Brazil Oil Major Petrobras Shares Fall 10% After Plans to Privatize Shelved by New President Lula

Petrobras shares fell -10.75% Tuesday to $9.51-1.14 after the Brazilain oil major was no longer going to be privatized. Luiz Inacio Lula da Silva in one of his first official acts after being sworn in as Brazil’s president on January 1 was to remove Petrobras (PBR) and Brazil’s postal service from the list of state asset sales from a list of state-controlled businesses that had been scheduled for privatization. Lula plans on turning PBR it into a renewable energy powerhouse. … Continue reading “Brazil Oil Major Petrobras Shares Fall 10% After Plans to Privatize Shelved by New President Lula”

Petrobras Finalized Sale Producing Peroá and Cangoá Fields and BM-ES-21 Concession

Petrobras finalized the sale of all its stakes in the producing fields of Peroá and Cangoá, and in the BM-ES-21 concession. What is known as the Peroá Cluster is located in the Espírito Santo Basin was completed with 3R Petroleum Offshore, previously called OP Energia. This transaction continues Petrobras concentrating its resources on assets in deep and ultradeep waters, where it has a competitive edge. Transaction Details US$5 million paid to Petrobras when purchase and sale contract was signed. US$8.07 … Continue reading “Petrobras Finalized Sale Producing Peroá and Cangoá Fields and BM-ES-21 Concession”

Deepwater Driller Transocean Loss Higher as Maintenance Costs Grow

Transocean, the world’s largest offshore drilling contractor and leading provider of drilling management services reported worse than expected second quarter results Monday with a larger than expected loss, lower revenue and higher expenses. Transocean Ltd (NYSE: $RIG) Reported Earnings After Close Monday ($0.34) Missed $(0.33) EPS AND $758 Million Missed $766.5 Million Revenue Forecast Earnings Transocean reported second quarter earnings on Monday with an adjusted loss per share was 34 cents comparing to 33 cents expected by analysts. Revenue fell … Continue reading “Deepwater Driller Transocean Loss Higher as Maintenance Costs Grow”

Deepwater Driller Transocean Reports Smaller Loss on Higher Revenue

Transocean, the world’s largest offshore drilling contractor and leading provider of drilling management services reported better than expected first quarter results Monday with a smaller than expected loss and more revenue.

Offshore Driller Transocean Reports Larger Loss on Higher Revenue

Transocean, the world’s largest offshore drilling contractor and leading provider of drilling management services reported better than expected third quarter results Monday delivering a profit, rather than an expected loss.

Diamond Offshore Drilling Losses Continue More Than Expected

Deep Sea Driller Diamond Offshore Drilling reported worse than expected fourth quarter earnings before the market Monday. Revenue continues to be impacted as day rates for deep water drilling rigs fall. The world’s largest offshore drilling company Transocean $RIG report next week.  

Diamond Offshore Losses Continue as Drilling Revenue Plunges

Deep Sea Driller Diamond Offshore Drilling reported third quarter earnings before the market Monday. Revenue continues to be impacted as day rates for deep water drilling rigs fall. The world’s largest offshore drilling company Transocean $RIG reported stronger than expected earnings last week.