Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
Petrobras Results Announcement 2016
Rio de Janeiro – March 21, 2017 - FINANCIAL REPORT FOURTH QUARTER OF 2016 RESULTS - Derived from consolidated interim financial information audited by independent auditors, prepared in accordance with International Financial Reporting Standards - IFRS. Net income R$ 2,510 billion Production 2,144 Mbbl/d Adjusted EBITDA R$ 24,788 million Attached find the Press Conference... Continue Reading →
Petrobras misses estimates as revenue disappoints, debt slumps
Brazilian state-controlled oil company Petróleo Brasileiro SA missed fourth-quarter profit estimates on Tuesday after revenue came in well below expectations. According to a statement, Petrobras earned net income of 2.510 billion reais ($812 million) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net... Continue Reading →
Petrobras – Reduction of Significant Shareholding Interest
Rio de Janeiro, March 21, 2017 – Petróleo Brasileiro S.A. – Petrobras, in compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002, informs that it was notified by BlackRock, Inc. ("BlackRock") that the latter has sold preferred shares issued by the company, and as of March 17, 2017 it manages shareholding interest... Continue Reading →
Carwash at Three Years Moves From Brazil Ground Zero to Diaspora
More than 200 people have been charged by the crusading local federal judge, Sergio Moro. For more than a decade, Moro has been working closely with the same police officers and prosecutors who have made up part of the Carwash task force since 2014. That group of young investigators, some of whom specialized in financial-crime... Continue Reading →
Transocean to sell entire jack-up fleet to new offshore driller
zoom Norwegian offshore drilling contractor Borr Drilling, formerly known as Magni Drilling, is planning to buy 15 jack-up drilling rigs from Swiss-based Transocean for $1.35 billion. Borr Drilling announced on Monday the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean’s entire jack-up fleet, including ten... Continue Reading →
Brazil’s inflation likely eases to 4.7 percent in mid-March
Brazil's inflation rate probably approached the center of the official target in mid-March as food prices continued to ease and a long recession curbed the increase of services prices, according to a Reuters poll of economists on Monday. Consumer prices probably rose by 4.73 percent in the 12 months through mid-March, slowing from an increase... Continue Reading →
Rival Drilling Tycoons Place Bets on Offshore Oil-Rig Recovery
Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again. Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the biggest offshore-rig companies before they... Continue Reading →
Suspension of Petrobras’ asset sale to Karoon still in force
zoomFPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay Oil and gas company Karoon Gas Australia has informed that a suspension of Petrobras’ process to sell two of its assets offshore Brazil to the Australian company is still in force. Earlier this week, the Brazilian Federal Accounting Court (TCU) allowed Petrobras to... Continue Reading →
Diamond Offshore wins court case against Petrobras
zoomPhoto by: Andy Grzymala ATGphotos.com Offshore driller Diamond Offshore has made a step forward in a court case against Petrobras, stemming from an early rig contract termination last year. Petrobras terminated the contract for the Ocean Valor rig in August 30, 2016. The drilling contract was originally estimated to conclude in October 2018. Diamond Offshore then, a... Continue Reading →
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