Finance News


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…

ExxonMobil Expects Norway Asset Sale to Boost Results

Jan 03, 2020

Exxon Mobil Corp expects a gain of as much as $3.6 billion from the sale of its Norwegian oil and gas production assets to significantly lift results for the fourth quarter, according to a regulatory filing on Friday.The gain from the sale of the assets to Var Energi AS…

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…

Petrofac Expecting Full-year Revenue Dip

Dec 17, 2019

Oilfield services provider Petrofac Ltd guided to a more than 5% fall in full-year revenue on Tuesday, with delays in bidding processes constricting order intake in its biggest segment during the second half.Petrofac, which designs, builds and operates oil and gas facilities…

In Norway, Salaries, Investment Move North

Dec 17, 2019

A slew of reports out of Norway over the past month point to rising oil industry salaries (and therefore costs) after two years that saw heavy investments offshore.For the 225,000 Norwegians who work in oil and gas, both hikes are good news…

Majors Face New Shareholder Climate Resolutions

Dec 16, 2019

An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions.Dutch group Follow This is targeting U.S. giants ExxonMobil…

U.S. Drillers Add Rigs for first Week in Eight

Dec 13, 2019

U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling.Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm…

S&P Cuts Tullow Oil's Credit Rating

Dec 13, 2019

Ratings agency S&P Global on Friday downgraded Tullow Oil's long-term credit rating to 'B' from 'B+', days after the Africa-focused company's Chief Executive Officer stepped down and it scrapped its dividend.The London-listed company, which…

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