Barclays Rejects Arctic Drilling
U.K.-based international bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London, arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice, and includes the Arctic National
Cerberus to Acquire Subsea Communications Business from TE Connectivity
connected world, and we expect that they will continue that important work in the future with Cerberus."The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2018. Kirkland & Ellis LLP is acting as legal advisor to Cerberus. Goldman Sachs, Barclays, Credit Suisse, and Jefferies are acting as financial advisors to Cerberus and providing committed financing for the transaction
Hess to Spend More on Exploration and Production This Year
and production this year, higher than the $1.9 billion it spent in 2016, in one of the first signs that oil firms will raise their budgets in 2017 after years of declines. Global oil and gas companies are expected to raise exploration and production (E&P) spending in 2017 by 7 percent, Barclays said on Monday. Oil prices are recovering after a more than two-year slump, partly due to an agreement OPEC signed in November to curb supply. Hess said on Thursday its budget would go toward deploying additional rigs in North Dakota's Bakken field, developing a field in Guyana and restarting
Ithaca Energy Completes RBL Redetermination
financing terms, neither of which have historic financial covenant tests. In addition to the bank debt facilities, the Company has $300 million senior unsecured notes due July 2019. The banks in the debt syndicate are: BNP Paribas, Scotiabank, Deutsche Bank AG, Lloyds Bank, Royal Bank of Scotland, Barclays Bank PLC, Commonwealth Bank of Australia, Skandinaviska Enskilda Banken AB (publ), Société Générale, NIBC and Wells Fargo.
As Oil Prices Drop, Rigs Go Off-Line
Thomson Reuters I/B/E/S. Transocean also said it would not pursue a private placement of shares of Caledonia Offshore Drilling, given the current market conditions "(The placement) would have provided the company with another source of liquidity to address its upcoming debt maturities," Barclays analyst Harry Mateer said in a note. The company, however, will report Caledonia as a standalone entity from the current quarter and maintain the option to pursue a divestiture later. "The company will continue to assess the competitiveness of non-core assets on a case-by-case basis,"
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
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. "... Contracting seventh-gen rigs at $400,000 per day suggests some desperation on the part of management to secure tenor at the expense of rate," Barclays analysts wrote in a note. Diamond Offshore said Petrobras has extended contracts on three ultra-deepwater rigs, which are expected to generate revenue of up to $1.4 billion over three years. The driller said average third-quarter rate for its ultra-deepwater rigs rose 55.6 percent to $442
Ensco to Present at Barclays & Pareto Securities Conferences
Ensco will present at the Barclays Energy-Power Conference in New York City on Wednesday, 3 September 2014 at 11:05 a.m. EDT. The presentation will be available live over the Internet at www.enscoplc.com by selecting Investors/Presentations and Webcasts. Please go to the website at least 15 minutes before the presentation to register, download and install any necessary audio software. A replay of the presentation will be available on Ensco’s website within twenty-four hours of the live presentation and remain available for 30 days. Ensco will present at the Pareto Securities 21st
Demerger Proposed at Aker Solutions
26, 2014 First day of trading in Akastor shares exclusive of the right to consideration shares in New Aker Solutions: on or about September 29, 2014 First day of trading in New Aker Solutions shares on the Oslo Stock Exchange: on or about September 29, 2014 ABG Sundal Collier, Barclays and Carnegie will act as joint lead managers for the listing process.
Ofgem to Link Offshore Wind to U.K Grid
425 megawatts, while the successful bidders will receive a guaranteed revenue stream for 20 years, Ofgem said. Offshore wind farm developers are required by the regulator to open their transmission assets for tender to encourage competition and lower prices. Last September a consortium including Barclays Infrastructure Funds Management Limited and a subsidiary of Mitsubishi Corporation won a tender, allowing them to maintain and operate the transmission link to the London Array offshore wind farm for 20 years. The British government aims to install 8-15 gigawatts of offshore wind capacity by
Barclays Backs CLS Offshore’s Growth Strategy
Barclays has supported CLS Offshore Limited with a £2 million loan through the Funding for Lending Scheme to purchase their unique quayside fabrication facilities and business premises at Gorleston, Great Yarmouth. In addition to the aforementioned loan, Barclays has also provided various trade finance facilities to support the longer term growth strategies and plans of CLS. CLS Offshore is an awarding winning total solution provider to the oil, gas, marine and renewable industries. The complete onshore and offshore services include, but are not limited to, surveys, design, fabrication