Creditors of ailing Brazilian engineering and rig leasing conglomerate Grupo Schahin rejected on Wednesday a reorganization plan, a source with direct knowledge of the decision said. The decision could pave the way for Schahin's liquidation, said the source, who is not authorized to discuss the issue publicly. All 13 banks that are creditors of Schahin,... Continue Reading →
OSRV En Route To Brazil
Chartered by Petrobras, the CMM Celerity is expected to start operating at the end of June [17.02.2016] / By João Montenegro/Brasil Energy The Damen shipyard in the Netherlands launched the OSRV CMM Celerity, owned by Compagnie Maritime Monégasque International (CMM). To work on behalf of Petrobras, the CMM Celerity is expected to start operating at... Continue Reading →
MHWirth’s Macaé Plant Ready
The Norwegian company has completed construction of its US$ 100 MM drilling packages plant [17.02.2016] / By João Montenegro/Brasil Energy MHWirth, owned by the Akastor group, has completed construction of its drilling packages plant in Macaé (Rio de Janeiro). The information was disclosed during the presentation of the company's 4Q15 earnings results. However, no date... Continue Reading →
Queiroz Galvão’s shipping company can now sign new contracts with Petrobras again
QGOG Taken Off The Blacklist Queiroz Galvão’s shipping company can now sign new contracts with Petrobras again. The company had been prohibited to do so as part of the Lava Jato corruption investigation [17.02.2016] / By Gustavo Gaudarde/Brasil Energy Queiroz Galvão Óleo e Gás (QGOG) has been allowed to sign contracts with Petrobras once again.... Continue Reading →
Brazil Party Vote Boosts Rousseff in Impeachment Fight
The largest party in Brazil’s lower house of Congress re-elected a pro-government leader, strengthening President Dilma Rousseff’s hand in fending off impeachment. In a 37 to 30 vote Wednesday, deputies of the Brazilian Democratic Movement Party, or PMDB, re-elected Congressman Leonardo Picciani, who has spoken out against efforts to remove Rousseff from office on charges... Continue Reading →
Brazil’s Credit Rating Cut Further Into Junk Territory by S&P
Brazil’s debt rating was cut deeper into junk territory by Standard & Poor’s, which cited fiscal and political challenges for Latin America’s largest economy. The long-term foreign currency rating was reduced one level to BB with a negative outlook, S&P said in a statement Wednesday. The new level, two steps below investment grade, puts Brazil... Continue Reading →
As Impeachment Fades, Brazil Graft Probe Corners Rousseff Allies
Dilma Rousseff’s supporters are almost cheerful, missing no opportunity to proclaim that the political crisis that shook Brazil in 2015 and led to impeachment proceedings against the president has lost momentum. In private, they are worried. Their main concern is that an almost two-year probe into a scheme of kickbacks in return for political favors... Continue Reading →
Devon Joins Scores of Oil Producers Cutting Jobs and Spending
Devon Energy Corp. became the latest oil and gas producer to cut everything from its dividend to jobs to spending as it tries to weather the worst price slump in a generation. The shale driller is reducing its workforce by 20 percent in the first quarter, while slashing its quarterly dividend to 6 cents a share... Continue Reading →
Brazil state banks may swap Petrobras debt for stock
Feb 16 Brazilian state-run lenders are considering converting part or all of their outstanding loans to Petróleo Brasileiro SA into equity in a bid to help the embattled oil producer, two sources familiar with the plan told Reuters on Tuesday. The swap would offer a government lifeline to Petrobras , the world's most indebted oil... Continue Reading →
Brasil Port, a company belonging to the Edison Chouest Group, to invest US$ 150 million in base
Investment In Açu Authorized Brasil Port, a company belonging to the Edison Chouest Group, to invest US$ 150 million in base [16.02.2016] / By João Montenegro/Brasil Energy The Minister of the Secretariat of Ports of the Presidency of the Republic, Helder Barbalho, and the Governor of the State of Rio de Janeiro, Luiz Fernando Pezão,... Continue Reading →
Brazil Energy Insight 