Hashtag: #OilAndEnergy
Teekay Signs FSO Agreement With Statoil
Bermuda-based Teekay Offshore Partners has entered into an agreement with Statoil to provide a floating storage and offtake [FSO] vessel for the Gina Krog oil and gas field development in the Norwegian North Sea. The vessel will be a conversion of the 1995-built shuttle tanker “Randgrid”, which is 67 percent owned by Teekay Offshore. Costs... Read more of this article
Archer Ltd. To Sell Rental And Tubular Division
Archer Limited — an oil field service provider based in Bermuda — announced on Wednesday [May 22] that the Company has agreed to sell its North American rental and tubular division to an affiliate of Clearlake Capital Group, L.P. for approximately $244 million. The all-cash transaction is expected to close in June and is subject to regulatory... Read more of this article
TransAtlantic Petroleum On Q/1 Financial Results
Bermuda domiciled TransAtlantic Petroleum Ltd. this week [May 23] announced financial results for the quarter ended March 31, 2013, provided an operations update and scheduled an investor conference call and annual meeting. Total revenues were $35.5 million for the three months ended March 31, 2013, as compared to $37.5 million for the same period in... Read more of this article
Ministry Of Finance On May Fuel Prices
The Ministry of Finance has announced that with effect from last Thursday [May 16], the maximum price of petroleum products in Bermuda changed as follows: Gasoline +1.9 cents/litre Diesel -2.7 cents/litre Kerosene – .5 cents/litre As a result the maximum prices which can be displayed on pumps for petroleum products are: Gasoline 212.50 cents/litre Diesel... Read more of this article
Seadrill Completes Tender Rig Sale
Bermuda-domiciled Seadrill Limited completed the previously announced transaction to sell the T-15 tender rig to Seadrill Partners. The agreed upon sale is for a total price of $210 million, less approximately $100 million of debt outstanding under the credit facility secured by the T-15. The balance of the total consideration is being financed with... Read more of this article
CD&P Advises On $500M Eurobond Offer
Bermuda’s international law firm Conyers Dill & Pearman has advised Alliance Oil Company Ltd. on a $500 million offering of Eurobonds [7.000 per cent guaranteed notes due 2020]. The notes are listed on the Irish Stock Exchange. Alliance Oil Company Ltd., incorporated in Bermuda, operates as an independent oil and gas company primarily in Russia... Read more of this article
Northern Offshore Reports Q/1 Results
Bermuda holding company Northern Offshore, Ltd. this week reported net income for the three months ended March 31, 2013 of $1.1 million, or $0.01 per diluted share, on revenues of $41.4 million. The company generated $9.8 million of first quarter in earnings before interest, taxes and amortization [EBITDA]. The positive net cash balance stands at $18... Read more of this article
CD&P Advises On Seadrill Credit Facility
Bermuda’s international law firm Conyers Dill & Pearman [CD&P] has advised Holland’s multi-national ING Bank and other lenders on the establishment of a senior-secured $1.45 billion credit facility involving, among others, Seadrill Tellus, Seadrill Auriga and Seadrill Vela as joint and several borrowers; Bermuda-based Seadrill as... Read more of this article
Tim Madeiros Speaks At Miami REFF Conference
Tim Madeiros, CEO of Alternative Energy Systems [Bermuda] Ltd. [AES], was an invited speaker at last week’s 3rd Annual Renewable Energy Finance Forum [REFF] Latin American & Caribbean Conference hosted by Euromoney Energy Events and the American Council on Renewable Energy [ACORE]. Mr. Madeiros joined speakers from Latin America, the Caribbean,... Read more of this article
DHT Holdings Issues Earnings Report
Tanker company DHT Holdings, Inc. — which maintains its corporate headquarters in Bermuda — announced its first quarter 2013 financial results last week. Earnings before interest, taxes and amortisation for the quarter of $4.2 million and net loss for the quarter of $3.1 million [$0.20 per share] after adjusting for loss on sale of vessel... Read more of this article
RUBiS Launch New ULTRA TEC Diesel
Today David Rose, General Manager of RUBiS Energy Bermuda, announced the launch of their new ULTRA TEC Diesel. He said, “Our new ULTRA TEC Diesel targets and cleans up injector fouling in diesel engines created by carbon deposits and can be used in all diesel vehicles and engines.” “Carbon deposits usually occur in the fuel injectors in the combustion... Read more of this article
Seadrill Completes Tender Rig Unit Sale
Bermuda-based Seadrill on Tuesday [Apr. 30] completed the previously announced transaction to integrate its tender rig division into Malaysian oil and gas service provider SapuraKencana Petroleum Berhad and the signing of the conditional sale and purchase agreement between the firms. The agreed upon acquisition price is for an enterprise value of $2.9... Read more of this article
