Finance News

 

Norway: Offshore Projects See Delays, Rise in Costs on Weak NOK, Virus

Oct 07, 2020

Equinor, Norway's largest oil company, said Tuesday that the Covid-19 pandemic and weakened Norwegian krone have negatively impacted some of its offshore development projects in Norway, however, the company said that its 'combined project portfolio is still very resilient…

Premier Oil Gets Some Breathing Space from Creditors

Oct 01, 2020

Creditors of Premier Oil have extended a waiver for the group's debt covenant test until Nov. 5, Premier said on Thursday, granting it breathing space to avoid an immediate debt crunch and work on a longer-term plan.Premier needs to convince…

KrisEnergy Gets Kepinvest Support to Bring Cambodia Offshore Oil Project Online

Sep 23, 2020

Southeast Asia-focused oil company KrisEnergy has reached a loan deal with Kepinvest Singapore, that should help the company bring online its Apsara offshore project in Cambodia's Block A on time, and remove the risk of losing the license.Namely…

Aker BP Contemplating US Dollar Loan

Sep 23, 2020

Norwegian independent oil firm Aker BP will hold meetings with fixed-income investors to prepare the ground for a possible U.S. dollar-denominated loan, the company said on Tuesday.The potential issue of investment-grade senior unsecured notes will be subject to market conditions…

Borr Drilling to Postpone Debt Payment, Plans Stock Issue to Weather Downturn

Sep 23, 2020

Oil rig operator Borr Drilling Ltd has agreed with lenders to postpone the deadline for repayment of some of its debt, and aims to raise capital through equity as it seeks to overcome a demand slump, the company said late Tuesday.Borr, which is dual-listed in Oslo and New York…

Report: Shell in Major O&G Cost-cutting Push to Prepare for Energy Transition

Sep 21, 2020

Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.Shell’s new cost-cutting review…

Seadrill Suspends Debt Payments as Restructuring Talks Continue

Sep 16, 2020

A group of Seadrill's creditors has agreed to let the offshore drilling rig operator suspend interest payments this month as part of an ongoing effort to restructure its $7.3 billion debt, the Oslo-listed company said on Wednesday.Seadrill,…

Premier Oil in Financing Talks with Chrysaor, Others

Sep 15, 2020

Premier Oil Plc said on Tuesday it was in talks with private-equity backed oil producer Chrysaor and several other parties on alternative deals to secure long-term debt refinancing.Premier announced on Aug. 20 that it was seeking a total of $530 million in fresh equity…

Hornbeck Offshore Services Emerges from Bankruptcy

Sep 11, 2020

U.S.-based offshore support vessel provider Hornbeck Offshore Services said Friday it had completed its reorganization and emerged from Chapter 11 Bankruptcy.The company had in April struck a comprehensive balance sheet restructuring support agreement with its lenders…

Jadestone Energy Declares First Dividend Despite Oil Slump

Sep 10, 2020

Asia Pacific-focused oil and gas production company Jadestone Energy declared a maiden interim dividend on Thursday and reported positive operating cash flows in the first half, despite a slump in crude oil prices.The maiden dividend payout…

Tullow Posts $1.3B Loss. Looks at 'Various Refinancing Alternatives'

Sep 09, 2020

Tullow Oil is exploring ways to fend off a potential cash crunch as the London-listed group reported a $1.3 billion loss after it was forced to write down $1.4 bln due to collapsing demand for oil.Tullow, with a market cap of $361 million as of Tuesday and $3 billion in debt…

Seadrill Offers Its Stakes in Oil Service Firms to Debtholders

Aug 31, 2020

Offshore drilling rig contractor Seadrill said on Monday it has proposed to creditors to turn over its stakes in oil services firms Archer and Seadrill Seabras to redeem its outstanding secured notes.The company controlled by Norwegian-born…

Seadrill Shareholders Could be Left with Nothing

Aug 25, 2020

Offshore drilling rig contractor Seadrill's ongoing attempt to restructure its massive debt could leave current shareholders with minimal or no ownership at all, the Oslo-listed company said on Tuesday.Demand for exploration and drilling has…

Premier Oil Extends Debt Facilities, Posts 1H Loss

Aug 21, 2020

Premier Oil said on Thursday it had agreed to terms for a long-term refinancing of its debt facilities, including $300 million of new equity and an extension to its credit maturities, after posting a first-half loss on weak crude prices. The British company said $2…

Boskalis 1H Earnings, 2020 Goal Beat Forecasts

Aug 20, 2020

Dutch marine services provider Boskalis said on Thursday it expected its 2020 core profit to match last year's result, offering a more optimistic outlook than market forecasts citing well-filled order books.The dredging giant, which counts energy companies among its major clients…

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