Fitch Ratings cut Brazil’s credit rating further into junk territory on Friday, saying the country’s failure to put a social security overhaul to a vote undermines public finances. The cut to BB-minus from BB, with a stable outlook, mirrors rival rating agency S&P’s downgrade in January. Read more
Sembcorp Marine posts loss. Doesn’t expect quick pick-up in rig orders
Singapore’s rig builder Sembcorp Marine has warned it might take some time for offshore rig orders to recover, despite the increase in the global exploration and production (E&P) capex, boosted by higher oil prices. The company has this week posted a net loss of $33.8 million in the fourth quarter of 2017, compared to a profit... Continue Reading →
McDermott back to black as revenues increase
Houston-based engineering, procurement, construction and installation company McDermott International wrapped up 2017 with a fourth-quarter profit of $25.5 million. According to McDermott’s financial report announced on Wednesday, the company returned to the black with earnings of $25.5 million in the last quarter of 2017, compared to a net loss of $0.5 million for the same... Continue Reading →
Petrobras 10000 rig to resume work after fatal incident in December
Transocean’s Petrobras 10000 drillship on which an offshore worker died after sustaining a fatal injury in an incident in December 2017 is set to resume work soon. At the time of the incident, the drillship, owned by Transocean, working for Petrobras, was located in an area of the Gulf known as Walker Ridge 469, about 172... Continue Reading →
Petrobras seeks ultra-deepwater drilling rigs
Petrobras has launched a market inquiry to verify the availability of a drilling rig for 3,900 m of water depth. The RFI (request for information) was released earlier in the year, without the oil company indicating the deadline for delivery, charter time or destination lease of the unit, and was due for delivery by February... Continue Reading →
Majors registered for the 15th Round
Some of the biggest majors present in Brazil have signed up to bid for offshore areas in the 15th Round. BP, Chevron, Exxon, Repsol, Shell and Total are already qualified for the auction, as well as Petrobras. The ANP released a list with the approval of 13 of the 17 companies that have registered to... Continue Reading →
Petrobras announces redemption prices for three series of notes
RIO DE JANEIRO, BRAZIL – February 22, 2018 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) has delivered notices to holders in connection with its redemption of the outstanding 3.000% Global Notes due 2019 (“3.000% Notes”), 3.25% Global Notes due 2019 (“3.25% Notes”) and... Continue Reading →
Brazil to decide in first half on Total’s Amazon river basin drilling
Brazil environmental agency Ibama will decide on French oil firm Total’s application to drill in the environmentally sensitive Amazon river basin before the end of May, and possibly as soon as the end of March, an agency official told Reuters on Wednesday. Ibama last August ordered Total to provide information missing from its application for... Continue Reading →
How General Electric gambled on fossil fuel power, and lost
Last March, executives at General Electric Co’s power-plant business gave Wall Street a surprisingly bullish forecast for the year. Despite flat demand for new natural gas power plants, they said, GE Power’s revenue and profit would rise. But GE’s forecast turned out to be a mirage. Rather than rising, GE Power’s profit fell 45 percent... Continue Reading →
Baker Hughes surges as GE says it’s keeping stake through pact
HOUSTON (Bloomberg) -- Baker Hughes has cleared one obstacle on its recovery path. General Electric Co. told investors Wednesday it has no plans to alter its majority ownership stake in the world’s third-biggest oilfield services and equipment provider prior to the end of their two-year lockup period in 2019. The announcement by Jamie Miller, CFO... Continue Reading →
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