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Siemens AG aims to shed about 75% of its struggling power and gas unit in one of the most radical moves to date by Chief Executive Officer Joe Kaeser to untangle the sprawling conglomerate and try to boost its valuation. The Munich-based industrial giant wants to “massively deconsolidate” the division to make the parent company... Continue Reading →
UK’s Labour Party plans to impose a reported £11bn windfall tax on oil companies, and to delist from the London Stock Exchange those companies that don’t help with climate change, its general election 2019 manifesto launched Thursday reveals. “We will introduce a windfall tax on oil companies so that the companies that knowingly damaged our... Continue Reading →
Offshore drilling company Seadrill has painted a cautiously optimistic picture for the offshore drilling market outlook, with the company seeing an opportunity for high-end floaters as well as for jack-up reactivations in 2020. At the end of the third quarter, Seadrill had 35 offshore rigs in Total, of which, 19 floaters and 16 jack-ups. Of... Continue Reading →
“On the supply side, our view is that the market is tightening and that the oversupply of vessels is overstated, with many vessels which have been laid up during the downturn facing prohibitive reactivation costs and lower demand due to their age and condition. Industry experts predict that a large portion of the laid-up fleet... Continue Reading →
Billionaire investor John Fredriksen has stepped down as Chairman of offshore drilling contractor Seadrill. He will be replaced by Glen Ole Rødland, who is currently chairman of offshore flotel provider Prosafe, as well as of Aqualis Braemar. John Fredriksen, who is currently at #129 place on Forbes billionaires list with the current net worth of... Continue Reading →
ABB’s pioneering subsea power distribution and conversion technology system has proven commercially viable, according to the company, bringing potential for cleaner, safer and more sustainable offshore oil and gas production following the completion of a 3,000-hour shallow water test. Offshore energy companies will be able to access a reliable supply of up to 100 megawatts... Continue Reading →
Exxon Mobil had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth. The oil major’s credit metrics will probably weaken over the next few years as it pursues a rebuild of its upstream portfolio, as well as new chemical facilities... Continue Reading →
Yinson said Tuesday the agreement was reached with both global and local banks to refinance its FPSO John Ayekum Kufuor. The FPSO is currently operating in OCTP Block, offshore Ghana, chartered by Italy’s Eni. “The refinancing allows Yinson to enjoy lower interest rates whilst freeing up capital to be invested in future projects,” Yinson said.... Continue Reading →
Petrobras, following up on the press release of November 7, 2019, reports that it has signed today with Copagaz and Nacional Gás Butano a contract for sale of all its stake in Liquigás Distribuidora S.A. The sale price is R$ 3.7 billion, to be adjusted according to contract rules and paid upon transaction closing. As... Continue Reading →
Brazil's state-owned oil firm Petroleo Brasileiro SA expects deep offshore areas to account for 88% of its exploration and production activities next year, up from 55% currently, an executive for the company said on Tuesday. The major shift to deep offshore areas will correspond with onshore exploration and production falling to 10% of Petrobras' activities... Continue Reading →
