After reporting a higher net loss in FY2020 compared to FY2019 impacted by decreasing revenues due to lower activity and project stoppages and delays caused by Covid-19, Singapore’s offshore construction specialist Sembcorp Marine expects losses to continue. In its financial report on Tuesday, Sembcorp Marine emphasised that no existing projects were cancelled due to the Covid-19 pandemic.... Continue Reading →
Transocean bleeds red ink in fourth quarter
Offshore drilling contractor Transocean sank to a net loss in the last quarter of 2020 compared to the prior quarter of the year as its revenues decreased but managed to reduce its losses in the year-over-year comparison. Transocean said in its quarterly report on Monday that its total contract drilling revenues were $690 million in the fourth... Continue Reading →
Earnings drop for Helix Energy Solutions
Helix Energy Solutions has seen its fourth-quarter 2020 profit almost cut in half on lower well intervention activity, slightly offset by its robotics unit. The Houston-based company reported net income of $4.2 million, or $0.03 per diluted share, for the fourth quarter 2020 compared to $8.1 million, or $0.05 per diluted share, for the fourth... Continue Reading →
Samsung Heavy Settles Brazil Graft Investigation for $149M
South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais ($148.56 million) in a leniency deal with Brazilian authorities to settle corruption investigations, federal prosecutors said late on Monday. On its website, the prosecutor's office said the deal was part of a global negotiation between the company and U.S. and Brazilian authorities to... Continue Reading →
Occidental Petroleum posts larger quarterly loss on asset sale
(Reuters) - Occidental Petroleum Corp on Monday posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. The U.S. producer has slashed jobs and output after the coronavirus pandemic hammered global energy demand, pressuring an energy company that had loaded up on debt in 2019 to acquire... Continue Reading →
Crude soars as key banks and traders project further oil price gains
(Bloomberg) --Brent oil resumed gains, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in the coming months. Futures in London rose back above $63 a barrel after the gradual resumption of some U.S. output following frigid weather put prices under pressure on Friday. A robust recovery in demand from the Covid-19... Continue Reading →
Morgan Stanley cuts Brazil bonds recommendation after Bolsonaro’s Petrobras move
(Reuters) - Morgan Stanley removed its ‘like’ recommendation on Brazil sovereign bonds on Monday, citing fiscal concerns and potential spillovers after the head of state-run oil firm Petrobras was sacked by the country’s President Jair Bolsonaro. The right-wing populist’s intervention in one of Brazil’s most valuable companies, along with a vow to reduce prices in... Continue Reading →
Mexican government gives Pemex $3.5 billion fiscal support
(Reuters) - Mexico’s government has granted new fiscal support to Petroleos Mexicanos (Pemex) worth 73.28 billion pesos ($3.54 billion), to help shore up the state oil firm’s finances and crude output. The government published the so-called fiscal stimulus figure in its official gazette on Friday afternoon. Last week, a senior Mexican official told Reuters that... Continue Reading →
Brazil market regulator CVM opens investigation into Petrobras CEO change announcement
(Reuters) - Brazil’s securities regulator CVM is investigating the management changes at state-run oil company Petroleo Brasileiro SA, its website showed on Monday, following President Jair Bolsonaro’s announcement last week that he will replace chief executive Roberto Castello Branco. The post on the CVM website gave no details about the investigation, but comes after Petrobras... Continue Reading →
Enauta resumes Atlanta field production after repairs
Brazilian oil and gas company Enauta, formerly known as QGEP, has resumed production from its Atlanta field, located off Brazil, after a nearly month-long shutdown due to repairs. The Atlanta field Early Production System started production in May 2018, almost two years behind the schedule. The EPS is comprised of three productions wells connected to the FPSO... Continue Reading →
