Hashtag: #OilAndEnergy
Teekay Prices New Public Offering
Bermuda-based Teekay Tankers Ltd. announced today [Feb.8] that it has priced its follow-on public offering of 15,000,000 shares of Class A common stock at $4.00 per share. The offering is expected to close on February 13, 2012, subject to customary closing conditions. Teekay Tankers has granted the underwriters a 30-day option to purchase up to an... Read more of this article
Teekay Tankers Declares Dividend
Bermuda’s Teekay Tankers Ltd. today [Feb.7] announced that its board of directors has voted to declare a cash dividend of $0.11 per share for the quarter ended December 31, 2011. The cash dividend is payable on February 28, 2012 to all shareholders of record on February 21, 2012. Teekay Tankers Ltd. was formed in Bermuda in December, 2007 by... Read more of this article
Seadrill Wins Three New Contracts
Bermuda’s Seadrill has secured new contracts for the three jack-up rigs “Offshore Mischief”, “Offshore Defender” and “West Leda”. The Hamilton company said aggregated revenue potential is estimated at $311 million inclusive of mobilisation fees and assignment specific rig modifications. “Offshore Mischief”... Read more of this article
Isenberg Waives $100M Payment
Bermuda-based oil and gas drilling contractor Nabors Industries today [Febs. 6] said chairman Eugene Isenberg [pictured] would not seek a controversial $100 million payment linked to his resignation as chief executive officer in October. Mr. Isenberg’s pay, which has exceeded $170 million since 2005, has long generated controversy for the company,... Read more of this article
Embargo Hits Bermuda Firm’s Tankers
New European Union sanctions on Iranian oil will extend to about 95 percent of the global tanker fleet — including those operated by at least one major Bermuda shipping company – because they are insured under rules governed by European law. The International Group of Protection & Indemnity [P&I] Clubs insures all but five percent... Read more of this article
Dominion Drops Selous Agreement
Bermuda-based Dominion Petroleum has relinquished an oil production sharing agreement it had signed with Tanzania Petroleum Development Corporation over a decade ago, as the firm seeks to distance itself from the controversial exploration works in the Selous game reserve. Larger than Switzerland, Selous is the world’s largest game reserve and... Read more of this article
S&P Fears Petroplus Insolvency
Standard and Poor’s Ratings Services today [Jan. 25] lowered its long-term corporate credit rating on Switzerland-based refiner Petroplus Holdings AG to ‘D’ [Default] from ‘CC’ and also downgraded to ‘D’ from ‘C’ its senior unsecured debt ratings on notes totaling $1.6 billion and a $150 million... Read more of this article
‘A Lot Of Interest’ In Seadrill Brazil IPO
Bermuda’s Seadrill Ltd., the oil-rig operator controlled by international shipping magnate John Fredriksen, expects a “lot of interest” in the initial share offering in its Brazilian unit, the chief financial officer told the Bloomberg financial news network today [Jan.24]. “Brazil is a drilling heartland market and Seadrill wants to grow... Read more of this article
Ship Finance International Downgraded
Bermuda’s Ship Finance International Limited was downgraded by Zacks Investment Research from a “neutral” rating to an “underperform” rating in a note issued to investors today [Jan. 24]. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Ship Finance International Limited in a research note to investors... Read more of this article
Golar Deploys Two ’70s Carriers
Bermuda’s Golar LNG Ltd., the operator of liquefied natural gas ships [LNG], took full ownership of a 35-year-old tanker and reactivated another built two years earlier as charter rates rise to new records. Buying the remaining 50 percent stake in the “Gandria”, built in 1977, from a Bluewater Energy Services BV affiliate cost $19.5... Read more of this article
Damaged Bermuda Tanker Finally Docks
A damaged, Bermuda-registered oil tanker, which had been sheltering off the Copeland Islands near the Northern Ireland city of Belfast since mid-December, has finally docked for repairs. The Bermuda-flagged “Genmar Companion” had been carrying 54,000 tonnes of gas oil. The vessel had been en route from Rotterdam to New York in December when... Read more of this article
Ironshore’s Property Energy Unit
Ironshore Inc.’s Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., has been designated the insurer’s centre for energy to consolidate all new property energy underwriting in one location, the company said yesterday [Jan. 20]. The operation will be headed by Executive Vp Peter Coleman, Ironshore said in a statement. Property energy coverage... Read more of this article
