Brazilian senators pushed President Dilma Rousseff a step closer to being ousted from office as a special committee decided on Friday there are legal grounds to impeach her. With a tally of 15 against 5, the Senate committee backed a report saying there is enough evidence to try Rousseff on allegations she used illegal financing... Continue Reading →
Brazil’s fuel consumption falls as economy shrinks
Brazil’s consumption of gasoline and diesel is falling as the country’s commodity-driven boom falls apart and the economy shrinks. Brazil’s gasoline sales grew at an average annual rate of nearly 7 percent between 2004 and 2014 while diesel use was up by more than 4 percent per year. Like many other commodity exporting economies, the... Continue Reading →
Brazil Cut by Fitch, Outlook Negative on Political Gridlock
Brazil was downgraded by Fitch Ratings, which kept a negative outlook on the nation’s debt citing a deeper-than-anticipated recession and political instability. Fitch cut the rating by one level to BB, in line with grades from S&P Global Ratings and Moody’s Investors Service. Fitch had last downgraded Brazil in December. The rating is in line... Continue Reading →
Billionaire’s Bargain Reveals Risks for Offshore-Oil Creditors
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 Falls Most Ever as Investors Doubt Growth Plans
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 →
Petrobras -New composition of the Statutory Audit Committee
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 →
BRIEF-Ensco PLC concludes discussions with Petrobras regarding revised commercial terms on rig contracts
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 →
CHC in Bankruptcy as Oil Slump Hits Offshore Helicopter Service
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 →
Odebrecht bonds sink on delayed results
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 Beats Estimates on Surprise Profit From E&P Business
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 →
