Finance News


McDermott Bankruptcy Filing Imminent -Bloomberg

Jan 20, 2020

Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters…

Wood Group Sees Higher Annual Earnings

Jan 16, 2020

Oilfield services provider John Wood Group Plc expects higher core earnings in 2019, with strong performance in its engineering services unit in the Middle East, Asia and the Caspian region offseting slowing U.S. onshore drilling demand.The…

Prosafe Misses Payment to Cosco

Jan 14, 2020

The largest and most versatile fleet of semi-submersible accommodation vessels in operation worldwide Prosafe SE has missed its final payment to China’s Cosco shipyard for the Safe Notos flotel.Offshore accommodation specialist  informed last…

Oxy Slashing Jobs 'Significantly'

Jan 09, 2020

Occidental Petroleum Corp said on Wednesday it would begin dismissing workers in a new cost-cutting move following its $38 billion acquisition of Anadarko Petroleum.The company has already 'significantly' cut staff through a voluntary program…

TGS Q4 Revenue Misses Forecast

Jan 09, 2020

Norway's TGS, a supplier of seismic data to the global oil industry, reported lower-than-expected fourth-quarter revenue on Thursday.So-called net segment revenue hit $230 million for the October-December period, while analysts on average had expected revenue of $257 million…

Fugro Loses Arbitration Case

Jan 06, 2020

Dutch multinational Geo-data specialist Fugro announced that it has been disappointed in an arbitration case involving Tasik Toba Subsea in March 2019, of a long-term chartered DP3 diving support vessel, the Southern Star.An arbitration tribunal…

SGRE Reaches $1.9Bn Green Guarantee Lines

Jan 05, 2020

Siemens Gamesa Renewable Energy (SGRE) has announced that in less than a year, and aligned to its commitment to sustainability it has accumulated €1.72 billion ($1.9Bn) in green guarantee lines.'SGRE is moving forward in its strategy of making…

Mexico and Pemex Face Downgrade Risk

Jan 03, 2020

Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex.Mexico's creditworthiness came under increasing scrutiny in 2019…

LEKOIL Secures Funding for Ogo Field Drilling

Jan 02, 2020

West Africa focused exploration and production company LEKOIL announced on Thursday that it has secured funding for the appraisal drilling and initial development program activities on the Ogo field within OPL 310 offshore Nigeria.Lekoil 310 Limited…

SHI Pays Valaris $200 Million

Dec 30, 2019

UK headquartered offshore drilling contractor Valaris announced on Monday that it has received a $200 million cash payment resulting from a settled dispute with South Korean shipbuilder Samsung Heavy Industries (SHI).Earlier this year, an arbitration…

Hornbeck Offshore Delisted from NYSE

Dec 27, 2019

Hornbeck Offshore Services announced its common stock has been delisted from the New York Stock Exchange (NYSE) on December 20, 2019, and that the company began trading on the OTC Pink marketplace effective December 23, 2019.The NYSE announced…

Petrobras Approves Sete Brasil Plan

Dec 26, 2019

Petrobras reports that its Executive Board and Board of Directors have approved the final terms of an agreement with Sete Brasil subject to the fulfillment of precedent conditions.The Agreement preserves the terms previously announced: (i) maintenance…

OSVs: Rising Tide Won't Lift All Boats

Dec 23, 2019

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions…

Bourbon Assets Taken Over by Creditor Banks

Dec 23, 2019

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.Bourbon said the Marseille commercial…

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