A.P. Moeller-Maersk A/S is intensifying its search for acquisitions to build up its oil unit as the Danish shipping and petroleum conglomerate loses Qatar, the biggest field in its portfolio. “We’re getting some resources freed up now,” Maersk Oil Chief Executive Officer Jakob Thomasen said in an interview. “We appreciate the clarity that we now... Continue Reading →
North Sea Oil Faces Worsening Investment Drought After Brexit
Can this be a positive for the Brazil Pre Salt? The U.K.’s North Sea oil and gas industry, already reeling from low prices and high costs, now faces a worsening investment drought as the nation’s decision to quit the European Union looks set to trigger a second independence vote in Scotland. A poll on Scottish... Continue Reading →
Odebrecht sells Peru toll road project to Brookfield
Reuters Odebrecht SA has sold a 57 percent stake in a Peruvian toll road project to Brookfield Asset Management Inc, as Latin America's largest engineering firm sheds assets to cope with fallout from a sweeping corruption probe on its home turf. In a statement, Salvador, Brazil-based Odebrecht said the transaction will allow it to keep... Continue Reading →
Brazil Real Rises With Commodities, Swaps Gain on Bank Comments
Brazil’s real strengthened after the central bank appeared to rule out easing monetary policy before budget cuts are in place and as commodities advanced, boosting the outlook for the country’s raw-material exports. The currency strengthened 1.4 percent to 3.3445 per dollar at 11 a.m. in Sao Paulo. Swap rates on the contract maturing in January... Continue Reading →
Unlikely Havens Seen in Moscow to Rio as Brexit Hits Markets
Britain’s vote to quit the European Union has flipped perceptions of global political risk on their head. Brazil’s new government and Russia’s isolation represent a buying opportunity for Europe’s biggest asset manager as political chaos across the continent erodes developed economies’ traditional haven status. Even before the Brexit vote, price swings for bonds in advanced nations... Continue Reading →
Seadrill Bonds Sold by Norwegian Fund as Cleanup Seen Too Messy
The debt restructuring of offshore driller Seadrill Ltd. is becoming more of a hassle than it’s worth for some junk bond investors. Holberg Kreditt has sold all its Seadrill bonds, according to Gunnar Torgersen, chief investment officer at Bergen, Norway-based Holberg Fondsforvaltning AS. It disposed of about $56 million of the 2017 bond in April... Continue Reading →
Brazil Is Back to Pre-Junk Levels as Swaps Traders Bet on Temer
Brazil is winning over derivatives traders as Acting President Michel Temer seeks to repair the nation’s finances. The cost to hedge against losses in Brazil’s bonds with credit-default swaps has tumbled by almost a third in the past six months, the biggest drop among the world’s major economies. Prices of the swaps are also... Continue Reading →
Petros Supplementary Pension Plan
Rio de Janeiro, June 23, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that the Deliberative Board of Petros approved, at a meeting held today, the Actuarial Statement of the Petros Plan of the Petrobras System (PPSP), related to 2015, having been confirmed the disclosure of a deficit of the Plan above the tolerance limit... Continue Reading →
Petrobras announces Extension of the Expiration Date, Increase of Consideration and Payment of Soliciting Dealer Fee for Offer to Purchase and Consent Solicitation
Rio de Janeiro, Brazil – June 24, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) hereby announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) is amending the terms of its previously announced offer to purchase for cash any and all of PGF’s 8.375% Global Notes due 2018 (the “2018 Notes”), and... Continue Reading →
Brazil’s Petrobras says its pension fund has $6.8 bln shortfall
Brazil's state-led oil company Petrobras said on Thursday its pension fund has 22.6 billion reais ($6.8 billion) in unfunded liabilities, a new financial burden for what is already one of world's most indebted firms. The shortfall at the country's second-largest pension fund is the latest setback to Petrobras' efforts to preserve cash needed to pay... Continue Reading →
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