Offshore accommodation rig provider Prosafe has been given some breathing room by its creditors.The company earlier this month said it had agreed on an extension to the forbearance from the non-payments and defaults with a majority of its lenders across its $1…
Norway's government has further raised its projected 2020 spending from the country's sovereign wealth fund to 424.6 billion Norwegian crowns ($43.67 billion) from 419.6 billion seen on May 12, it said on Friday.The so-called structural non-oil deficit corresponds to 4…
The U.S. Department of Interior has proposed allowing oil and gas companies to delay royalty payments due to the impacts of the new coronavirus pandemic.According to the web site of the White House Office of Management and Budget, Interior's…
National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion.Despite that performance…
South Africa's Rand Merchant Bank (RMB) confirmed on Thursday that it is part of a consortium of banks providing $15 billion funding for French energy major Total's Mozambique liquefied natural gas (LNG) project.Sources told Reuters last week that Total had secured $14…
Norwegian offshore vessel owner Solstad Offshore on Thursday posted a higher 1Q revenue but expects its full-year revenue in 2020 to be negatively affected by the COVID-19 pandemic and sharp decline in the oil price.Solstad’s revenue for the first quarter of 2020 was MNOK 1…
Norwegian offshore vessel owner Siem Offshore entered into a standstill agreement with its secured lenders in Europe and Norway for the period from May 29, 2020, until April 30, 2021. The terms of the agreement include 100% deferral of principal and interest until the end of the standstill period…
Brazil's state-controlled oil firm Petroleo Brasileiro SA has hired banks to coordinate a global bond issue of an unspecified amount, according to a securities filing on Wednesday.Banks BNP Paribas, Itau BBA, JPMorgan & Chase, Scotia Capital and SMBC Nikko will manage the offering…
Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday.The Paris-based IEA said this…
Siemens will give 55% of its power business to shareholders when it spins it off in September, the German engineering group said on Tuesday, the latest stage in its shift away from a sprawling conglomerate.The trains to industrial software maker…
Dutch offshore services provider Fugro has said it has received $17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd. The proceeds are in addition to EUR 34.0 million…
Prysmian, the world's largest cable maker, pledged on Friday to raise the share of revenues from low carbon products to 50% by 2022 as part of plans to cut its carbon footprint.The Italian company, which supplies cables for industries ranging…
Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas…
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.Speaking during a webcast organized by the U.S-Qatar Business Council…
Oilfield services and equipment provider National Oilwell Varco said Wednesday that its Board of Directors elected to suspend the quarterly dividend until further notice.Clay Williams, Chairman, President, and CEO said: 'With the view that capital…
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