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A bargain for shipping tycoon George Economou is bad news for creditors holding $24 billion of distressed offshore-drilling bonds. The Greek billionaire snapped up a drillship called Cerrado for less than 10 percent of its 2011 new-build price, showing how a collapse in crude has driven down the value of offshore equipment. The industrywide slump, which stretches... Continue Reading →
Weatherford International Plc is having its worst day ever, losing a quarter of its value as investors doubt its goal of generating about $3 billion of free cash flow by the end of 2020. The world’s fourth-largest oil services firm was down 25.6 percent to $5.57 at 2:07 p.m., after earlier falling 25.8 percent to... Continue Reading →
Rio de Janeiro, May 4th, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby informs that the Board of Directors has approved the composition of the Statutory Audit Committee with the appointment of the Directors Walter Mendes de Oliveira Filho, Jerônimo Antunes and Durval José Soledade Santos. The Board of Directors also approved the appointment of... Continue Reading →
May 5, 2016 Reuters * Ensco Plc - Concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts - SEC Filing * Ensco Plc - Ensco 6002 has had its contract term extended to December 2019 * Ensco Plc - Previous downtime on Ensco 6001 that could have been applied toward... Continue Reading →
Dawn McCarty/Bloomberg May 5, 2016 CHC Group Ltd., a provider of helicopter transport for offshore oil drillers, filed for bankruptcy protection in the U.S. after missing a $46 million interest payment last month. CHC is the latest business driven over the brink by the slump in energy prices. It joins explorers, rig providers and pipeline... Continue Reading →
Bonds issued by Brazil's Odebrecht plummeted on Tuesday after it delayed the release of financial results amid questions about the impact of a corruption probe on its books. One New York-based trader described "panic" selling among holders of the company's debt, noting that news of the postponed results was "unexpected." The 7.125% 2042s and the... Continue Reading →
Repsol SA reported earnings that beat analyst estimates after posting a surprise profit from exploration and production and higher income from refining and chemicals. The shares jumped the most in three weeks. Adjusted net income dropped to 572 million euros ($657 million) in the first quarter from 928 million euros a year earlier, exceeding the... Continue Reading →
Former Brazilian President Luiz Inacio Lula da Silva gestures as he attends a ''Democracy and social justice'' seminar in Sao Paulo, Brazil, April 25, 2016. REUTERS/PAULO WHITAKER A request by Brazil's prosecutor general for a Supreme Court investigation of ex-President Luiz Inacio Lula da Silva raises the odds against the ruling Workers Party emerging from... Continue Reading →
A Brazilian Supreme Court Justice issued an injunction temporarily suspending Lower House Chief Eduardo Cunha from his duties as legislator, according to the court’s press office. The decision by Judge Teori Zavascki released on Thursday is effective immediately, but Cunha’s permanent removal needs to be ratified by the entire Court. The ruling was based on... Continue Reading →
May 4, 2016 2:30pm EDT Reuters Brazil's President Dilma Rousseff reacts during a launch ceremony of Agricultural and Livestock Plan for 2016/2017, at the Planalto Palace in Brasilia, Brazil May 4, 2016. REUTERS/UESLEI MARCELINO The senator charged with studying President Rousseff's impeachment recommended on Wednesday that she be put on trial for breaking budget laws,... Continue Reading →
Brazil Energy Insight 