Finance News

The Biden-Harris administration has unveiled the President’s Budget for Fiscal Year 2025, outlining crucial funding allocations to advance the Bureau of Ocean Energy Management's (BOEM) mission and drive action on key climate priorities. Using the best available science and practices in the decision-making process, the Administration seeks to align the management of America’s offshore energy, mineral, and geological resources with our Nation’s climate, conservation, and clean energy goals.

CGG announces that S&P Global Ratings ("S&P") has upgraded the Company's issuer credit rating to 'B-' from 'CCC+'. S&P noted "a markedly stronger 2024 – 2025 financial performance" as a reason for the upgrade.

"We believe that S&P’s rating upgrade aligns with our recently communicated financial roadmap,” said CGG CFO, Jérôme Serve. “We remain focused on the strengthening of our financial performance, cash generation and balance sheet deleveraging.”

Q1 2024 Results and conference call

CGG will announce its first quarter 2024 non-audited results on May 14, 2024, after market close.

VIKING Life-Saving Equipment A/S delivered outstanding results across its product areas and markets in 2023. In terms of revenue and, in particular, earnings, the company has met the goals set out in its BP25 business plan much earlier than expected. Work on the next business plan, BP28, with new strategic objectives, is well advanced, and is due to be approved later this year.

Beacon Offshore Energy LLC (“Beacon”) has completed the divestment of its non-operated interests in certain fields in the deepwater Gulf of Mexico in accordance with a previously executed definitive agreement with GOM 1 Holdings Inc., an affiliate of O.G. Oil & Gas Limited. The divestment includes Beacon’s 18.7% interest in the Buckskin producing field, 17% interest in the Leon development, 16.15% interest in the Castile development, 0.5% interest in the Salamanca FPS/lateral infrastructure, and 32.83% interest in the Sicily discovery.

Talos Energy Inc announces that it has entered into an agreement for the sale of its wholly owned subsidiary, Talos Low Carbon Solutions LLC ("TLCS"), to TotalEnergies E&P USA, Inc. ("TotalEnergies") for a purchase price of $125 million plus customary reimbursements, adjustments and retention of cash, combined totaling approximately $148 million. The transaction was based on an effective date of January 1, 2024 and will close later today. Talos intends to use the proceeds from the sale to immediately repay borrowings under its credit facility and for general corporate purposes.

Leading innovator in autonomous marine survey and underwater inspection solutions and services Subsea Europe Services has completed a strategic multi-million Euro funding round. This significant investment marks a pivotal moment in the company's journey towards ‘True Autonomy’, an innovative approach to optimising marine data workflows through the seamless integration of new-generation sensors and platforms.

After completing the acquisition, Talos has approximately 183.0 million shares of common stock outstanding, including approximately 24.4 million shares issued to the QuarterNorth shareholders as consideration for the transaction. Additionally, Talos has appointed QuarterNorth's designee, Joseph A. Mills, to the Talos Board of Directors. Talos plans to update its 2024 operational and financial guidance to reflect the acquisition closing timing in the coming days.

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