Hashtag: #OilAndEnergy
Fitch Lowers Nabors Rating Outlook To Negative
Fitch Ratings has lowered its rating outlook on Nabors Industries Inc. to negative from stable, citing the oil driller’s long-term trend of declining market share in the US and low utilisation on older equipment. The credit rater also noted the Bermuda-based company is poised to record a lower average US rig count this year and faces risks to... Read more of this article
Seadrill Ltd. Seeks To Increase Stake In Sevan
Bermuda-based Seadrill Ltd., an offshore driller controlled by billionaire John Fredriksen, is seeking to buy 50.1 percent of Sevan Drilling ASA to veto financing plans for the firm that it says would destroy shareholder value. Seadrill, headquartered in Hamilton, hired DNB Markets to look to purchase as many as 116.9 million shares in Norwegian-based... Read more of this article
Frontline: New Equity Distribution Agreement
Bermuda-based Frontline Ltd. — one of the world’s largest oil tanker shipping company — has announced that it has entered into an equity distribution agreement with Morgan Stanley & Co. LLC, under which the firm may, at any time and from time to time, offer and sell new ordinary shares having aggregate sales proceeds of up to $40... Read more of this article
Teekay LNG Partners Signs Charter Contracts
Teekay LNG Partners L.P. — which is headquartered in Bermuda — has announced [June 7] that it has entered into two, five-year time-charter contracts with Cheniere Marketing, LLC to provide them with Liquefied Natural Gas [LNG] transportation services. The fixed-rate time-charter contracts will be serviced by the two 173,400 cubic meter LNG... Read more of this article
Nabors Rejects Two Directors’ Resignations
Bermuda-headquartered Nabors Industries, the world’s largest land-rig contractor, defied a majority of shareholders who voted not to re-elect a pair of directors by refusing to accept the resignations of the board members. Directors John Lombardi and John Yearwood received support from about 4 percent and 47 percent of shareholders, respectively.... Read more of this article
Brookfield Energy LP Units To Trade On NYSE
Bermuda-domiciled Brookfield Renewable Energy Partners LP expects its limited partnership [LP] units to begin trading on the New York Stock Exchange on Tuesday [June 11] under the trading symbol BEP. The LP units will continue to be listed for trading on the Toronto Stock Exchange under the symbol BEP.UN. “We are excited to achieve this important... Read more of this article
Bermuda Firm’s Kuwait LNG Feasibility Study
A Bermuda-registered firm is one of three companies submitting a feasibility study to build a permanent floating liquid and natural gas [LNG] storage and regasification terminal in Kuwait. The Kuwait National Petroleum Company says it hopes to commission the plant by 2017. The permanent facility would replace a temporary floating LNG terminal at the... Read more of this article
TransAtlantic: Delay In Filing Form 10Q With SEC
Bermuda-domiciled TransAtlantic Petroleum Ltd. announced this week [May 31] that it was close to to filing its quarterly report on Form 10-Q for the three months ended March 31, 2013 with the US Securities & Exchange Commission. A spokesperson explained that during the preparation of the company’s financial results for the year ended December... Read more of this article
Kosmos Energy Makes New Inroads In Ghana
Kosmos Energy Ltd. is making steady inroads into Ghana, where its development plan for the Tweneboa-Enyenra-Ntomme [TEN] discoveries was recently approved. Located in the Deepwater Tano Block, 37 miles off the coast of Ghana and approximately 18 miles west of the Jubilee Field, the TEN project would mark a major expansion for Kosmos and its co-venturers. Kosmos... Read more of this article
Golar LNG Buys Stake In First Nations BC Project
A Bermuda-registered natural gas shipping company has agreed to take a 25 per cent ownership interest in a $500-million British Columbia gas export project being organised by one of Canada’s First Nations people. Golar LNG Ltd., which runs a fleet of liquefied natural gas vessels, will join an unnamed Asian partner in BCLNG, which is part-owned... Read more of this article
Frontline Reports $18.8 Million Q1 Net Loss
Increasing seizures of oil tankers will help charter rates recover from record lows as oil companies and traders avoid struggling owners, according to Frontline Ltd., the Bermuda-based company led by Norwegian-born billionaire John Fredriksen. Ten to 20 tankers risk being arrested by lenders and some already have been, Jens Martin Jensen, chief executive... Read more of this article
Teekay Offshore Partners Buys FPSO Interest
Bermuda-based Teekay Offshore Partners L.P. has agreed to acquire a 50 percent interest in the floating production, storage and offloading [FPSO] unit from its sister company Teekay Corporation for a purchase price of approximately $204 million. The acquisition will be financed with assumed debt and proceeds from the recently completed equity private... Read more of this article
