Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids…
Canada's renewable fuel projects are hit by a surge in US imports
Canadian renewable fuel producers will see lower returns from new facilities as a result of a slump in British Columbia’s low-carbon fuel standard (LCFS). This trend is expected to continue amid an influx of US exports. The weakness in British…
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation…
Carbon Dioxide Removal (CDR) ... To Clear the Air, Look Beneath the Waves
Participants at the 26th United Nations Climate Change Conference (better known as COP26) late last year in Glasgow reiterated humanity needs to accelerate change in the coming decades to limit global warming to 1.5°C (or even to the 2°C as agreed up in the Paris Agreement).
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers.
Tidewater and GulfMark Announce Merger
Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support…
Tidewater Names Rynd President, CEO
Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017.
Rigdon Named Interim CEO at Tidewater
Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president…
OSV Companies Running Out of Options -Study
As oil continues to sell below $50 per barrel, 2017 could be one of the toughest years in decades for Offshore Supply Vessel (OSV) companies, according to a study of 44 companies in the industry by AlixPartners. The firm’s analysis highlights these companies’ rising debt burdens…
Canada's Aboriginals tell Trudeau they can Block Pipelines
Canadian aboriginal groups and their allies said on Friday they have the power to block proposed oil pipelines on land where they have proven title, dismissing comments by Prime Minister Justin Trudeau who said no community has a veto. Trudeau…
US Oilfield Firms Hesitate over Post-sanctions Iran
For U.S. oilfield services companies suffering the worst revenue slump in decades it would at first seem like a lifeline: The lifting of sanctions on Iran by six world powers reopened the door for their foreign units to return to the OPEC member that needs help to develop its oil reserves.
Tidewater Subsea Charters MV Brandon Bordelon
Tidewater Subsea has reached a deal with Bordelon Marine to charter the newly built Jones Act compliant MV Brandon Bordelon for 60 days, plus options. The vessel is intended to be available to work in the U.S. Gulf of Mexico, Mexico and Trinidad, Bordelon Marine said.
Venezuela Bid to Review $46mln Tidewater Award Rejected
Venezuela's request to review a $46 million compensation claim it has been ordered to pay to oil service company Tidewater was rejected and the stay on the award's execution lifted, a World Bank tribunal said in a decision posted on its website on Wednesday.
BW Offshore FPSO Inspected Off Nigeria
Tidewater Subsea, in affiliation with its local Nigerian joint venture company, T1 Marine, has completed mooring and hull inspections program for BW Offshore's Sendje Berge FPSO. The inspection included mooring chain measurements, hull cleaning…
Tidewater Reports Loss in 4Q
Tidewater Inc. reported today a fourth quarter net loss for the period ended March 31, 2015, of $9.1 million, or $0.19 per common share, on revenues of $324.8 million. For fiscal year ended March 31, 2015, the company's net loss was $65.2 million…
Tidewater Declares Quarterly Dividend
Tidewater Inc. announced that its Board of Directors declared on May 14, 2015, a quarterly cash dividend of $0.25 per share of common stock payable June 15, 2015, to shareholders of record on June 5, 2015. Tidewater also announced today…
New Subsea Company UIS Launched at OTC
A new subsea company was launched at OTC in Houston Monday. Underwater Integrity Solutions (UIS), headquartered in Houston, is an independent company focused on underwater integrity, production assurance and life extension for subsea fields.
Court: Vens to Pay Tidewater $46 mln
A World Bank tribunal has ordered Venezuela to pay oil service company Tidewater around $46 million in compensation for seized vessels, in a decision the South American country hailed as a victory. The claim, one of many similar cases, stems from the 14-year rule of late leader Hugo Chavez…
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010…
Tidewater Net Earnings for 2Q 2015 Robust
Tidewater Inc. reported today its second quarter net earnings for the period ended September 30, 2014, of $60.9 million, or $1.22 per common share, on revenues of $397.5 million. For the same quarter last year, net earnings were $54.2 million…
