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Category Archives: Energy Industry

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Boskalis to Acquire VolkerWessels’ Offshore Activities

March 9, 2016

Royal Boskalis Westminster N.V. (Boskalis) has signed a Letter of Intent (LoI) to acquire offshore activities from VolkerWessels. Under the intended transaction, Boskalis will acquire maritime and offshore wind energy related activities of VolkerWessels, being VBMS, Stemat and VSI (Volker Stevin International). Peter Berdowski, CEO Boskalis: “For many years we have been working closely and… Continue Reading »

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Goodrich Petroleum Delays $11M in Interest Payments

March 9, 2016

Houston-based Goodrich Petroleum is relying on a 30-day grace period to delay $11 million in March and April interest payments on senior and second-lien senior secured notes. Goodrich has initiated an exchange offering on its outstanding unsecured notes and preferred stock for shares of the company’s common stock. Success of the exchange offering is critical… Continue Reading »

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CGG Sees 2015 Loss Widen and Revenues Drop by $1 Bln

March 6, 2016

French seismic contractor, CGG, has widened its loss in 2015, despite improved quarterly results, on high impairment and non-recurring charges, and as the market slump drove the revenues down by some 32 per cent. In the fourth quarter 2015, CGG generated revenues of $589 million, down 35 per cent compared to Q4 2014 ($906 million) and up… Continue Reading »

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Fugro Suffers $410 Mln Loss, Announces Further Cuts

March 1, 2016

Dutch subsea and survey specialist, Fugro, has ended the year 2015 with a loss of €372.5 million (€410.4 million) as the oil and gas market slump continues to drive revenues down and stress offshore services players. The company managed to narrow the loss of €459 million ($505.7 million) from last year on better performance of… Continue Reading »

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OPEC Losing Its Grip On Oil Markets

March 1, 2016

From their opposing positions on U.S. shale to whether freezing – or even cutting – oil production around the world is even possible, the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia – its most significant member – appear to be reading from different playbooks. Abdalla Salem El-Badri, OPEC’s executive director, stopped short of… Continue Reading »

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Reach Subsea Stays in Profit

February 25, 2016

Norwegian contractor Reach Subsea managed to remain in black but still has booked a decrease in profit in the fourth quarter 2015, despite higher revenues backed by increased activity levels. In the fourth quarter 2015, Reach had four vessels in operation, opposed to one less same time last year as well as all six WROV… Continue Reading »

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Obama’s $319 Billion Oil Tax Plan Raised to $10.25 a Barrel

February 11, 2016

President Barack Obama proposed Tuesday to raise $319 billion over the next decade for transportation and other needs with a $10.25-per-barrel tax on crude – up from $10 that was announced last week. The higher amount, along with other details, were released Tuesday as part of the president’s $4.1 trillion budget request to Congress, including… Continue Reading »

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Chesapeake Says It Has No Plans to Pursue Bankruptcy

February 10, 2016

Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value. Kirkland & Ellis LLP has served as one of Chesapeake’s counsel since 2010 and continues to advise the company as it seeks to further strengthen its balance sheet following its… Continue Reading »

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Obama Says US Should Take Advantage of Cheap Fuel With Oil Tax

February 9, 2016

President Barack Obama defended his proposal to levy a new $10-per-barrel tax on oil, arguing that low gasoline prices afford the U.S. an opportunity to finance dramatic improvements in its transportation systems. “Right now, gas is $1.80 and gas prices are expected to be low for the forseeable future,” Obama told reporters at the White… Continue Reading »

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Oil Rises, Pares Losses in January on Hopes for Production Deal

February 2, 2016

Oil prices rose on Friday, rebounding more than 25 percent from 12-year lows hit last week and cutting losses for the month, on prospects of a deal between major exporters to cut production and curb one of the biggest supply gluts in history. Oil also drew support from weak U.S. GDP data that raised hopes… Continue Reading »

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