Finance News

McDermott International, Inc. has announced that the U.S. Bankruptcy Court for the Southern District of Texas (the "Court") has confirmed the Company's Plan of Reorganization (the "Plan") and approved the sale of Lummus Technology to a joint partnership between The Chatterjee Group and Rhône Capital (the "Joint Partnership"). 

Global Marine Group, a leading provider of subsea cable installation and maintenance services to the telecommunications, offshore renewables, utility and oil & gas markets worldwide, announces an affiliate of J.F. Lehman & Company (“JFLCO”), a leading middle-market private equity firm focused exclusively on aerospace, defense, maritime, government and environmental sectors, has completed the acquisition of the Company for an enterprise value of $250 million.

Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which we estimate is their realistic short-term capability.

The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some out of the market.

The decision by the government of Papua New Guinea (PNG) to halt talks with ExxonMobil about the state’s share of revenues from the planned P’nyang gas field development is set to delay two key liquefied natural gas (LNG) projects that would double the country’s gas output, Rystad Energy estimates show.

At its annual Security Analyst Meeting on March 3, 2020, Chevron Corporation (NYSE: CVX) announced expectations to deliver leading shareholder returns through disciplined capital spending, improved cost efficiency, and continued cash flow growth over the next five years.

Talos Energy Inc. ("Talos" or the "Company") (NYSE: TALO) announces the closing of the acquisition of affiliates of ILX Holdings, among other entities (the "Acquired Assets," the "Acquisition," or the "Transaction"), on February 28, 2020. The Transaction was previously announced on December 10, 2019. Concurrently with the closing of the Transaction, Talos also closed on the increase of its borrowing base to $1,150.0 million.

In light of the dramatic fall in commodity prices, Marathon Oil (NYSE: MRO) has announced an immediate capital spending reduction of at least $500 million relative to its previously communicated 2020 capital spending budget of $2.4 billion. The revised capital spending budget of $1.9 billion or less represents an approximate 30% reduction in comparison to actual 2019 capital spending.

The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios.

McDermott International, Inc. announces that the Company intends to move forward with the previously announced share and asset purchase agreement to sell all of the Lummus Technology business to a joint partnership between The Chatterjee Group and Rhône Capital (the "Joint Partnership").

Out of a global total of 28 floating production, storage and offloading (FPSO) vessels that are under construction, 22 are being built at shipyards in China, South Korea and Singapore. Rystad Energy expects the outbreak of the coronavirus disease known as COVID-19 to cause extensive staffing and supply shortages in these countries that will in turn delay project deliveries by at least three to six months.

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