Ocean RIG Files for Bankruptcy Protection in US
Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S.
Seventy Seven Energy Files for Bankruptcy
Oilfield services company Seventy Seven Energy Inc filed for a prepackaged Chapter 11 bankruptcy on Tuesday to carry out a plan to convert $1.1 billion of its debt into equity in a reorganized company. Seventy Seven offers drilling and hydraulic fracturing services and was spun out of Chesapeake Energy Corp in 2014. The company said its creditors have already voted overwhelmingly in favor its plan…
Hercules Offshore Files for Bankruptcy Again
Drilling contractor Hercules Offshore Inc filed for bankruptcy protection on Monday in a Delaware court, just six months after emerging from its first bankruptcy. The Houston-based company listed assets in the range of $50 million-$100 million and liabilities in the range of $100 million-$500 million. Hercules first filed for Chapter 11 bankruptcy protection in August 2015 and emerged from it in November.
Hercules Offshore Filing for Bankruptcy Again
Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered into a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.
Parallel Energy Files for Bankruptcy, Seeks Sale to Scout Energy
Oil-and-gas company Parallel Energy LP filed for U.S. Chapter 11 Bankruptcy on Monday due to low oil prices and said it had agreed to sell its assets to Scout Energy Group II LP for $110 million, according to court documents. Parallel has 400 active oil and gas wells, mostly in Texas. The company is an affiliate of Parallel Energy Trust of Calgary which filed for protection from creditors in Canada…
Hercules Offshore Expects to Emerge from Bankruptcy in Q4
Rig provider Hercules Offshore Inc said on Thursday that it expects to file for Chapter 11 protection next month and emerge with a restructured balance sheet in the fourth quarter. The company said last month that it had entered into a restructuring agreement with a majority of its debtors and would file for Chapter 11 protection by July 8. Hercules shares were down 5.8 percent at 15.35 cents on Thursday afternoon.
Hercules Offshore to File Chapter 11
Rig provider Hercules Offshore Inc said it had entered into a restructuring agreement with a majority of its debtors, which would lead to a Chapter 11 filing within the next few weeks. A 44 percent fall in global crude oil prices since last June has severely curtailed drilling activities, shrinking cash flows at oilfield service providers and rig contractors.
Hercules Offshore: Challenges Ahead in 2015
Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss, rose 21 percent to 84 cents in light trading before the bell. Demand for jackup rigs remains weak in every region of the world…
Hercules Offshore Shares Fall 33%
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on Thursday, prompting the brokerage to downgrade the stock to 'sell' from 'buy'.
US Oil States Impacted by Crude Slide
After leading the U.S. economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year. Alaska's…
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. The company also said on Thursday it contracted two new-build rigs to oil producer Hess Corp at a rate much lower than previous client Murphy Oil Corp would have paid if they continued the lease. "...
NOIA Elects Rynd Chairman, Taylor Vice Chair
The National Ocean Industries Association (NOIA) Board of Directors has elected John T. Rynd as Chairman of NOIA and Cindy B. Taylor as Vice Chair of NOIA for the upcoming 2014-2015 term. Rynd and Taylor assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2008, Rynd has been the Chief Executive Officer and President…
