TechnipFMC’s Subsea division has reported an adjusted EBITDA of $154.1 million in the second quarter of 2021, a 14% increase compared to the first quarter of the year. The division saw a revenue of almost $1.4 billion, a modest improvement, and an operating profit of $72.4 million, a significant increase from $37 million reported in Q1 2021. The... Continue Reading →
Keppel receives request for arbitration in $42.5M dispute
Two of Keppel Offshore and Marine Limited’s wholly-owned subsidiaries have received a request for arbitration from an unnamed company for two FPSO contracts. Singapore’s conglomerate Keppel Corporation said in an SGX filing that the contracts in question were engineering, procurement, and construction contracts relating to floating production, storage, and offloading (FPSO) units. According to the company, the... Continue Reading →
Seadrill hammers out plan to cut debt by $5 billion and raise $350 million
Bankrupt offshore drilling contractor Seadrill Limited has hammered out a reorganisation plan with its consenting lenders, which will allow it to emerge from Chapter 11 bankruptcy. Seadrill expects to get approval for the plan in early November 2021. To remind, Seadrill filed for Chapter 11 in February 2021. Just last week, it was reported that... Continue Reading →
Portuguese oil company Galp swings to profit but COVID still weighs
(Reuters) - Portuguese oil and gas company Galp Energia (GALP.LS) swung to a net profit in the second quarter thanks to higher crude prices and refining margins, but cautioned on the continued impact of the COVID-19 pandemic. In a statement accompanying the figures on Monday Chief Executive Andy Brown said Galp's financial performance in the first half... Continue Reading →
Brazil sees power generation at limit in November due to drought
(Reuters) - Brazil's national power grid operator (ONS) said on Friday that severe drought is likely to push the country's power generation capacity to its absolute limit by November, as hydroelectric plants struggle with the water shortages. Latin America's biggest economy is facing its worst drought in almost a century, which is disrupting hydroelectric dams... Continue Reading →
Schlumberger Issues Bullish Forecast as 2Q Profit Beats Estimates
Oilfield services giant Schlumberger NV issued a bullish forecast for 2021 on Friday as second-quarter profit topped estimates due to surging margins, with a rebound in oil prices boosting demand for its software and equipment. Global crude prices rose 18% in the quarter that ended in June and have climbed 42% since the start of... Continue Reading →
“We’ll vigorously defend,” Keppel Says After FPSO Arbitration Request
Singapore-based Keppel Offshore and Marine subsidiaries have been slapped with a request for arbitration from an unnamed counterparty in relation to contracts for the delivery of Floating, Production, Storage, and Offloading (FPSO) vessels. Keppel said this week that the unnamed claimant had withheld $11.3 million due to Keppel's subsidiaries under the FPSO engineering, procurement, and construction... Continue Reading →
ANP APPROVES IMETAME AND ENERGY PARANÃ IN THE TUCANO SOUTH BASIN
The ANP approved the assignment of blocks TUC-T-139 and TUC-T-147, located in the Tucano Sul Basin, to Imetame and Energy Paranã. The areas were acquired from CDGN Logística, which executes a pledge contract on the emerging rights of Petra Energia, former operator of the concessions. At a meeting, the ANP board conditioned the assignment to... Continue Reading →
PETROBRAS TO ASSUME 100% OF FIVE BLOCKS IN FOZ DO AMAZONAS BASIN
The ANP authorized the assignment of the 30% stake in BP in blocks FZA-M-57, 86, 88, 125 and 127 to Petrobras, which will now hold 100% interest in the assets located in the Foz do Amazonas Basin. The British share in the areas was purchased by Petrobras in April this year, when the state-owned company... Continue Reading →
ANP APPROVES DECOMMISSIONING GUARANTEES OF CAMPO DE LAPA
(PetroleoHoje) The ANP board approved the guarantee instrument presented by Total for the deactivation and abandonment of the Lapa field, in the Santos Basin. Thus, the French company is able to sign the amendment to the concession contract, assuming 45% of the field, in consortium with Shell (30%) and Repsol Sinopec (25%). In May 2020,... Continue Reading →
