Petrofac extends grace period with lenders over missed payment
Petrofac (LON: PFC) has extended its existing forbearance agreement on a missed interest payment with a group of lenders from 23 August to 20 September 2024.
debt
Update: ‘Breakup’ of parts of Petrofac ‘seems likely’ as firm suspends trading shares over debt woes
Analysts have warned that debt-laden Petrofac (LON: PFC) could sell off non-core assets as the company looks for fresh capital to service its debts.
Australia’s Santos rejigs $1.25bn of debt
Santos Santos (ASX:STO) today announced it has amended and extended its two syndicated bank loan facilities totalling US$1.25 billion.
Medco raising cash with eye on ConocoPhillips’ Corridor Block
Medco Energi, an ambitious Indonesian independent oil and gas company, is preparing to raise capital that will help fund acquisitions. Significantly, Medco Energi is reportedly keen to bid for ConocoPhillips’ share of the giant onshore Corridor gas block in Indonesia estimated to be worth more than $1.5 billion.
Conoco joins big oil’s newfound thrift with plan to cut debt
ConocoPhillips will use a rebound in oil and gas prices to cut debt by about 25% over the next five years, signaling a focus on financial prudence even after completing one of the biggest shale takeovers in recent years.
Kistos target Tulip takes aim at short-term debt
New Kistos acquisition, Tulip Oil Netherlands (TON), has taken steps to target its short-term debt.
Malaysia’s Petronas raises $3 billion
Malaysian national oil company (NOC) Petronas has raised $3 billion through a dual-tranche bond offering.
BP cutting debt to $35bn nearly a year ahead of schedule
BP expects to hit cut its debt to $35billion (£25.2bn) nearly a year ahead of schedule thanks to proceeds from a flurry of deals, moving forward its timeline for share buybacks.
Seadrill proposes $4.8billion debt write-off – report
Offshore contractor Seadrill Ltd., owned by billionaire John Fredriksen, is proposing a debt write-off of just over $4.8 billion, according to Finansavisen.
Delek mulls debt-for-equity swap for North Sea operator Ithaca Energy
Delek is considering a debt-for-equity swap and dual listing for North Sea operator Ithaca Energy in order to cut the parent firm's £1billion debt pile.
Seadrill wins £39m of new contracts, confirms rig scrapping plan
Seadrill has bagged £39million worth of new contracts but confirmed plans to press on with scrapping a number of rigs in its fleet.
Angola in debt talks with oil importers
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
Glencore lines up to take FAR’s Sangomar crude
Australia’s FAR has signed a deal to allocate its share of crude from Senegal’s Sangomar field to Glencore Energy.
Hope for Weatherford in face of Chapter 11 bankruptcy
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
Regulator urges energy suppliers to be sensitive to customer debt
The energy regulator Ofgem has urged suppliers to help customers before they get themselves into unmanageable levels of debt.
Premier Oil gets months deferral on debt arrangements
Premier Oil said its lending group has agreed to a further deferral of the test of the company's financial covenants.
Seadrill completes second bond drop in bid to cut debt
Seadrill has confirmed the issuance of new shares of its common stock.
Petroceltic acquires further share of Worldview debt
Petroceltic International has acquired most of Worldview's debt in a bid to move towards a financial restructuring.
EnQuest drafts in help to manage debts
EnQuest has reportedly drafted in help to manage its debt portfolio as it battles a depressed oil price environment.
Shell, Iran reach deal on $2.3billion outstanding debt
Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.
Blackstone said to advise Abu Dhabi’s Taqa on $24billion debt
Abu Dhabi National Energy Co., the government-owned oil and gas producer, hired investment and advisory firm Blackstone Group LP to review options for its debt obligations, two people with knowledge of the matter said.
SBM Offshore taps private placement
SBM Offshore has completed $450million of non-recourse senior debt secured through a US Private Placement (USPP) for the Deep Panuke Production Field Centre (PFC). The company said the 3.5% fixed coupon bond is rated BBB -/ BBB (low) by Fitch and DBRS, and carries a seven year maturity. In a statement the company said offering was oversubscribed, with 14 institutional investors participating.