Brought to you by Quest Offshore & Southern Cone Consultants
February 13, 2020 Guidance delivered, doubling dividend, share repurchase and backlog up 40% Highlights 2019 guidance delivered: Directional[1] revenue US$2,171 million; reported Directional EBITDA US$921 million Underlying[2] Directional EBITDA US$832 million US$6 billion net increase of pro-forma backlog[3] to US$21 billion 100% increase in dividend to US$150 million Launch of EUR150 million (c. US$165 million) share repurchase Market... Continue Reading →
Norwegian offshore engineering and construction company Kvaerner expects 2020 revenue and EBITDA to be lower compared to 2019, citing an effect of the market cycle with few new orders in 2018 and 2019. Kvaerner on Wednesday released results for the fourth quarter and full year of 2019, saying the results ended at “planned levels.” Continue... Continue Reading →
The holiday season has just passed, and many may have heard the phrase, “good things come in small packages.” Does this hold true for today’s undersea vehicles? Indeed it does. One of the most striking recent trends in the field is the proliferation of compact and affordable, yet highly effective, undersea vehicles. The past decade... Continue Reading →
The dispute over who will run operations for a major offshore oil discovery in Mexico could eventually come down to the technical opinion of the country's independent oil regulator, according to one of the body's commissioners. Closed-door talks between national oil company Pemex and a private consortium led by U.S.-based Talos Energy over who will... Continue Reading →
Offshore accommodation specialists Prosafe and Floatel have decided to abandon their merger plans amid financial uncertainty and regulatory objections. The merger would have created the world’s largest offshore accommodation company. Prosafe and Floatel International said on Thursday they had mutually decided to discontinue the merger process due to financial uncertainty and process risk. “The regrettable... Continue Reading →
BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector's most ambitious targets, as part of the biggest overhaul in the 111-year old company's history by new chief executive Bernard Looney. The targets set on Wednesday put BP ahead of rivals Royal Dutch Shell and Total. Although they fall... Continue Reading →
Total Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation. Total is a partner in all growth markets for Tullow Oil whose market capitalization shrank to around 633... Continue Reading →
Oil major Shell has acquired a 50 percent stake in Fuerte Sur, Purple Angel, and COL-5 blocks offshore Colombia from the country’s largest oil and gas company Ecopetrol. Ecopetrol said that the three blocks, located in the Colombian Caribbean deepwater, were bought by Shell’s subsidiary Shell EP Offshore Ventures Limited. The location of the blocks... Continue Reading →
Offshore drilling contractor Noble Corporation and oil major ExxonMobil have announced the execution of a unique commercial enabling agreement for drilling services in the Guyana-Suriname Basin. The agreement defines contract terms for the continuation of drilling services using certain drilling units in Noble’s fleet. The ultra-deepwater drillships Noble Bob Douglas, Noble Tom Madden, and Noble... Continue Reading →
Brazil’s real slumped to a new low against the dollar on Tuesday for the third day in a row, with the lack of overseas demand for Brazilian assets against a backdrop of historically low interest rates showing no sign of reversing. The real traded below 4.34 per dollar for the first time ever BRBY, intensifying... Continue Reading →
