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TransAtlantic New Chief Operating Officer
Bermuda domiciled TransAtlantic Petroleum Ltd announced that Gary T. Mize has resigned as the Company’s President and Chief Operating Officer, and Mustafa Yavuz has been appointed Chief Operating Officer. Chief Operating Officer Transition. TransAtlantic’s Board of Directors has accepted the resignation of Gary T. Mize as the Company’s... Read more of this article
Far East Energy Extends China Deal
The Bermuda unit of a major Texas oil and gas exploration firm today [Jan. 9] extended the exploration period of its Production Sharing Contract in China’s Yunnan Province. The Modification Agreement signed by Far East Energy Bermuda, Ltd. and China United Coal Bed Methane Corporation [CUCBM] will now be forwarded to the Ministry of Commerce... Read more of this article
Teekay Corporation Declares Dividend
Bermuda’s Teekay Corporation announced that its board of directors has declared a cash dividend on its common stock of $0.31625 per share, payable on January 31, 2012 to all shareholders of record as at January 20, 2012. Based in Hamilton Teekay Corporation provides a comprehensive set of marine services to the world’s leading oil and gas... Read more of this article
LNG Demand Boosts Shippers
Bermuda tanker operators will profit handsomely from a global spike in demand for liquefied natural gas [LNG], the Bloomberg financial news service is reporting today [Jan.3] Tankers hauling liquefied natural gas at sea will earn record rates in 2012 as demand reaches an all-time high, beating returns from vessels carrying oil and coal. The tankers,... Read more of this article
Archer Restructures Operations
Archer, the Bermuda-based oilfield service company specialising in drilling services and well services, today [Jan.3] announced a new organisation centered on four geographic and strategic areas to better align with its customers, drive operational performance and create synergies. The move comes after the New Year’s Day resignation of Chief... Read more of this article
Ship Finance, Frontline Amend Terms
Bermuda’s Ship Finance International Limited today [Jan. 3] announced that it has successfully completed previously announced amendments to its chartering agreements with oil tanker firm Frontline Ltd. Also headquartered in Bermuda, Frontline — one of the world’s largest oil tanker shipping companies — announced the completion... Read more of this article
Frontline Completes Restructuring
Bermuda’s Frontline Ltd., one of the world’s largest oil tanker shipping companies, has successfully completed a major restructuring of the company. Frontline said today [Jan.2] it has completed the sale of five very large crude carrier [VLCC] newbuilding contracts, six modern VLCCs including one time charter agreement and four modern... Read more of this article
Archer Chief Executive Steps Down
The board of directors of Bermuda’s Archer Limited today [Jan.1] announced changes to the company’s governance structure. After the successful integration of Gray Wireline, Allis-Chalmers and Seawell to create Archer in 2011, Jorgen Rasmussen now will transition out of his role as group Chief Executive to pursue other interests. Saad... Read more of this article
Alliance’s Russian Venture Proceeds
In a joint venture with Bermuda’s Alliance Group, Spain’s biggest oil firm Repsol has agreed to buy Russian exploration and production company Eurotek for around $230 million. Eurotek has oil fields with 115 million barrels in reserves in western Siberia that Repsol will incorporate next year in the new venture it agreed to set up last... Read more of this article
Seadrill’s Equatorial Guinea Contract
Bermuda-based Seadrill has been issued a letter of award by Hess Equatorial Guinea, Inc. to enter into an eight well drilling contract offshore Equatorial Guinea for the semi-tender rig “West Esperanza.” The anticipated contract duration is a minimum of 18 months, with corresponding potential revenues of approximately $127 million plus... Read more of this article
S&P Affirms OIL Insurance Rating
Bermuda’s Oil Insurance Limited [OIL] announced today [Dec.23] that ratings analysts at Standard and Poor’s had affirmed its insurer financial strength rating of A- “Strong” with a Stable Outlook. “The insurer financial strength rating on the Bermuda-based Oil Insurance Limited (OIL) is based on OIL’s very strong... Read more of this article
Azimuth Partners With Eco Atlantic
Bermuda’s Azimuth Ltd., an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA, today [Dec. 22] entered into a multi-million dollar agreement with Canada’s Eco Atlantic Oil & Gas Hamilton-base Azimuth has subscribed for C$3 million of Eco the company’s private placement announced... Read more of this article
