Finance News

 

Icahn Sues Oxy Over 'Misguided' Anadarko Deal

May 30, 2019

Occidental Petroleum Corp 's activist investor Carl Icahn has filed a lawsuit against the company over what it called its 'misguided' pact to buy Anadarko Petroleum Corp, and may seek a special meeting to remove and replace board members.The lawsuit…

Lukoil 2020 Capex May Exceed $8 Bln

May 30, 2019

Russian oil producer Lukoil's capital expenditure may exceed $8 billion next year, the company's Vice President Pavel Zhdanov said on Thursday.The oil producer sees its capex at between 475 billion and 500 billion roubles this year, depending on the global oil deal between OPEC and its allies…

Ithaca Buys Chevron's UK North Sea Fields

May 30, 2019

Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016…

Creditors Approve Swiber Restructuring Plan

May 29, 2019

Creditors of Singapore based Swiber Holdings Limited (SHL) and its main subsidiary, Swiber Offshore Construction (SOC), on Wednesday voted in favor of a restructuring proposal which will take the offshore services company one step nearer to…

Mohawk Energy Receives 'Sizeable' Investment

May 28, 2019

Expandable tubular well solutions specialist Mohawk Energy said it has received an investment from private equity firm Buckthorn Partners to support its domestic and international growth ambitions.The Houston-based company provides expandable solutions in pursuit of well integrity…

Norway Oil Industry Eyes Investment Growth

May 28, 2019

Oil and gas companies working in Norway have hiked their 2019 and 2020 investment forecasts as they add more field development plans, a survey by the country's statistics agency (SSB) showed on Tuesday.Higher investment raises the prospect of further interest rate hikes by Norway's central bank…

Bumi Armada Profit Up 28.5% in Q1

May 27, 2019

Malaysia's offshore oilfield services firm Bumi Armada announced that its first-quarter net profit jumped 28.5% on-year, mainly thanks to joint ventures, lower cost of sales, and lower distribution costs.Net profit for the January-March period climbed to 62…

Pemex Promised $7.3 Billion in Tax Relief

May 24, 2019

Mexico's government aims to give $7.3 billion in tax relief to heavily indebted state oil company Pemex, according to a document seen by Reuters on Thursday, in an effort to cool fears over its financial viability and the impact on the wider economy…

Some OSV Owners Feeling the Pain

May 23, 2019

While the offshore market is starting to show some positive signs, some vessel owners and operators in the sector continue to suffer.Utilization and rates for offshore supply vessels (OSV) have improved in 2019, particularly in the North Sea…

Mexico Punishes Former Pemex CEO

May 23, 2019

Mexico's government has punished the former chief executive of state oil firm Petroleos Mexicanos for misuse of public funds in the purchase of fertilizer business Fertinal, according to three people with knowledge of the matter.The Public Administration…

BW Offshore to Float Energy Unit

May 23, 2019

Oslo-listed BW Offshore said it will float BW Energy this year to help expand the oil and gas business, particularly in Brazil, as its first quarter earnings rose 72%.Shares in BW Offshore, originally an owner of floating production, storage…

Seadrill Considers Selling Non-core Assets

May 23, 2019

Offshore drilling contractor Seadrill is considering selling non-core assets, including its 15.7% stake in oil service firm Archer , to reduce its liabilities, the firm's outgoing chief financial officer said on Thursday.Seadrill, controlled by Norwegian billionaire John Fredriksen…

Pacific Radiance Wins Case Against Chinese Yard

May 23, 2019

Singapore-based offshore vessel operator Pacific Radiance has won an arbitration award against a Chinese shipyard in a case involving two cancelled platform supply vessels (PSVs).The arbitral award provides for the refund of the pre-delivery instalment amounting to $2…

BP Shareholders Adopt Climate Resolution

May 22, 2019

BP shareholders overwhelmingly approved a climate resolution on Tuesday backed by investors and the oil and gas company which calls for it to meet the 2015 Paris climate agreement.The resolution, co-filed by shareholder group Climate Action 100+…

TenneT Issues EUR1.25bln Green Bond

May 22, 2019

Netherlands-based transmission system operator TenneT Holding B.V. has launched and priced another Green Bond issue of EUR 1.25 billion, with proceeds set to be used for investing in offshore wind.The Green Bond issue is split in two tranches…

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