average of the offshore industry. There are 16 platforms and more than 150 wells operating in that basin alone, which account for 90% of all Brazilian pre-salt production. Extraction costs below $ 7... Continue Reading →

5/29/2019 Petrobras launched a new tender for a Maintenance and Security Unit (MSU) with capacity to accommodate 170 people, on Monday . The contractual term is of three firm years, with start of operation in 2020. As in the last two bids, the process will be conducted under the reverse auction model (open dispute). The... Continue Reading →

05/28/2019 Petrobras is close to the sale of two offshore oil fields in a process that could reach about $ 1 billion and help Petrobras in its quest to reduce its debts. A deadline up to June 5 was set by the oil company to receive final offers for its oil fields in Pampo and... Continue Reading →

Jack-up drilling rig operator Borr Drilling is optimistic about what the future – or the present even – holds for its modern drilling rigs as the global jack-up rig fleet utilization continues improving. The company currently owns a fleet of 22 premium (delivered in 2001 and after) jack-up rigs, four standard jack-up rigs (built before... Continue Reading →