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Singapore’s Keppel submits lowest bid for Petrobras platform

February 4, 2021
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A consortium led by Singapore-based Keppel Shipyard Limited offered Brazil’s Petrobras the lowest price to build a floating platform for Buzios, Latin America’s second-largest oil field, three people close to the competition said. Keppel offered to build P-78, a 180,000-barrels-per-day production unit that Petrobras plans for its deepwater Buzios field, for 12.52 billion reais ($2.33 billion), the sources said,

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Vallourec reaches agreement with creditors

February 3, 2021
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French steel pipemaker Vallourec said on Wednesday it has reached an agreement in principle on financial restructuring with its main creditors. It has filed a request with the commercial court of Nanterre, in greater Paris, for the opening of safeguard proceedings, the company said in a statement. The deal, which reduces its debt by 1.8 billion euros ($2.16 billion),

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Vantage Drilling awarded two year contract for the Platinum Explorer

February 3, 2021
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Vantage Drilling International (“Vantage” or the “Company”), announced today, that its ultra-deepwater drillship, the Platinum Explorer, has received a letter of award for a two-year contract from Oil and Natural Gas Company (“ONGC”). The Platinum Explorer is currently performing under an existing three-year contract with ONGC, which is expected to conclude in the second quarter of 2021. The new contract

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Seadrill Announces Expiry of Forbearance Agreements

February 2, 2021
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Reference is made to the announcements by Seadrill Limited on 30 December 2020 regarding forbearance agreements entered into by the Company with certain creditors in respect of the group's senior secured credit facility agreements. The term of the forbearance agreements expired on 29 January 2021, and, accordingly, the creditors with whom forbearance agreements were entered into are no

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Polarcus lenders sail vessels to safe location for sales process and all employees to be terminated

February 2, 2021
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Since the earlier announcements, the Company has been in continuous dialogue with the Lenders and the new managers of the Former Subsidiaries (“New Managers”). The Company’s objective of those discussions has been to ensure the safety of current vessel operations and the stability for the Company and its subsidiaries for the benefit of all Polarcus’ stakeholders. The

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Nigeria to Construct First Methanol-Processing Plant

February 2, 2021
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The Nigerian National Petroleum Corporation (NNPC) and its partners have taken the final investment decision on the construction of a $3-billion methanol-processing plant in the Niger Delta – the first of its kind in the country. Jointly owned by the NNPC, the Nigerian Local Content Management Board and DSV Engineering Ltd., the plant will process approximately 14 trillion

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As Myanmar turns over to military power, Woodside puts activity on hold

February 2, 2021
| Archives

Australia’s Woodside Petroleum said it had put some activity on hold in Myanmar after generals seized power and detained elected leader Aung San Suu Kyi. “Access to some infrastructure is limited and as a result we have postponed some logistical activities while we await further clarity,” a Woodside spokeswoman said in emailed comments on Tuesday, but declined to

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Exxon posts historic loss, $22.4 billion for 2020

February 2, 2021
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Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and reduced the value of the company’s shale gas properties by more than $20 billion. Exxon last year slashed spending on new projects by nearly a third, outlined plans to cut up to 15% of its workforce while adding $21 billion to

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C-Innovation awarded one year contract extension from BP in GOM

February 2, 2021
| Archives

C-Innovation, LLC (C-I), an affiliate of Edison Chouest Offshore (ECO) and its family of companies, has announced a one-year contract extension with BP for Riserless Light Well Intervention (RLWI) in the Gulf of Mexico (GOM). The Island Venture and team are currently mobilized and, in the field, working on one of BP’s assets. The initial RLWI contract with

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